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Good morning readers. Yesterday, it seemed like every major chatbot decided to take an extended coffee break without letting the rest of us know about it. In an unusual digital domino effect, three AI giants—OpenAI's ChatGPT, Anthropic's Claude, and Perplexity—simultaneously hit a snag, sparking outage chaos. The widespread disruption seems to hint at a hefty infrastructure hiccup or a sudden surge in user traffic playing musical chairs with server capacity. Although unrelated, even TikTok had a bad day, with Forbes reporting the platform was experiencing a zero-day spam attack affecting some celebrity and brand accounts, including Paris Hilton and CNN.

As users pinged from one service to another, the tech world got a brisk reminder: even tech giants need a time-out now and then.

Let’s jump into today’s storylines.

In today’s digest:

• How Roaring Kitty went from a $53K investment to a net worth of nearly $1 billion

• Headline Hustle: Narendra Modi wins a third term as India’s Prime Minister, Biden’s asylum restrictions go into effect today, Ex-Open AI and Google DeepMind employees pen open letter on the ‘serious risks’ of AI

• Caitlin Clark and the WNBA’s media reckoning

• Pulse Points: What’s Trending

MARKETS

Roaring Kitty’s wild ride from retail rebel to billionaire potential

Who says fairy tales can’t come true? Keith Gill, better known as "DeepF------Value" on Reddit, turned a modest $53,000 punt on a struggling video game retailer into a jaw-dropping fortune surpassing $289 million. This Monday, his portfolio saw a staggering surge, raking in $79 million in just one day. That’s not your everyday stock market story.

A stock market rebel

Gill's saga began back in September 2019, when he placed his bet on GameStop, a company then mostly known for its brick-and-mortar stores. With a knack for the dramatic and a strategy that seemed less Wall Street and more Wild West, he rallied a horde of retail traders via social media to take on the big dogs of the hedge fund world. By April 2021, he wasn’t just playing the game—he was setting the rules, expanding his share count to 200,000 after exercising a swath of call options.

Fast forward to today, and while GameStop struggles to pivot from physical stores to digital sales, Gill’s investments have only grown bolder. Holding 5 million shares and 120,000 options, he’s a walking testament to high-stakes, high-reward trading. “You have to be made of something different to trade like that,” comments Michael Khouw, chief strategist at OpenInterest.PRO.

But the clock is ticking:

• A cache of Gill’s call options with a strike price of $20 expires on June 21.

• Should the stock soar above this threshold, Gill’s gamble could morph his holdings to a whopping 17 million shares—vaulting him into the realm of GameStop’s top shareholders and potentially padding his net worth to a cool $1.1 billion.

What lies ahead. Gill’s next move could redefine his legacy and perhaps the nature of meme trading itself. The decision to hold, sell, or roll over his options will test not only his financial acumen but also the resilience of his unconventional methods.

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IN THE KNOW

Headline Hustle

🇮🇳 Narendra Modi will be India’s Prime Minister for a third term. Indian Prime Minister Narendra Modi declared victory in the country’s election, despite his Bharatiya Janata Party (BJP) likely losing its outright majority. Ongoing counts suggest the BJP will win 239 seats, down from 303 in 2019, necessitating power-sharing agreements. The BJP-led National Democratic Alliance (NDA) is set to win 294 parliamentary seats, needing 272 to form a government. Modi hailed the victory as historic and pledged to advance defense production, create jobs, and boost exports. India's benchmark indexes dropped 8% amid uncertainty.

🛑 Biden’s sweeping asylum restrictions take effect today. President Biden announced an executive action to restrict asylum access for migrants crossing the US-Mexico border illegally, due to Congress failing to pass a bipartisan measure. This new policy, effective at midnight, mirrors an approach used by former President Trump. Migrants who cross illegally will be barred from seeking asylum unless they meet specific exemptions. Biden defended the move against criticisms, emphasizing the need for action consistent with American values, and rejected comparisons to Trump's policies.

📜 Ex-Open AI and Google DeepMind employees pen an open letter on the ‘serious risks’ of AI. A group of current and former OpenAI employees published an open letter expressing concerns about the rapid advancement of AI without sufficient oversight and whistleblower protections. They highlighted financial incentives for AI companies to avoid effective oversight and stressed the need for stronger government regulation. The letter called for AI companies to commit to non-disparagement agreements, support open criticism, and create anonymous reporting channels. The employees emphasized the risks posed by AI technologies and the lack of accountability in the industry.

SPORTS

How Caitlin Clark is shaking up the sports media playbook

If the WNBA was a sleeping giant, Caitlin Clark might just be the alarm clock nobody expected to go off. Yet, here we are, witnessing a rookie season so electrifying it's sending shockwaves through sports media, traditionally a boys' club that seemed only to tune in when Clark started making headlines.

The backlash begins

Over the weekend, following Chennedy Carter’s foul against Clark, the commentary arena erupted. ESPN's Pat McAfee, in a controversial moment, attributed the WNBA's surge in popularity solely to Clark, calling her the “White b*tch for the Indiana team” – a comment he later apologized for. But McAfee’s faux pas highlights a broader issue: many male commentators are diving head-first into WNBA coverage without the requisite respect or understanding of the league’s history or dynamics.

The episode underscores a persistent problem in sports journalism.

• Male commentators, like Charles Barkley who recently labeled women "petty" for their competitive spirit, often apply outdated stereotypes to female athletes.

• Barkley’s remarks on TNT’s “Inside the NBA” were stark, suggesting Clark was responsible for newfound privileges like private charters and increased visibility, echoing sentiments that trivialize the contributions of long-standing players.

The media’s rookie season: As Caitlin Clark navigates her rookie season, it’s a critical moment for the sports media to reflect and improve. The mainstream’s sudden interest in the WNBA isn’t just about one phenomenal player; it’s about a league of skilled, determined women who’ve been deserving of this attention all along.

SNIPPETS

Pulse Points

• Warner Bros. Discovery's Max announced price increases for its ad-free options on Tuesday, following a trend of streaming services raising their membership costs.

• Special K, which once promoted weight loss by replacing meals with cereal, has now partnered with cookbook author Molly Baz on a limited edition cereal box, marking the first time the brand has featured a pregnant woman on its packaging.

• Major League Baseball has banned San Diego Padres infielder Tucupita Marcano for life for betting on the sport, making him the first active player to receive such a penalty in over a century.

• A federal advisory committee voted overwhelmingly against using MDMA (ecstasy) as a treatment for post-traumatic stress disorder on Tuesday, despite its potential to transform the field, citing concerns about the integrity of the reviewed trials.

• Soccer superstar Lionel Messi has entered the hydration beverage market, partnering with White Claw's parent company to create a new drink called Mas+.

• New York state lawmakers have tentatively agreed to prohibit social media companies from using algorithms to target content to children without parental consent.

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