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Top stories today: - OpenAI's ARR reaches $3.4B, even with cashless Apple deal
- FOMC only projects 1 rate cut in 2024, even with CPI below expectations
- Elon says pay package, Texas reincorporation votes passing
- NVIDIA chips still leads in latest AI MLPerf benchmarks
- X still leading social network for news in U.S.
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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). |
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 | All times are ET. |
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1. OpenAI's ARR reaches $3.4B, even as Apple deal won't generate revenue |
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3. FOMC only projects 1 rate cut in 2024, even with CPI below expectations |
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Rates were kept at 5.25% - 5.50%. Powell hinted that projections have not incorporated the latest CPI numbers, saying "most people generally don't" update projections mid-meeting.
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CPI and core CPI came in at 0.0% / 3.3% and 0.2% / 3.4%, slightly under expectations |
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CPI: 0.0% MoM / 3.3% YoY in May, vs. 0.1% / 3.4% expected, from 0.3% / 3.4% in April. Core CPI: 0.2% / 3.4%, vs. 0.3% / 3.5%, from 0.3% / 3.6%.
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4. Elon says pay package, Texas reincorporation votes passing by "wide margins" |
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5. NVIDIA chips still leads in latest AI MLPerf benchmarks |
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6. X still leading social network for news in U.S., even as users see news content everywhere |
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7. Interesting videos, posts, and memes |
 | Alex Wang: Why Data Not Compute is the Bottleneck to Foundation Model Performance | E1164 |
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 | Erik Voorhees on Bitcoin & AI |
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 | Talking Tech and AI with Tim Cook! |
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 | Talking Tech With Apple's Craig Federighi! |
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7. Other headlines |
AI |
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Tech |
China testing more driverless cars than any other country. Databricks projects +60% revenue growth to $2.4B ARR by June. Broadcom stock +15% after higher AI guidance, stock split. Brex abandons co-CEO model, as Franchesci becomes sole CEO. Larry Ellison becomes 7th richest after Oracle's AI bump.
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Tech & law |
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Business |
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Crypto |
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U.S. politics |
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World |
G-7 leaders agree to use $50B of frozen Russian assets for Ukraine. Hamas toughens position on cease-fire proposal. Hamas tortured hostages physically, psychologically. Houthis continue to attack ships in Red Sea.
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