Fed chair Jerome Powell made clear today that he isn't going anywhere — at least not entirely.

• Powell, who's drawn months of attacks from President Trump, said he will remain a central bank governor when his term as chair ends next month, "for a period of time to be determined."

Why it matters: The move extends Powell's influence over monetary policy beyond his term as chair, and denies Trump the immediate opportunity to fill a vacancy on the influential Fed board.

🗣️ "My concern is really about the series of legal attacks on the Fed, which threaten our ability to conduct monetary policy without considering political factors," Powell told reporters at a press conference today, his last as chair.

• "I worry that these attacks are battering the institution and putting at risk the thing that really matters to the public," he added.

🔍 Catch up quick: Powell last month said he wouldn't leave the board until a federal probe into his testimony about the Fed's multibillion-dollar HQ renovation was fully resolved.

• Last week, D.C.'s U.S. attorney said she's closing the DOJ investigation as the Fed's watchdog takes over — but she left the door open to revive it if new facts emerge.
• Whether that had satisfied Powell's conditions was unknown — until today.

The latest: "I've said that I will not leave the board until this investigation is well and truly over with transparency and finality. I stand by that," Powell said today.

• I'm encouraged by recent developments, and I'm watching the remaining steps in this process carefully," he said.

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Some of the biggest drivers of AI spending reported earnings after the bell, days after a report on OpenAI's revenue growth rattled investors, Axios' Pete Gannon and Kelly Tyko write.

State of play: Meta raised its outlook for spending, saying it projects full-year capital expenditures between $125 billion and $145 billion, lifting both the low and high ends of the range by $10 billion from its previous forecast.

• Alphabet reported $20 billion in sales for its cloud computing unit. That was more than analysts were projecting, per Bloomberg, and a signal that demand remains strong to back the company's massive data center buildout.
• Amazon reported its AWS cloud unit grew 28% in the first quarter — its fastest pace in 15 quarters — as the company ramps up investment in AI infrastructure.
• Microsoft, meanwhile, reported 40% growth in its Azure cloud business, which was roughly in line with expectations. But its $31.9 billion in capital spending in the quarter was lower than analysts were expecting, Reuters reports.

💸 PayPal is reorganizing its structure into three businesses, including separating out Venmo, in an effort to streamline its operations and boost long-term growth. (WSJ)

🤝 Kone, a Finnish elevator and escalator maker, agreed to buy private equity-backed TK Elevator for €29.4 billion, a deal that would create the world's largest lift maker by sales. (Axios)

✂️ KPMG is reportedly laying off about 4% of its U.S. advisory business, centered on risk advisory, customer operations and financial services, in response to weaker demand. (WSJ)

Uber unveiled its biggest push yet to become an "everything app" today, adding hotel bookings and new travel features, Axios' Kelly Tyko writes.

Zoom in: Following the updates, announced at the company's annual Go-Get event in New York, U.S. users will be able to browse and book from more than 700,000 hotels through a partnership with Expedia Group, with vacation rentals via Vrbo coming later this year.

• Uber One members will get discounts on hotels and earn credits they can spend on rides or food during their trip.
• And the app will surface local recommendations, transportation options and delivery tailored to travelers, including a "room service" hub for essentials.

What we're watching: The move into hotel bookings pushes Uber into a higher-value category — and tests whether the "super app" model — which has taken off in parts of Asia — can take hold in the U.S.

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