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Buffett sells 1% of now $174B Apple position, suggesting future tax hikes are to blame

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Top stories today:

  1. Buffett sells 1% of now $174B Apple position
  2. Boeing’s Starliner to carry astronauts for 1st time at 10:34 PM ET
  3. X launches Stories, AI-summarized news, for Premium subscribers

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.

1. Buffett sells 1% of now $174B Apple position, suggesting future tax hikes are to blame

Berkshire Hathaway had record $11.2B operating earnings in Q1, +39% YoY, after exceptional results in insurance

  • Insurance performance unlikely to be repeated in the next quarters, Buffett said.

It was the first Berkshire annual meeting without Charlie Munger, who was remembered and honored throughout the day

Read more: Bloomberg.

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3. Boeing’s Starliner to carry astronauts for 1st time at 10:34 PM ET

  • Partially reusable spacecraft.

  • International Space Station is its target.

  • 2 astronauts: Barry Wilmore, Sunita Williams, both retired Navy aviators.

  • 2025: expected to go live under NASA’s Commercial Crew Program.

    • Vs. 2023 for SpaceX’s Crew Dragon.

4. X launches Stories, AI-summarized news, for Premium subscribers

5. LLMs, distributed machine learning lead as key concepts in AI research

6. $1 in crypto unrealized gains lead to $0.09 in extra spending, vs. $0.05 for equities: research paper

7. Interesting videos, posts, and memes

8. Other headlines

AI

  • Audible has 40K AI-voiced audiobooks.

  • Cybercheck, AI for detectives, has founder been accused of lying.

  • HubSpot: Ready to give yourself some time back at work?*

  • Cleo: The AI that turns your financial life into an easy conversation.*

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Tech

  • New iPad Air, iPad Pro expected to be announced on Apple’s Tue event.

  • SVB agrees to sell VC arm for $340M in cash.

  • Bluesky board loses Jack Dorsey.

  • Kinde: customer identity and access management in a few lines of code.*

*Sponsored.

Tech & law

Biotech

  • Stair climbing linked to -24% risk of dying, -39% risk of cardio deaths.

  • Juventology, novel field proposing longevity programs to maintain youth.

Business

  • Marijuana reclassification would allow for normal tax deductions for businesses.

Crypto

  • Friend Tech hits $16.9B market cap in 1st day of trading, drops to $0.3B.

  • Stablecoin transactions sum $2.2T in Apr., 90%+ from bots/traders.

  • Crypto VC funding picks up with rolling fundraises.

  • BTC-e operator pleads guilty to $9B money laundering conspiracy.

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U.S. politics

  • Tim Scott dodges on whether he would accept 2024 election results.

  • Pro-Palestine protestors had months of training from activist groups.

World

  • Israel tells eastern Rafah to evacuate north as it prepares attack.

  • Philippines, U.S. hold drills in island near Taiwan.

  • Xi set to meet Macron today in 1st day of European trip.

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