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Top stories today:
- Trump: “sometimes you have to take medicine,” as S&P futures -3%
- Llama 4 released by Meta: late, on par with ChatGPT
- OpenAI discussed buying Jony Ive’s AI device startup for $500M
- Taiwan, Vietnam offer to reduce U.S. tariffs to zero
- iPhone cost could +54% with Trump tariffs: WSJ analysis
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 today’s newsletter (beware of hallucinations):
1. Trump: “sometimes you have to take medicine,” as S&P futures -3%
“Unless we solve that problem [trade deficits with China], I’m not going to make a deal,” Trump said.
Spoken to European and Asian leaders, Trump said, adding “they’re dying to make a deal.”
No apologies for the market turmoil sparked by global tariffs.
Trump is not trying to crash market with tariffs: WH economic advisor Kevin Hassett.
China is discussing accelerating stimulus to counter Trump tariffs.
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3. Llama 4 released by Meta: late, on par with ChatGPT
Llama 4 Maverick has beaten Claude 3.7 Sonnet but trailed DeepSeek V3, while Llama 4 Scout was in line with GPT-4o mini, per Artificial Analysis:
Llama 4 Scout (109B total and 17B active parameters) can run on a single NVIDIA H100 GPU.
Maverick requires an NVIDIA H100 DGX system or equivalent.
Llama 4 Behemoth (2TB total and 288B active parameters) in the lineup is still under internal testing.
Scout and Maverick are available through Llama.com and from Hugging Face.
Maverick’s $0.24/$0.77 and Scout’s $0.15/$0.40 per million tokens price cheaper than DeepSeek v3 and >10× less than GPT-4o
Llama 4 Maverick has ranked #2 on Lmarena.ai’s Chatbot Arena LLM Leaderboard
However, Llama 4 models have underperformed on the Kscores benchmark, meant to test coding abilities
4. OpenAI said to have discussed buying Jony Ive’s AI device startup for $500M
