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Top stories today:
- Appleโs incoming CEO Ternus said to revamp design team
- OpenAI burns $3.7B in Q1, top $73B cash
- Intel stock +11% as Trump touts Apple chip deal
- Kalshi tops $2B in annualized revenue, weighing IPO
- Polymarket allegedly pays creators for deceptive videos
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 todayโs newsletter (beware of hallucinations):
1. Appleโs incoming CEO Ternus said to revamp design team
Restoring Appleโs design studio is expected to be Ternusโ early focus.
Ternus has reportedly been more involved with Appleโs ID group than Cook.
Several major Apple products have retained largely unchanged designs for nearly a decade.
Sep.: Ternus is expected to take charge as Appleโs new CEO.
Apple TV and HomePod mini with Apple Intelligence are in advanced testing.
Late 2027: Apple spectacles are expected to debut.
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3. OpenAI said to burn $3.7B in Q1, top $73B cash
$21.3B+ net loss in Q1, including a ~$12.4B accounting charge.
$9.3B operating loss in Q1, including $2.3B+ in share-based compensation.
$3.5B cost of revenue, largely from serving AI models.
39% gross margin in Q1, up from 33% a year earlier.
$8.6B spent on R&D in Q1, including model-training costs.
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