Good afternoon! Spain is turning up the heat on Airbnb. The government ordered the platform to remove over 65,000 listings that violated local laws like skipping license numbers or omitting owner info as part of a broader push to rein in runaway housing costs.

The decision follows Barcelona’s aggressive move to ban all short-term rentals by 2028, and it’s clear more cities could follow suit. Airbnb said it will appeal, but the Spanish government insists the time for warnings is over.

MARKETS

• US stocks finally took a breather Tuesday, slipping slightly after a multi-day rally fueled by tariff optimism and slowing inflation. Big Tech didn’t offer much support, dragging major indexes lower and snapping the S&P 500’s six-day winning streak.

• Investors are now turning their attention to a week packed with Fed speeches. Several officials hinted that economic resilience may be overstated—casting doubt on just how long this market momentum can last.

Former Zillow Execs Target $1.3T Market

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STOCKS
Winners & Losers

What’s up 📈

• D-Wave Quantum jumped 25.93% after unveiling its next-generation quantum computing system, Advantage2. ($QBTS)

• Agilysys surged 22.12% after posting a big earnings and revenue beat in its fiscal fourth quarter. ($AGYS)

• Amer Sports rose 19.05% after topping Q1 estimates and raising its full-year outlook. ($AS)

• Warby Parker popped 15.63% following a new smart glasses partnership with Google. ($WRBY)

• Moderna gained 6.06% after the FDA issued friendlier-than-expected rules for Covid-19 booster approvals. ($MRNA)

• Pony AI rose 5.74% after strong growth in its robotaxi unit. ($PONY)

• Pfizer added 2.26% on optimism tied to FDA vaccine guidance. ($PFE)

• ImmunityBio climbed 3.57% after a Piper Sandler upgrade and bullish price target. ($IBRX)

• Victoria’s Secret rose 3.25% after the company adopted a shareholder rights plan to deter takeovers. ($VSCO)

What’s down 📉

• Schrodinger dropped 8.62% after its CFO announced his departure. ($SDGR)

• Eagle Materials fell 8.79% after a big earnings miss in its fiscal Q4 report. ($EXP)

• Viking Holdings slipped 4.99% despite beating earnings estimates, as forward pricing commentary disappointed. ($VIK)

• AES lost 4.01% after Jefferies downgraded the stock over renewable energy demand concerns. ($AES)

• Airbnb declined 3.27% after Spain ordered 65,000 listings removed from the platform. ($ABNB)

AI
Google Unleashes Gemini Across Everything, Even Your Glasses

Sundar Pichai just wrapped up a two-hour AI showcase in Mountain View, and if you’re wondering what Google’s future looks like just say “Gemini” 95 times. That’s how often the company name-dropped its AI brand during the keynote.

From search to glasses to subscription services, Google is stuffing its Gemini model into every product it can find. The star of the show? Gemini 2.5 Pro, now topping the Chatbot Arena leaderboards and powering everything from AI search to video editing tools. Oh, and it can play Pokémon Blue.

Search, but Make It Chatty: Say goodbye to blue links. Google is rolling out AI Mode in Search, offering chatbot-style answers complete with visuals, summaries, and personalized shopping features like virtual try-ons. It’s the company’s clearest move yet to fight back against OpenAI and Perplexity eating into its ad revenue.

AI Mode won’t be ad-free, though Google confirmed it’ll mix ads into the chatbot results “as part of the content experience.” Just what users wanted.

Goggles, Gemini, and “Google AI Ultra”

Also coming to a face near you: Android XR glasses built with Samsung and Warby Parker. The demo was a little clunky, but the idea is clear: AI everywhere, including your eyeballs. Expect translation, object recognition, and Gemini whispering sweet context into your ears.

If that’s not enough, Google dropped a $249/month subscription called Google AI Ultra, a “VIP pass” to its most advanced AI tools. That includes early access to experimental agents (aka Project Mariner), new Veo 3 video generators, and 30TB of storage for your cinematic AI dreams. Yes, it’s pricier than ChatGPT Pro.

Agents in the Wild: Speaking of agents, Google unveiled Agent Mode, a new feature that lets AI fill out forms, complete tasks online, and act on your behalf. It’ll plug into the open Model Context Protocol (developed with Anthropic), and developers can start building around it now.

Whether you’re a coder, a creative, or just a Gemini-curious web surfer, Google wants one thing clear: AI is no longer a product. It’s the product.

NEWS
Market Movements

• 🚘 Elon Musk claims Tesla sales have rebounded: Musk insisted Tesla’s sales have “already turned around” despite declining numbers in Europe and China and no hard US data yet. He cited the stock price as proof, even though shares are down nearly 30% from all-time highs. ($TSLA)

• 🚫 GM halts car exports to China over tariffs: General Motors stopped its minimal exports of US-made vehicles to China, joining Ford in response to escalating tariffs. The move impacts less than 0.1% of GM’s China sales but signals broader trade tension. ($GM)

• 🧠 D-Wave Quantum system now commercially available: D-Wave launched its Advantage2 quantum computing system for both cloud and on-premise use, sending shares soaring. The company said the system delivered a practical “quantum supremacy” breakthrough with real-world sensor design. ($QBTS)

• 💉 Moderna jumps after FDA guidance on boosters: Moderna shares rose after the FDA approved its COVID-19 booster for high-risk individuals 65+, easing fears of collapsing demand. Officials stressed vaccine safety and hinted future decisions will be data-driven. ($MRNA)

• 🧒 Netflix locks in Sesame Street rights: Netflix secured global premiere rights to Sesame Street Season 56 and will stream 90 hours of past episodes, boosting its kids content offering. ($NFLX)

  🛍️ Victoria’s Secret adopts poison pill to block takeover: The company enacted a shareholder rights plan to prevent activist investor Brett Blundy from increasing control beyond 15%. Blundy recently upped his stake and launched a competing brand. ($VSCO)

• 🛠️ Home Depot reaffirms guidance despite soft quarter: Q1 sales came in below expectations, but the retailer maintained its full-year forecast, boosting shares. The company said it won’t raise prices broadly despite new US tariffs. ($HD)

• 🚗 Tesla to launch robotaxis in Austin next month: Elon Musk confirmed Tesla will deploy a small fleet of robotaxis in Austin by the end of June, starting with 10 Model Y vehicles equipped with FSD Unsupervised and expanding quickly if successful. ($TSLA)

• 💻 Palo Alto Networks beats estimates but misses on margin: The cybersecurity firm reported Q3 revenue of $2.29 billion and EPS of 80 cents, both topping estimates, but its 76% gross margin missed expectations, sending shares down after hours. ($PANW)

• 🕶️ Warby Parker jumps on Google smart glasses partnership: Warby Parker shares rose 16% after announcing a $150 million collaboration with Google to develop AI-powered smart glasses, set to launch post-2025 using Android XR. ($WRBY)

• 💻 Intel considers selling Network and Edge division: Intel is exploring a sale of its Network and Edge business, which brought in $5.8 billion last year, as it refocuses on core chip segments. ($INTC)

• 💰 Tesla CFO scores $139M payday: Tesla awarded CFO Vaibhav Taneja $139 million in 2024 compensation mostly in stock options despite falling deliveries and a 71% drop in profit. ($TSLA)

CRYPTO
Stablecoin Bill Advances in US Senate in Big Win for Crypto

The crypto industry just notched a major W. The Senate voted 66–32 to move forward with the GENIUS Act — a bill that would, for the first time, create a federal framework for stablecoins. It’s now set for full floor debate, with a final vote possibly happening this week.

Stablecoins, which are crypto tokens pegged to currencies like the U.S. dollar, are mostly used for trading. But if the bill passes, it could turbocharge their growth by making them more palatable to banks, investors, and regulators. The $250B stablecoin market could balloon under clearer rules, and the bill would require issuers to hold safe reserves (think T-bills) and comply with anti-money laundering laws.

But the Politics Are, Well… Not Stable

The legislation barely got this far. It was stalled by Democrats over concerns that President Trump who owns a chunk of a stablecoin issuer, World Liberty Financial— stands to profit if the bill becomes law. A Trump-affiliated stablecoin, USD1, has already shot past a $2B market cap.

Democratic moderates helped break the gridlock, arguing the bill is better than the regulatory void we have now. But progressives like Elizabeth Warren are still fuming, saying it opens the door to crypto-based corruption and could expose the financial system to major risk especially since stablecoins don’t come with federal deposit insurance.

Meanwhile, Wall Street’s Watching: Coinbase, Circle, and other major players have pushed hard for this bill, and they’re treating it like a first step toward the real prize: legislation for crypto exchanges and tokens. That’ll be a tougher lift, especially with Trump’s deep ties to crypto ventures muddying the waters.

For now, the crypto crowd is celebrating. A regulated stablecoin market could mean faster payments, fewer fees, and more legitimacy in Washington. If this bill becomes law, it would be crypto’s first big breakthrough on Capitol Hill.

Calendar
On The Horizon

Tomorrow

Don’t expect any fireworks from the economic calendar today, it’s running on silent. But earnings season rolls on, with updates on deck from Lowe’s, Baidu, TJX, Medtronic, and Wix.

After Market Close:

• Snowflake may not build physical warehouses, but it sure knows how to stack data. The cloud-based data platform has become a go-to for enterprises needing to store and organize massive amounts of information, especially as AI adoption skyrockets. Still, Wall Street’s enthusiasm might be running a little hotter than Snowflake’s numbers. Revenue growth has cooled even as the stock has climbed double digits this year, creating a mismatch that’s hard to ignore. Investors will be looking for concrete signs that Snowflake can keep pace with its own lofty projections or risk watching that rally melt away. ($SNOW)

NEWS
The Daily Rundown

• 📺 CBS chief exits as Trump lawsuit settlement looms: CBS News head Wendy McMahon resigned amid pressure over a Trump lawsuit accusing 60 Minutes of deceptive editing. Her departure comes as parent company Paramount seeks to resolve the legal battle while also navigating a potential sale to Skydance.

• 💰 The quiet rich: business owners dominate top 1% income: Medium-sized business owners—like car dealers and dentists—now generate ~35% of income for the top 1% of earners. For the top 0.1%, that’s up to 43%, driven by tax cuts and higher valuations. Economists call them the “stealthy wealthy.”

• 📡 China calls out U.S. over Huawei chip threats: China accused the U.S. of derailing trade talks by warning that Huawei’s AI chip use may violate export rules. Beijing said such actions threaten global semiconductor supply chains and urged Washington to reconsider its stance.

• 💸 Trump’s ‘beautiful’ tax bill nears vote: The House Budget Committee advanced President Trump’s sweeping tax-and-spending bill, which includes nearly $4 trillion in tax cuts and stricter Medicaid work requirements. Clean energy tax breaks would phase out faster, and tips and overtime pay would become tax-free. But internal GOP disagreements over SALT deductions, AI regulation, and deficit impacts could still derail it.

• 🤝 UK and EU sign new trade and defense deals: Five years after Brexit, the UK and EU have inked new agreements to ease border checks and align food standards. The UK will also access a €150B EU defense fund. Critics say the deals may undermine British autonomy, but leaders hailed the progress.

• 🛂 Supreme Court allows end to deportation protections for Venezuelans: The court ruled the Trump administration can revoke temporary protected status for 350,000 Venezuelans while a lawsuit proceeds. Justice Jackson dissented, but no reasoning was offered by the majority, as is standard in emergency rulings.

• 🧬 Regeneron buys 23andMe’s DNA vault for $256M: Regeneron acquired 23andMe out of bankruptcy, snapping up its massive database of genetic data from 15 million users. Privacy advocates raised concerns, but Regeneron said it would protect the biobank while using it for drug research. The company beat out six other bidders for the once-$6B startup.

• 📉 Jamie Dimon warns of market complacency: JPMorgan CEO Jamie Dimon cautioned that markets are underestimating risks from U.S. debt, tariffs, and geopolitical tensions. He flagged the potential for stagflation and warned that the recent credit downgrade reflects deeper structural concerns.

• 🚨 Rep. LaMonica McIver charged over ICE protest: Rep. McIver was charged with assaulting federal officers during a protest at a New Jersey ICE facility. She denied wrongdoing and said the charges are politically motivated. Newark Mayor Ras Baraka was also detained but later released.

• 📞 Trump says ceasefire talks coming after Putin call: Trump claimed Russia would begin ceasefire negotiations with Ukraine following his two-hour call with Vladimir Putin. He said the U.S. would not directly mediate but would encourage diplomacy between the two sides. The White House hasn’t confirmed whether future U.S. involvement is expected.

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