Google, Meta, and Microsoft boosted AI spending forecasts following strong cloud growth for Microsoft, Amazon, and Google, while Elon Musk regretted funding OpenAI and Meta faced a China deal reversal amid regulatory scrutiny over children's online safety and AI data center expansion.

• Google, Meta and Microsoft boost AI spending forecasts — Financial Times -
• Microsoft Reports Strong Cloud Growth, but Questions About AI Returns Persist — Wall Street Journal -
• Meta Reports Big Revenue Jump and Projected Spending Increase — Wall Street Journal -

• Big Tech’s earnings get ever bigger, and ever less useful — Financial Times -
• Amazon Posts Double-Digit Growth Anchored by Booming Web Services — Wall Street Journal -
• Qualcomm Plots Entry in Data Center Market, Working With Hyperscaler — Wall Street Journal -
• Musk says he was ‘a fool’ to fund the launch of OpenAI — Financial Times -
• Google Profit Jumps 81% as Cloud Business Booms — Wall Street Journal -
• FirstFT: Goldman Sachs prevents Hong Kong bankers from using Anthropic’s Claude — Financial Times -
• Tech, Media & Telecom Roundup: Market Talk — Wall Street Journal -
• Meta Deal Reversal Deepens Split Between China and Silicon Valley — The New York Times Business -
• Google told staff it is ‘proud’ of Pentagon AI contract after internal backlash — Financial Times -
• Meta Charged With Failing to Keep Children Off Instagram and Facebook in Europe — The New York Times Business -
• Build data centres in Scotland not London, says Britain’s energy grid boss — Financial Times -
• In Backlash Against Tech in Schools, Parents Are Winning Rollbacks — The New York Times Business -
• Uber Will Let You Book Hotels, Too, in Deal With Expedia — Wall Street Journal -
• Uber adds hotel booking with Expedia in ‘super app’ push — Financial Times -
• Why a Tech Behemoth Just Bet $750 Million on the Future of Racing — Wall Street Journal -
• Uber Expands to Hotel Bookings With Expedia Partnership — The New York Times Business -
• Goldman Sachs and Bain Lead Investment in AI Marketing Startup — Wall Street Journal -
• How OpenAI’s $500bn data centre venture Stargate has shifted shape — Financial Times -
• Retailers Flock to TikTok Shop to Find New Shoppers, Sales Growth — Wall Street Journal -
• Emerging market stocks hit record high as Asian chipmakers surge — Financial Times -
• China’s Mao-era regulator in a stand-off with Meta over AI — Financial Times -
• Memory chipmakers hope AI frenzy signals end to boom and bust — Financial Times -
• Apple’s next chief John Ternus confronts break from China playbook — Financial Times -
• Why AI Startup Offices in NYC Are Flashy but Mostly Empty — Wall Street Journal -
• Ex-Twitter CEO’s AI Startup Raises Funds at $2 Billion Valuation — Wall Street Journal -

Jerome Powell confirmed his intent to remain a Fed governor after his term as chair ends, prompting discussions about Kevin Warsh's challenging task as his nominated successor and internal divisions over monetary policy, as German and Spanish inflation showed signs of easing.

• Powell Says He Will Stay On as Fed Governor After Term as Chair Ends — The New York Times Business -
• Powell vows to remain on Fed board as he warns over attacks by Trump — Financial Times -
• Fed Meeting Underscores Tough Task Ahead for Warsh — The New York Times Business -

• Fed Meeting Underscores Tough Task Ahead for Warsh — The New York Times Business -
• Takeaways from Powell’s final Fed meeting as chair. — The New York Times Business -
• Takeaways from Powell’s final news conference as Fed chair. — The New York Times Business -
• Takeaways from Powell’s final news conference as Fed chair. — The New York Times Business -
• Federal Reserve holds rates as three hawks oppose ‘easing bias’ — Financial Times -
• Federal Reserve as it happened: Oil surge divides US central bank as Jay Powell’s term at helm draws to a close — Financial Times -
• How the Fed’s rate decision affects your finances. — The New York Times Business -
• Fed chair nominee Kevin Warsh secures Senate committee approval — Financial Times -
• What’s happening at the Federal Reserve today. — The New York Times Business -
• Warsh Clears an Early Hurdle on Path to Fed Chair — The New York Times Business -
• Warsh can bring a much-needed trade-off on rates to the Fed — Financial Times -
• Inflation and interest rates tracker: see how your country compares — Financial Times -
• German and Spanish inflation rises less than expected in April — Financial Times -
• How Jay Powell repelled Donald Trump’s attacks on the Federal Reserve — Financial Times -

The UAE's departure from OPEC signals a significant shift in the global energy order, contributing to rising U.S. gas prices and **$120 oil due to the ongoing Iran war, while TotalEnergies boosted shareholder returns and Russia warned of future oil price drops**.

• Why the U.A.E. is Quitting OPEC — The New York Times Business -
• Energy & Utilities Roundup: Market Talk — Wall Street Journal -
• U.S. Gas Prices Climb Further as Effects of Iran War Reverberate — The New York Times Business -

• Oil tops $120 as Trump signals extended Hormuz stand-off — Financial Times -
• Trump’s Iran war has cost $25bn, Pentagon says — Financial Times -
• The twilight of Opec — Financial Times -
• World Bank estimates energy prices will surge 24 percent in 2026. — The New York Times Business -
• U.S. Crude Oil Stockpiles Fall on Record Weekly Exports — Wall Street Journal -
• EU warns Hungary and Slovakia on fuel price discrimination — Financial Times -
• France leads way in plans to shift away from fossil fuels at summit — Financial Times -
• Loss of Emirates Further Weakens OPEC’s Influence — The New York Times Business -
• UAE’s Opec exit will drive down oil prices in future, warns Moscow — Financial Times -
• Chinese wind turbine maker accuses UK of ‘politicisation’ over product ban — Financial Times -
• Why electricity markets are stuck on the gas price rollercoaster — Financial Times -
• TotalEnergies Increases Shareholder Returns as Iran Conflict Boosts Earnings — Wall Street Journal -
• The Global Energy Order Is Breaking Down — Wall Street Journal -
• Opec without the UAE — Financial Times -
• The great commodities disruption — Financial Times -
• Iran war oil price windfall gives Shell a chance to edge ahead of BP — Financial Times -
• Chinese green technology poses national security problem for Europe, report warns — Financial Times -
• Life under Iran’s digital blackout — Financial Times -

Diverse companies reported strong performance, including EBay's sales rise in collectibles, Carvana's record car sales, Allstate's higher profit from market share gains, and Universal Music's growth in streaming, contrasted by KPMG's advisory workforce layoffs and PayPal's reorganization.

• EBay First-Quarter Sales Rise, Helped by Strength in Collectibles — Wall Street Journal -
• Activist Engine Capital Urges Government Contractor KBR to Explore a Sale — Wall Street Journal -
• Pilgrim’s Pride Logs Lower Profit, Higher Revenue — Wall Street Journal -

• Allstate Posts Higher First-Quarter Profit on Market Share Gains — Wall Street Journal -
• Ford Reports Higher Profit Thanks Partly to Tariff Refund — The New York Times Business -
• $24 Billion Deal to Create World’s Largest Elevator Company — Wall Street Journal -
• The Cheesecake Factory Posts Higher Profit As Comparable Sales Tick Up — Wall Street Journal -
• MGM Resorts Reports Lower First-Quarter Profit, Higher Revenue on China Growth — Wall Street Journal -
• PayPal to Reorganize Into Three Business Units in Streamlining Effort — Wall Street Journal -
• Carvana Posts Higher First-Quarter Profit on Record Car Sales — Wall Street Journal -
• Mattel Defies Expectations, As Sales Accelerate Despite Macro Uncertainty — Wall Street Journal -
• Biogen Says Growth Products Lifts Revenue, Sees No Impact From Macro Uncertainty — Wall Street Journal -
• KPMG to Lay Off 4% of U.S. Advisory Workforce — Wall Street Journal -
• Porsche Backs Guidance as Turnaround Plan Continues — Wall Street Journal -
• Universal Music Logs Strong Subscriptions, Streaming Revenue Growth — Wall Street Journal -
• AstraZeneca Plans U.K. Investment as Cancer Drugs Lift Revenue — Wall Street Journal -
• Lululemon Founder Takes Aim at New CEO Pick, Escalates Proxy Fight — Wall Street Journal -
• Lululemon founder casts doubt on new chief as proxy fight escalates — Financial Times -
• United Airlines CEO, Rebuffed by American, Says He’s Skeptical of Other Deals — The New York Times Business -
• General Dynamics Lifts Outlook After Posting Higher Profit — Wall Street Journal -
• Yum! Brands Sales Rise on Taco Bell, KFC Growth — Wall Street Journal -
• AstraZeneca revives Cambridge investment after UK agrees to pay more for drugs — Financial Times -
• AbbVie Raises FY Guidance on Immunology, Neuroscience Growth — Wall Street Journal -
• UBS Shares Climb After Investment Banking, Wealth Boost Profit — Wall Street Journal -
• GE HealthCare Cuts Outlook, Plans to Combine Two Biggest Segments — Wall Street Journal -
• Mercedes and VW challenge FCA motor finance compensation scheme — Financial Times -
• ADP Lifts Outlook as Profit, Revenue Rise — Wall Street Journal -
• Lloyds Banking Group Beat Estimates But Warns About War’s Hit to U.K. Economy — Wall Street Journal -
• Volvo Car Still Targets Volume Growth as New Models Prove Popular — Wall Street Journal -
• Adidas Shares Jump After Strong Quarter — Wall Street Journal -
• Humana Profit Falls as Lower Medicare Ratings Hurt Bonuses — Wall Street Journal -
• Brinker Profit Rises as Chili’s Growth Continues — Wall Street Journal -
• Spain’s Santander Profit Climbs Amid Global Portfolio Reshuffle — Wall Street Journal -
• Danish Brewer Carlsberg Books Boost From Soft Drinks, Premium Beers — Wall Street Journal -
• GSK Earnings Boosted by Higher Specialty Medicine Sales — Wall Street Journal -
• Hong Kong Exchange Operator Posts Record Profit on Listings, Trading Growth — Wall Street Journal -
• LG Electronics Returns to Profit, Signals Resilient Growth — Wall Street Journal -
• Geely Auto’s Revenue Rises but Profit Falls on Currency Effects — Wall Street Journal -
• Deutsche Bank Posts Rise in Profit on Stable Performance — Wall Street Journal -
• Mercedes-Benz Strikes Upbeat Tone Despite Little Cheer From China — Wall Street Journal -
• Visa Revenue Climbs as Consumers Keep Spending — Wall Street Journal -

The news covered Roger Sweet's passing, the creator of He-Man, U.S. indictments against a Mexican governor, Bill Ackman's Pershing Square USA IPO, Donald Trump's ongoing legal battles and media controversies, and geopolitical developments like the EU's talks with Hungary and Germany's re-armament efforts.

• Roger Sweet, Creator of the He-Man Action Figure, Dies at 91 — The New York Times Business -
• US indicts Mexican governor on drug charges — Financial Times -
• Met chief calls for greater condemnation of attacks on Jewish targets after stabbing — Financial Times -

• Judge Asks Justice Department: Will You Oppose Trump? — The New York Times Business -
• Bill Ackman’s Pershing Square USA slides on Wall Street debut — Financial Times -
• Trump’s $1mn gold card visa fails to excite the world’s wealthy — Financial Times -
• Trump and PGA Tour reunite under gold statue at Doral — Financial Times -
• Jimmy Kimmel’s Journey From Bro-Comic to Trump’s Late-Night Foil — Wall Street Journal -
• Fidelity, Vanguard Won’t Let Donor-Advised Fund Holders Donate to Southern Poverty Law Center — The New York Times Business -
• Italy seeks compensation from Switzerland over nightclub tragedy — Financial Times -
• Farage accused of breaking Commons rules by not disclosing £5mn gift from crypto billionaire — Financial Times -
• Bill Ackman’s I.P.O., Pershing Square USA, Raises $5 Billion — The New York Times Business -
• Burnham backs borrowing outside fiscal rules to boost defence spending — Financial Times -
• EU in talks with Hungary’s Magyar on workaround for frozen funds — Financial Times -
• UK ticket tout ban set to be delayed for a year — Financial Times -
• Reeves defends record as chancellor as cabinet reshuffle rumours grow — Financial Times -
• Powerful Indian female leader prepares for Modi showdown — Financial Times -
• Lessons for countries on the edge — Financial Times -
• University of Sussex wins High Court battle on free speech — Financial Times -
• Villa San Michele, Belmond’s 600-year-old sleeping beauty, stirs — Financial Times -
• How Bill Perkins Climbed the Ranks of the Trading World to Start His Own Fund — Wall Street Journal -
• Wild Scottish salmon catch drops by 40% in one year — Financial Times -
• Starmer arson suspects ‘recruited’ on Telegram by Russian speaker, court hears — Financial Times -
• The problem with falling house prices — Financial Times -
• Can US trading partners still rely on the rule of law? — Financial Times -
• Australia’s drive to get more blood flowing — Financial Times -
• The Stakes of Trump’s Latest Fight With Disney — The New York Times Business -
• King Charles, America and the futility of growth — Financial Times -
• China’s CIC considers selling Heathrow stake over third runway cost worries — Financial Times -
• The Proxies 2025: Where are they now? — Financial Times -
• Matthew Wong’s rhapsodies in blue claim their place in art history — Financial Times -
• FirstFT: A Citi hire that raises questions — Financial Times -
• Putin pares back Victory Day parade over fear of Ukrainian strikes — Financial Times -
• UK ministers gain power to force pension funds to invest in British companies — Financial Times -
• New Disney Boss Is Tested by Trump and His Administration — The New York Times Business -
• 5 Hotels for Your Next U.S. Road Trip — The New York Times Business -
• Why the Mandelson scandal matters — Financial Times -
• EU to take Hungary to court over Orbán-era retail tax — Financial Times -
• Jimmy Kimmel Mocks Trump Again After FCC Opens Review of ABC TV Licenses — Wall Street Journal -
• How Vis Raghavan landed at Citi — Financial Times -
• Reform UK and Greens hit controversy on election trail — Financial Times -
• Do art galleries need economists? — Financial Times -
• It’s never a good idea to sack the entire National Science Board — Financial Times -
• Ken Griffin suggests retail investors do not understand private credit — Financial Times -
• How can we prevent our children from fighting over our estate? — Financial Times -
• Five recipes from Honey & Co’s new wine bar — with perfectly paired wines — Financial Times -
• Have we gone too far with British declinism? — Financial Times -
• Germany re-arms: what does it mean for Europe? — Financial Times -
• How Citi’s $52mn hire was forced out of JPMorgan over his behaviour — Financial Times -
• ‘I wanted to make her proud’: Venice Biennale artists on realising the late Koyo Kouoh’s vision — Financial Times -
• King Charles subtly rebukes Trump despite show of unity — Financial Times -
• The Simple Travel Scam That Cost a Seasoned Traveler Over $12,000 — Wall Street Journal -
• The U.S. Wants to Ban China’s High-Tech Cars, but They’re Already Here in El Paso — Wall Street Journal -