🗞️ Fallen unicorn

Good morning. Builder.ai, once a shining star in the AI startup universe and previously valued at over US$1.5 billion, has filed for bankruptcy.

The Microsoft-backed company was discovered to actually be 700 hundred computer engineers based in India, rather than any AI at all. "Natasha," an AI assistant touted as capable of assembling software applications, was all human power.

Whoever was in charge of the due diligence for the $455 million investment from Microsoft will be having a rough week.

All the headlines and more below...

AUSTRALIAN NEWS

GDP numbers argue for more RBA interest rate cuts as savings rise and spending flatlines

• Australia's GDP grew 0.2% in the March quarter while flat productivity and weak business investment impacted growth. LINK

• The Fair Work Commission is reviewing gender-based pay increases for graduate professionals in historically undervalued roles. LINK

• Australia faces a 60,000 AI job shortfall by FY27, with experts viewing it as an opportunity for global talent attraction. LINK

• Teacher attrition rates remain lower than other professions, with 40% returning within a decade. LINK

GLOBAL NEWS

Doubled US metals tariffs kick in as deadline for 'best offers' arrives

• The US has doubled tariffs to 50% on most steel and aluminium imports as Trump increases trade pressure. LINK

• German automakers have joined the global backlash against China's rare earth export restrictions whilst warning of production halts. LINK

COMPANY NEWS

ASX approaches record as CBA market cap hits $300B

• CBA has become the first ASX-listed company valued over $300B, outpacing rivals including BHP. LINK

• Internal surveys at Rest Super have revealed poor morale and unclear risk responsibilities amid regulatory scrutiny. LINK

• Meta has signed a 20-year deal to purchase 1121 megawatts of nuclear power from Constellation Energy to meet rising AI energy demands. LINK

• Google is being urged to consider voluntarily breaking up its business units to preempt government-ordered divestitures. LINK

• Aware Super warns members to plan superannuation contributions carefully before June 30 to avoid costly errors from rushed decisions. LINK

• Mondelez has sued Aldi in the US over biscuit packaging that allegedly imitates Oreos and Chips Ahoy. LINK

• Star Entertainment faces a proposed $400M penalty from Austrac for money laundering breaches linked to high risk casino practices. LINK

• ANZ is launching an AI-powered assistant 'amie' built with AWS to enhance institutional banking through real-time market insights. LINK

• Eagers has sold its 5.7% stake in McMillan Shakespeare for $61.6M at an 11.6% discount. LINK

• Hewlett Packard Enterprise has exceeded quarterly earnings expectations driven by AI-optimised server demand. LINK

• HSBC is expanding its Australian corporate banking into tech startups through its global Innovation Banking services. LINK

• Brookfield Asset Management will invest $10B in an AI data centre in Sweden whilst creating 3,000 jobs. LINK

• National Storage REIT will receive $140M from the partial sale of a joint venture with GIC, a Singaporean sovereign wealth fund. LINK

• The TGA has launched legal action against Philips Electronics for allegedly selling 44,000 unsafe breathing devices in Australia between 2019 and 2022. LINK

• CBA has completed its data platform migration to AWS. LINK

• Wesfarmers is issuing €600M in eurobonds to diversify funding and support corporate activities. LINK

CHART OF THE DAY

OECD cuts global growth forecast in light of tariff threat

ONE MORE SCROLL

Editor’s Pick: The more protein, the better? The New York Times fact-checked this and 5 other big protein claims circulating online.

Draft Pick: Super Rugby qualifying finals teams: Wallabies skipper fit as Reds bid to bust 0-19 hoodoo, Brumbies' big boost.

Odd Pick: Jupiter used to be twice as big as it is now, it could have held 2,000 Earths.

TOGETHER WITH

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TRIVIA

Mark Wahlberg, American actor and producer, turns 54 today. We will provide 6 movies below, you have to tell us which ones he appears in and which ones he doesn't:

1. Ted

2. Daddy's Home

3. John Wick

4. Prisoners

5. The Town

6. The Italian Job

Answers below

OUR SOCIALS

ANSWERS

1. Ted = Yes
2. Daddy’s Home = Yes
3. John Wick = No
4. Prisoners = No
5. The Town = No
6. The Italian Job = Yes

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