Brought to you by:

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. OpenAI acquires AI device startup io from Apple veteran Jony Ive for $6.5B

X: Sam Altman.

OpenAI is paying $5B in equity for io.
Q4 2024: OpenAI acquired a 23% stake in the startup.
OpenAI’s startup fund also invested in io at the time.
-2.3% in Apple shares on Wed. following the deal’s announcement.
A pocket-size, screen-free AI device will be the 1st hardware, neither phone nor glasses.
OpenAI plans to ship 100M AI “companion” devices, aiming for everyday integration, Altman told its employees.
2024: Ive co-founded io with Apple alumni Scott Cannon, Evans Hankey, and Tang Tan.

2. Curate Your Summer in Linen, the Italian Way*

Luca Faloni

Sun’s out, plans are stacking up, and your wardrobe deserves to keep pace. Whether it’s weekend getaways, rooftop drinks, or simply staying cool in the city, Luca Faloni has you covered. Discover breathable linen shirts with elegant sartorial details, offered in a palette of vibrant hues to suit every occasion. Pair them with refreshing linen polos for coastal escapes, and relaxed summer trousers to take you seamlessly from day to evening. Each piece is crafted in Italy with comfort, quality, and quiet luxury in mind. Build your summer uniform with timeless staples that feel as good as they look.

Luca Faloni: Linen Staples for the Season:

Linen Shirts – Italian-crafted from 100% breathable linen with refined tailoring and timeless colours for elevated warm-weather versatility.
Linen Jersey Polo Shirts – A luxurious upgrade to the classic polo, cut from ultra-light linen jersey with a soft handle and smart structure.
Linen Jersey T-Shirts – Lightweight and breathable with a relaxed drape, offering casual summer comfort without compromising on style.
Linen Trousers – Tailored for modern elegance in naturally stretchy linen, ideal for both relaxed daywear and polished evening looks.
Linen Suits – Unstructured and breathable, these suits redefine summer tailoring with effortless sophistication for weddings, events, or refined travel.