Top stories today:

1. Apple sued by DOJ over alleged iPhone anticompetitive practices
2. Reddit stock +48% on 1st trading day, closes at $8B market cap
3. Weight-loss drug sales reach $21B in 2023, $15B in U.S.

0. Data and calendar

1. Apple sued by DOJ over alleged iPhone anticompetitive practices

• Apple has a 65%+ market share in the U.S. for premium smartphones, the suit says.

  • But only ~20% globally, we should note.

• 5 claims of suppression: super apps, cloud streaming apps, messaging apps (blue vs. green checks), digital wallets, and smartphone cross-platform compatibility.

• Apple has a history of winning antitrust cases: in 2014, it won a class-action over iPod-iTunes tying, and as of 2024, it won most claims in Epic's suit against it.

• Stock closed -4% on the news, after being -1% in the pre-market on speculation of the lawsuit.

2. Reddit stock +48% on 1st trading day, closes at $8B market cap

• $748M was raised for the company and shareholders.

• 4th largest U.S. IPO in 2024.

Advance Publications’s stake is now worth $2.1B, from an initial $10M purchase price (and additional investments estimated at $10M’s)

Read more: Bloomberg.

4. Weight-loss drug sales reach $21B in 2023, with $15B coming from U.S.

5. Microsoft announces Surface Pro 10, Laptop 6 for business, focusing on AI use cases

Read more: The Verge.

6. DoorDash brings drone delivery pilot to U.S., in partnership with Wendy’s, Alphabet’s Wing

• Available to select users in Christiansburg, Virginia.

• Requires 2-meter diameter clearing on the property.

7. Joe Rogan leads Spotify's podcast rankings with 14.5M subscribers

8. Interesting videos, posts, and memes

9. Other headlines

AI

• Microsoft paid Inflection ~$650M in deal structured as license.

• Foundry, AI for cloud computing, raises $80M, now valued $350M.

• UN adopts global resolution on safe AI governance.

• Tennessee’s AI Elvis Act becomes law, protects voice rights.

• RAD AI: AI marketing leader, 3X growth, trusted by Hasbro & MGM. Invest in AI today!*

* Sponsored. Disclaimer: This is a paid advertisement for RAD AI’s Regulation CF offering. Please read the offering circular at invest.radintel.ai.

Tech

• Tesla, Windows 11, Ubuntu Linux hacked at Pwn2Own Vancouver.

• Apple’s M-series of chips have unpatchable vulnerability: researchers.

• Kevin O’Leary organizing syndicate to bid $20B-$30B for TikTok.

• Arc Browser raises $50M at $550M valuation.

• Thiel Fellowship: 2024 fellows announced, including Pavel Asparouhov.

Tech & law

• Beijing can use TikTok to spy, push propaganda: Senate classified briefing.

• EU set to start full-blown investigation of Apple's, Google's DMA compliance.

Biotech

• Gene-edited pig kidney transplanted into patient for 1st time.

• Medicare can pay for weight loss drugs for patients with heart disease.

• FDA approves nonsteroidal treatment for Duchenne.

Business

• Beijing examining role of PwC in Evergrande's $78B collapse.

• Russian central bank likely to leave rates at 16% today.

• American Air 737-800 runway accident linked to brake failure.

• ‘3 Body Problem’: WSJ visual profile on the new Netflix series.

Crypto

• 3AC’s Kyle Davies tried to lure LayerZero to lend entire treasury: CEO.

• Do Kwon’s Korea extradition uncertain after challenge from top prosecutor.

• Uniswap: making it easier to buy, sell and trade tokens on Ethereum.*

*Sponsored.

U.S. politics

• LNG exports pause leads 16 GOP AGs to sue Biden admin.

• Georgia DA seeks to press Trump’s trial to start this summer.

• NYAG prepares to seize Trump’s NY properties in case of default.

• No Labels continues its search for a Republican to lead its bipartisan ticket.

• House GOP Committee sue DOJ tax attorneys in Hunter Biden probe.

World

• U.S.-sponsored ceasefire resolution in UN may be voted on today.

• Ukraine urged by U.S. to cease strikes on Russian oil refineries.

• Ukraine starts using land drones (unmanned vehicles) in war.

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