Alphabet shares plunged today after Apple reportedly said it was exploring AI search engines for the Safari browser.
That's bad news for Google, which has long enjoyed the benefits of being the default search engine on Apple devices.
Catch up quick: Apple executive Eddy Cue disclosed the AI explorations during testimony in federal court today, Bloomberg reported.
The news agency quoted Cue as saying Apple was "actively looking at" retooling Safari to focus on AI search.
💠Our thought bubble: The Google search deal is hugely lucrative for both sides, so Apple is likely weighing options if that arrangement goes away, says Axios chief tech correspondent Ina Fried.
All Rite Aid stores will close or be sold to a new owner in the coming weeks and months as the struggling retailer goes through its second Chapter 11 bankruptcy filing.
Why it matters: The Philadelphia-based drugstore chain is looking to sell both its pharmacy business and its stores, according to bankruptcy protection documents.
The Trump administration will scrap a looming Biden-era rule Thursday that would have restricted how American technology is exported overseas, and is planning to issue new guidance within a few months, a source familiar with the matter told Axios.
Why it matters: The so-called AI diffusion rule was a top target for the Trump administration and a number of AI and chip companies, who said it imposed overly complex rules that would make it difficult for American companies to sell abroad.
The big buzzword on stage during this week's Milken Global Conference was "tariffs."
In the private hotel suites and at $25,000 restaurant tables, it was "midterms."
The big picture: Some of the world's most influential economic leaders hoped President Trump might soften his aggressive tariffs if Republicans get a sense they could lose control in Washington over them.
Why it matters: The Fed warned about the potential of higher prices and a spike in joblessness, as President Trump presses on with aggressive efforts to reset global trade.
President Trump on Wednesday said he would not pull back on 145% tariffs against China to get them to the negotiating table for a trade deal.
Why it matters: Trump's comments may dent the market's optimism that Saturday's planned talks in Switzerland could lead to a de-escalation of the trade war that has roiled the global economy.
The digital transformation of the auto industry has hit a speed bump: Slower-than-expected electric vehicle adoption has delayed the rollout of intelligent, software-defined vehicles.
The big picture: Automakers are forecasting billions of dollars in recurring revenue from software and services that improve over time through constant updates.
You can't make an omelette without breaking some eggs. And you can't make a new global trading order without breaking a few things in financial markets.
The big picture: A stunning surge in the value of the Taiwanese dollar and other Asian currencies over the last week is a vivid example of how the Trump administration's break from a decades-old system of global commerce will cause collateral damage along the way.
Unrivaled Sports, a youth sports properties and programming group, raised $120 million led by Dick's Sporting Goods at more than a $650 million post-money valuation.
Why it matters: Youth sports has become professionalized, at least on the operator side, even if lots of us parents yearn for the days of rec league monopolies.
The Federal Aviation Administration announced plans Wednesday to update technology and other functions at Newark Liberty International Airport, which has been plagued by delays all week.
Why it matters: A perfect storm of technology failures and the nationwide shortage of air traffic controllers caused hours-long ground delays at the airport, forcing United to cancel dozens of daily flights into the hub.
Workers are anxious: The share of those talking about uncertainty on the workplace review site Glassdoor is up 80% from last year, per a new report from the company.
Why it matters: The unemployment rate has remained fairly low, but the labor market slowdown and rising concerns over a recession are shaking Americans' feelings of job security.
President Trump's threat of pharmaceutical tariffs is driving a surge of exports of drugs and medical products from Europe to the U.S. as manufacturers look to build up stockpiles before duties hit.
The big picture: The explosion in shipments helped swell the U.S. trade deficit by 14% in March as drugmakers joined other industries bracing for the impacts of the trade war, the Commerce Department reported on Tuesday.
Why it matters: A drastic reduction in immigration could lead to labor shortages,especially in some critical roles — building houses, taking care of the growing elderly population, or staffing farms and meatpacking plants.
