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- GDP contracts in Q1 for 1st time since 2022 as imports surge
GDP contracts in Q1 for 1st time since 2022 as imports surge
Bay Area Times
May 01, 2025
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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 today’s 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.
“Let’s give us a pass on the first month, we were sort of getting a little bit used to things,” 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.
Cytonics’ 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.
It’s a shot at finally treating the root cause of joint pain, not just managing it.
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3. Apple violated App Store reform order, judge says, referring case for possible criminal probe
Epic Games CEO Tim Sweeney called the ruling a “huge victory for developers” and confirmed Fortnite’s return to the App Store:
