|  | Nasdaq | 26,090.73 | |
|  | S&P | 7,403.05 | |
|  | Dow | 49,686.12 | |
|  | 10-Year | 4.623% | |
|  | Bitcoin | $76,953.64 | |
|  | Seagate | $740.84 | |
| | Data is provided by |  | *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Stocks were mixed yesterday amid climbing oil prices and inflation fears. The Nasdaq slipped as recently soaring chip stocks fell after Seagate said new factories would “take too long.” But investors are still waiting for the week’s big event: Nvidia’s earnings tomorrow.
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Yesterday was the biggest win for Team ChatGPT since a clueless professor neglected to run final papers through an AI detector. In a snap conclusion to a three-week trial, the jury tossed Elon Musk’s lawsuit against OpenAI and its CEO, Sam Altman, that asserted Altman “stole a charity” by converting OpenAI from a nonprofit lab to a for-profit entity. The jury decided that Musk had missed the three-year statute of limitations to file the case since OpenAI became for-profit in 2019, and Musk sued in 2024. The judge accepted the jury’s finding and immediately dismissed the case. In a post on X, Musk vowed to appeal, calling the decision a “calendar technicality.” Meanwhile, an attorney for OpenAI told reporters outside the courthouse, “It’s not a technical decision, it’s a substantive one.” Dirty laundry Musk, who helped found OpenAI, claimed he was swindled out of his $38 million early investment in OpenAI because his co-founders later shed its nonprofit status and enriched themselves as its valuation ballooned. The suit also named OpenAI’s biggest corporate backer, Microsoft, as a co-defendant. Altman’s defense argued that Musk wasn’t deceived, since he was part of discussions about converting OpenAI into a for-profit entity in 2017, shortly before he left the lab because his bid to get “total control” of it failed. The defense claimed Musk went to court only after founding his own competing AI startup, xAI. While the verdict was a decisive win for Altman, revelations from the trial made both sides blush: - OpenAI co-founder Ilya Sutskever told the company’s board Altman “exhibits a consistent pattern of lying,” according to his testimony to the court.
- Musk obtained the secret diary of OpenAI co-founder Greg Brockman, in which Brockman wrote that Altman gave him an equity stake in his family office behind Musk’s back—which Musk suspected was a way to buy loyalty.
- Altman testified that Musk proposed folding OpenAI into Tesla and separately floated passing control of it to his children.
- Former OpenAI board member Shivon Zilis, who testified in the case, is the mother of four of Musk’s children and was accused by OpenAI of passing information to him.
They’ll soon compete on Wall St…with OpenAI reportedly prepping to IPO by 2027, while Musk’s xAI is set to go public as part of the massive SpaceX IPO planned for as early as next month.—SK | | |
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DOJ creates unprecedented $1.8b “anti-weaponization” fund. As part of a deal to resolve President Trump’s $10 billion lawsuit against the IRS over a former contractor’s leak of his tax returns, the Department of Justice set up a $1.776 billion fund to compensate people who claim they were targeted by the department under President Biden. Acting Attorney General Todd Blanche called the new fund “a lawful process for victims of lawfare and weaponization to be heard and seek redress.” Democrats and other critics decried it as a slush fund that would hand taxpayer dollars to Trump’s allies, including people involved in the Jan. 6, 2021, Capitol riot. Three killed in shooting at San Diego’s largest mosque. Three men, including a security guard who prevented the attack from being “much worse,” were killed when two teenage gunmen attacked the Islamic Center of San Diego yesterday, authorities said. The two suspected shooters also killed themselves, police said. San Diego Police Chief Scott Wahl said the shooting was being investigated as a hate crime and that one of the teen’s mothers had found a note containing “hate rhetoric.” The mother had reported to police earlier in the day that her son was missing along with multiple weapons. The mosque houses a school, but Wahl said all the children were safe. Trump says he called off an attack on Iran. President Trump said on Truth Social that he’d postponed a military attack on Iran that was planned for today at the request of the leaders of Qatar, Saudi Arabia, and the UAE. He said that “serious negotiations are now taking place” for a deal that will mean no nuclear weapons for Iran. Still, the president said he also instructed the military “to be prepared to go forward with a full, large scale assault of Iran, on a moment’s notice,” if no deal is reached.—AR
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What if you could skip the security lines at the airport by getting a pat-down and bag check at a remote location? That’s what some travelers flying out of Logan Airport in Boston will be able to do starting on June 1 as the TSA attempts to relieve congestion inside the terminal and at drop-off points. The initiative could expand—eight airports have been approved for TSA’s “straight to gate” pilot program. But for now, it’s just being tested at a location in Framingham, MA, that’s ~25 miles from Logan and less than a mile from three Dunkin’ spots. And initially, it will only be for Delta or JetBlue passengers departing Logan between 5:30am and 4pm. Here’s how it will work: - Once you check in and clear security, a $9 shuttle will take you to the airport. The last 45-minute shuttle (or longer in rush hour) is at 11am. Parking at the off-site facility is $7 per day.
- You and your checked bags will be dropped beyond all the suckers who are still on line at security and can’t yet get their hands on an Auntie Anne’s pretzel.
Is this the future? David Sunde, the CEO of Landline, the company that runs the shuttles, sure thinks so. He told The Points Guy that with airports running out of room to build, off-site screening is becoming more necessary.—DL | | |
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Move differently this summer. Hot take: Athleta’s summer drop isn’t trying to keep up—it’s ahead. UPF-rated fabrics, unreasonably versatile silhouettes, and performance that holds from the 6am run to the afternoon beach. Designed for how women actually move through all of it. Meet your summer kit. | |
More than a decade after leaving his athleisure company, Chip Wilson is still trying to steer what he sees as a sinking ship. He’s currently trying to convince shareholders to overhaul Lululemon’s board, which prompted the company to call Wilson’s perspectives “misguided” and “outdated” yesterday in its first public response to the founder. “Mr. Wilson has shown that he does not have a full understanding of the business today or the brand’s future potential and remains intractably focused on the past,” Lululemon wrote, urging shareholders to back the company’s existing board members. “The board has not provided me with detail on where our disagreements lie,” Wilson, who has a history of making insensitive comments, said after Lululemon released their roast letter. For context, Lululemon’s revenue tripled in nine years after Wilson left the board in 2015, per Fortune, but its stock is now down ~75% from a 2023 peak. US sales have slid amid competition from the likes of Vuori and Alo, plus tariffs and a general consumer spending pullback. Wilson, Lululemon’s second-largest shareholder, has bashed the company’s DEI efforts and argued that Lululemon lost its “cool” factor. “A company bereft of a visionary loses its singular voice for product and long term strategy,” he wrote in a Wall Street Journal ad last year. Looking ahead…shareholders will vote on Wilson’s and Lululemon’s competing board nominees on June 25.—ML | | |
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MATTY’S WORK-LIFE BALANCE On Tuesdays, the Brew’s Matty Merritt brings you the news you need to make life a little easier during your 9-5, 5-9, or OOO. One way to achieve balance in life is to examine the balance in your relationship. Usually used online to refer to a lazy boyfriend rocking some Kohl’s cargo shorts and flip-flops next to his gorgeous, well-dressed girlfriend, a “swag gap” has become a catchall term to describe some form of misalignment in a relationship: - Sometimes the term is surface-level (e.g., she wore a big sweatshirt to the bar).
- However, it can also represent something deeper, like the partners’ varying self-confidence, or even a power imbalance in the relationship.
But it doesn’t mean opposites can’t attract: Some have celebrated their swag-gap relationships, saying similar interests aren’t the foundation for a healthy partnership, as long as both partners are open to new experiences…and agree on ground rules for where the flip-flops can be worn.—MM |
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