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Top stories today:
- Apple considering Safari revamp for AI search to move away from Google
- OpenAI said to be in talks with FDA to use AI for drug evaluation
- OpenAI hires Instacart chief Fidji Simo as CEO of apps
- CRISPR Therapeuticsā gene editing therapy reduces cholesterol, triglycerides by up to 80% in early results
- Fed keeps rates unchanged, as Powell says Trump ādoesnāt affect our job at allā
- Trump expected to announce U.S.-UK trade pact at 10 AM ET
0. Data and calendar
All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).
All times are ET.
Listen to our AI-generated podcast summarizing todayās newsletter (beware of hallucinations):
1. Apple considering Safari revamp for AI search to move away from Google
Wed.: Apple SVP Eddy Cue revealed the move in the DOJ lawsuit against Alphabet.
~$20B-a-year deal has made Google the default search engine on Apple devices.
Apple is āactively lookingā for its replacement with AI search providers including OpenAI and Perplexity, Cue said.
Apple and Perplexity had some discussions on it, he stated.
Alphabet shares -7% on Wed., their biggest decline since Feb., following Cueās disclosure.
Apple shares -1% at market close.
ā[A]n increase in total queries coming from Appleās devices and platforms,ā Google said in response to Cueās testimony.
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3. OpenAI said to be in talks with FDA to use AI for drug evaluation
Wed.: Commissioner Martin Makary hinted at FDA interest in using AI to speed up drug approvals.
OpenAI met with the FDA and DOGE reps. to discuss AI project ācderGPTā in recent weeks.
Could be aimed at the Center for Drug Evaluation, which regulates over-the-counter and prescription drugs.
FDAās first AI officer, Jeremy Walsh, has led the discussions.
FDA's drug review takes 1+ years but has fast-track options for promising drugs.
4. OpenAI hires Instacart chief Fidji Simo as CEO of apps
Simo, 39, will take over OpenAIās ops, including finance.
Will also oversee OpenAIās executives, including the COO, CFO, and CPO.
Research, safety, and scaling organizations will continue to report to Altman, though.
Instacart āexpects that the companyās new CEOā will be āone of its highly talented senior executives.ā
5. CRISPR Therapeuticsā gene editing therapy reduces cholesterol, triglycerides by up to 80% in early results
CTX310 uses lipid nanoparticles in the liver to cut the ANGPTL3 gene.
Replicates natural mutations linked to low cholesterol and triglyceride levels.
The Phase 1 trial tested 4 dose levels in 10 people.
The highest-dose patient saw -82% in triglycerides and -65% in 'bad' cholesterol in a month.
Much larger studies will be needed to prove its safety and efficacy, though.
6. Fed keeps rates unchanged, as Powell says Trump ādoesnāt affect our job at allā
Tariffs could lead to higher unemployment and inflation, the Federal Reserve warned.
A rate cut at the Fedās next meeting in mid-Jun. declined by Powell.
Officials saw āfairly lowā costs of waiting to learn more about the economy, he said.
7. Trump expected to announce U.S.-UK trade pact on Thu.
Trump teased the announcement on social media on Wed. night:
UK PM Keir Starmer also indicated the plan during a speech marking WWIIās 80th anniversary.
This could just be an agreement to start negotiations, as full-scale pacts typically take years to negotiate.
Tariff rates, non-tariff barriers, and digital trade are likely to be on the list.
Tech and AI are among the key areas of focus in talks with the UK so far.
Tue.: the UK signed a trade deal with India after much anticipation.
A widespread trade war would hit the UK hard, economists have warned
The UK exports are more to the U.S. than it imports
8. Trump admin's actions blocked by courts 200+ times
9. Global startup investment +5% YoY to $321B in 2024, 2.5x over 10 years
2021 was an anomaly, when a record $702B was raised in a single year.
U.S. startups received 56% of global VC funding in 2024
50%+ of the total funding went to rounds of $100M or higher last year
Rounds of <$5M have so far dominated the overall VC deals globally
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11. Interesting videos, posts, and memes
12. Other headlines
AI
Chip curbs to be rescinded by Trump, new AI restrictions to follow.
Microsoft, AI leaders press senators to fast-track power permits, data access.
Mistral claims its newest AI model delivers leading performance for price.
Anthropic rolls out API for AI-powered web search.
Netflix brings GenAI-powered search tool.
Athyna: Success starts with the best hires.*
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Tech
Arm Q4 FY25 revenue +34% to $1.24B, $1B-$1.1B sales forecast for Q1 FY26.
Netflix to test TikTok-like feed on its mobile app.
Nintendo forecasts sales of 15M Switch 2 consoles.
MercadoLibre beats profit estimates in Q1.
Tech & Law
Biotech
Osteoboost wearable for treating low bone density cleared by FDA.
Casey Means picked by Trump for surgeon general.
Business
Crypto
Robinhood plans blockchain to trade U.S. assets in Europe: report.
U.S. politics
House Republicans eye scaled back tax cut amid fights over spending.
Tax bill at risk as GOP centrist Don Bacon pushes back on Medicaid cuts.
World
India, Pakistan offered U.S. mediation by Trump to resolve conflict.
Maduro silent as 5 opposition members escape Argentine embassy in Caracas.
Iranās centrifuges will āblow up nicelyā in deal or āviciouslyā without one: Trump.
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