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Top stories today:
- Trump admin said to be weighing ~50% China tariff cut, but not alone
- OpenAI said to project $125B in 2029 revenue
- Trump to host dinner with top 220 holders of his memecoin on May 22
- Elonās Neuralink said to be raising ~$500M at 9B valuation
- Googleās Gemini hits 35M DAUs worldwide, still lags behind ChatGPT
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 todayās newsletter (beware of hallucinations):
1. Trump admin said to be weighing ~50% China tariff cut, but not unilaterally
~50%-65% range reportedly eyed for Chinese import tariffs.
A tiered approach is said to be in play: 35% on non-critical items, 100% on those tied to national security.
The reported offer could be a trial balloon to entice China back to the table.
No unilateral offer from Trump to de-escalate, Treasury Secy. Scott Bessent said.
Wed.: China signaled it was open to trade talks with the U.S.
Separately, Trump is considering an exemption for automakers on some tariffs.
Separate from the 25% tariffs on imported vehicles and auto parts taking effect May 3.
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