|  | Nasdaq | 19,615.88 | |
| | S&P | 6,022.24 | |
| | Dow | 42,865.77 | |
| | 10-Year | 4.412% | |
| | Bitcoin | $108,557.34 | |
| | Lockheed | $456.60 | |
| | Data is provided by |  |
*Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. | - Markets: Stocks stumbled a bit yesterday despite progress toward a US–China trade truce and new data showing muted inflation last month. Defense contractor Lockheed Martin tanked after Bloomberg reported that the Pentagon halved its request for F-35 jets for the Air Force this year.
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ENTERTAINMENT Rival entertainment giants have teamed up to fight the robots. Disney and Universal filed the movie industry's first major copyright lawsuit over artificial intelligence yesterday, accusing the popular AI image generator Midjourney of ripping off Yoda, the Minions, and dozens of other characters they own. "Midjourney is the quintessential copyright free-rider," "a bottomless pit of plagiarism," and "a virtual vending machine" for "endless unauthorized copies" of copyrighted works, Disney and Universal said in the lawsuit. The studios' legal complaint alleges: - Midjourney violates their copyrights in two ways: by training its AI model on intellectual property and by generating images that display protected IP.
- This "threatens to upend" American dominance in movies and TV.
- Midjourney never responded to cease-and-desist letters sent last year and last month, which asked the startup "to stop its theft."
The court filing includes dozens of images from the studios' movies, side by side with AI-generated versions, including Midjourney-generated stills from Avengers: Infinity War that closely resemble real scenes from the movie. Midjourney—which, according to its website, has only 11 full-time employees—hasn't commented yet. The startup went viral in 2023 for the pope-in-a-puffer pic and started getting heat for its mimicry in early 2024, when the New York Times reported that it was churning out copyrighted images for anyone who requested them. Welcome to the resistance Actors, writers, animators, and countless other creatives have been slamming AI's potential to upend the entertainment industry since ChatGPT opened Pandora's generative box in 2022. But until now, the business side of Hollywood had largely stayed silent. What do they want? Disney and Universal are seeking an unspecified amount of damages. They're also asking a judge to stop Midjourney from launching its new video tool as soon as this month. Zoom out: AI startups like Midjourney that scrape online data are facing copyright infringement lawsuits from multiple sides, including from record labels, authors, and news organizations.—ML | | |
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WORLD   Trump says China trade deal that includes rare earths "is done." While the full details of the framework of a deal reached in London this week to deescalate trade tensions between the US and China haven't been made public, President Trump posted on Truth Social that it would include China easing restrictions on exports of the rare earth minerals and magnets US manufacturers need "UP FRONT." The Wall Street Journal reports that this easing will only last six months. Trump's post also said that tariffs on China would be at 55%, which appears to include the 10% rate Trump has put on all imports, the 20% duty Trump recently added over fentanyl trafficking, and the ~25% tariffs that remain on China from Trump's first term. Meanwhile, he said China will set a 10% levy on US goods. He also said the deal would allow Chinese students to attend US universities. Trump and China's Xi Jinping must still officially sign off.
 Inflation rose less than expected in May. As of last month, President Trump's tariffs had yet to deliver the significant price spikes economists feared they would bring, new consumer price index data released yesterday shows. The CPI rose by just 0.1% for the month, putting the annual inflation rate at 2.4%, which is less than was anticipated after businesses warned that tariffs would force them to raise prices. But the lack of impact from tariffs may simply reflect that many of them have been paused and that businesses stockpiled inventory to prepare, so they could still spur inflation down the road. Still, Vice President JD Vance echoed the president's call for the Fed to cut interest rates, calling a failure to do so "monetary malpractice."
 Regrets? Elon Musk has a few. In a surprisingly relatable move from the world's richest person, Elon Musk tweeted at 3am yesterday, "I regret some of my posts about" President Trump, saying "they went too far." In case you spent last week on a darkness retreat: Musk and the president had a public falling out on social media, with Musk accusing Trump of being connected to Jeffrey Epstein and calling for his impeachment, and Trump suggesting the US yank government contracts from Musk's companies. Less relatably, the Wall Street Journal reports that Musk's remorse came after a phone call from Vice President Vance and White House Chief of Staff Susie Wiles urging him to stand down. He also reportedly spoke to the president before posting. But like all of us after a breakup, Musk is also throwing himself into work: He announced Tuesday that Tesla will debut its self-driving car service in Austin as soon as June 22.—AR
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HOUSING MARKET Excessive moving costs can now be reserved for couches and the physical toll of eating a loaded-up Subway sandwich in a moving U-Haul. New York City's FARE Act took effect yesterday, banning landlords from requiring renters to pay broker fees. While it's considered a win for New York renters, experts say landlords may just raise rents to make up the difference. Before yesterday, landlords could hire brokers for their properties and pass on the cost to future tenants. Though there was technically no cap on these fees, they averaged around 12% to 15% of the annual rent of the listing—meaning that with the first month's rent + security deposit + broker fees, the amount due at signing in NYC averaged $13,000, according to StreetEasy: - That average drops to about $7,500 without broker fees.
- NYC was one of the last major cities to allow tenant-paid broker fees, with Boston being the biggest city where they're still common.
It could still end up costing New Yorkers. Brokers and property owners unsurprisingly campaigned against the change, saying landlords would have to raise rents drastically to eat the cost. Analysts, however, say initial rent surges will likely taper off eventually. Trade groups sued in order to try to stop the measure from going into effect, but Tuesday, a judge denied their request to stall it while the suit proceeds.—MM | | |
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FOOD & BEV The restaurant chain that generates the most revenue per location in the US isn't an expensive steakhouse or a classy establishment like Hooters or Dave & Buster's. It's the Taiwan-based soup dumpling darling Din Tai Fung—and it's barely scratched the surface of the US market. In 2024, Din Tai Fung's 16 US outposts—including a Disneyland location that sells 10,000 soup dumplings per day—earned an average unit volume, or AUV, a measure of how much money each restaurant location makes, of $27.4 million per location. That was nearly double the next-closest chain, the steakhouse Mastro's. For perspective, Din Tai Fung's AUV is equivalent to that of two Cheesecake Factories or nearly seven McDonald's. How is Din Tai Fung cooking everyone? - Size: Restaurants range from 5,580 square feet to a 25,000-square-foot location in Manhattan that opened last year, allowing them to pack in more people.
- Lining up: Despite it being famously busy, diners are willing to wait for the xiao long bao.
- Price point: The average check is $55 per person.
Zoom out: Din Tai Fung is among several Asian sit-down chains finding success in the US, including KPOT Korean BBQ, Kyuramen, and Kura Sushi. While the casual dining industry had a slow year, sales at Asian chains were up 7.6% in 2024, per Technomic.—DL | | |
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STAT Ever wondered how much energy is needed when you ask ChatGPT to compose a witty yet nonchalant response to the text your crush sent? According to a recent corporate blog post penned by OpenAI CEO Sam Altman, "The average query uses about 0.34 watt-hours, about what an oven would use in a little over one second, or a high-efficiency lightbulb would use in a couple of minutes." Altman also asserted that it takes 0.000085 gallons of water, which he described as "roughly one-fifteenth of a teaspoon." But Altman didn't explain where his numbers came from, and there's no question that AI technology demands significant power and water. The Washington Post reported last year that having GPT-4 compose a 100-word email required 519 milliliters of water, or a little more than one bottle, with some variance based on the data center's location. But even at Altman's more conservative rate, those one-fifteenths of a teaspoon can add up to a big puddle pretty fast, given that OpenAI said in March it had 500 million weekly active users.—AR |
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NEWS - Protests over federal immigration enforcement raids are spreading to other US cities after President Trump sent the National Guard and Marines to quash protests in Los Angeles, with activists across the country planning more demonstrations for this weekend. Ahead of protests in San Antonio, Texas Gov. Greg Abbott said he would deploy National Guard troops.
- Robert F. Kennedy Jr. appointed eight new members to a panel that advises the government on vaccines after firing the entire 17-member group.
- A federal judge ruled that the Trump administration cannot continue to detain former Columbia University student and protest leader Mahmoud Khalil, but gave the government until Friday to appeal his decision.
- Google offered buyouts to US employees in its Search and other divisions as it looks to cut costs.
- A group of 42 state attorneys general urged Meta to crack down on financial scams on Facebook that use famous people's images to lure victims.
- Harvey Weinstein was convicted on one count of engaging in a criminal sexual act but acquitted on a second count following a retrial of the disgraced movie mogul in New York.
- Brian Wilson, the co-founder of the Beach Boys, whose music is synonymous with California in the 1960s, died at age 82.
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RECS  Tidy up: A trunk organizer for groceries, sports equipment, and other back-of-the-car items.**
Watch: A real-life archer attempts movie trick shots. Be careful where you click: Why hitting "unsubscribe" can be dangerous (clicking ours isn't, but we hope you don't want to). Debate: Which dog breed is most fit to run a nation? What's your $tory? From saving for college to eyeing a retirement plan, everyone's at a unique point in their financial journey. See how New York Life can supplement every step and what the experience could look like overall.* *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission. |
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GAMES Brew Mini: Grab a pair of sunglasses before solving today's Mini, which asks you to lighten up. Play it here. Three Headlines and a Lie Three of these headlines are real and one is faker than the Facebook marketplace inquiry about your free piano. Can you spot the odd one out? - Ed Sheeran says he identifies culturally as Irish
- Malört hiring influencers who pledge to only drink their liqueur for one full year
- Life-size Labubu doll sells for over $170,000 at Beijing auction amid global frenzy
- Coca-Cola launches record label with Universal Music Group
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ANSWER We made up the one about Malört liqueur. Word of the Day Today's Word of the Day is: nonchalant, meaning "having an air of easy unconcern or indifference." Thanks to Eli Lalo from Panama City, Panama, for keeping it breezy with the suggestion. Submit another Word of the Day here. |
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✢ A Note From Noom *Based upon third-party randomized control trial comparing outcomes of 302 Noom participants and 298 control arm participants for 30 months. **Based on a sample of 4,272 US Noomers. |
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