Top stories today:

1. Apple considering Safari revamp for AI search to move away from Google
2. OpenAI said to be in talks with FDA to use AI for drug evaluation
3. OpenAI hires Instacart chief Fidji Simo as CEO of apps
4. CRISPR Therapeutics’ gene editing therapy reduces cholesterol, triglycerides by up to 80% in early results
5. Fed keeps rates unchanged, as Powell says Trump “doesn’t affect our job at all”
6. Trump expected to announce U.S.-UK trade pact at 10 AM ET

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s 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 “actively looking” 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 Cue’s disclosure.

• Apple shares -1% at market close.

• “[A]n increase in total queries coming from Apple’s devices and platforms,” Google said in response to Cue’s testimony.

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 “cderGPT” in recent weeks.

• Could be aimed at the Center for Drug Evaluation, which regulates over-the-counter and prescription drugs.

• FDA’s 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 OpenAI’s ops, including finance.

• Will also oversee OpenAI’s executives, including the COO, CFO, and CPO.

• Research, safety, and scaling organizations will continue to report to Altman, though.

• Instacart “expects that the company’s new CEO” will be “one of its highly talented senior executives.”

5. CRISPR Therapeutics’ 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 “doesn’t affect our job at all”

• Tariffs could lead to higher unemployment and inflation, the Federal Reserve warned.

• A rate cut at the Fed’s next meeting in mid-Jun. declined by Powell.

• Officials saw “fairly low” 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 WWII’s 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

10. Premium smartphone System-on-a-Chip revenue +34% YoY in 2024

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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.

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

• Apple seeks court pause on order disrupting U.S. App Store operations.

• Starlink pushed by U.S. on tariff-hit nations: report.

• Microsoft wins appeal in FTC challenge to $69B Activision Blizzard deal.

• Ireland leads charge to force Big Tech to vet financial ads for scams.

Biotech

• Osteoboost wearable for treating low bone density cleared by FDA.

• Casey Means picked by Trump for surgeon general.

Business

• China tariffs won’t be lowered to jump-start talks: Trump.

• Brazil central bank hikes rates to near 20-year high of 14.75%.

• China reiterates U.S. should cancel tariffs ahead of trade talks.

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.

• Iran’s centrifuges will “blow up nicely” in deal or “viciously” without one: Trump.

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