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Morning, Brandon here. The US and China just struck a trade deal that could ease auto supply chain pain. Meanwhile, Zuckerberg’s trying to reboot Meta AI like he rebooted his personal image the past couple of years. Markets move fast, but so do we—read on for the latest.

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📰 Market Headlines

S&P 500 and Nasdaq are closing in on record highs as stocks gained during the US-China trade talks.

• The S&P 500 rose 0.55% to 6,038, as the Nasdaq climbed 0.63% while the Dow added a modest 0.25%.

• Bitcoin climbed toward new highs on Tuesday, hovering above $109,000 per token.

US and China agree to new trade deal—with a strange imbalance. The nations just reached a tentative agreement: 10% tariffs on Chinese goods, 55% tariffs on US goods—pending presidential approval. The reason for the imbalance? No clear explanation yet, but rare earths played a major role in the talks. China will lift some restrictions on magnets and rare earth exports (critical for US automakers) in exchange for concessions like US university attendance for Chinese students. Trump declared the “RELATIONSHIP IS EXCELLENT!”—we’re waiting to see if the deal is finalized or not.

Zuck just took an AI moonshot—and spent $14 billion to do it. Meta is investing $14B for a 49% stake in Scale AI and bringing in CEO Alexandr Wang to help drive its superintelligence initiative forward. Zuckerberg is in what he calls “founder mode,” assembling a handpicked team with 7–9 figure offers to catch up to OpenAI and Anthropic with Meta’s Llama 4 models—especially its flagship, “Behemoth.” The partnership also reflects growing alignment: both Mark and Alexandr believe there’s an “AI War” with China brewing, and that US tech must lean in. AltIndex rates Meta a “hold,” but it’s close to “buy” territory.

😱 Fear and Greed Index

🧠 Make yourself heard

• Asia's wealthy investors are eyeing discounts of up to 40% to buy private equity assets in the secondary market as they seek to boost returns.

• Google offered buyouts to employees across several divisions, including its knowledge and information unit that houses search, ads, and commerce.

📖 What to Read Today

We covered Apple’s massive flop at its own conference yesterday, which was mainly due to its lack of AI announcements—but the falling tech giant did put something out in the AI space, it just wasn’t on stage.

Apple released a research paper titled The Illusion of Thinking: Understanding the Strengths and Limitations of Reasoning Models via the Lens of Problem Complexity.

The summary? First, AI models can’t think anything like humans; second, both LLMs and LRMs fail badly when faced with complex puzzles. And we don’t mean they just do poorly—we mean they completely abandon specific instructions and elect to only use short amounts of time to process (even when they have more capacity).

The timing of the research paper is interesting—Apple knew it wouldn’t have an AI update for WWDC25, but it did have a paper that might knock other AI companies down a few pegs.

Also, here’s Mark Zuckerberg’s analysis on Apple’s lack of innovation in under 2 minutes.

🤖 AI/Future/Tech News

• GRID Esports unveiled AI-powered predictive analytics for esports broadcasts.

• Google rolled out Android 16 with new RCS group chat features and AI-powered editing suggestions for Google Photos.

• Amplitude launched a suite of AI Agents designed to analyze customer behavior data and automatically take action.

⚔️ Trade wars

• The US and Mexico neared an agreement on removing President Trump's 50% steel tariffs up to a specific volume threshold.

• Indian and US negotiators advanced toward a bilateral trade pact during four days of talks in New Delhi.

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 💡 Ideas, trends, and analysis

🐦️ Twitter roundup

We’ve gone through and picked out some Twitter posts we think you’ll get value from.

1. Full-on graphic explaining the AI talent wars.

2. The S&P 500 has officially made its third-strongest comeback in 100 years

3. Autonomous drone defeats human pilots in competition for the first time ever

🎤 What you said last time

“The people have wanted a useful Siri since its inception. Now is the time for them to acquire a company with the right tech and make the movie HER a reality.”

🚚 Market movers

• Microsoft neared clinching a customer deal for over 1 million Copilot licenses, potentially worth $360 million annually based on current pricing.

• Procter & Gamble outlined plans to cut 7,000 non-manufacturing jobs.

📊 Earnings this week

• JM Smucker fell the most in nearly 40 years after US tariffs on coffee reduced its profit forecast; shares plummeted 9.22%.

• Academy Sports missed Q1 earnings expectations with EPS of 0.76, but shares jumped 4.8%.

• Stitch Fix beat Q3 earnings expectations with a narrower-than-expected loss of 0.06 per share versus the forecasted 0.11 loss; shares climbed 1.27%.

• GameStop saw revenue plunge 17% to 732.4 million as digital downloads continued to replace physical game purchases and shares dropped 4.6%.

📢 We want to hear from you

Let us know what you did or didn’t like, too!

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📺 What to watch today