Netflix co-founder Reed Hastings, 65, will not stand for reelection to the board when his current term expires in June, the company announced this afternoon.

Why it matters: Under Hastings' tenure, Netflix grew to become one of the most powerful media companies in the world.

• Hastings led Netflix's landmark pivot from DVDs-by-mail to streaming.
• He led Hollywood's foray into streaming originals and launched the first personalized streaming TV experience long before the pandemic-era streaming wars.

📺 The big picture: For years, Wall Street was skeptical that Netflix could beat traditional entertainment companies in owning the future of TV.

• Hastings' investments in technology and his shrewd licensing strategy helped make Netflix one of the most profitable subscription streamers in the world today.

What they're saying: "Netflix changed my life in so many ways," Hastings said in a statement.

• He thanked co-CEOs Ted Sarandos and Greg Peters "whose commitment to Netflix's greatness is so strong that I can now focus on new things."

📊 The announcement came as Netflix reported 16% year-over-year revenue growth in Q1.

• Its earnings forecast for the current quarter disappointed investors.
• 📉 Shares were down over 8% in extended trading.

Union leaders are escalating their anti-AI rhetoric, portraying the industry's leaders as profit-hungry "oligarchs" eager to replace humans.

Why it matters: The contours of the emerging AI economy are still shapable — and the labor movement is eager to influence what it looks like.

🪧 Friction point: Leaders of many of the country's biggest unions gathered today alongside U.S. Sen. Bernie Sanders (I-Vt.) to blast "AI oligarchs" and call for an equitable rollout that puts workers in the driver's seat.

• "The richest people on Earth — Mr. Musk, Mr. Zuckerberg, Mr. Bezos, Mr. Ellison and others — what they want to do is replace human workers," Sanders said at a press conference.
• "This race that everybody seems to think we're in to advance AI at all costs — with no guardrails or protections for people — is reckless and dangerous," said Liz Shuler, president of the AFL-CIO.
• UAW president Shawn Fain argued "human beings have to come first in this equation."

The big picture: Calls to oppose AI and robotics have been growing in labor circles.

• It's particularly acute with self-driving technology, which could replace trucking jobs and other professional drivers.

The bottom line: The fight over AI is just beginning.

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CFTC chair Mike Selig vowed today to investigate insider trading in prediction markets and bristled at the suggestion that he would impose regulations favoring the Trump family.

• "We have a zero-tolerance policy when it comes to manipulation, fraud or other abusive trading in our markets," Selig testified to the House Agriculture Committee.

The big picture: Prediction markets like Kalshi and Polymarket are facing growing pressure to prevent insiders from profiting off their knowledge on issues like politics, sports and war.

• Recent reports of suspiciously well-timed trades on event contracts involving geopolitical issues like Iran and Venezuela have drawn extra attention.

🥊 Friction point: Rep. Jim McGovern (D-Mass.) noted that Donald Trump Jr. is an adviser to Kalshi and an investor in Polymarket, pressing Selig to acknowledge that "the Trump family has a financial stake in how these prediction markets are regulated."

• Selig took issue with McGovern's comments: "I think it's insulting that you're insinuating that we would play political games."

What we're watching: Whether the CFTC reveals any enforcement actions.

🍘 PepsiCo's North American food business saw a return to volume growth following price cuts on brands like Doritos and Lay's. (CNBC)

🔬OpenAI announced a new series of AI models built to help life sciences researchers work faster. (Axios)

Ulta Beauty's fan-focused event in Orlando drew thousands of superfans today — after millions tried to get tickets, Axios' Kelly Tyko writes.

• Why it matters: Retailers and brands are increasingly channeling the live event business — blending shopping with fandom and entertainment to drive engagement and sales.

State of play: Ulta isn't alone. Competitor Sephora has built a similar fan event in Sephoria, while brands from Nike to Glossier are investing in immersive stores and pop-ups designed as much for community and content as for sales.

The big picture: Brands say the face-to-face element is hard to replicate online — and can boost both awareness and loyalty.

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