Axios

TSMC lowered its 2024 growth outlook for the overall chip market today, sending its U.S. listed shares down nearly 5%.

• The world's largest contract chip manufacturer said it expects the semiconductor market — excluding memory chips — to grow about 10% this year, versus the "more than 10%" it forecast three months ago.

Between the lines: Driving the lowered forecast was chip demand from the auto industry — which TSMC now sees as declining — and a muted bounceback from smartphones and personal computers, the company told analysts on a conference call today.

🧬 23andMe's CEO wants to take the DNA-testing company private after its enterprise value turned negative. (WSJ)

🏠 Sales of existing homes fell by 4.3% from February to March — the sharpest drop in more than a year. (CNN)

Digital rewards company Ibotta debuted today at $117 after pricing at $88 per share Wednesday night.

• The opening trade marks a 33% increase, as the IPO market continues to shed its inertia. Shares closed at $103.25, up over 17%.

Zoom in: Walmart-backed Ibotta raised $577.3 million in its IPO at a $2.7 billion valuation.

• It was a significant liquidity event for many of its individual shareholders, CEO Bryan Leach told Axios.

State of play: Ibotta joins a cadre of tech companies that have seen a relatively warm reception from public markets in recent months, including Klaviyo, Instacart and Reddit.

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"We're off to a good start in 2024."

Increasingly emboldened workers are demanding union protections at some of some of America's blue-chip companies.

Why it matters: The U.S. worker unionization rate hit a new low in 2023, but public support for unions is near a six-decade high.

Here's what's new on Netflix, Hulu, Max, Prime Video, Apple TV+, Peacock and Paramount+.

What we're watching: A new season of Netflix's social competition show, the second installment of "Rebel Moon" and a new documentary about the 1995 Oklahoma City bombing.

With the world's finance ministers gathered in Washington this week, one topic is coming up over and over: A surge in the value of the U.S. dollar against most other major currencies is making life complicated for economic policymakers around the world.

Why it matters: The flip side of the stronger dollar is weakening in other major currencies, which tends to fuel inflation in countries that have already been struggling to bring price pressures down.

Elon Musk is asking Tesla shareholders to approve two proposals that would be unthinkable at almost any other public company: Moving the corporate headquarters out of Delaware, and giving the CEO billions in pay that's already been stripped from him by a Delaware judge.

Why it matters: The votes are effectively a referendum on Elon exceptionalism. He seems to be confident he's going to win them both, on the grounds that keeping Elon happy — at almost any price — is ultimately in shareholders' best interests.

The Federal Aviation Administration is looking to hire a new batch of air traffic controllers amid a push to beef up staffing at many of the country's towers and other air traffic control (ATC) facilities.

Why it matters: Wannabe air traffic controllers don't need a degree — meaning the job may appeal to the many young Americans who are turning to trade and vocational work instead of a college education, as Axios' Erica Pandey reports.