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CPI at 0.3% MoM, slightly under expected, lead markets higher

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Top stories today:

  1. CPI at 0.3% MoM, slightly under expected, leads markets higher
  2. GameStop -49% from weekly high but still +89%
  3. Internet use correlated with higher life satisfaction: study

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. CPI at 0.3% MoM, slightly under expected, leads markets higher

  • CPI: 0.3% MoM / 3.4% YoY in Apr., vs. 0.4% / 3.4% expected, from 0.4% / 3.5% in Mar.

  • Core CPI: 0.3% / 3.6%, in line with exp., from 0.4% / 3.8%.

  • S&P 500 +1% to 5,308.15, Bitcoin +6% to $66K, Solana +13% to $164.

2. GameStop -49% from weekly high but still +89% since “Roaring Kitty” returned to X

  • -19% on Wed, -16% in the pre-market.

  • Solana memecoin GME followed a similar path.

  • The online community for successful people recommended by the Bay Area Times team.

  • The world’s top leaders in tech, AI, crypto, finance, and more.

  • Join your own “Personal Board of Directors” of ~8 people in the same situation as you.


4. Internet use correlated with higher life satisfaction: study

5. Interesting videos, posts, and memes

6. Other headlines


  • Anthropic hires Instagram co-founder Mike Kriefer as CPO.

  • Stability AI in talks to sell itself, as debt reaches $100M.

  • Senators propose $32B annual AI spending by 2026.

  • xAI’s Grok launches in Europe.

  • PolyAI raises $50M at $500M for AI assistants for call centers.

  • Microsoft asking 100s China-based AI staff to relocate to U.S.

  • U.S., China officials meet over AI in Geneva, hinting at tensions.


Tech earnings


  • TikTok bid being mounted by Frank McCourt.

  • Vision Pro approved for sale in China.

  • Netflix’s ad-supported tier reaches 40M MAUs, from 23M in Jan.

  • Android for Cars getting upgrade, with new apps like Max, Angry Birds.

  • Apple brings eye-tracking to recent iPhones, iPads.

  • YouTube launches Select “Creator Takeovers,” targeted ads on top channels.

  • AST SpaceMobile partners with AT&T to compete with Starlink.

  • Sidebar: how to join the 21st century’s millionaires club.*


Tech & law

  • Temu accused by consumer groups of breaching EU's DMA.

  • Tesla will face class-action suit over alleged misleading of capabilities.

  • Spotify receives cease and desist from music publishers over lyrics.



  • Berkshire buys $7B stake in Swiss insurer Chubb.

  • Athyna: hire incredible global talent with the same company that Bay Area Times uses!*



  • DOJ charges brothers accused of $25M MEV exploit on Ethereum.

  • Ex-FTX exec Ryan Salame asks for <=18 months in prison.

  • Humanity, building blockchain-based ID verification, raises $30M at $1B.

  • Oklahoma passes landmark bill protecting crypto rights.

  • China dismantles underground bank using USDT.

U.S. politics

  • Biden, Trump agree on debates on Jun. 27 at CNN, Sep. 10 at ABC.

    • RFK may qualify if he hits 15% on 4 polls.

    • RFK’s running mate gives campaign $8M, now $15M in total.

  • Romney: Biden should have pardoned Trump.


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