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Last Week’s Headlines

Economy & World News

• El Chapo’s Son Narrowly Escapes Mexican Forces via Hidden Tunnel
  Iván Archivaldo Guzmán, leader of the Sinaloa cartel's ‘Chapitos’ faction and a top fentanyl trafficker, evaded capture in Culiacán by fleeing through a concealed tunnel, echoing the infamous escape tactics of his father, Joaquín “El Chapo” Guzmán.

• US and China Ease Tariffs in Bid to Cool Trade War
  The US and China will temporarily slash tariffs, lowering combined US duties to 30% and Chinese duties to 10%, in a move that signals a strategic thaw in trade tensions and opens a 90-day window to negotiate a broader deal. Treasury Secretary Scott Bessent emphasized a move away from “generalized decoupling,” noting potential rollbacks if Beijing engages constructively on issues like fentanyl.

• Trump Targets Drug Prices Amid China Tariff Rollback
  President Trump signed an executive order to link U.S. drug prices to international rates, a move seen as bold but likely subject to lengthy negotiations, prompting investors to view the impact on pharma stocks as limited—and potentially a buying opportunity in a beaten-down sector.

• India's Inflation Falls to 5-Year Low, Boosting Rate Cut Hopes
  Retail inflation slowed to 3.16% in April, its lowest since July 2019 and below the central bank’s 4% target for a third straight month, creating potential room for interest rate cuts to stimulate growth in the world’s fifth-largest economy.

• Trump’s $1T Saudi Investment Hopes Face Clash with Kingdom’s $2T Overhaul
  Saudi Arabia’s massive economic transformation plans, including $1.5 trillion for Neom and billions more for global events, may limit its ability to meet Trump’s hoped-for $1 trillion investment commitments, as the kingdom shifts from exporting capital to financing domestic ambitions.

• China Lifts Boeing Ban After US Trade Truce
  China has ended its month-long freeze on Boeing plane deliveries, giving the US aerospace giant a boost following a temporary tariff truce that saw levies slashed to 30% and 10%, respectively. The move signals a positive shift in US-China trade talks, though the window may close if no broader deal is reached.

• Inflation Eases to 2.3%, Lowest Since Early 2021
  Consumer prices rose just 0.2% in April, bringing annual inflation down to 2.3%, while core CPI hit 2.8%—with standout drops like egg prices plunging 12.7%. However, Trump’s tariff policy remains a key inflation wildcard heading into summer.

• South Korea’s Nuclear Forge Powers a Global Atomic Revival
  In Changwon, Doosan Enerbility’s colossal 17,000-ton press—the world’s largest—is now churning out reactor parts as global demand for clean, reliable nuclear energy surges. With AI and data centers straining power grids, nations are turning to South Korea’s advanced, non-Russian nuclear tech to meet growing 24/7 energy needs.

• Ben & Jerry’s Co-Founder Arrested for Gaza Protest During Senate Hearing
  Ben Cohen was removed by Capitol Police after interrupting a Senate hearing to protest U.S. military aid to Israel, accusing Congress of funding bombs killing children in Gaza at the expense of Medicaid cuts.

• Klaus Schwab’s Exit Disrupts WEF Succession Plans Centered on Lagarde
  Schwab’s sudden resignation from the World Economic Forum amid misconduct allegations has complicated efforts to recruit ECB President Christine Lagarde as his successor, with over two years remaining in her current term and uncertainty clouding the transition strategy.

• Moody’s Downgrades U.S. Credit Rating, Ending Triple-A Era
  Moody’s cut the U.S. credit rating to Aa1, citing persistent budget deficits and rising interest costs, stripping the country of its last triple-A rating from a major agency and warning that no current proposals meaningfully address fiscal imbalances.

Public Markets

• Apple to Launch AI Battery Saver in iOS 19
  Apple is developing an AI-powered battery management feature for iOS 19, set to debut in September, that will analyze user behavior to optimize energy use—part of its growing Apple Intelligence platform aimed at enhancing everyday iPhone functionality.

• DOJ Probes UnitedHealth for Possible Criminal Medicare Fraud
  UnitedHealth Group is under investigation by the DOJ’s criminal division over its Medicare Advantage business, adding to antitrust and civil probes as the company battles a leadership shakeup, plunging stock, and heightened regulatory scrutiny.

• Ken Griffin Reflects on Market Turmoil: “Cash Might’ve Been Best”
  Citadel’s Ken Griffin said recent policy swings from Washington made it tough for fundamental investors, admitting that in hindsight, holding cash during the US-China trade chaos may have been wiser—despite his firm’s usual offensive, value-seeking approach as markets rebounded sharply on news of a truce.

• ESPN Launches $29.99 Standalone Streaming Service This Fall
  Disney will debut a new ESPN-branded streaming service this fall at $29.99/month, offering all ESPN TV content—including NFL, NBA, and college games—to attract cord-cutters and sports fans, with a discounted bundle option including Disney+ and Hulu at $29.99/month for the first year.

• Trump Weighs UAE Deal for 1M+ Nvidia AI Chips, Stirring China Concerns
  The Trump administration is negotiating a deal to let the UAE import over 1 million Nvidia AI chips, far exceeding Biden-era export limits and raising fears of backdoor access for China through firms like G42, despite prior national security restrictions and Huawei ties.

• Thrive Capital Nets $522M From Bold Carvana Bet
  Josh Kushner’s Thrive Capital earned $522 million from a public market play on Carvana, more than quadrupling its investment and marking a rare win for LPs amid a slow exit market, with $454 million set to be distributed from its $2.5 billion growth fund.

• Meta Delays “Behemoth” AI Model Amid Internal Doubts and Performance Struggles
  Meta has postponed the release of its flagship AI model “Behemoth”, originally planned for April, due to underwhelming performance and internal concerns over its capabilities—prompting frustration with the Llama 4 team and potential leadership changes within the AI product group.

• Novo Nordisk Replaces CEO Amid Wegovy Setbacks and $300B Market Slide
  Novo Nordisk is ousting CEO Lars Fruergaard Jorgensen as it grapples with rising competition from Eli Lilly, drug trial disappointments, and a 53% stock plunge that erased over $300 billion in market value, marking a rare shake-up for the Danish pharma giant.

Real Estate & Private Equity

•  De Beers Quietly Offers Diamond Discounts Amid Industry Slump
  De Beers is secretly selling rough diamonds at 10–20% discounts to select buyers in an effort to reduce soaring inventories without publicly slashing prices—a rare move stirring tensions in an already struggling global diamond market.

• ISS Backs Elliott in Rare Full-Slate Endorsement at Phillips 66
  Elliott Investment Management received full support from ISS to elect all four of its director nominees at Phillips 66, citing poor performance and governance—a rare move for companies over $20 billion in market cap and a major boost ahead of the May 21 shareholder vote.

M&A, IPO’s, Bankruptcies

• TSG Acquires EoS Fitness in $1.5B Deal to Expand Wellness Portfolio
  TSG Consumer Partners will acquire budget gym chain EoS Fitness, valuing it at $1.5 billion including debt, as it continues to build its health and wellness portfolio with plans to scale EoS beyond 175+ locations and 1.5 million members. CEO Rich Drengberg will stay on and retain a stake as EoS eyes M&A opportunities and expansion to 250 gyms by 2030.

• Perplexity Nears $500M Raise at $14B Valuation, Plans Browser to Rival Chrome
  AI search startup Perplexity is in advanced talks with Accel to raise $500 million, boosting its valuation to $14 billion as it prepares to launch Comet, a new browser aiming to challenge Google Chrome and Apple Safari—both of which may soon feature Perplexity-powered AI search tools.

• Hinge Health Targets $437M in IPO at $2.4B Valuation
  Hinge Health plans to raise up to $437 million through an IPO, aiming for a $2.42 billion valuation, as it brings its digital musculoskeletal care platform—focused on injury recovery and chronic pain treatment—to the public markets.

• Chime Files for IPO, Positioning as Fintech—Not a Bank
  Chime has filed to go public on Nasdaq under the ticker “CHYM”, emphasizing its identity as a technology company rather than a bank, with strong revenue growth driven by interchange fees and rising active member engagement.

• eToro Pops in Nasdaq Debut After $310M IPO Raise
  Trading platform eToro surged in its first day on Nasdaq, after raising nearly $310 million by pricing its IPO above the expected range—a sign of renewed IPO momentum despite lingering tariff-related market uncertainty.

• CoreWeave Surges 420% in Revenue, Sees $5B+ in 2025 Despite Widening Loss
  AI infrastructure firm CoreWeave beat revenue estimates with $981.6M in Q1, up 420% year-over-year, and raised guidance to as much as $5.1B for 2025—driven by major clients like OpenAI and Microsoft—despite posting a $314.6M net loss tied to IPO-linked stock compensation and heavy $20B+ capex plans.

• Dick’s Sporting Goods to Acquire Foot Locker for $2.4B
  Dick’s is buying Foot Locker in a $2.4 billion deal, gaining a stronger foothold in the Nike sneaker market and expanding into international markets and younger, urban demographics, as Foot Locker’s weak stock made it a prime takeover target.

• Charter and Cox to Merge in $34.5B Deal, Unifying Under Spectrum Brand
  Charter Communications and Cox Communications are merging, valuing Cox at $34.5 billion, with Spectrum becoming the unified consumer brand across both companies’ cable, broadband, and mobile services.

• Anthropic Secures $2.5B Credit Line as Revenue Surges Past $2B
  AI startup Anthropic locked in a $2.5 billion revolving credit facility to support rapid growth, as its annualized revenue doubled to $2 billion in Q1 and enterprise demand soared, following its $61.5 billion valuation in March.