TLDR

MARKET RECAP → The S&P 500 (VOO) snapped a nine-day winning streak as tariff concerns resurface.

OPENAI STAYS NONPROFIT-FIRST → OpenAI shelved its for-profit pivot and kept nonprofit control intact after backlash from civic leaders, former staff, and regulators—Musk drama included. 🤖

BUFFETT BOWS OUT, BERKSHIRE SLIPS → Warren Buffett handed the CEO reins to Greg Abel as Berkshire stock dipped on the news and a rough earnings report, reminding investors that even legends eventually log off. 🪑

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TODAY’S TOP NEWS

OpenAI Stays Nonprofit-First

🔒 Control Stayed Local: OpenAI announced it will keep its nonprofit parent in charge as it restructures into a public benefit corporation, following mounting pressure from civic leaders, former employees, and regulators wary of a full shift to for-profit status.

💸 Investors Still Get a Slice: The nonprofit will remain the majority stakeholder, while investors and employees will receive equity in the new structure. This hybrid model aims to balance commercial scale with the company’s original mission.

🤖 Altman Unfazed by Musk: As OpenAI battles Elon Musk in court and the media, CEO Sam Altman brushed off the drama, emphasizing that OpenAI is focused on its mission, not Musk. A $97.4B buyout offer from Musk’s camp was previously rejected.

TODAY’S TOP NEWS

Buffett Bows Out, Berkshire Slips

🪑 Leadership Shock: Warren Buffett, 94, surprised shareholders at Berkshire Hathaway’s annual meeting by announcing Greg Abel as his successor. He’ll step down as CEO in January 2026 but stay on as chairman to mentor the next generation.

📉 Market Reaction: Shares fell nearly 4% following the announcement and a disappointing Q1 report. Berkshire’s operating earnings dropped 14%, hit hard by a $1.1 billion insurance loss tied to Southern California wildfires.

🧱 Still a Fortress: Analysts said Berkshire is built to endure, with diverse cash-generating businesses and a strategy that’s expected to remain intact under Abel. Even with Buffett stepping back, the house he built isn’t crumbling—just getting a new landlord.

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