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 The market fell for the second straight day after the Bond Market surprised with the second-highest yield 20-year auction in history. Earnings and tech development is going fine, but the Moody’s Downgrade illustrated a problem: the U.S. has enough debt to worry creditors, and if no one wants to buy our debt, the price drops, yeilds rise, and holding treasuries becomes better than investing in other ways— aka the stock market suffers.

The 10-year is over the peak that scared Trump into pausing tariffs in April, while Fed speakers this week have repeated the idea that they to first do rate homework over the summer before cutting anything. 👀

Today's issue covers how OpenAI's acquisition means we might start wearing AI soon, the smell of retail earnings, and more.  📰

With the final numbers for indexes and the ETFs that track them, no sectors closed green, with communications $XLC ( ▼ 1.01% ) leading and tech $XLK ( ▼ 1.4% ) lagging.

S&P 500 $SPY ( ▼ 1.12% ) 5,845

Nasdaq 100 $QQQ ( ▼ 1.26% ) 21,080

Russell 2000 $IWM ( ▼ 1.83% ) 2,047

Dow Jones $DIA ( ▼ 1.78% ) 41,860

STOCKS
We Might Actually Have To Wear AI Soon 🤖 

Google did its best to keep the AI train rolling at its I/O conference this week. Chief Sundar Pichai gave a keynote on Tuesday that showed off new features from the tech giant. Wednesday, other AI players revealed their cards to compete with Google’s wearable and search updates.

Warby Parker surged 15% Tuesday after Google committed up to $150M to co-develop AI-powered smart glasses for a launch next year. Google also announced video conferencing tech and a new Gemini AI search chatbot for Chrome users, desperately trying to keep users using their search products over other AI tools.

OpenAI spared no time announcing their own wearable AI plan— the startup said Wednesday it would buy Apple designer Jony Ive’s AI device startup called io. Ive’s design work brought the world the Apple Watch, iMac, iPod, and iPhone, and his addition for a $5B lump sum is a clear declaration of hardware war against other players in the space, like Apple, Meta, and Google. 📵 

OpenAI bought a 23% stake in io for $1.5B in 2024. The deal brings the LLM firm 55 hardware engineers, developers, and experts, according to Bloomberg.

$AAPL ( ▼ 1.38% ) fell on the news, long having taken the wearable and handheld tech crown.

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