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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.”

  • Powerful authentication loved by over 25,000 developers, including teams at Datadog, Rippling, and Atlassian.

  • Integrate in minutes to add SSO, SAML, MFA and more to an application. Free up to 10,500 MAU.

  • 6 months free after migration before May 31st, for enterprise customers with more than 100,000 MAU, or 3,000 MAO.


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


  • 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.*



  • 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.*


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.



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


  • 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.


  • Putin proposes economist Andrey Belousov as new defense minister.

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

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