Welcome back to your daily memorandum talking tech, business, AI, markets, and more. 🗞️

In today’s edition we are tackling the following:

🔓 New data breach leaked a record-breaking 16B login credentials.
🧠 Meta held talks to buy Thinking Machines and Safe Superintelligence.
💰 Mira Murati’s Thinking Machines Lab closes on $2B at $10B valuation.
📉 S&P 500 fell as traders watched Middle East and rate cut signals.
📱 JPMorgan Chase adds bond trading to mobile app targeting $1T assets.

TECHNOLOGY

• New data breach leaked a record-breaking 16B login credentials

  • 16 billion Apple, Facebook, Google and other passwords have been leaked, surpassing previous data breaches significantly.

  • Experts confirm the leak stems from multiple infostealers; affected data includes social media and developer accounts.

  • Users are urged to switch to passkeys and avoid clicking suspicious links amid rising cyber threats.

• Meta held talks to buy Thinking Machines and Safe Superintelligence

  • Mark Zuckerberg explored acquiring Thinking Machines Perplexity and SSI to strengthen Meta's AI strategy reboot.

  • Talks did not lead to formal offers due to pricing and strategic disagreements with startup founders.

  • Meta's new AI team will be led by Daniel Gross Nat Friedman and Alexandr Wang.

• Mira Murati’s Thinking Machines Lab closes on $2B at $10B valuation

  • Thinking Machines Lab, founded by ex-OpenAI CTO Mira Murati, closed a $2 billion seed round at $10 billion valuation.

  • The startup attracted top AI talent, including former OpenAI researchers, boosting investor confidence and credibility.

  • The company aims to develop advanced, multimodal AI systems, focusing on usability and transparency in AI technology.

BUSINESS

• S&P 500 fell as traders watched Middle East and rate cut signals

  • The S&P 500 and Nasdaq fell Friday while Dow slightly rose despite geopolitical and rate uncertainties.

    Semiconductor stocks dropped as US considered revoking manufacturing waivers amid mounting trade tensions with China.

    Fed officials signaled possible rate cuts in July while Trump increased pressure and criticized Jerome Powell.

• Toyota will raise US auto prices by more than $200 starting July

  • Toyota will increase prices of certain US vehicle models by over $200 starting next month.

  • Toyota-branded models will see an average price hike of $270, Lexus models $208, spokesman said.

  • The price adjustments reflect Toyota’s response to market conditions and cost pressures in the US.

• JPMorgan Chase adds bond trading to mobile app targeting $1T assets

  • JPMorgan Chase will launch tools for researching and buying bonds and brokered CDs via mobile app.

  • Users can customize screens and compare bond yields on the same app or web portal.

  • The update aims to strengthen JPMorgan’s appeal to investors who trade several times monthly.

MARKETS

WORLD

• China’s top Hong Kong official says security will ensure city’s success

  • China’s top Hong Kong official emphasized prioritizing national security to sustain the city’s prosperity.

  • Xia Baolong credited the national security law with preserving Hong Kong’s role as a financial hub.

  • This statement was made during Xia’s third visit to Hong Kong in three years.

• Coinbase secures EU crypto license and swaps Ireland for Luxembourg as hub

  • Coinbase secured a MiCA license from Luxembourg’s CSSF to expand operations throughout the EU.

  • MiCA regulation aims to harmonize cryptocurrency laws across all 27 European Union member states.

  • The company reversed its earlier choice of Ireland and selected Luxembourg as its main EU hub.

• Tesla to open India showrooms in July with made-in-China EVs

  • Tesla plans to open its first Indian showrooms in July to tap into new growth markets.

  • Initial Model Y rear-wheel drive SUVs have arrived from Tesla’s manufacturing plant in China.

  • India becomes a key focus for Tesla amid slowing sales in Europe and China.

CONTENT

• Thomas Laffont discusses Apple’s fumble and the Senate passing the GENIUS Act

  • Thomas Laffont analyzes Apple’s AI missteps and how the company might recover soon.

  • Discussions cover AI industry leaders, stock market changes, and growing IPO and M&A activity.

  • The GENIUS Act passed the Senate amid talks on AI productivity and economic growth.

• Skye Perryman discusses being a lawyer and fighting to protect immigrant rights

  • Skye Perryman of Democracy Forward discusses legal fights protecting immigrants’ rights and reproductive freedom.

  • She highlights the importance of protest movements against authoritarian regimes and ongoing court challenges.

  • Perryman shares insights on current legal struggles, government enforcement, and impacts of recent tragedies.

• Doing the math on Trump’s economic impact with Justin Wolfers

  • Justin Wolfers breaks down GOP tax bill flaws and its impact on different income groups.

  • He discusses economic consequences of ICE raids and questions illegal immigration’s profitability.

  • Wolfers explains tariff-driven inflation risks and doubts any current trade deals’ effectiveness.

FUTURISM

• Masa Son proposes $1T US AI hub with TSMC and Trump team

  • Masayoshi Son plans a $1 Trillion AI and robotics industrial complex based in Arizona.

  • He aims to partner with Taiwan Semiconductor to revive high-tech US manufacturing.

  • The envisioned hub mirrors Shenzhen’s scale with AI-powered industrial robot production lines.

• AI not only impacts our writing but also how we speak

  • ChatGPT’s linguistic patterns are influencing everyday speech, introducing favored words like ‘prowess’ and ‘tapestry.’

  • Researchers found a 51% increase in usage of words favored by ChatGPT in academic YouTube videos.

  • Language shifts caused by AI occur subtly and unconsciously, signaling broader changes in communication styles.

• Everything we know about Tesla robotaxi launch happening in Austin

  • Tesla will launch its robotaxi service in Austin on June 22 with limited vehicles.

  • Initial rides will use the Model Y instead of the anticipated CyberCab vehicle.

  • Elon Musk faces pressure to fulfill promises of a fully driverless robotaxi experience.

EXTRAS

• Apple executives discussed buying AI startup Perplexity to boost internal capabilities

  • Apple executives are considering a bid for AI startup Perplexity to strengthen internal AI capabilities.

  • M&A head Adrian Perica discussed the idea with Eddy Cue and top AI leadership.

  • Talks are still early and may not result in a formal acquisition offer.

• Kroger shares rise as shoppers seek lower prices and cook more at home

  • Kroger raised its full-year sales forecast, citing strong demand despite cautious consumer spending.

  • Interim CEO Ron Sargent noted shoppers prefer larger packs, use more coupons, and cut discretionary buys.

  • E-commerce sales grew 15% in the quarter, boosting Kroger’s overall sales performance and outlook.

• AI avatars in China just proved they are ace influencers

  • A Chinese entrepreneur earned $7.65 million using an interactive digital avatar during a livestream.

  • The digital avatar stream outperformed the entrepreneur’s previous livestream hosted with his real identity.

  • Analysts called it a major milestone for China’s livestreaming and digital human technology industry.

AND MORE

• Cluely raises $15M to help users cheat on almost everything.

• Meta reveals Oakley smart glasses starting at $399 capturing sharp 3K video

• Applied Intuition valuation signals micromobility shift and highlights Waymo’s chaotic week.

• Microsoft blocks Google Chrome using its built-in family safety feature settings.

• Your ad gets noticed, engaged with, and delivers guaranteed high-impact visibility.*

• Anthropic says most AI models will eventually use threats and blackmail.

• Acer Swift 14 AI has decent ports and screen but worst speakers.

• Meet your next data expert in five days, and build a world-class remote team effortlessly.*

• Adobe launches new computational photography camera app exclusively for iPhones.

• Snap acquires social calendar app Saturn for high school and college students.