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Top stories today:
- Global markets fall correlating to size of Trump tariffs
- Intel, TSMC said to explore chipmaking joint venture
- TikTok’s new owner may inherit 1.5K legal cases
- Runway raises $308M at $3B valuation in new funding
- Midjourney brings new model after OpenAI’s image generator debut
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. Global markets fall correlating to size of Trump tariffs, as he seeks “phenomenal” offers
Trump expressed some willingness to cut tariffs if presented with “phenomenal” offers.
TikTok approval could lead to lower tariffs on China, Trump said.
Sen. Grassley is leading a bill to reassert Congress’ tariff power amid trade war.
Trump’s “reciprocal” tariffs have boosted the average U.S. tariff rate to 1930 levels
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3. Intel, TSMC said to explore chipmaking joint venture
TSMC is said to take a 20% stake in the JV.
Intel would get TSMC’s chipmaking expertise in exchange.
Trump admin initiated the Intel-TSMC talks to revitalize Intel.
Some Intel execs worry the deal could disrupt its chipmaking tech.
4. TikTok’s new U.S. owner may inherit 1.5K legal cases over safety, privacy
