😎 Tesla’s Big Autonomy Win

Good afternoon! Entrepreneurs are cashing in on Greenland’s ancient ice, carving up glaciers and selling $100 six-packs of cubes to luxury bars in Dubai. One startup, Arctic Ice, hauls car-sized bergs across oceans, marketing them as ultra-pure and 100,000 years old helping fuel $218 cocktails.

But the business faces growing scrutiny. Scientists question the ice’s true age, and critics aren’t thrilled about the carbon footprint of shipping frozen water 10,000 miles. Still, Greenland’s government sees ice exports as a future economic pillar.

MARKETS

• Stocks finished higher Friday, capping a strong week as investors bet on easing trade tensions and prepped for a flood of economic data. The S&P 500 climbed 0.7%, the Nasdaq rallied 1.3%, and the Dow eked out a tiny 20-point gain, enough to stretch the rally to a fourth straight day.

  Momentum picked up after China hinted at tariff cuts and Trump promised trade talks were ongoing though he warned another 90-day pause wasn’t likely. Big Tech led the charge, helping the Nasdaq erase its April losses and flip positive for the month.

STOCKS
Winners & Losers

What’s up 📈

• Tesla surged 9.80% as shares advanced more than 17% this week due to a White House announcement loosening US regulations on self-driving cars. ($TSLA)

• Charter Communications climbed 11.43% after losing fewer internet customers than last year and beating estimates on both the top and bottom line. ($CHTR)

• SoFi Technologies got a 4.63% boost from Citizens JMP analysts, who initiated coverage of the fintech stock with an “outperform” rating. ($SOFI)

• VeriSign rose 8% following strong results for the internet infrastructure company and the announcement of a new dividend. ($VRSN)

• Boston Beer popped 2.26% thanks to strong light beer sales offsetting lower craft beer revenue. ($SAM)

What’s down 📉

• T-Mobile tumbled 11.22% after adding 495,000 new wireless phone subscribers last quarter, below Wall Street’s forecasts. ($TMUS)

• Avantor plummeted 16.58% after missing estimates, cutting its forecast, and announcing its CEO’s departure. ($AVTR)

• Saia plunged 30.66% due to an enormous first-quarter miss from customers pulling back amid tariff uncertainty. ($SAIA)

• Intel declined 6.7% after its current quarter missed investors’ expectations and it forecasted revenue below consensus. ($INTC)

• Gilead Sciences sank 2.81% due to a revenue miss in the first quarter from lower sales of its cancer and Covid treatments. ($GILD)

AUTONOMY
Tesla Soars After Trump Eases Self-Driving Rules

Green Light for Autonomy

Tesla stock popped nearly 10% Friday after the Trump administration announced a national framework to speed up self-driving car development. The new rules will let U.S.-built autonomous vehicles skip some old-school safety standards—think no more mandatory rearview mirrors or brake pedals for test cars and streamline crash reporting for minor incidents. Translation: less red tape, faster rollouts.

Musk’s Dream Scenario

Elon Musk has long railed against the “state-by-state slog” for self-driving approvals, pushing for a single national standard. On Tesla’s earnings call this week, he predicted “millions” of robotaxis operating fully autonomously by late 2026. Now, thanks to the Department of Transportation’s changes, that vision looks a lot more feasible—and Tesla isn’t the only potential winner. Alphabet’s Waymo and others could also benefit from the looser rules.

While the auto industry celebrated, safety advocates slammed the move, warning that diluting crash reporting could backfire. Consumer Reports noted that Autopilot and Full Self-Driving crashes may now go unreported unless they involve serious injuries or deaths. Critics say the lack of transparency could make the roads riskier just as self-driving tech ramps up.

Race Against China

The Trump administration framed the move as part of a broader race against China for tech dominance. “The stakes couldn’t be higher,” said Transportation Secretary Sean Duffy. With global rivals investing heavily in autonomous vehicles, U.S. regulators are trying to give domestic players like Tesla a fighting chance—though whether this boosts innovation or just cuts corners remains to be seen.

Bottom Line: Tesla needed a win, and the government just handed them one. Relaxed regulations could fast-track Musk’s robotaxi dreams—but they also crank up the pressure to deliver on autonomy without cutting corners on safety.

NEWS
Market Movements

• ⚡ AI Data Center Demand Remains Strong: Amazon and Nvidia report that the demand for AI-driven data centers is robust, with no signs of a slowdown, alleviating investor fears. Both companies anticipate increasing long-term energy requirements as AI infrastructure expands. ($AMZN, $NVDA)

• 📱 Apple Plans U.S. iPhone Production Shift to India: Amid trade tensions, Apple intends to move assembly of all U.S. iPhones to India by 2026 to reduce reliance on Chinese manufacturing, facing substantial tariffs despite temporary exemptions for smartphones. ($AAPL)

• 📦 Amazon Third-Party Sellers Grapple with Rising Tariffs: Increasing tariffs on Chinese goods are forcing Amazon third-party sellers to decide between raising prices or absorbing costs, impacting their sales margins amid a contentious trade war. ($AMZN)

• ⚖️ Novo Nordisk Secures Ruling Against Compounding Pharmacies: Novo Nordisk won a ruling limiting compounding pharmacies from making copies of semaglutide, a decision that may lead to FDA actions against non-compliant entities. ($NVO)

• 🚖 Lyft Expands Taxi Services: Starting May 5, Lyft will offer taxis in St. Louis as an alternative to gig drivers, aiming to improve wait times and enhance competition with Uber. ($LYFT)

• 🚌 Waymo Considers Robotaxi Ownership: Alphabet's CEO revealed plans for potential personal ownership of Waymo robotaxis, marking a shift from paid ride services as Tesla gears up to introduce a lower-cost robotaxi network. ($GOOGL, $TSLA)

• 💰 Toyota's $42B Acquisition Proposal: Toyota Chairman proposed acquiring Toyota Industries at a 40% premium, with plans to finance the deal through personal funds and bank loans to consolidate power within the Toyota Group. ($TM)

• 🍗 McDonald’s Revives McCrispy Strips: In response to competitive pressures, McDonald's will reintroduce McCrispy Strips on May 5, aiming to boost sales after struggles against chicken-focused rivals. ($MCD)

• 🔄 Federal Reserve Withdraws Crypto Guidance: The Federal Reserve relaxed previous guidance on banks’ participation in crypto activities, completing a roll-back initiated during Trump's administration. This marks a significant shift in regulatory stance as the Fed seeks to support innovation.

• 📈 CEO Pay Hits Record High Amid Market Tumult: Median pay for U.S. CEOs rose 7.5% in 2024 to $16.8 million, fueled by stock grants, despite a backdrop of market volatility and criticism from workers and progressives regarding pay disparities.

ECONOMY
California Is Now World's 4th Largest Economy

A State Among Nations

California just leapfrogged Japan to become the world’s fourth-largest economy, despite being, well, just a state. Its $4.1 trillion GDP in 2024 puts it behind only the U.S., China, and Germany—an achievement that’s even more impressive when you remember California isn’t its own country (yet). It also towers over Texas, the second-largest U.S. economy, by more than 50%.

Powered by Everything

What makes California tick? It’s the ultimate diversified portfolio. A tech industry nearing $1 trillion, a manufacturing base with over 1 million workers, record-breaking tourism, booming agriculture, Hollywood, and the country's two biggest ports all feed into the state's monster economy. It’s not just that California has a lot of industries—it has all the industries. That depth has helped it stay resilient even when global markets wobble.

Startups Keep the Engine Running: California’s venture capital scene also acts like rocket fuel. The state pulls in more startup funding than anywhere else on Earth, creating an endless conveyor belt of fresh companies in AI, biotech, fintech, and clean energy. Venture-backed startups don’t just generate headlines—they create jobs, attract global talent, and spin off entirely new industries. That nonstop cycle of innovation keeps California’s economy feeling younger and faster than many full-fledged nations.

Looking Ahead

Of course, even the Golden State has to navigate a few bumps. Tariffs, trade wars, and global uncertainty could dent California’s $675 billion trade empire and slow its turbocharged growth. But with deep roots across multiple industries and an unmatched innovation engine, California isn’t just growing—it’s shaping what the future economy will look like. For now, it’s not just surviving global turbulence—it’s lapping entire countries.

Calendar
On The Horizon

Next Week

Buckle up, because next week is packed with a treasure trove of economic indicators and earnings reports that will keep financial analysts on their toes! It all kicks off bright and early on Tuesday with the S&P Case-Shiller home price index and the all-important job openings and labor turnover survey.

But that’s just the warm-up. Wednesday promises to have all the fireworks with GDP numbers, the ADP employment snapshot, and the granddaddy of them all, the PCE report. Then on Thursday, we’ll get a look at initial jobless claims and the ISM manufacturing index, rounding off the week with the highly anticipated US jobs report on Friday.

On the earnings front, get ready for a parade of quarterly results and analyst calls, guaranteed to include buzzwords like “tariffs” and “uncertainty.”

Earnings:

• Monday: Domino’s Pizza, Waste Management, Nucor, and NXP Semiconductors

• Tuesday: Visa, Coca-Cola, Novartis, AstraZeneca, HSBC, Pfizer, Honeywell, Spotify, Snap, American Tower, Altria, Starbucks, Mondelez International, Sherwin-Williams, UPS, BP, PayPal, Royal Caribbean Cruises, Universal Music Group, Hilton, Porsche, Adidas, GM, Corning, Kraft Heinz, JetBlue Airways, and Paccar

• Wednesday: Microsoft, Meta, Samsung, Qualcomm, Caterpillar, Airbus, UBS, GSK, Barclays, Volkswagen, Robinhood, Humana, eBay, Norwegian Cruise Line, Albemarle, Wingstop, and Etsy

• Thursday: Apple, Amazon, Eli Lilly, Mastercard, McDonald's, Amgen, MicroStrategy, CVS Health, Airbnb, Dominion Energy, Roblox, Block, Hershey, Live Nation Entertainment, Kellanova, Estee Lauder, Reddit, Duolingo, Twilio, Juniper Networks, Moderna, United States Steel, Roku, Wayfair, and Harley-Davidson

• Friday: ExxonMobil, Chevron, Shell, Eaton, Cigna Group, T. Rowe Price, Apollo, ING, and Wendy’s

NEWS
The Daily Rundown

• 🤖 AI App 'Cluely' Promises Cheating in Virtual Meetings: A new AI app that tracks users’ screens in virtual meetings has sparked controversy, allowing for "cheating" during interviews and calls. Co-created by a suspended Columbia student, the app has raised $5.3 million and is drawing mixed reactions over its ethical implications.

• 🧊 Ice Bucket Challenge Reboot Raises Funds for Mental Health: The Ice Bucket Challenge is making a comeback through the #SpeakYourMIND initiative, aiming to raise awareness about mental health. Launched by students at the University of South Carolina, the campaign has already amassed $325,000 for mental health initiatives.

• 🩺 Young Adults Distrust Doctors More than Ever: A recent Edelman survey reveals that nearly 38% of young adults ignore medical advice in favor of social media information, highlighting a rising trend of distrust toward healthcare professionals among this age group.

• 🎬 Netflix CEO Claims Streaming Revitalizes Hollywood: Netflix CEO Ted Sarandos defended the platform's streaming-first approach, asserting that it makes entertainment more accessible and counters claims that it's harmful to the film industry.

• 🔴 Vladimir Strikes Kyiv with Deadly Missile Attack: The conflict intensifies as Russia launches a brutal attack on Kyiv, leaving many casualties. This act pushes President Trump to call on Putin to halt hostilities as peace talks become increasingly complicated.

  🏚️ US Home Sales Drop to Feb 2009 Levels Amid Economic Doubts: Economic uncertainty and high mortgage rates led to a 5.9% drop in US home sales in March, the worst month-to-month decline in over two years, despite a 20% increase in home inventory.

• 🥪 Jersey Mike’s Founder Steps Down After Half a Century: Peter Cancro, the founder of Jersey Mike’s, has stepped down as CEO following the company’s $8 billion sale to Blackstone, with a new CEO taking charge of the brand's future.

• 🏈 Tennessee Titans Select Cam Ward as First Overall Pick: The Tennessee Titans have drafted Miami quarterback Cam Ward as the No. 1 overall pick in the 2025 NFL Draft, marking a pivotal move for the team's future.

• 🔥 Teen Arrested for Causing Major New Jersey Wildfire: A 19-year-old has been arrested for allegedly starting a massive wildfire in New Jersey, which has burned over 15,000 acres and disrupted local communications and transportation.

• 🎉 Celebrating 50 Years of 'Monty Python and the Holy Grail': The classic comedy "Monty Python and the Holy Grail" celebrates its 50th anniversary, remembered for its unique humor and cultural impact, having grossed over $5.7 million since its release.

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