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Top stories today:
- OpenAI’s ARR reaches $3.4B, even with cashless Apple deal
- FOMC only projects 1 rate cut in 2024, even with CPI below expectations
- Elon says pay package, Texas reincorporation votes passing
- NVIDIA chips still leads in latest AI MLPerf benchmarks
- X still leading social network for news in U.S.
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’s ARR reaches $3.4B, even as Apple deal won’t generate revenue
$3.2B from subscriptions and API, $0.2B from 20% of what Microsoft generates from OpenAI model sales.
No cash changing hands in OpenAI’s Apple deal. OpenAI hopes to make money via people upgrading to ChatGPT Plus.
OpenAI’s lobbying team is expanding internationally, growing from 3 in early 2023 to 35 today.
Artificial intelligence is changing everything, and tech companies are racing for dominance.
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3. FOMC only projects 1 rate cut in 2024, even with CPI below expectations
Rates were kept at 5.25% - 5.50%.
Powell hinted that projections have not incorporated the latest CPI numbers, saying “most people generally don’t” update projections mid-meeting.
CPI and core CPI came in at 0.0% / 3.3% and 0.2% / 3.4%, slightly under expectations
CPI: 0.0% MoM / 3.3% YoY in May, vs. 0.1% / 3.4% expected, from 0.3% / 3.4% in April.
Core CPI: 0.2% / 3.4%, vs. 0.3% / 3.5%, from 0.3% / 3.6%.
