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Good morning readers. Keith Gill, aka "Roaring Kitty," resurfaced on social media yesterday after a three year hiatus. Remember him? The GameStop craze ring any bells? Well, buckle up because it seems like meme stocks are back in town. GameStop's shares skyrocketed 70% yesterday, sending short sellers on a $1 billion rollercoaster. Trading was also halted multiple times throughout the day (9 times in total) due to the stocks volatility. But before you join the frenzy, financial experts suggest a reality check: research, not FOMO, should drive your investments. Amidst the chaos, AMC and Reddit also witnessed significant gains, signaling a turbulent journey ahead for short sellers in meme stocks.

Let’s jump into today’s storylines.

In today’s digest:

• A game changer for weight loss and heart health

• Headline Hustle

• Fashion industry’s latest problem? Upcycling

• Pulse Points: What’s Trending

HEALTH

The weight-loss wonder with a heart of gold

Forget everything you thought you knew about weight loss drugs—Wegovy is rewriting the playbook. New analyses from the longest clinical trial of Wegovy reveal not just how quickly it helps people shed pounds, but also how it may protect the heart in ways beyond weight loss alone.

The heart health benefits

Wegovy, a wildly popular weight-loss drug, is making headlines for more than just its slimming effects. Researchers from the Select trial, which involved over 17,600 participants across 41 countries, found that the drug significantly reduces the risk of heart attack, stroke, and heart-related death by 20%. Even more intriguing, these benefits appear in patients who didn’t lose much weight, suggesting the drug might offer protective effects beyond weight loss.

Patients on Wegovy continued to lose weight for over a year, averaging a 10% reduction in body weight, and maintained this loss for up to four years. Compare that to the mere 1.5% average weight loss in the placebo group. This prolonged weight management is crucial, especially as many people regain weight after stopping the drug.

But despite its many benefits, Wegovy isn’t free from side effects.

• Around 17% of participants on the drug dropped out due to side effects like nausea and diarrhea, compared to 8% on the placebo.

• While these issues are common, they typically occur early in treatment. Importantly, no new safety concerns emerged in the latest analyses.

Implications for future treatment and coverage

One of the most intriguing findings is that the cardiovascular benefits appear to be independent of weight loss. Even those who didn’t shed pounds experienced reduced heart risks, suggesting that the drug’s heart-protective properties might stem from its ability to reduce inflammation and improve blood vessel health.

Big picture: Wegovy is proving to be a heavyweight champion, not just in the weight-loss arena but also in heart health. As researchers continue to explore its benefits, it’s clear that this drug has the potential to revolutionize treatment protocols and improve lives in more ways than one.

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IN THE KNOW

Headline Hustle

🎤 Michael Cohen, Donald Trumps former attorney, testifies against him in hush money trial. Michael Cohen testified that he arranged a $130,000 payment to Stormy Daniels at Trump’s direction, aiming to influence the 2016 election outcome. In detailed testimony, Cohen described coordinating with National Enquirer publisher David Pecker to suppress negative stories, maintaining Trump’s awareness and approval throughout the process, including the misleading way the payment was reimbursed as legal services in 2017. This testimony ties Trump directly to allegations of falsifying business records to conceal the payment, a claim Trump denies. Cohen’s credibility is expected to be vigorously challenged by Trump’s defense team.

🔎 Apple and Google team up to fight location tracker stalking. Apple and Google have announced updates to their iPhone and Android platforms to warn users of unauthorized wireless location tracking via Bluetooth devices, such as Apple’s AirTag. This new feature alerts users when a tracker is detected moving with them, offering options to locate the device by sound and instructions to disable it. Introduced to combat misuse of tracking technology, these alerts aim to enhance user safety against potential criminal activity. The updates, included in Apple’s iOS 17.5 and Android version 6.0 and newer, reflect ongoing efforts to standardize Bluetooth tracking devices across the industry, with specifications that mandate these security alerts.

🤖 OpenAI releases a new AI model, called GPT-4o. OpenAI launched a new AI model, GPT-4o, along with a desktop version of ChatGPT and an updated user interface. The update, announced by technology chief Mira Murati, enhances the model's capabilities in text, video, and audio, making it faster and more cost-effective. GPT-4o, which stands for "omni," can handle 50 languages and integrates improvements for developers through OpenAI's API. OpenAI is also experimenting with "Voice Mode," enabling the model to interact in real-time, mimicking human conversational response times.

FASHION

The battle of sustainability vs. trademark protection heats up in the world of fashion

Fashion isn't just about looking good; it's increasingly about doing good, too. But when NFL star Travis Kelce flaunted a silk shirt with flamboyant pink flamingos and a giant Chanel logo, he unwittingly stepped into a legal minefield, highlighting the emerging tension between upcycling and trademark protection.

What is upcycling?

Upcycling is the art of transforming old luxury items into new fashion statements. By repurposing vintage products and deadstock fabrics, designers aim to reduce waste and create unique, eco-friendly fashion. But luxury brands like Chanel have long been wary of the resale market, fearing it could dilute their brand image and encourage counterfeiting. Despite the sustainability appeal, upcycling has become a flashpoint for trademark disputes.

The legal grey area of upcycling poses significant challenges.

• While the first-sale doctrine allows reselling of branded items, altering them can complicate matters.

• Upcyclers can disclose that their products aren’t authorized by the original brands, but this doesn’t always shield them from legal trouble.

Fashion Law Institute founder Susan Scafidi notes, “We really have these two values that point in different directions…upcycling is absolutely risky, despite the fact that it is trending and ethical.”

Zoom out: The current wave of cases reflects the fashion industry’s slow adjustment to new models. While brands like Prada and Gucci have dabbled in upcycling, the industry is at a crossroads, with increasing consumer and regulatory pressure to address fashion waste.

SNIPPETS

Pulse Points

• Red Lobster is abruptly closing at least 48 of its restaurants nationwide, as reported by a leading restaurant liquidator.

• About 30 students, some carrying a Palestinian flag, walked out of Duke University's commencement as Jerry Seinfeld began his speech to the graduates.

• Melinda French Gates announced her resignation as co-chair of the Bill & Melinda Gates Foundation, a role she has held since 2000.

• Porsche is set to introduce a significant update to its signature model with the unveiling of a hybrid Porsche 911, featuring a gas engine assisted by at least one electric motor, in an online event on May 28.

• Kraft Heinz is considering selling its Oscar Mayer brand, a major producer of hot dogs, cold cuts, and bacon, and has engaged Bank of America and Centerview Partners to explore interest in a deal potentially worth $3 to $5 billion.

• Website-development company Squarespace intends to go private in $6.6 billion takeover by firm Permira.

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