Top stories today:

1. Tesla asks shareholders to reapprove Elon’s $47B stock bonus
2. Google fires 28 employees who occupied offices protesting Israel
3. TSMC’s revenue +13% to $18.9B, as net profit margin -3 p.p. to 38%
4. Micron expected to get $6.1B in Chips Act grants

0. Data and calendar

1. Tesla asks shareholders to reapprove Elon’s $47B stock bonus, reincorporate in Texas

Items 3 and 4 out of 12 proposals to be voted on at Tesla’s annual stockholder meeting on Jun. 13:

• “Because the Delaware Court second-guessed your decision, Elon has not been paid for any of his work for Tesla for the past six years that has helped to generate significant growth and stockholder value. That strikes us — and the many stockholders from whom we already have heard — as fundamentally unfair, and inconsistent with the will of the stockholders who voted for it,” wrote Robyn Denholm, Chairperson of the Board.

Elon’s 2018 pay plan was struck down by a Delaware court in January

• Plan had milestones, including bold market cap goals starting at $100B going up to $650B, when the company was worth ~$60B.

• “Many experts would contend is laughably impossible,” wrote the NYT in 2018.

3. Google fires 28 employees who occupied office protesting Israel

Protestors were demonstrating inside the office of Google Cloud CEO Thomas Kurian:

• 4 employees were arrested after defying final warnings.

• Google has been under criticism for bias regarding Gemini, and this may be an attempt to counterbalance that perception.

• Company-wide memo condemning behavior: “They took over office spaces, defaced our property, and physically impeded the work of other Googlers. Their behavior was unacceptable, extremely disruptive, and made co-workers feel threatened. We placed employees involved under investigation and cut their access to our systems. Those who refused to leave were arrested by law enforcement and removed from our offices.”

4. TSMC’s revenue +13% to $18.9B, as net profit margin -3 p.p. to 38%

• Guidance of $19.6B - $20.4B for Q1.

Most of its revenue comes from 7nm and 5nm chips

5. Micron expected to get $6.1B in Chips Act grants

• Factories in Syracuse, NY and ID are being built as part of this package.

• Next week: announcement expected.

• Loans will also be included, similarly to Intel’s and TSMC’s packages.

• Stock +2% after hours after the news.

6. TikTok Notes, Instagram rival app, being rolled out

• “Limited testing in Australia and Canada” on iOS and Android.

7. ASML increasingly exporting chipmaking machines to China, even after export controls

China is just buying more of ASML's older machines:

• ASML could never sell its most advanced ultraviolet machines to China.

• The U.S. pushed the Netherlands to ban exports to China of ASML's 2nd most capable category of machinery.

• A services and repair ban is now being pushed by the U.S.

8. Interesting videos, posts, and memes

9. Other headlines

AI

• AI doomer appointed as U.S. AI Safety Institute head (Paul Christiano).

• Stable Diffusion 3 API now available to more developers.

• GPT-4 scores similarly to expert eye doctors in assessments.

• Snap to add watermarks to AI-generated images on platform.

Tech

• 23andMe CEO plans to take company private.

• Alternative app store AltStore PAL launches in EU, costs €1.50/year.

• Huawei Pura lineup of smartphones launched.

• Boston Dynamics announces all-electric humanoid robot.

• Alphabet to restructure its finance organization, including layoffs.

• Mercury to launch consumer bank accounts.

Tech & law

• New TikTok ban bill in House would extend sale period to 9-12 months.

• Microsoft's $13B investment in OpenAI to avoid formal EU probe.

• Amazon accused of secret operations to gather intel on rivals.

• Meta should have free option without targeted ads: EU.

• BloomTech fined by CFPB for false claims.

Biotech

• Eli Lilly's weight loss drug Zepbound may be in shortage for months.

• Longevity Education Hub offers education courses on aging.

• ChatGPT use overwhelmingly banned at Pharma companies.

Business

• Fed’s Mester says rates can be held steady, no hurry to cut.

• Doha’s Hamad International Airport now world’s best, ahead of Singapore’s.

• Scorsese eyes Frank Sinatra movie with DiCaprio, Lawrence.

Crypto

• Binance gets full license in Dubai after CZ cedes control.

• Worldcoin, Sam Altman's crypto coin, to launch Layer 2 on Ethereum.

• Runes hype pushing Bitcoin fees higher, even as BTC dropped <$60K.

• Mango Markets jury begins deliberations in $110M trial.

U.S. politics

• Ukraine, Israel, Taiwan, border policy may be voted in House by Sat.

  • Biden supports Johnson’s foreign aid packages.

• Beijing lobbies Congress behind closed doors on TikTok: staffers.

• Trump weighs middle-class tax cut, flat tax, keeping SALT cap.

• Mayorkas impeachment dismissed in Senate without trial.

World

• Israel not sharing Iran response with U.S.: senior official.

• Iran warns of “massive and harsh” response if Israel counters.

• Hezbollah attack in northern Israel injures 14 soldiers.

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