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Good morning. Elon Musk just dropped a lawsuit against OpenAI and Sam Altman targeting its “partnership with Microsoft and its decision to launch a for-profit arm.”

Not much on it today, but we will dive more into it tomorrow 🫡 

- Ruchrngd Sharma & Shatakshi Sharma  

🧵 In today’s issue:

• 📊 Markets recap

• 🧠 Apple Intelligence

• ⚔️ Quick commerce battleground

• 🗞️ Bite-sized summaries

  • Crorepati MPs

  • Unemployment is at a new high

  • Elon isn’t a fan

• 🧑‍🍳 What else is cookin’? (quick links)

• 🍿 Entertainment, Entertainment, Entertainment

📊 Markets

🇮🇳 India

• Indian stock markets fluctuated on Tuesday, peaking before a late sell-off led to a flat close. L&T, Tata Motors, Maruti, and NTPC saw gains, while Kotak Bank, Asian Paints, Reliance, and ITC underperformed. The BSE MidCap and SmallCap indices showed an overall market advancement.

🌍️ International

• Tuesday saw Wall Street's main indexes fall due to upcoming consumer price inflation data and the Federal Reserve's decision. Despite Apple bouncing back over $200, most of the market, including banks, rate-sensitive stocks, the Russell 2000 Index, and cryptocurrency-related stocks, fell. GM rose with a share buyback plan, while Cleveland-Cliffs fell from a downgrade. Both NYSE and Nasdaq saw more declines than advances.

🧠 Apple Intelligence

We spoke about this briefly yesterday, but this deserved a whole section. 

Yesterday at WWDC, Apple announced "Apple Intelligence", a suite of AI features for its devices. Starting this fall, users can expect a more conversational Siri, custom AI-generated "Genmoji," and access to OpenAI's GPT-4o through Siri.

Here’s the TL;DR: 

• Siri is getting a significant upgrade, with the ability to carry out actions between apps, manage notifications, automatically write content, and summarise text. 

• Siri will also have "onscreen awareness," understanding requests and taking action within apps. Apple emphasises privacy, with many features running on-device and a "Private Cloud Compute" system for more complex requests.

• Apple is introducing "Genmoji," allowing users to generate custom emoji-like reactions on the fly. 

• The Image Playground feature will enable AI-powered image generation within various apps. 

• The Photos app will also receive AI enhancements for improved search and editing capabilities.

Here’s the craziest news: In a surprising move, Apple has struck a deal with OpenAI, integrating ChatGPT into its AI writing tools and image generation capabilities. Siri will prompt users before using ChatGPT, and Apple promises strict privacy measures, including not storing user requests or data on OpenAI's servers.

Overall: Attendees and Apple fanboys/girls had mixed feelings about Apple’s official foray into AI, with $APLE down 2% at the end of trading on Monday. 

However, $APLE finished the trading day up 6% today, helping make them the second most valuable public company again after briefly being passed by Nvidia. 

Tim Cook is officially cookin… 🧑‍🍳

Read more: The Verge

⚔️ Quick commerce battleground

Zomato, the food delivery giant, is gearing up for an intense battle in the quick commerce arena by infusing a fresh capital of Rs 300 crore into its quick commerce unit, Blinkit. This latest investment brings Zomato's total investment in Blinkit to a staggering ₹2,300Cr since its acquisition in August 2022.

Here’s the rundown: 

• The quick commerce space has become a fierce battleground, with competitors like Swiggy Instamart and Zepto intensifying the competition. 

• While Swiggy has filed for a ₹10,414 Cr IPO, Zepto is in talks to raise $300 million (around ₹2,500 Cr) in funding.

• Blinkit has made significant strides, with its revenues more than doubling to ₹2,302 Cr in fiscal 2024 and a reduced adjusted EBITDA loss of ₹37 Cr in the January-March 2024 quarter. 

• Zomato has ambitious plans for Blinkit, including increasing its dark store count to 1,000 and diversifying its product categories beyond groceries.

Overall: Blinkit's contribution to Zomato's market value has surpassed that of its food delivery business, according to Goldman Sachs estimates. As of Tuesday morning, Zomato's market capitalisation stood at over $19 billion (₹1.6 lakh Cr).

With this substantial investment, Zomato is positioning Blinkit as a key driver of shareholder value, cementing its commitment to the quick commerce space and preparing for the upcoming battle with its rivals.

Read more: Economic Times

🗞️ Bite-sized summaries

🤑 Crorepati MPs - According to the Association for Democratic Reforms (ADR), a staggering 99% of the new ministers in the recently formed council of ministers are crorepatis, with their average assets amounting to a whopping ₹107.94 Cr. The list is topped by Dr. Chandra Sekhar Pemmasani, Minister of State for Rural Development and Communications, who has declared assets worth a mind-boggling ₹5705.47 Cr. Other notable ministers with significant asset declarations exceeding Rs 100 crores each include Jyotiraditya M. Scindia (₹424.75 Cr), H.D. Kumaraswamy (₹217.23 Cr), Ashwini Vaishnaw (₹144.12 Cr), Rao Inderjit Singh (₹121.54 Cr), and Piyush Goyal (₹110.95 Cr), highlighting the concentration of wealth among the country's political leadership.

💼 Unemployment is at a new high - The UK's unemployment rate unexpectedly rose to 4.4% in the three months through April, the highest level in more than two and a half years, while wage growth in the private sector eased to 5.8%, the lowest in two years. The figures suggest inflationary pressures are cooling in the labour market, keeping alive hopes that the Bank of England may begin cutting interest rates by the end of the summer as it watches for signs that upward pressures on pay and prices are abating. The data showed job vacancies dropped, employment fell more than expected, and real wage growth reached 2.9%, the highest since the summer of 2021 as pay increases outpaced inflation. However, the central bank is unlikely to cut rates at its June meeting as it awaits more data over the summer.

📱 Elon isn’t a fan - Elon Musk lashed out at Apple's partnership with OpenAI to integrate ChatGPT into iOS 18, calling it an "unacceptable security violation." In a series of posts on X, the Tesla CEO threatened to ban the use of Apple devices at his companies, including Tesla, SpaceX, Starlink, and X. Musk said visitors will be required to hand over their Apple phones upon arrival, which will be stored in a Faraday cage. He questioned Apple's ability to ensure OpenAI will protect users' security and privacy, accusing Apple of "selling you down the river" by handing over data to OpenAI. While Apple has assured users will have control over using ChatGPT and prioritized privacy, Musk's stern reaction highlights concerns over potential security risks associated with the integration.

🧑‍🍳 What else is cookin’?

What’s happening in India (and around the world 🌍️)

• US NSA to visit India on June 18 for iCET - to engage with Modi 3.0.

• Here's what US President Joe Biden's son was convicted of.

• Cognizant to acquire US digital engineering firm Belcan for $1.3B.

• EV owners may soon sell battery power back to grids like rooftop solar schemes.

• IndiGo promoter offloads 2% stake in Rs 3,367 crore block deal.

🍿 Entertainment, Entertainment, Entertainment

• T20 World Cup - Pakistan won by 7 wickets against Canada.

• Andy Murray suffers early exit from Wimbledon warm-up in Stuttgart.

• Indian men's hockey team suffers 2-3 defeat to Great Britain FIH Pro League.

• Anirban Lahiri, Jon Rahm, Caleb Surratt, and Martin Kaymer lead at Liv Golf Houston, with a tight competition unfolding at the USD20m event.