Good morning readers. This week, May 6-12, is National Nurses Week. A message to all the nurses out there: your dedication, compassion, and tireless efforts do not go unnoticed. You are the backbone of healthcare, providing comfort and care when it's most needed. Thank you for your selflessness and for being our everyday heroes. We appreciate and celebrate you!

Let’s jump into today’s storylines.

In today’s digest:

• Apple might be winning the AI marathon

• Headline Hustle: Berkshire Hathaway holds first annual meeting without Charlie Munger, Trump Media’s accounting firm gets charged with massive fraud, Rue21 files for bankruptcy and closes down all stores

• Google’s antitrust lawsuit is entering its closing stages

• The Week Ahead: What to Expect

• Pulse Points: What’s Trending

TECH

A better Siri might be coming to an iPhone near you

While Siri might have felt a bit like that friend who's always late to the party, it seems Apple has a plan for its tardy arrival to the AI bash. Rumors and reports suggest Apple's been strategizing its grand entrance, and the much-anticipated WWDC could be where Siri finally evolves into something we’ll actually enjoy using.

An assistant that’s actually…helpful?

For those clamoring for a better Siri, the promise of on-device, offline AI features in iOS 18 could be the golden ticket. With Apple's Ajax project aiming to harness the power of smaller, more efficient AI models, you can expect a faster, more responsive Siri. And if Apple’s AI research is any indication, we may soon be asking questions without even saying "Hey Siri." A group of researchers is working on making Siri understand us without a wake word, while others focus on improving accuracy and understanding ambiguous queries.

Apple's AI vision extends far beyond Siri, though.

• The company is experimenting with health, creativity, and image recognition, thanks to tools like Keyframer and MGIE that promise intuitive, user-friendly editing experiences.

• These innovations hint at a future where AI seamlessly integrates with our daily digital lives, from personal health insights to powerful creative tools.

The jewel in Apple's AI crown is a project known as Ferret. This multi-modal language model can see and understand what’s happening on your device's screen, potentially reshaping how we interact with our gadgets. Imagine a Siri that knows your every intent and an interface that practically navigates itself.

Big picture: While we await Apple's grand AI unveiling, one thing is certain: the company is gearing up to redefine its role in the AI race. If Tim Cook's cryptic hints mean anything, get ready for a whole new iPhone experience—and, perhaps, the day we all willingly use Siri.

IN THE KNOW

Headline Hustle

📝 Berkshire Hathaway holds first annual meeting without Charlie Munger. Berkshire Hathaway's annual meeting, dubbed "Woodstock for capitalists," was solemn this year without Warren Buffett's longtime partner, Charlie Munger. Munger's passing in November left Buffett to lead alone for the first time. Berkshire's strong first-quarter earnings, released over the weekend, showcased rising operating profits and a record cash reserve. With Greg Abel as the expected successor, Buffett reassured investors about Berkshire's future amid speculation on potential acquisitions. Despite Munger's absence, Buffett's leadership remains pivotal for the company’s trajectory.

🔎 Trump Media’s accounting firm gets charged with ‘massive fraud’. The SEC charged BF Borgers, Trump Media's accounting firm, with widespread fraud, alleging a "sham audit mill" scheme. The SEC accused the firm of fabricating audit documentation and failing to comply with accounting standards between Jan 2021 and Jun 2023. BF Borgers faces permanent suspension from practicing as accountants, and a $14 million fine. Trump Media, while not implicated, plans to find new auditors. Despite its high-profile client, BF Borgers had multiple clients subject to SEC rules.

🛍️ Rue21, a shopping mall staple for teen apparel, files for bankruptcy and closes all stores. Rue21, a teen apparel mall staple, declared bankruptcy for the third time, shuttering all 540 stores in the next few weeks. With $200 million in debt and 4,900 employees, the Pittsburgh-based retailer succumbed to challenges from online shopping, industry competition, and brand irrelevance. Its demise reflects broader retail struggles, following other bankruptcies like Express and Joann. Rue21's closure signals the end of nearly 50 years in business, highlighting shifts in consumer behavior and market dynamics.

BUSINESS

Google’s antitrust lawsuit entered into closing stages

Apple and Google are the ultimate frenemies. When you search something in Safari, you probably see Google’s results, despite being able to switch search engines. But why stick with Google to begin with? It's all about the benjamins.

In 2022 alone, Google shelled out a whopping $20 billion to Apple to keep its search engine in the coveted position. And if that doesn’t make your jaw drop, how about this: by May 2021, Google was paying Apple over $1 billion a month.

This Thursday marked a pivotal moment as the Justice Department delivered its final arguments against Google's stronghold over search engines. Initiated during the Trump era, the case accuses Google of cementing its search empire through hefty payments to Apple and others, effectively locking out any serious competition.

The DOJ’s argument

The Justice Department (DOJ) argues Google has used these hefty payments to monopolize the online search industry.

• The government alleges that Google’s web of contracts ensures it dominates on millions of devices, creating a feedback loop that allows it to maintain its competitive edge and hinder fair competition.

• They also argue that Google is leveraging its search dominance to strengthen its AI models, thanks to the enormous search data advantage no one else can match.

Google’s response?

• The company counters that it’s not anti-competitive behavior that makes them #1, but their superior product that naturally drives users to their platform. Plus, they claim their search helps support Android, which competes with Apple.

• According to Google, nothing stops Apple from picking another default search engine.

But why spend billions to be the default search provider if your product is truly unbeatable and switching is easy? That’s the DOJ's pressing question.

Big picture: The final ruling from Judge Mehta, expected later this year, could shake up the tech world in a big way. If Google is found guilty, it'll spark a whole new battle over potential penalties and might change the way we use the internet altogether.

WEEK AHEAD

What to expect

• Trump’s hush money trial enters its fourth week: Donald Trump heads into the fourth week of his hush money trial facing 34 felony counts all while juggling campaigning at the same time.

• Earnings season continues this week: First-quarter earnings reports continue with Walt Disney, Uber Technologies, Palantir Technologies, and over 50 other S&P 500 companies reporting this week. BP's first-quarter results are anticipated, with attention on gas trading and potential management changes post-Bernard Looney scandal.

• Economic data: The week is relatively quiet on the economic front, with notable releases including the Fed's consumer credit data for March on Tuesday and the University of Michigan's Consumer Sentiment index for May on Friday.

What else is happening…

• The Met Gala is happening in New York with the theme "Sleeping Beauties: Reawakening Fashion."

• The second round of the NBA playoffs starts this week.

• This week is the one year anniversary of King Charles III coronation.

SNIPPETS

Pulse Points

• Kim Godwin, the president of ABC News, announced her sudden departure after a contentious three-year tenure marked by declining staff morale.

• British actor Bernard Hill, famous for his roles in "Titanic" and "The Lord of the Rings" trilogy, has passed away, according to his family.

• X, formerly known as Twitter, has introduced a feature using Elon Musk's AI chatbot Grok to summarize personalized trending stories for Premium subscribers in the app's Explore section.

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