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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. Neuralink shows quadriplegic patient controlling cursor via brain-computer interface

“Blindsight is the next product after Telepathy,” said Elon Musk, co-founder of Neuralink.
“It's not perfect. I would say we have run into some issues,” said the patient.
Neuralink devices contain more electrodes than competitors, yet others have shown similar capabilities.

2. Fed keeps rates at 5.25% - 5.50%, suggesting 3 cuts in 2024, as S&P +1% to a new all-time high

Bond holdings reductions also to be slowed “fairly soon,” according to Powell.

Most Fed officials expect 2 or 3 rate cuts this year

Federal Reserve.

S&P 500 was +1% to 5,224.62, rising to an all-time high after the Fed’s 2PM announcement

Google Finance.

3. Uniswap is making it easier to buy, sell and trade tokens on Ethereum*

Uniswap.

The Uniswap Protocol is the largest decentralized marketplace, with billions of dollars in weekly volume across thousands of tokens within the Ethereum ecosystem.
Uniswap Labs is focused on delivering easier, smarter products that provide users direct access to the protocol and DeFi at large.
Go direct to DeFi with the Uniswap Web App and Uniswap App on iOS and Android.

Learn more about the new, smarter Uniswap.

*Sponsored.

4. Reddit prices IPO shares at $34, top of $31-$34 range, valuing it at $6.5B

$519M raised.
Reddit sold 15M shares, existing shareholders sold 7M.
$91M net loss in 2023, from a $159M loss in 2022.

In other tech IPO news, Astera Labs was +72% on its 1st trading day, hitting a $9.5B market cap

Google Finance.

5. Apple expected to be sued by DOJ for antitrust as soon as today, stock -1% in pre-market

Yahoo Finance.

Accusations are that Apple blocks rivals from using hardware and software features on the iPhone.

6. 80% of websites have Google trackers, 35% for Microsoft, 28% Facebook

Wired.

7. Interesting videos, posts, and memes

8. Other headlines

AI

Cohere nears $500M funding at $5B valuation, $22M ARR.
Stability AI: key members of research team leave British AI unicorn.
GitHub introduces AI-powered code-scanning tool for automated fixes.
Google uses AI to forecast riverine flooding 7+ days in advance.
HubSpot: download the guide on how to use AI for better results, for free.*
RAD AI: AI marketing leader, 3X growth, trusted by Hasbro & MGM. Invest in AI today!*

* Sponsored. Disclaimer: This is a paid advertisement for RAD AI’s Regulation CF offering. Please read the offering circular at invest.radintel.ai.

Tech

Temu parent PDD’s revenue +123% YoY to $12.35B.
Amazon execs see Temu, Shein as major threats, rather than Walmart, Target.
Micron’s revenue +58% YoY to $5.82B.

Tech & law

TikTok ban bill likely to see Senate hearing, which could derail it.
FBI resumes outreach to social media companies over foreign propaganda.
Privacy bill approved in House by 414-0.
Meta, Microsoft, Match, X critique Apple's new EU App Store policy.

Biotech

Loyal, longevity startup for dogs, raises $45M.
Ultrahuman smart ring raises $35M Series B, at $35M ARR.
Centenarians puzzlingly lack autoimmunity.

Business

Switzerland unexpectedly cuts rates from 1.75% to 1.5%.
Taiwan raises benchmark rate from 1.875% to 2%.
Galderma prices IPO at 53 Swiss francs, at CHF12.6 market cap.
Apollo offers $11B for Paramount’s Hollywood studio.

Crypto

FTX CEO: SBF’s behavior criminal, harm was vast.
Do Kwon’s appeal of Korea extradition rejected by Montenegro court.
BlackRock launches asset tokenization fund on Ethereum.
$6B China fraud: UK woman found guilty of laundering Bitcoin.
Uniswap: making it easier to buy, sell and trade tokens on Ethereum.*

*Sponsored.

U.S. politics

Defense spending to +3%, domestic spending flat in new bill.
Republican Study Committee proposes cuts to Social Security, Medicare.
Assange, DOJ exploring guilty plea to end 14-year legal fight.
Biden admin to forgive more $5.8B in student debt.
Biden campaign has $71M of cash, Trump $33M.
Marco Rubio potential Trump VP, but 15 are on shortlist.
Truth Social could make Trump $3.5B after public listing.

World

Netanyahu assails Schumer to Senate GOP.
EU may give Ukraine $3B/year of interest from frozen Russian assets.
Hypersonic missile tested by U.S. bomber.

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Neuralink shows quadriplegic patient controlling cursor via brain-computer interface