Eddy

[Polymarket @Polymarket]

JUST IN: Florida hospital reveals Palantir software has cut sepsis deaths by more than half since it was installed.

[Bryan Johnson @bryan_johnson]

never waste a good crisis

[Chris Camillo @ChrisCamillo]

For anyone confused, the lead driver of this correction is simple:

Big Tech sees so much opportunity ahead that it’s willing to take on unprecedented leverage to capture it.

You either believe their conviction or you don’t.

[Massimo @Rainmaker1973]

Something every adult should learn to protect a child

[Chris Burniske @cburniske]

Early signs of emotional capitulation emerging, but far from apathy.

[Bryan Johnson @bryan_johnson]

Men, take a break from whatever you're doing and see how many pushups you can do.

How many did you do?

It's a predictor of your heart disease risk.

. 20+ reps is linked to a 75% lower risk
. less than 10, you gotta get off dat ass

Data from 10 yr study of 1,104 men aged 21 to 66.

Pushups outperformed submaximal VO2max at predicting events, likely because pushups capture muscular strength and power on top of fitness, two of the strongest protective biomarkers known.

Limitations: the cohort was middle-aged male firefighters, so do not extend to women, older adults, or sedentary populations. The under 10 group was also older, heavier, and smoked more, so some signal is residual confounding by overall metabolic health.

[Crémieux @cremieuxrecueil]

We're going to win

[Logan Dobson @LoganDobson]

It’s true; in order to keep weight off with GLP-1s you have to keep taking them, as opposed to diet and exercise, which you only have to do once

[Naval @naval]

A man expresses love through duty.

[amit @amitisinvesting]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Anthropic is reportedly in early talks to rent Azure servers powered by Microsoft’s $MSFT Maia AI chips, per The Information. The move would further deepen Microsoft’s relationship with Anthropic, after Microsoft pledged up to $5B to the company, Anthropic committed $30B in Azure spending, and Microsoft began reselling Claude through Azure. The chip angle matters because Maia is being positioned as a lower-cost option than Nvidia’s $NVDA GPUs for certain inference workloads, rather than a replacement for frontier AI training. Anthropic already uses chips from Amazon $AMZN, Google $GOOGL, and Nvidia $NVDA, and Microsoft now wants Maia to become part of that mix.

2. Nvidia $NVDA PT's were raised across the street with the highest of $500 at Baird. The firm says Nvidia continues gaining market share in AI inferencing and across hyperscalers, while adoption of the upcoming Vera Rubin platform at frontier model companies is expected to exceed that of Blackwell. Baird also believes Vera’s standalone performance could significantly outperform traditional x86 CPUs, opening an additional $200B TAM opportunity for Nvidia, which already has visibility into nearly $20B in CPU revenue this year alone. Looking ahead, the firm expects annual AI infrastructure spending to grow from over $1T in 2027 to roughly $3–4T by 2030 as agentic AI proliferates across industries, while reiterating Nvidia as one of its top investment ideas.

3. U.S. initial jobless claims came in at 209,000, slightly below expectations of 210,000, signaling the labor market remains relatively stable.

4. OpenAI reportedly generated about $5.7B in Q1 revenue, roughly $1B ahead of Anthropic, per The Information. Anthropic could narrow that gap quickly, with its recent annualized revenue reportedly nearing $45B compared to OpenAI’s $25B annualized run rate in February. Anthropic is also projecting nearly $11B in Q2 revenue and about $600M in operating profit. OpenAI’s Q2 outlook was not reported, but The Information said growth has been supported by Codex, enterprise sales, ad tests, GPT-5.5, and image generation.

5. Walmart $WMT reported earnings this morning, with EPS of $0.66 coming in line with expectations and revenue of $177.8B beating estimates of $175B. Despite the revenue beat, the stock fell 7% after the company lowered guidance and warned it would raise prices on certain consumer goods.

6. Starbucks $SBUX has reportedly retired a worker-facing AI tool designed to automate inventory counts and help address product shortages, according to Reuters. The program was shut down this week, just nine months after being rolled out across North American stores.

7. A reported draft agreement between the U.S. and Iran has reportedly been reached through Pakistan-mediated talks, with an official announcement expected within hours. The deal is said to include an immediate comprehensive ceasefire across all fronts, along with commitments from both sides not to target infrastructure. The agreement would also guarantee freedom of navigation through the Persian Gulf and Strait of Hormuz under a joint monitoring mechanism. In exchange for Iran’s compliance, sanctions would reportedly be gradually lifted, while negotiations on unresolved issues are expected to begin within seven days.

8. $AMD AMD announced more than $10B in investments across Taiwan’s ecosystem to expand advanced packaging capacity and accelerate next-generation AI infrastructure deployments. The company highlighted products ranging from its 6th Gen EPYC CPUs, codenamed “Venice,” to its Helios rack-scale AI platform featuring Instinct MI450X GPUs, with multi-gigawatt deployments expected to begin in the second half of 2026. AMD also said it reached another key production milestone with TSMC, as Venice EPYC CPUs are now ramping on TSMC’s 2nm process technology in Taiwan, with future plans to expand production to TSMC’s Arizona fabrication facilities.

9. The U.S. is preparing to award $2B to nine quantum companies through the CHIPS and Science Act while also taking minority equity stakes. IBM is expected to receive $1B, GlobalFoundries $375M, and other recipients including $QBTS D-Wave, $RGTI Rigetti, $INFQ Infleqtion, Atom Computing, PsiQuantum, and Quantinuum are expected to receive $100M each. Diraq is expected to receive $38M. The deals would combine grants with government equity stakes, though they still need to be finalized.

10. The Pentagon is testing AI models from OpenAI, Google, and others as it looks for alternatives to Anthropic’s Claude, per Bloomberg. The tests began in March with 25 heavy users of the Defense Department’s AI tools across five military theater commands. The move follows Defense Secretary Pete Hegseth designating Anthropic as a supply-chain risk over its model guardrails, a designation Anthropic is now challenging in court. Claude is currently used heavily in the Pentagon’s Maven Smart System, including classified operations.

11. Oura, the maker of the popular smart ring, has reportedly filed confidentially for an IPO and plans to go public later this year, per Bloomberg. The company’s growth is the main story: revenue is expected to reach $1.5B in 2026, up from $500M in 2024, while total rings sold have climbed to 5.5M from 2.5M in mid-2024. Oura was last valued at $11B.

12. A Bank of America survey shows investors are increasingly worried the Federal Reserve may need to raise interest rates again. According to the survey, 14% of investors believe conditions for a hike are already in place, while 38% think the Fed would tighten policy if core inflation rises to 3.5%–4%, regardless of labor market strength. Overall, more than half of respondents see rate hikes as possible under certain inflation scenarios, reflecting renewed concern about persistent inflation pressure.

I will also be launching a product tomorrow morning at 10AM EST that I think many retail investors will enjoy. 100% free. See you then!

WALL STREET IS THE GREATEST SHOW ON EARTH.

[Gavin Baker @GavinSBaker]

The interest rates at which various chips - GPU or ASIC - can be financed as a function of expected useful life will have real implications for demand.

Likely ends up being a significant advantage for the big green GPU incumbent over time.

[dylan ツ @demian_ai]

@nebiustf built a dashboard to track ai related bottlenecks: https://t.co/I3eXu7wxEk

[WOLF @WOLF_Financial]

JEFF BEZOS SAYS: "WE DON'T HAVE A REVENUE PROBLEM IN THIS COUNTRY. WE HAVE A SPENDING PROBLEM."

"A nurse in Queens who makes $75,000 a year pays more than $12,000 a year in taxes."

His suggestion:

"How about we start by having the nurse in Queens not pay taxes at all? We shouldn't be asking this nurse in Queens to send money to Washington. They should be sending her an apology."

The math behind it: "The bottom half of income earners in this country pay only 3% of the taxes."

He added the US already has "the most progressive tax system in the world. The top 1% of taxpayers pay 40% of all the tax revenue."

[Tom Elliott @tomselliott]

Jeff Bezos explains to @AOC how billionaires are created: providing at least a billion dollars in value to society -- the opposite of exploitation.

Bezos: "Let me give you a simple example. Let’s say you start a burger joint, and you have 10 employees, and you make a little bit of money.”
SORKIN: “Right.”
Bezos: “Until you have — this is — this just one — one outlet. And by the way, these are the most delicious burgers in the world. People love your burgers, Andrew. And so then, you open a second outlet —”
SORKIN: “Right.”
Bezos: “— and now you’re making a little bit more money, and you have 20 employees. Nd you open a third outlet. By the time you’ve opened a thousand outlets, you are a billionaire.”
SORKIN: “Right.”
Bezos: “And by the way, this is a real life story, it happens all the time, it’s In-N-Out Burger, it’s Raising Cane’s Chicken. At what point did that money all of a sudden become unethical, or it didn’t? There was one outlet, and then there were two, and then there were three. What you’re doing — the way — the way you make a billion dollars, or a hundred million dollars, or 10 million dollars, or anything, is you create a service that people love. And if millions of people choose your service, you’re going to end up with a billion dollars.”
SORKIN: “Right.”
Bezos: “And you can, you know, just try it with a chicken franchise.”
SORKIN: “Do you think though —”
Bezos: “But your chicken has to be good.”

[CNBC @CNBC]

Jeff Bezos: "If I do my job right, the value to society and civilization from my for-profit companies will be much, much larger than the good that I do with my charitable giving."

[Eddy @edwinjoy04]

@patrick_oshag @GavinSBaker Oh my goodness !

[Andrej Karpathy @karpathy]

Personal update: I've joined Anthropic. I think the next few years at the frontier of LLMs will be especially formative. I am very excited to join the team here and get back to R&D. I remain deeply passionate about education and plan to resume my work on it in time.

[Polymarket @Polymarket]

JUST IN: Koreans are cashing out of life insurance policies at record levels to invest in the stock market.

[amit @amitisinvesting]

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Markets whipsawed throughout the day as Iran headlines shifted. Premarket stocks turned sharply green after reports suggested the U.S. was open to unfreezing Iranian assets and offering sanctions relief, reversing the weakness from overnight futures. At the open, sentiment flipped after headlines said the U.S. was rejecting Iran’s latest proposal and preparing for possible military action. Oil and bonds moved higher while stocks sold off, before equities rebounded intraday after President Trump said he would delay attacks on Iran as Middle Eastern officials pushed for a possible deal.

2. 13Fs are out. Berkshire Hathaway opened new positions in $DAL and $M while also increasing its $GOOGL stake by 200%. Berkshire also sold their entire $UNH position. Chase Coleman of Tiger Global bought $MELI, $LITE, $INTC, $XNDU and $RVI. Stanley Druckenmiller sold $GOOGL and bought $SNDK, while the Bill & Melinda Gates Foundation sold 100% of its $MSFT position. Bill Ackman also sold Google and bought Microsoft. The top 10 buys last quarter across 80 of the largest institutional investors were $MSFT, $AMZN, $META, $V, $SUNB, $DIS, $UBER, $ADBE, $FISV, and $WAT.

3. SpaceX’s reported IPO plans continue to gain momentum, with the company expected to trade under the ticker $SPCX and potentially go public around June 12. Reports suggest SpaceX is targeting an $80 billion raise at roughly a $2 trillion valuation, with a focus on expanding retail access to international brokerages beyond just U.S. platforms. Meanwhile, $SPCX perpetual futures began trading on Hyperliquid at $208 per share, implying a valuation closer to $2.4 trillion — which would make it the largest IPO in history. Perpetual futures markets are increasingly being used to create liquidity and price discovery for private or non-liquid assets ahead of public listings.

4. OpenAI won its trial against Elon Musk, who argued the company “stole a charity” by transitioning toward a for-profit structure after he contributed tens of millions to help launch it. OpenAI’s defense said Musk was aware of and supported the for-profit plans early on, only opposing the company later after losing influence and starting rival AI firm xAI. The ruling appears to remove one of the biggest legal obstacles standing in the way of a potential OpenAI IPO.

5. Citi sees the server CPU market growing from $29.3 billion in 2025 to $131.5 billion by 2030, driven largely by the rise of agentic AI workloads. The bank expects the biggest growth category to be agentic CPU applications, forecasting the segment to grow at a 185% CAGR to $59.4 billion by 2030 — representing 45% of the total server CPU market. Citi’s projected 2030 market share breakdown is $INTC at 47%, $AMD at 34%, and ARM-based and other players at 19%.

6. Top option volume leaders today were led by $NVDA with 3.94 million total contracts traded, followed closely by $TSLA at 3.86 million. $MSFT saw 1.12 million contracts, while $AAPL traded 899K and $AMZN traded 762K contracts. Rounding out the top 10 were $GOOGL with 701K contracts, $MU with 657K, $INTC with 655K, $NFLX with 445K, and $META with 441K total option contracts traded.

7. BofA reiterated $NFLX at Buy with a $125 price target, citing an expanding advertising opportunity. Analyst Jessica Reif Ehrlich noted that Netflix’s ad-supported tier has grown to more than 250 million monthly viewers globally, up from 94 million last year. BofA expects ad revenue to rise from about $1.5 billion in CY25 to roughly $3 billion in CY26 as Netflix expands ad formats, pricing, personalization, and international availability. The firm also highlighted new placements across mobile vertical video and podcasts, along with plans to enter 15 additional ad markets.

8. President Trump will swear in Kevin Warsh as the next chairman of the United States Federal Reserve on Friday. Kevin Warsh will be the wealthiest Fed Chair in history with an estimated net worth of $150M. He has publicly expressed support for crypto and believes AI will be deflationary.

9. $NVDA Nvidia invested in Decart as AI labs look for more flexibility across chips. Decart builds AI infrastructure software that helps developers run models across processors from Nvidia, Amazon, Google, and others. WSJ reports the startup raised $300 million at a nearly $4 billion valuation, led by Radical Ventures with participation from Nvidia. Its main product, the Decart Optimization Stack, helps developers move models between different hardware systems without rebuilding around each chip. Amazon is Decart’s biggest customer and has deployed its tech across Twitch, retail, and studios, while the company also builds real-time world models for interactive 3D environments.

10. OpenAI and $DELL are partnering to bring Codex deeper into enterprise infrastructure. Dell’s AI Factory and AI Data Platform help companies run AI workloads across hybrid and on-prem environments, and OpenAI is now connecting Codex into that stack. Codex already has over 4 million weekly developers and is used for code review, test coverage, incident response, and reasoning across large codebases. The next phase is broader enterprise agents that can gather context, prepare reports, route feedback, qualify leads, write follow-ups, and coordinate work across business systems.

11. $META is laying off 10% of it's staff. The layoffs are shaping up to be an AI-driven reorganization. An internal document says Meta will conduct layoffs globally in three batches at 4 a.m. local time, with North America employees told to work from home Wednesday. Leaders are also expected to announce broader organizational changes. Meta plans to move 7,000 employees into new AI workflow initiatives while eliminating some managerial roles. Reuters previously reported the May 20 wave would impact about 10% of Meta’s workforce.

12. The SEC is reportedly considering an “innovation exemption” that could allow tokenized stocks to trade on DeFi platforms. Bloomberg Law says the agency may permit third-party stock tokens even without approval from the public companies they track, meaning platforms could create tokens tied to names like $AAPL, $TSLA, or $AMZN without issuer involvement. These tokens may trade outside parts of the traditional equity-market structure and may not include normal shareholder rights like voting or dividends. Platforms like $HOOD and $COIN along with Blackrock's Larry Fink have called for the eventual tokenization of everything.

WALL STREET IS THE GREATEST SHOW ON EARTH.

[The Wall Street Journal @WSJ]

Heard on the Street: Natera has a big early lead in blood tests that detect cancer returning in survivors https://t.co/4ZZ8MmNTXv