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Good morning readers. If you’re working for one of Elon Musk’s companies and own an iPhone, we’ve got some news for you. The eccentric billionaire is fuming over Apple's partnership with OpenAI, threatening to ban Apple devices at his companies if the tech giant integrates ChatGPT into its operating systems. As you’d expect, Musk slammed the move as a “security violation” and accused Apple of compromising user data. Critics suggest Musk’s outrage is partly due to his rivalry with Sam Altman and co., as his firm xAI competes with OpenAI (not to mention their history with each other). It looks like the AI race just got a lot more heated.

Let’s jump into today’s storylines.

In today’s digest:

• Apple unveils a host of new AI features

• Headline Hustle: Hinter Biden found guilty on all three counts in gun trial, WeWork claws its way out of bankruptcy, Port of Baltimore reopens after 11 weeks of being closed

• OpenAI’s equity package to employees come with strings attached

• Pulse Points: What’s Trending

TECH

Apple springs into AI with a personal touch

If Siri starts answering back with uncanny accuracy, don’t panic—you haven’t slipped into an episode of "Black Mirror." At least that’s what Tim Cook and Co. want you to know.

At its annual Worldwide Developers Conference (WWDC), Apple leapt into the generative AI arena, boots and all, with a series of new features that might just make your iPhone the smartest thing in your pocket.

A new kind of intelligence

Dubbed “Apple Intelligence,” this new suite of AI-driven capabilities promises to make your digital life not just easier but eerily intuitive. From Genmoji—personalized AI-generated emojis—to a significantly upgraded Siri, Apple plans to transform daily digital interactions into deeply personalized experiences. Siri will soon manage your calendar, peek into your emails, and even keep track of your loved ones’ flights—all on its own.

Despite the innovative dazzle, Apple is playing it cool with user data. In a move that could ease privacy concerns, the tech giant emphasized that most of the AI processing will happen directly on the device, rather than in the cloud. This approach not only promises enhanced security but also ensures that Apple's smart features can work their magic more securely and swiftly.

Then there’s the partnership with OpenAI

Although most AI operations will happen on your device, the company is letting users opt out of using ChatGPT altogether, a balance it hopes will ease users concerns about privacy and OpenAI’s controversial data usage.

But the innovations don't stop at smartphones.

• iOS 18 will bring Dark Mode a new look, more customizable control centers, and enhanced privacy features like app locking with Face ID or Touch ID.

• iMessage gets smarter too, with scheduled messaging and the ability to send texts via satellite.

The bottom line: Apple may not always be first out of the gate with new tech, but when it does show up, it aims to do it better. With the world rapidly embracing generative AI, Apple’s hand has been forced, accelerating its integration of cutting-edge technology into iPhones, iPads and Macs starting this fall.

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IN THE KNOW

Headline Hustle

⚖️ Hunter Biden found guilty on all three criminal counts at gun trial. A jury convicted Hunter Biden, son of President Joe Biden, on all three counts at his criminal gun trial in Delaware federal court. He was found guilty of making a false statement in a firearms transaction and possessing a firearm while being a drug user or addict. The charges relate to his 2018 purchase of a Colt Cobra handgun. This marks the first time a sitting U.S. president’s child has been tried in a criminal case.

📈 WeWork claws its way out of bankruptcy, names new CEO. WeWork, once valued at $47 billion, emerged from bankruptcy on Tuesday, naming Cushman & Wakefield executive John Santora as its new CEO. The company filed for Chapter 11 bankruptcy in November, with $18.65 billion in liabilities against $15.06 billion in assets. Santora is WeWork’s fourth CEO in five years. During the interim CEO David Tolley's tenure, WeWork renegotiated 190 leases, exited 170 unprofitable locations, and reduced annual expenses by over $800 million. Founded in 2010, WeWork now operates in 37 countries.

🚢 Port of Baltimore reopens after key bridge collapse. The main channel to the Port of Baltimore reopened after nearly 11 weeks, following a cargo ship collision that shut down one of the nation's busiest waterways. On March 26, a Singaporean containership lost power and hit the Francis Scott Key Bridge, killing six construction workers. The collision caused a section of the bridge to collapse into the Patapsco River, blocking the port's channel. The U.S. Army Corps of Engineers confirmed the channel's restoration, allowing full operations to resume.

BUSINESS

Locked in: OpenAI's stock sale strategy sparks a privacy puzzle

OpenAI might just redefine the meaning of "vested interest." With a puzzling blend of opportunity and control, the AI juggernaut's approach to handling its over $80 billion worth of equity is more than just business; it's a power play that's turning heads — and not always for the right reasons.

As the company’s valuation soars to an eye-watering $80 billion, thanks in part to the groundbreaking ChatGPT, its early employees find themselves sitting on a potential gold mine of equity. But with no public offering in sight and the company’s high valuation deterring potential buyers, these stakeholders are caught in a financial limbo. The only real avenue for liquidity is through secondary stock sales, which, as it turns out, is tightly controlled by OpenAI itself.

A tight grip on the purse strings

Recent stirrings within the company reveal a deepening concern among staffers, past and present, about their ability to cash out. Interviews and leaked documents paint a picture of a company tightly controlling the liquidity leash, even clawing back vested equity, according to insiders.

In response, OpenAI circulated an "Overview and Recap of OpenAI’s Tender Process," aiming to clarify its stance. But with reports of stringent exit agreements and selective participation in stock sales, the dialogue around equity has turned decidedly dicey. For example, the company separated its stock sale opportunities into tiers — active employees, former employees, and those who've joined competitors — raising questions about fairness and transparency.

Looking ahead…as the company continues to shape the future of AI, the way it handles its own could tell us more about its corporate ethos than any AI ethics board ever could.

SNIPPETS

Pulse Points

• Elon Musk withdrew his lawsuit against OpenAI and its co-founders, Sam Altman and Greg Brockman, in California state court on Tuesday, just one day after publicly criticizing OpenAI and its new partnership with Apple.

• TikTok is testing a feature allowing users to take or upload photos to find similar products in TikTok Shop, aiming to challenge Google's dominance in search, the company confirmed to TechCrunch.

• The union representing over 9,000 Canadian border agents reached a tentative agreement with government negotiators, avoiding a strike that could disrupt trade with the U.S.

• Four instructors from an American college were stabbed on Monday in northeastern China while teaching in a partnership program with a local university, sparking concern in the U.S. amid strained bilateral relations.

• X is introducing private likes, hiding users' likes by default, a feature already available to X's Premium subscribers. Elon Musk, X's owner, shared a screenshot of the news, emphasizing the importance of allowing people to like posts without fear of backlash.

• The Nathan’s Famous Fourth of July hot dog eating contest will be without 16-time champion Joey “Jaws” Chestnut this year, as Major League Eating announced Tuesday that they are parting ways with him ahead of the competition.

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