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Top stories today:
- GDP contracts in Q1 for 1st time since 2022 as imports surge
- Apple violated App Store reform order, judge says
- Amazon launches Nova Premier, its most capable AI model yet
- Microsoft Cloud drives +13% YoY in revenue to $70.1B in Q3
- Meta Q1 revenue +16% YoY to $42.3B as AI demand continues
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 todayās newsletter (beware of hallucinations):
1. GDP contracts in Q1 for 1st time since 2022 as imports surge
-0.3% in GDP in Q1 due to monumental pre-tariffs import surge, well below the average growth of ~3% in the prior 2 years.
+1.8% in consumer spending, the weakest since mid-2023.
+41.3% in annualized imports, the biggest advance in ~5 years.
āLetās give us a pass on the first month, we were sort of getting a little bit used to things,ā Trump said.
Inflation-adjusted consumer spending was +0.7% in Mar., the most since the start of 2023
PCE price index stagnated from a month earlier for the 1st time in ~1 year.
Core PCE was also unchanged, the tamest in ~5 years.
Over 365 million people worldwide suffer from osteoarthritis and there's still no cure, just painkillers and ice packs.
Cytonicsā CYT-108 is a lab-tweaked version of a natural protein (A2M) that blocks the enzymes that eat away at cartilage.
Backed by NIH grants and over 6,000 shareholders, Cytonics is now letting the public invest in its next clinical trial phase.
Itās a shot at finally treating the root cause of joint pain, not just managing it.
*Sponsored by Cytonics ($50,000 contracted). Prospective investors should review the offering materials for details, including all risk factors, before making an investment decision. Any investment involves significant risks, including the potential loss of the total investment. This advertisement is not an offer to sell or a solicitation of an offer to buy securities. This Reg A+ offering is made available through StartEngine Primary, LLC. This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment. Please read the offering circular before investing in Cytonics.
3. Apple violated App Store reform order, judge says, referring case for possible criminal probe
Epic Games CEO Tim Sweeney called the ruling a āhuge victory for developersā and confirmed Fortniteās return to the App Store:
