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

In today’s edition we are tackling the following:

🍏 Apple is reportedly going to rename all of its operating systems.
🚫 Elon Musk tried to block Sam Altman’s major AI deal in Middle East.
🏬 Meta plans to expand its retail presence by opening more physical stores.
💸 Nvidia expects major revenue loss from H20 chip licensing rule changes.
📈 Macy’s CEO says some prices will rise due to tariff impact.

TECHNOLOGY

• Apple is reportedly going to rename all of its operating systems

  • Apple is going to change how it names its next set of major operating systems, starting with iOS 26 instead of iOS 19.

  • The new version numbers will reflect the year ‘after release’, like how car model years work.

  • Apple will announce this change at WWDC on June 9, alongside major design overhauls.

• Elon Musk tried to block Sam Altman’s major AI deal in Middle East

  • Elon Musk tried to block a major AI data center deal in Abu Dhabi involving OpenAI.

  • Musk told UAE officials Trump wouldn’t approve the deal unless xAI was included.

  • Despite Musk’s objections, Trump’s team approved the project with OpenAI and partners.

• Meta plans to expand its retail presence by opening more physical stores

  • Meta plans to open more physical stores to boost Ray-Ban Meta and Quest headset sales.

  • In-person demos could give Meta a competitive edge against Apple’s premium-priced Vision Pro headset.

  • Meta already has a retail store in California and recently hired a retail-focused executive.

BUSINESS

• Nvidia expects major revenue loss from H20 chip licensing rule changes

  • Nvidia took a $4.5 billion charge in Q1 from new H20 chip licensing restrictions.

  • Export rules blocked $2.5 billion in additional H20 sales, with an $8 billion Q2 impact expected.

  • CEO Huang warned the China AI market is closed off, weakening U.S. tech competitiveness globally.

• Macy’s CEO says some prices will rise due to tariff impact

  • Macy’s lowered its 2025 profit forecast due to Trump’s tariffs and increased promotions.

  • Despite challenges, Macy’s exceeded Wall Street’s expectations for Q1 earnings and revenue.

  • The company is closing 150 stores, focusing instead on Bloomingdale’s and Bluemercury growth.

• Karat Financial is launching business banking services tailored for creators and freelancers

  • Karat Financial launches creator-focused business banking powered by digital bank Grasshopper and Visa.

  • Many creators face banking challenges despite high earnings; Karat aims to solve this gap.

  • Banking offers free and premium tiers with tax planning, APY, and upcoming AI bookkeeping.

WORLD

• Vietnam’s AI ambitions depend on one $8.8B technology company

  • FPT Corp., founded 40 years ago by Truong Gia Binh, is Vietnam’s largest tech company.

  • The company serves 130 Fortune Global 500 clients and partners with Nvidia on AI and semiconductors.

  • FPT faces challenges competing with Indian and Malaysian firms and navigating new US tariffs.

• Bank of Korea cuts interest rates lowers 2025 economic growth forecast

  • Bank of Korea cuts interest rate to 2.50%, citing global trade tensions and weak demand.

  • Decision aligns with market expectations as inflation cools and economic recovery remains fragile.

  • Governor’s remarks may indicate future rate cuts amid rising geopolitical and trade uncertainties.

• Malaysia rejects LGBTQ culture launches investigation into upcoming pride awareness event

  • Malaysia condemned LGBTQ culture and launched a probe into a viral pride-themed sexual health event.

  • Authorities warned the event violated religious values and national laws, urging organizers to cancel it.

  • Prime Minister Anwar’s administration has intensified crackdowns on LGBTQ expression to appease the Muslim majority.

CONTENT

• Rick Rubin says vibe coding is the punk rock of software

  • Rick Rubin’s ‘The Way of Code’ blends Taoist philosophy, AI, and ‘vibe coding’ into a creative manifesto.

  • The conversation explores AI as a new artistic medium, remix culture, and staying authentic as creators.

  • Topics span punk rock, Johnny Cash, and how tech intersects with music, art, and self-expression.

• Rahm Emanuel and "The Death of the American Dream"

  • Rahm Emanuel discusses Democratic Party challenges, including Biden’s health and growing cultural and political divides.

  • Topics include GOP tax cuts, antisemitism, education issues, and difficulties confronting today’s young men.

  • Emanuel reflects on future leadership and addresses speculation about a potential 2028 presidential run.

• How I use Google Veo3 to create viral videos with PJ Accetturo

  • Filmmaker PJ Accetturo shares how he creates viral AI-generated commercials using Google’s Veo 3.

  • He breaks down his step-by-step process, including scripting with ChatGPT, video generation, and editing.

  • PJ highlights how his pharmaceutical ad parody went viral and offers insights on monetizing AI content creation.

FUTURISM

• DeepSeek updates its R1 reasoning model now available freely on Hugging Face

  • DeepSeek released an updated R1 AI model on Hugging Face under a permissive MIT license.

  • The model is a minor upgrade with 685 billion parameters, unsuitable for consumer-grade hardware.

  • U.S. regulators have flagged DeepSeek as a potential national security risk due to its advanced AI.

• Telegram and xAI partner to bring Grok chatbot to app users

  • Elon Musk’s xAI will pay Telegram $300 million to launch the Grok chatbot service.

  • Telegram receives 50% revenue share from xAI subscription sales made through its platform.

  • CEO Pavel Durov says the yearlong deal with Musk improves Telegram’s financial stability and strength.

• Stellantis shifts to Google’s Android after ending in-car deal with Amazon

  • Stellantis has ended its in-car software partnership with Amazon, pivoting instead to a Google Android-based system.

  • Despite the shift, Stellantis will continue using Amazon Web Services and Alexa across its vehicle platforms.

  • The company still aims for 34 million connected cars by 2030 through various tech partnerships.

EXTRAS

• US will ban foreign officials to punish countries for social media rules

  • The U.S. will restrict visas for foreign officials censoring speech on American platforms within the U.S.

  • The policy appears to target Europe's Digital Services Act, seen as overreaching by U.S. authorities.

  • Officials argue foreign content moderation laws threaten U.S. sovereignty and protected freedom of expression online.

• Hong Kong bankers express concern over New World’s $11B loan deal

  • New World Development seeks a massive US$11 billion refinancing deal with over 50 banks involved.

  • A failed deal risks immediate repayments, worsening Hong Kong banks’ exposure to property loan defaults.

  • Top bank executives are closely monitoring the deal as internal approvals and risks are evaluated.

• HP drops 15% after earnings miss guidance cut due to tariff costs

  • HP beat revenue expectations but missed earnings and issued weaker-than-expected financial guidance for the year.

  • The company cited increased costs from current U.S. tariffs and related mitigation strategies in its outlook.

  • CEO Enrique Lores said HP ramped up production in Vietnam, Thailand, India, Mexico, and the U.S.

AND MORE

• Welsh Harvard student caught in Trump visa fight fears never returning home.

• The Nintendo Switch was an indie game haven, now flooded with low-quality titles.

• This $7,000 single-seat electric car is gaining popularity in Japan.

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

• They were diagnosed with autism as adults, changing their lives forever.

• K-pop giant Hybe opens Beijing office to expand into Chinese market.

• Explore Zoho CRM and elevate your customer experience.*

• If algorithms radicalize a mass shooter, are companies to blame?