Axios Closer

April 14, 2025
Monday ✅.
Today's newsletter is 668 words, a 3-minute read.
🔔 The dashboard: The S&P 500 closed up 0.8%.
- Biggest gainer? Charles River Laboratories (+6.9%), the provider of preclinical laboratory services for drug development, pared some of last week's losses stemming from the FDA's decision to phase out animal testing.
- Biggest decliner? Humana (-3.5%), the health insurance provider, gave up some of its gains following last week's announcement that the Trump administration was raising payment rates for Medicare insurers.
1 big thing: Big Tech's tariff two-step
Big Tech is doing a delicate dance as it attempts to sidestep around the harshest aspects of President Trump's trade war.
- Nvidia, Apple and other tech giants are scrambling to appease the president.
Driving the news: Nvidia today committed to invest up to $500 billion in U.S. AI infrastructure, including two new factories to build supercomputers, via several partnerships.
- This follows Apple's announcement less than two months ago that it would invest $500 billion of its own in the U.S.
The big picture: Though analysts debate whether recent moves were already in the pipeline, the announcements could help the companies avoid the worst impacts from Trump's tariffs.
- Case in point: Trump claimed credit for today's Nvidia investment. He did the same back in February following Apple's announcement.
- And this weekend Apple appeared to secure an exemption for smartphones and laptops from Trump's 125% tariffs on Chinese products. (The administration clarified that the relief was temporary, though analysts say the reprieve will probably culminate in lower duties.)
Effort seems to matter. Today, from the Oval Office, Trump signaled to reporters that he was considering a break in tariffs for auto companies that were committing to supply chain changes. "They need a little bit of time because they're going to make [parts] here, but they need a little bit of time. So I'm talking about things like that."
2. Solomon's soft diplomacy
Our chances of a recession have increased, but the Trump administration's recent actions to "pursue a more gradual policy process" on trade are encouraging, Goldman Sachs CEO David Solomon said today.
The big picture: The trade war has "created material risks to the U.S. and global economy," Solomon told investors on an earnings call.
- "Markets will likely continue to be volatile until we have further clarity," he said.
- He called Trump's effort to lower trade barriers "commendable" but said "it is important to recognize" that the U.S. has reaped tremendous financial benefits from "the post World War II economic and financial order."
The intrigue: Some commentators today noted a more guarded tone from Goldman compared to some of its Wall Street peers last week.
- Solomon's comments came a day after Bridgewater founder Ray Dalio told "Meet the Press" that "I'm worried about something worse than a recession if this isn't handled well."
3. Monday catch-up
💸 Hertz is exploring ways to address its capital structure. The rental car company, which made a bad bet on electric vehicles, has more than $6 billion in debt. (Bloomberg)
⚖️ Meta's antitrust trial kicked off today, with the FTC seeking to compel the company to undo its acquisitions of Instagram and WhatsApp. (Axios)
💊 Pfizer is ending clinical development of an obesity pill. The drug, which was meant to be taken daily, was discontinued after a patient in a clinical trial experienced a possible drug-induced liver injury. (AP)
4. A first in space
Singer Katy Perry, CBS anchor Gayle King and other well-known women got a quick view of space this morning on Blue Origin's 11th human spaceflight.
- Why it matters: This was the first all-woman space crew in U.S. history, Axios' April Rubin writes.
Zoom in: The flight was led by Blue Origin, Jeff Bezos' commercial space company.
- Minutes after taking off, the crew experienced weightlessness. Then they soon safely returned to Earth.
Zoom in: Besides Perry and King, the six passengers aboard included Lauren Sánchez, Jeff Bezos' fiancée; Amanda Nguyễn, a bioastronautics research scientist and civil rights activist; Aisha Bowe, a former NASA rocket scientist; and Kerianne Flynn, a film producer.
5. Hamilton boomerang
Leslie Odom Jr. is headed back to the room where it happened.
State of play: Odom — part of the original Broadway cast of "Hamilton" — will return to the role of Aaron Burr more than a decade after the musical opened.
- The Tony Award winner will re-join the cast for a 12-week run from Sept. 9 through Nov. 23, Today reported.
- "I kinda feel like I was born onstage at the Richard Rodgers theater," he said on X.
💭 Nathan's thought bubble: Start saving up now for tickets.
Today's newsletter was edited by Pete Gannon and copy edited by Carolyn DiPaolo.
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