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Here’s what you need to know
Clearing the cache. Google will report Q1 earnings after Thursday’s bell, and investors remain cautiously optimistic. Here’s what they — and analysts — will be watching for.
The EU has trust issues. It’s going after Big Tech, fining Apple and Meta a combined $800 million for violating an antitrust law designed to address anticompetitive practices in the tech industry.
DOGE days are over. A Tesla bull praised CEO Elon Musk’s announcement that he was, for the most part, wrapping up his time in DOGE — turning the page on a “dark chapter” for the company.
Byte-sized boosts. Nvidia and other chip stocks were Wednesday’s major winners after President Trump quelled some tariff fears and said Chinese tariffs would come down “substantially.”
A processor gets processed. Intel’s stock rose after the chipmaker announced major cuts to its workforce, which could reportedly see 20% of its staff slashed.
Jetting ahead. Boeing saw lower-than-expected losses and reaffirmed its full-year forecast in a surprise win for a company that’s often under the microscope.
Human-ish resources. Microsoft announced a new kind of water-cooler conversation in the workforce: one with AI colleagues (or “agents”) who could make the workflow easier — and faster.Â
Slim chance. Pharma giant Eli Lilly filed lawsuits against four telehealth companies that offer copycat versions of its weight-loss drugs, Zepbound and Mounjaro.
Bessent Sees Red
Treasury Secretary Scott Bessent took aim at China’s economic model — built on “exporting its way out of economic troubles” — on Wednesday. He essentially calling the model outdated, unsustainable, and risky for global balance. The takeaway? Bessent says the U.S. wants to help China change for the sake of the global good and in the name of rebalancing.
Speaking at a keynote address in Washington, Bessent urged the U.S.’ economic rival to move away from “export-led manufacturing growth,” which he said is hurting China… and the whole world. But China wasn’t Bessent’s only target.
He slammed the IMF and World Bank for “mission creep” and drifting from their financial roots. Bessent said the Trump administration is eager to work with these organizations… so long as they stay true “to their missions.” The U.S. plans to use its leverage at these two economic pillars to push for key reforms — on issues such as climate change, international development, and economic imbalances.
The Treasury Secretary emphasized that the Trump administration is “committed to maintaining and expanding U.S. economic leadership in the world,” particularly at the top international financial institutions. Quartz’s Catherine Arnst has more on Bessent’s take on China’s model behavior.
DOGE Eat DOGE World
Tesla’s Q1 earnings report had a little something for everyone — unless you were looking for profit. The automaker and its CEO, Elon Musk, wanted to talk less about the numbers (maybe for good reason: net income sank 71%) and more about the future.
A future where Musk is no longer involved with the Trump administration’s Department of Government Efficiency (DOGE), where Tesla is more than just a car company, and where Tesla’s factories are powered by its humanoid robots. No matter that investors may have preferred to hear about solutions to falling demand, increased competition, and EV price wars.
There were other key takeaways, of course. But Musk’s announcement that he’ll be spending more time at Tesla and less time in Washington sent stock soaring. The maligned auto CEO also addressed tariffs (less likely to hurt the auto business but could hurt other parts of the company) and his grand plan to help produce a “happy future.” Quartz’s Shannon Carroll has more on Tesla’s robots, rhetoric, and red ink.
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