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Top stories today:
- Trump tariffs ruled illegal by U.S. Court of International Trade
- Elon exits Trump admin role, as DOGE bill to include only $9B in cuts
- Tesla may launch its robotaxi service in Austin on Jun. 12
- NVIDIA Q1 revenue +69% YoY amid “exponential” AI growth
- Apple said to switch iOS, macOS naming to year-based system
- Telegram signs $300M deal with Elon’s xAI to integrate Grok
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 today’s newsletter (beware of hallucinations):
1. Trump tariffs ruled mostly illegal by U.S. Court of International Trade
10 days to pause most tariffs, the administration was given.
15% import taxes for 150 days on nations with substantial trade deficits could still be authorized.
3-judge panel included appointments from Trump, Reagan, and Obama.
Supreme Court will likely be called upon to give a ruling.
Appeal has already been filed.
S&P futures +1.4%, NASDAQ +1.9%, as lower tariffs should benefit most companies, including tech ones.
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3. Elon exits Trump admin role, as DOGE bill to include only $9B in cuts
Elon Musk criticized the House’s “massive spending bill” before announcing his DOGE departure.
“[D]isappointed” by the bill that “undermines” the DOGE work, he said in an interview.
Trump downplayed Musk’s criticism, saying the compromises were needed to secure votes.
DOGE’s $2T (213x) bureaucracy-cutting goal proved tougher than expected, Musk admitted in a separate interview.
SpaceX and Tesla’s brand reputations declined as Musk shifted his focus.
Tesla also railed against “abruptly ending” the U.S.’s energy tax credits through the spending bill.
The White House is planning to a send bill with $9B in DOGE cuts to Congress
The House “will act quickly” on the $9.4B package, speaker Mike Johnson said.
Tue.: the package will land on Capitol Hill.
White House budget director Russ Vought confirmed Trump’s plans to send the DOGE cuts to Congress.
The package is a tiny fraction of the $1.6T in yearly discretionary spending.
