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Microsoft acquihires Inflection AI, including CEO Mustafa Suleyman

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Top stories today:

  1. Microsoft acquihires Inflection AI, including CEO Mustafa Suleyman
  2. GPT-5 coming likely during summer, ”materially better” than GPT-4
  3. Fed expected to keep rates at 5.25% - 5.50%
  4. Temu hopes to reduce U.S.'s GMV % to 30% in 2025
  5. Finland remains #1 in World Happiness Report, U.S. drops to #23

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. Microsoft acquihires Inflection AI, including CEO Mustafa Suleyman

Our view: this strengthens Microsoft’s position in the AI wars, but Google and Anthropic are running right behind

2. GPT-5 coming likely during summer, ”materially better” than GPT-4

GPT-4 already ranks on par with Claude 3 (in user voting, see below), even as Anthropic claims it has a higher MMLU score:

  • Every day, data brokers profit from your sensitive info—phone number, DOB, SSN—selling it to the highest bidder. And who’s buying it? Best case: companies target you with ads. Worst case: scammers and identity thieves.

  • It's time you check out Incogni. It scrubs your personal data from the web, confronting the world’s data brokers on your behalf. And unlike other services, Incogni helps remove your sensitive information from all broker types, including those tricky People Search Sites.

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4. Fed expected to keep rates at 5.25% - 5.50%, potentially signaling June cut, at 2:00 PM ET

Markets price in 100 bps of rate cuts starting in June

A June cut would total 12 months since the last rate increase, in line with previous economic cycles

5. Temu hopes to reduce U.S.'s GMV % from 60% in 2023 to 30% in 2025

  • Expansion happening in Europe, Middle East, Japan, and South Korea.

  • Temu parent PDD will report Q4 results today, with its earnings call at 7:30 AM ET.

6. Finland remains #1 in World Happiness Report, U.S. drops to #23

7. Interesting videos, posts, and memes

8. Other headlines

AI

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Tech

  • Samsung’s stock +6% over NVIDIA CEO’s hints on partnership.

  • Tencent’s revenue +7% to $22B in Q4.

  • Incogni: keep your SSN off the dark web.*

*Sponsored.

Tech & law

  • Intel to get $8.5B in grants, $11B in loans from U.S. for factories.

  • TikTok hawks in Senate hope briefing will encourage support for ban bill.

  • Google fined €250M by France over failing to negotiate with publishers.

  • Biden admin weighing blacklisting Chinese chip firms linked to Huawei.

  • Meta tells EU it's OK with dropping premium price from €10 to €6/mo.

Business

Crypto

  • SBF's lawyers call 40 to 50-year sentence “disturbing.”

  • 3AC co-founder Kyle Davies won’t apologize for bankruptcy.

  • Genesis agrees to pay $21M fine to SEC after bankruptcy claims.

  • Uniswap: making it easier to buy, sell and trade tokens on Ethereum.*

  • tea Protocol: click to subscribe to tea's newsletter and learn more about how to get rewards for your open-source contributions.*

*Sponsored.

U.S. politics

  • Texas law allowing for arrests of migrants back on hold.

  • Trump argues for absolute immunity, SCOTUS hears arguments Apr. 25.

  • Trump-backed Bernie Moreno wins Ohio GOP Senate primary,

World

  • Netanyahu: “I emphasized” to Biden that Rafah attack will happen.

  • Kushner: Gaza's “waterfront property could be very valuable.”

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