TLDR

MARKET RECAP → Stocks tumbled Wednesday as a surge in Treasury yields rattled investors, with concerns mounting that a new U.S. budget bill could worsen the nation's growing deficit. Meanwhile, Bitcoin (BTC) reached an all-time high today of nearly $110,000. $BTC.X ( ▲ 1.8% ) 

OPENAI BUYS IVE’S AI STARTUP → 🤖 OpenAI shelled out $6.4 billion in stock to acquire Jony Ive’s AI device startup io, locking in top-tier hardware talent as it races to bring AI into the physical world. OpenAIPhone, anyone?

TARGET CUTS OUTLOOK AMID TARIFF AND DEI BACKLASH →  📉 Target (TGT) missed Q1 earnings expectations, lowered its full-year guidance, and cited tariff pressures and DEI-related consumer backlash as key challenges impacting sales and profitability. $TGT ( ▼ 5.21% ) 

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TODAY’S TOP NEWS

OpenAI Buys Ive’s AI Startup

📱 OpenAI acquired Jony Ive’s AI device company io for $6.4 billion in an all-stock deal—its biggest to date. The acquisition gives OpenAI full control of io, which was co-founded by Apple (AAPL) alums and previously 23% owned by OpenAI.

🧠 Ive and his design firm, LoveFrom, will remain independent, but Ive will take on major creative responsibilities across both OpenAI and io. The merger will embed io’s hardware design team into OpenAI’s core engineering and product teams in San Francisco.

🚀 The move signals OpenAI’s deeper push into consumer hardware, coming just weeks after its $3B purchase of coding tool Windsurf and a recent investment in robot startup Physical Intelligence. With rivals like Google (GOOG) and xAI gaining steam, OpenAI is betting big on bringing AI into the physical world.

$AAPL ( ▼ 2.31% ) $GOOG ( ▲ 2.87% ) 

TODAY’S TOP NEWS

Target Cuts Outlook Amid Tariff and DEI Backlash

📉 Earnings Miss and Lowered Guidance: Target (TGT) reported Q1 2025 adjusted earnings per share of $1.30, down 36% year-over-year and below analyst expectations of $1.61. Revenue declined 2.8% to $23.85 billion, missing the estimated $24.23 billion. The company revised its full-year adjusted EPS guidance to $7.00–$9.00, down from the previous $8.80–$9.80, citing a challenging retail environment.

🛒 Sales Decline and Consumer Behavior: Comparable sales fell 3.8%, with in-store sales down 5.7%, partially offset by a 4.7% increase in digital sales. CEO Brian Cornell attributed the decline to reduced consumer confidence, discretionary spending pullback, and backlash from the rollback of diversity, equity, and inclusion (DEI) initiatives.

⚙️ Strategic Initiatives and Operational Changes: In response to the downturn, Target is launching an "Enterprise Acceleration Office" led by COO Michael Fiddelke to enhance operational efficiency and growth. The company plans to introduce 10,000 new items, many priced under $20, and is shifting sourcing away from China to mitigate tariff impacts.

$TGT ( ▼ 5.21% ) 

KEEP READING

Bitcoin Hits New Record High, Surging to $109.4K (CoinDesk)

Armenian organized crime rings charged with stealing $83 million in Amazon cargo (CNBC)

UnitedHealth falls after report it secretly paid nursing homes to reduce hospital transfers (CNBC)

Off-price retailer TJX beats sales estimate as tariff uncertainty looms large (CNBC)

A ‘fundamental regime shift’ could be underway as investors rethink U.S. assets, ECB says (CNBC)

Enter for a chance to win 250K (ML)

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