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OpenAI confirms event today at 1 PM ET, but “not GPT-5, not a search engine”

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Top stories today:

  1. OpenAI confirms event today at 1 PM ET, but “not GPT-5”
  2. Apple nears deal with OpenAI to put ChatGPT tech on iPhone
  3. Tariffs on Chinese EVs likely to 4x to 102.5%
  4. Google I/O keynote on Tue at 1 PM ET: AI focus continues
  5. Global EV sales +18% YoY in Q1

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. OpenAI confirms event today at 1 PM ET, but “not GPT-5, not a search engine”

Sam Altman had to manage market expectations:

2. Apple nears deal with OpenAI to put ChatGPT tech on iPhone, including Siri revamp

  • 2 sides “finalizing terms.”

  • Google talks still ongoing.

  • June 10: ETA for announcement, during the WWDC keynote.

  • Apple execs worry about AI agents and the iPhone becoming a “dumb brick” vs. other technology.

  • The new Siri should be “better at handling tasks that it already does.”

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4. Tariffs on Chinese EVs likely to 4x to 102.5%

  • ETA: this week.

  • Other tariffs on key industries also going up.

  • Move largely symbolic since current 27.5% already makes Chinese EVs uncompetitive in the U.S.

  • Trump vowed to impose a 200% tariff on Chinese-made cars in Mexico.

5. Google I/O keynote on Tue at 1 PM ET: AI focus continues

6. Global EV sales +18% YoY in Q1, as hybrids +46% and pure EVs +7%

BYD continues to lead in hybrids:

Tesla still leads in pure EVs, with BYD narrowing the difference:

7. Jim Simons, top performing quant of all time and philanthropist, dies at 86

His flagship Medallion Fund made record 62% annualized returns before fees and 37% annualized returns after fees from 1988 to 2021:

  • Medallion traded highly secretive quant models, which to this day have never been leaked.

  • Simons donated $6B+ to charities, including $500M to Stony Brook University, where he chaired the math department and made it into the #1 in the world for quantitative investment.

8. Claude’s 1st week on iOS underperforms vs. ChatGPT’s

  • May 1: Claude app was launched on iOS.

    • May 18, 2023: ChatGPT launched its app.

9. Visualized: $100B’s in chips subsidies from U.S., EU, China, Asia

10. Russia firing more munitions into Ukraine in 2024, fewer ones being shot down

11. Interesting videos, posts, and memes

12. Other headlines

AI

  • Arm plans to launch AI chips in 2025.

  • Microsoft to invest $4.3B in France, focusing on AI infra.

  • Alibaba leverages cloud business to make investments in AI startups in China.

  • Airlines using AI to hold connecting flights, save fuel.

  • MindStudio: How to Build An AI Agency.*

  • guidde: magically create video documentation with AI.*

*Sponsored.

Tech

  • Shein preps for London IPO as U.S. hurdles linger.

  • SoftBank reports 2nd consecutive quarter of profitability.

  • Moon exploration in the 2020s: explainer.

  • Apple TV seeks to pay stars based on streaming performance.

  • SpaceX seeks new launch facility for <=44 Starship launches/year.

  • Athyna: hire incredible global talent with the same company that Bay Area Times uses!*

  • Kinde: customer identity and access management in a few lines of code.*

*Sponsored.

Tech & law

  • Microsoft Teams may be target of EU charges, even with changes.

  • Apple scolded by judge for no major app devs accepting new EU terms.

  • Temu focused on Europe, worried about TikTok-like U.S. risks.

  • South Korea preps $7.3B package for chip investment, research.

  • X loses lawsuit against Bright Data over data scraping.

Biotech

Business

  • China starts selling 30-year bonds, soon 50-year ones.

Crypto

  • Pudgy Penguins sells 1M toys in 12 months: CEO.

  • Runes memecoins face lower activity 3 weeks post-launch.

  • Binance, KuCoin win registration from India's AML regulator as ban remains.

U.S. politics

  • Credit card fee reduction rule blocked by federal judge.

World

  • Putin proposes economist Andrey Belousov as new defense minister.

  • U.S. Ambassador to Israel: “fundamentally, nothing has changed.”

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