Top 4 stories today: 🌎 1. Worldcoin, Sam Altman's cryptocurrency, launches ❌ 2. Twitter rebrands to X, to introduce personal finance features ❤️‍🩹 3. Longevity VC increases 23% to $282M in Q2; much below Q1 2022's $4.5B 👧 4. Barbenheimer brings in $235.5 in first weekend

Top 3 stories to start your day: 🧠 1. Llama 2 released by Meta: available for commercial use, similar to GPT-3.5 💻 2. Microsoft 365 Copilot to cost $30/user/month, stock +4% 📈 3. Bullishness among individual investors reaches November 21 high

Top 7 stories to start your day: 1. Threads reaches 100M users in 5 days, a record 2. New class actions filed against OpenAI, Meta 3. U.S. suggests it wants to deescalate trade war with China 4. CPI is expected to drop and core CPI to remain high (Wed)

Truflation shows U.S. inflation at 2.22%. Reports of the U.S. government faking inflation (which would mean faking real GDP) are greatly exaggerated.

This Wednesday at 2 PM, the Fed will likely stop its rate hike cycle. Markets are pricing in 76% odds of the Fed keeping rates at 5.00% - 5.25%.

TRUMP FACES 37 CRIMINAL COUNTS --COURT RECORDS

DRUCKENMILLER SEES CORPORATE PROFITS DOWN 20% TO 30% DRUCKENMILLER SAYS THE FED WILL END UP WITH HIGHER TERMINAL RATES

MICROSOFT IS BRINGING OPENAI’S GPT-4 AI MODEL TO US GOVERNMENT AGENCIES

Is the SEC out to kill crypto, by suing Binance and Coinbase? Will customers lose their money? Here is what you need to know:

6 charts that explain the debt ceiling deal. 1. The timeline looking forward. - The Senate has only 4 days until the Treasury runs out of money.

Fresh off Erdogan's reelection, the Turkish lira hit another all-time low, at 0.0497. We will have more details in tomorrow's newsletter.

NVIDIA has the highest forward P/E of semiconductor stocks in the U.S.

Debt ceiling deal got sealed on Saturday, as expected. ✅ Next step: House vote, likely on Tuesday 🤔 Expect bipartisan approval, with significant defections from both sides.

TURKEY INITIAL PRESIDENTIAL ELECTION RESULTS SHOW ERDOGAN AT 48.94%, KILICDAROGLU AT 51.06% WITH 57.06% OF BALLOT BOXES COUNTED -GAZETE DUVAR, CITING ANKA NEWS AGENCY DATA

Most important points from the FOMC minutes, suggesting markets are wrong on pricing in cuts. *FED MINUTES SHOW OFFICIALS SPLIT ON SUPPORT FOR MORE HIKES *FED OFFICIALS STRESS DATA-DEPENDENT APPROACH, CUTS UNLIKELY *FED: OFFICIALS SAW TIMELY DEBT LIMIT INCREASE AS ESSENTIAL

Fresh news from Yellen: YELLEN REITERATES TREASURY MAY RUN OUT OF CASH SOON AS JUNE 1 YELLEN: TREASURY AND BIDEN WILL FACE TOUGH CHOICES IF CONGRESS DOESN'T ACT TO RAISE DEBT CEILING YELLEN: THERE WILL BE SOME OBLIGATIONS WE WILL BE UNABLE TO PAY

BREAKING: Florida Governor Ron DeSantis will announce his 2024 presidential campaign in a Twitter Spaces livestream with Elon Musk on Wednesday evening, according to people familiar with his plans: Bloomberg. Thoughts?

[BAT] MICROSOFT CEO NADELLA PUTTING CHATGPT IN HISTORICAL CONTEXT, COMPARING IT TO THE INTERNET AND THE IPHONE

Microsoft has started a trend of scheduling events on the same day (and time!) as Google. Wonder why…

MCCARTHY TELLS LAWMAKERS TO STAY WITHIN 24 HOURS: REP. HERN OK, good news.

MCCARTHY TO REPUBLICAN LAWMAKERS: WE ARE NOWHERE NEAR A DEBT CEILING DEAL YET -PUNCHBOWL Punchbowl has direct access to McCarthy, so this is likely accurate.

30-year yield hits 4%. First time since March. Is this country risk going up?

McCarthy and Biden met yesterday on the debt ceiling, but they achieved NO DEAL, with just 9 days until 1 day. Now, they will talk everyday, until there is a deal. So, will the U.S. default?

MCCARTHY: WE DON'T HAVE A DEAL MCCARTHY ON BIDEN MEETING; SAYS DECISIONS HAVE TO START BEING MADE 11 days to June 1 and no deal.

*MCCARTHY SAYS REPUBLICANS WILL RESUME DEBT NEGOTIATIONS TONIGHT *MCCARTHY: 14TH AMENDMENT WOULDN'T SOLVE ANY PROBLEMS *MCCARTHY VOWS TO BLOCK BIDEN PUSH TO INCREASE SPENDING Was the GOP bluffing when it withdrew from negotiations this afternoon?

Claude is 2.5x faster than ChatGPT, according to a recent study. More specifically, Anthropic's claude-instant model, of similar quality as GPT-3.5-turbo, can output 47 tokens per second, vs. 19 for GPT-3.5-turbo.

[BAT] TREASURY BALANCES FALL FROM $68B TO $57B AT THIS PACE, THE MONEY WOULD RUN OUT ON MAY 29

BREAKING: The U.S. and allies will supply F-16s to Ukraine. Slowly but surely, Western military support for Ukraine increases, as the war goes on. The best-case scenario is Ukraine has some advances and achieves a peace deal by the end of the year.

BREAKING: Instagram is testing its Twitter competitor in beta. Launch is expected by June. Zuckerberg is great at copying, don't bet against him.

DEBT LIMIT TALKS HIT ROADBLOCK AS GOP NEGOTIATORS WALK OUT REPUBLICANS ARE PRESSING PAUSE: CNBC Will a deal still be reached by Sunday?

Monetary policy communication has to be so precise that Powell reads many of his answers from a printed document.

[BAT] POWELL: IT IS DIFFICULT TO MAKE PREDICTIONS, ESPECIALLY ABOUT THE FUTURE

*POWELL: INFLATION IS FAR ABOVE OUR 2% OBJECTIVE *POWELL: FAILURE TO GET INFLATION DOWN WOULD PROLONG PAIN *POWELL: FOMC IS STRONGLY COMMITTED TO RETURNING TO 2% INFLATION

YELLEN TOLD BANK CEOS MORE MERGERS MAY BE NECESSARY: CNN A system of 4,000 banks and partial FDIC insurance is unsustainable.

No one likes reading long articles to understand the day's news. 7 images that summarize what you need to know today:

US TREASURY’S CASH BALANCE FALLS TO $68.3B, LOWEST SINCE 2021 Debt deal is expected next week, before the June 1 x-day.

[BAT] MCCARTHY EXPECTS HOUSE TO CONSIDER FEDERAL DEBT DEAL NEXT WEEK: BLOOMBERG

CNBC just reported that Google's PaLM 2 has fewer parameters than PaLM, which had 540B parameters. So how is PaLM 2 better than PaLM 1? Here is what you need to know:

Tesla's Annual Shareholders meeting was yesterday, and Elon Musk did a super interesting interview with CNBC. He talked about Full Self-Driving's launch, OpenAI, Taiwan, working from home, what he thinks of his critics, and more. Here are the 6 major news you need to know:

MCCARTHY: IT IS POSSIBLE TO GET A DEAL BY THE END OF THE WEEK SCHUMER: 'HOPEFULLY WE CAN COME TO AN AGREEMENT'

OpenAI CEO Sam Altman just testified before the Senate on AI regulation. The mainstream media as usual is being anti-tech, ignoring what's really going on. Here is what you need to know:

WHITE HOUSE'S KIRBY: WE ARE RE-EVALUATING BIDEN'S TRAVEL AFTER G7 So, debt ceiling negotiations taking priority?

BIDEN, MCCARTHY AIDES DISCUSSING TIGHTER WORK REQUIREMENTS FOR WELFARE PROGRAMS SNAP, TANF IN DEBT CEILING TALKS - SOURCES

BREAKING: Sen. Graham wants a federal agency for AI that issues licenses for AI developers, and has the power to revoke these licenses. Only justified if AI is indeed a national security risk.

LIVE: Sam Altman @sama being introduced by Sen. Blumenthal.

YELLEN: U.S. DEFAULT WOULD RESULT IN 'UNPRECEDENTED ECONOMIC AND FINANCIAL STORM;' RESULTING INCOME SHOCK COULD LEAD TO RECESSION YELLEN: U.S. DEFAULT COULD DISRUPT GOVERNMENT OPERATIONS SUCH AS AIR TRAFFIC CONTROL, LAW ENFORCEMENT, NATIONAL DEFENSE AND TELECOMMUNICATIONS

BREAKING: The Fed's Loretta Fester suggests that she favors more rate hikes, saying that the "data show U.S. rates not at sufficiently restrictive level." But she is not a voting member this year, so the news has not moved markets much.

US APRIL RETAIL SALES +0.4% (CONSENSUS +0.8%) VS MARCH -0.7% (PREV -0.6%) US APRIL RETAIL SALES EX-AUTOS +0.4% (CONS +0.4%) VS MARCH -0.5% (PREV -0.4%)