Good morning. In a new torrid judicial file, the lawyers of Sam Altman presented its version of the events which led to its rupture with the co -founder of Openai Elon Musk. This is the most detailed account to date on the side of Altman What happened.
In today’s big history, the 90 -day break from President Donald Trump on scanning rates felt in the world – with certain stakeholders benefit more than others.
What’s on deck
Markets: A recession is starting right now, a Crash call strategist says.
Technology: There is now an AI that can rationalize visa applications for Lawyers and parajurists of immigration.
Business: Hard struck by prices, Americans turn to good will and eBay.
But first, not everyone is happy.
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The great story
A 90 -day break
Timothy A. Clary / AFP via Getty Images
People became uncomfortable. Asset himself recognized following Disturbing movements on the bond market.
It is enough for him to announce a 90 -day break On the implementation of most of his prices – a week after his so -called “Liberation Day”.
The jaws fell and Stocks have climbed. The DOW has jumped by almost 3,000 points, and the Nasdaq Composite joined 12% for its best day since 2001 and its second increase in never.
“It was the only way to rewrite the rules of world trade. Again, Trump was right on everything!” Wrote the former director of Paypal, David Sacks, on X.
The billionaire Mark Cuban was not as positive: “What some people do not take into account their analysis is the reality that companies bought tons of inventory to beat the prices. It is money taken to be able to invest or hire.” He added that there may be job cuts accordingly.
BI has gathered the reactions of business leaders through the political spectrum. Read them here.
There were winners and losers.
Winners:
- Airlines: The course of action by United Airlines jumped 26% on Wednesday, while Delta Air Lines actions increased by around 23%.
- Semiconductor companies: although the semiconductors themselves are exempt from prices, other components are an integral part of the products that use fleas could have been touched. The course of NVIDIA’s action increased by around 18%.
- Tesla and Elon Musk: Tesla’s action increased by 22%, and the net value of Musk would have been estimated increased by around 36 billion dollars.
Losers:
- China: It’s the big one. China has been excluded from the break on prices. To worsen things, Trump said that he would also increase the homework of China after the country reprisal statements – Trump said the new total import rate for imports from China would be 125%.
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Amazon: Although the company’s equity rate increased by around 11%, some analysts say that Amazon is more exposed to prices on China than in many other companies. It could get into trouble.
3 things on the markets
Spencer Platt / Getty images
1. A recession is imminent. It is according to the largest bear bear, Peter Berezin, Global Stratege in BCA Research. Berezin predicted in 2024 that Trump would trigger a trade war that would send the markets into the merger. So far, so precise. He said on Wednesday that spending models spell bad news for the American economy – and Trump’s pricing inversion does not change this. Here is why.
2. Doalmaking stands under a price uncertainty. Trump’s reversal can only prolong Wall Street ‘pain, as buyers and sellers are waiting for clarity. “We are going to have three more months of paralysis,” said Alan Johnson, compensation consultant for the finance industry. BI has spoken with bankers and investment capital leaders inside the lull.
3. The markets are swaying wildly, but so far, the financial plumbing is intact. Market volatility and trading volumes are high. However, the infrastructure allowing asset managers, central banks and others to exchange, buy and liquidate the assets held stable.
3 things in technology
Part of the Redwood materials campus in the Nevada desert east of Reno. Emily Najera for Bi
1. The new black gold of a Tesla co -founder. JB Straubel builds the largest recycling operation of the North America batteries in the Nevada desert. His company aims to produce critical equipment for EV batteries without counting too much on an international supply chain. Bi has visited its campus.
2. New legal technology: visa applications assisted by AI. The startup parley Use AI to rationalize visa applications by synthesizing information downloaded in application projects. Technology has gained ground in the middle of an in -depth examination and directives affecting the immigration process.
3. Nissan wants to update its autonomous technology. It is the first car manufacturer to use the AI startup supported by Microsoft and Nvidia Wayve’s assisted driving technology. While Waymo and Tesla focus on full driver -free cars, Wayve develops advanced driver assistance systems, where cars use cameras and AI to help drivers.
3 things in business
Hidey / Getty, Svittlana / Getty, Wwing / Getty, Anthonyrasenberg / Getty, Cunaplus_M.Faba / Getty, Ava Horton / Bi
1. The resale economy is about to detach. Used purchases have been gaining steam for some time, especially among young consumers. Now, in an uncertain economy, it has another advantage by being without a price. The large sale of American garage is close.
2. It is not so easy to go 100% “made in America”. Trump says his prices will lead more goods from goods in America, but owners of small businesses told Bi that it was not that simple. Many companies that assemble products in the United States Always count on other countries For work, installations or materials.
3. A withdrawal of advertising expenses could reach the hardest retail trade. Tariff disorders can cool advertising expenses overall, but not all sectors would not be affected. Retail and electronic commerce could face the greatest expense reductions, according to a recent survey Advertisers.
In other news
What’s going on today
- CPI data is published.
- The masters begin in Augusta, in Georgia.
- “The Great Gatsby” is 100 years old. Happy birthday, old sport.
Today’s initiate team: Dan Defrancesco, editor -in -chief and anchor, in New York (on parental leave). Hallam Bullock, editor -in -chief, in London. Nathan Rennolds, publisher, in London. Grace Lett, publisher, in Chicago. Amanda Yen, assistant editor, in New York. Lisa Ryan, editor -in -chief, in New York. Ella Hopkins, assistant editor, in London. Elizabeth Casolo, stock market, in Chicago.
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