Hello, Quartz members!
It’s been a busy week, as it often is in the 21st century. Hunter Biden is on trial, his dad shut the border to migrants seeking asylum, a handful of remaining veterans commemorated the 1944 D-Day landings, and another peace initiative failed in Gaza. In global elections, South Africa’s ANC lost its mojo, and India’s Narendra Modi lost his, while Mexico elected the first female president in North America. Plus, the governor of New York canceled the city’s long-awaited congestion pricing plan. But now it’s Sunday, and breakfast is waiting. Here’s a selection of our best stories of the week, and a preview of one for the week to come. Sit back and enjoy.
Enjoying this newsletter? Let us know; we’d love to hear from you.
5 reads we liked on Quartz
Zine revolution. Before we had Instagram influencers, we had the zine, home-baked magazines and manifestos that set the tone, called the world to account, or just reflected an obsession. Usually on paper, often handed out free, and usually produced with a Xerox machine, zines defined our scenes. Join Quartz’s own Gabriela Riccardi on a tour of Zines from 1517 to the present.
Apple Fest: The big news at next week’s Apple World Wide Developers Conference will be putting the AI in iPhone, at last, with iOS18. Geeks and gearheads, let Laura Bratton be your guide.
Where inflation went to die. When Costco introduced its in-store hotdog and a drink combo in 1984, it charged $1.50. Forty years later, that’s their price and they’re sticking to it. Francisco Velesquez explains it all.
Cool your heels: Keeping the average American home cool this summer will cost $719 between June and September, up 7.6% over last summer, and up 50% in the past decade. Melvin Backman explains why.
Chatbots united? Microsoft, Nvidia, and OpenAI are reportedly being investigated by the DOJ and FTC for allegedly creating a kind of monopoly in the AI market. The FTC says the big guys are digging moats to keep new players out. Britney Nguyen and Laura Bratton explain the stakes.
Chart of the week
Short sellers are betting billions more against Nvidia than they are Apple and Tesla. Outstanding short bets against Nvidia total $34 billion, S3 Partners’ data reviewed by Reuters shows. That’s nearly double the value of short bets against Apple and Tesla, which stand at $18 billion and $19 billion, respectively.
1 sneak peek
Coming Monday: How big pharma is responding to government attempts to rein in high drug prices. Federal agencies are trying to bring down drug costs by promoting competition and negotiating prices with manufacturers, and they’re also looking at taking some big-money interests out of the drug-price equation. On their list are private equity firms that quietly consolidate health care companies, reducing competition; and “junk” patents in the Food and Drug Administration’s Orange Book, a list of approved drugs. As Quartz’s Bruce Gil will explain tomorrow morning, inaccurate listings in the Orange Book can delay more affordable generic and biosimilar alternatives from entering the market, pushing up drug prices.
🗓️ What to watch for this week
Here’s what our newsroom will be keeping an eye on:
Monday:
- Apple kicks off its annual Worldwide Developers Conference, through Thursday. The name in the game is AI, and Apple is reportedly partnering with OpenAI to bake ChatGPT right into the iPhone’s operating system.
- Goldman Sachs’s 45th Annual Global Healthcare Conference kicks off in Miami. A trio of Eli Lilly executives speak Monday evening. Lilly recently announced a record-breaking $5.3 billion investment in its weight-loss drug Zepbound.
Tuesday:
- The European Commission is expected to reveal whether it will impose a tariff on electric vehicles from China - potentially upending EU climate goals and a huge market for Chinese exports.
- GameStop reports after the bell. The meme stock has been surging since investor Keith Gill, better known as “Roaring Kitty”, reemerged.
Wednesday:
- The WWDC and the Goldman Sachs Global Healthcare Conference continue for a third day. Semiconductor manufacturer Broadcom reports earnings after the bell.
Thursday:
- Elon Musk’s pay package is up for a vote at Tesla’s annual meeting, and shareholders will reveal if they think the Tesla and X chief deserves $46 billion in comp. If they say no, a board member suggested the executive may walk.
- WWDC and Goldman Sachs Global Healthcare Conference come to a close.
Friday:
- The US government is expected to say how much it got for airline stock warrants it picked up in exchange for COVID-19 aid. The Treasury hopes to net at least $492 million.
Thanks for reading! Here’s to the week ahead, and don’t hesitate to reach out with questions, comments or a donation for Elon. Sunday Reads was brought to you by Peter Green, Audrey McNamara, and Morgan Haefner.