Top stories today:

1. Apple updates OS at WWDC with Liquid Glass, as its AI continues to lag
2. OpenAI hits $10B in annualized revenue, fueled by ChatGPT growth
3. SEC plans crypto exemption to support Trump’s vision
4. China’s exports to U.S. -35% YoY in May, biggest drop since Feb. 2020

0. Data and calendar

Listen to our AI-generated podcast summarizing today’s newsletter (beware of hallucinations):

1. Apple updates OS at WWDC with Liquid Glass, as its AI continues to lag

• An updated lockscreen on iOS 26.

• Live Translation is integrated into Messages, FaceTime, and Phone.

• Visual Intelligence is also available on the iPhone screen.

• Updated Apple Music, Maps, and Wallet apps.

• GenAI-powered Siri “needed more time to reach our high-quality bar,” Apple Software Engineering SVP Craig Federighi said.

• Foundational Models framework to let developers have direct access to Apple’s on-device AI models.

• Xcode 26 has included ChatGPT for an upgraded coding experience.

macOS Tahoe has brought a Phone app and new color options for folders, app icons, and widgets

• Spotlight now lets users take quick actions in apps and even access clipboard history.

• macOS Tahoe will be the last macOS release for Intel Macs.

iPadOS 26 has enhanced multitasking on the iPad with a new windowing system and Mac-like Preview app

watchOS 26 now offers an enhanced fitness experience with Workout Buddy

visionOS 26 has brought spatial widgets, all-new Personas, and AI-powered Spatial scenes

• Developer betas of the new updates are out now, while public betas will arrive in Jul., with full releases this fall.

• Apple stock was -1% following the WWDC keynote.

3. OpenAI hits $10B in annualized revenue, fueled by ChatGPT growth

• Includes sales from ChatGPT and OpenAI’s API but excludes licensing revenue from Microsoft and large 1-time deals.

• Lost ~$5B last year.

• 2029: OpenAI has targeted $125B in revenue.

4. SEC plans crypto exemption to support Trump’s vision for U.S. leadership