Axios

Meta's AI spending spree is starting to give investors an ulcer.

Zoom in: The Facebook and Instagram owner's stock plunged more than 10% today after the company warned Wall Street that it could take years for its big bets to pay off.

The first cargo ship passed through Baltimore's newly opened deep-water channel on Thursday after being stranded in the harbor for a month since the Francis Scott Key Bridge collapse.

Why it matters: A cargo ship sailing past the wreckage of the bridge and the stranded Dali, which struck it, is a sign of the ongoing recovery efforts since the catastrophic bridge collapse killed six construction workers.

Consensys, the Ethereum blockchain company founded by Joe Lubin, sued the Securities and Exchange Commission Thursday seeking to head off any coming enforcement action.

Why it matters: One of the biggest Ethereum firms is striking back amid an ongoing campaign by the SEC to classify the world's second largest digital asset a security.

The Onion's owner said on Thursday that the satirical news site has been sold to a new Chicago-based firm created by four digital media veterans who are fans of the publication.

Why it matters: G/O Media, which owned The Onion, has been unraveling its portfolio of digital media sites amid pressures of the digital ad market.

The economy is slowing down, but the outlook is not as bleak as the GDP headline figure suggests. Instead, the report tells a nuanced story of where things stand.

Why it matters: The first quarter's 1.6% annualized growth rate confirms that the economy is not reaccelerating to start 2024.

Food recalls reached their highest level last year since before the pandemic, according to a new report released Thursday.

Why it matters: Outbreaks linked to recalled food products sickened 1,100 people and killed six in 2023, the U.S. Public Interest Research Group (PIRG) Education Fund report found.

AI is forcing corporate boards to change how they operate, with the most aggressive companies appointing AI bots as observers to their boards and putting tech at the center of their board strategy work, writes Axios' Ryan Heath.

Why it matters: New uses of AI could support boards to make more informed decisions.

Yes, but: Most boards lack the expertise to effectively guide AI strategies.

• The pace of AI innovation is pushing executives to develop AI strategies quicker than they have for previous new technologies, and boards are now part of that wave of change.

By the numbers: Only 13% of S&P 500 companies have at least one director with AI-related expertise, according to an analysis of SEC filings by ISS-Corporate, a governance consultancy.

Good news! Journalists are replying to pitches at record-high rates, according to the latest report from public relations management platform Propel.

• Bad news: That rate is just 3.4%.

Zoom in: Tuesday is the most popular day to pitch, while most journalists reply to pitches sent on Thursdays.

• Fewer pitches were sent in the first quarter of 2024, which suggests PR pros are relying less on "spray and pray" tactics, per Propel.

A New York appeals court overturned Harvey Weinstein's 2020 felony sex crime convictions on Thursday and ordered a new trial.

Why it matters: The allegations of sexual assault and harassment against Weinstein helped reignite the global #MeToo movement.

As global head of communications for Canva, Fenot Tekle is responsible for leading the graphic design platform's corporate narrative and storytelling efforts across the globe.

Why it matters: AI-supported tools — like Canva — have expedited the shift from text heavy communications to visual communications, like graphics, data charts, photos and videos.

As part of the AI hype wave, many communications and advisory firms are rolling out their own proprietary AI tools to peddle to clients.

Why it matters: The effectiveness of the tools and the ability for firms to quickly upskill its workforce remains to be seen.

Communicators are more likely to have a favorable view of agencies and colleagues who incorporate AI into their work, according to an Axios-Seven Letter insights survey.

Why it matters: This signals that AI-supported work might not be as taboo as it was just one year ago.

In a not too distant future, it will be common practice for everyone to have their own personalized AI agent to field emails, share news or plan vacations.

Why it matters: If artificial intelligence-supported chatbots begin to dominate people's attention, communicators and marketers will seek to influence the chatbots' conversations.

Donald Trump this week received around 36 million more shares in the parent company of Truth Social, thanks to a generous earnout provision.

By the numbers: That gives him around 115 million total shares, or a 65% ownership stake, which were valued at $4.1 billion as of Wednesday's market close.

Australia's' BHP Group has offered to buy London-based mining giant Anglo American for nearly $39 billion in stock.

Why it matters: It would create the world's largest copper miner, at a time when copper demand is surging due to its use in energy transition technologies.

The U.S. economy grew at a 1.6% annualized rate in the first quarter of 2024, the Commerce Department said on Thursday.

Why it matters: The economy slowed significantly from the end of last year—a sign the nation may be entering a more moderate period of growth.

Goldman Sachs has hired two senior bankers from JPMorgan to bolster its private equity banking team amid an expected resurgence in dealmaking.

Why it matters: The return of private equity could kickstart the recovering U.S. M&A market.

A nationwide ban on noncompete agreements, which prohibit employees from taking jobs with their employer's competitors, looks set for a bruising court battle.

Why it matters: Even if the national rule is rejected, employers still face restrictions on noncompetes at the state level.

It's been a big week for U.S. workers, courtesy of regulators at the Federal Trade Commission and Department of Labor.

What happened: The FTC banned noncompete agreements and the Labor Department expanded its rule on when employees are owed overtime.

Want your hair to look cheesy? Velveeta's new hair dye mimics the hue of the highly meltable and shelf-stable cheese product.

Why it matters: The latest trend in food marketing is to come out with limited-time products that grab our attention — like an ankle holster for your Pringles.

If 2023 was the year ice was hot, 2024 is the year of at-home coffee station infatuation.

Why it matters: Fancy coffees are a big part of "little treat" culture, which took off during the pandemic when we were all looking for joy amid chaos.

Shares in Meta fell more than 15% in trading late Wednesday after the tech giant warned Wall Street that it expects third quarter revenue and earnings to come in short of analyst expectations.

Why it matters: Wednesday's forecast signaled a slowdown for the company, which has otherwise been outperforming against investor expectations over the past year.