Mashadipati: Riding the AI wave

Good morning. AI is back in focus. Trump hints the war may be nearing an end—and markets are listening. And it may be time to chip in if you own a pricey second home in the Big Apple. Listen to the day’s top stories.

— Marc Perrier

Market Snapshot
S&P 500 Futures	6,994.00	-0.2%
Nasdaq 100 Futures	25,948.75	-0.2%
Bloomberg Dollar Spot Index	1,194.81	+0.1%
Market data as of 06:40 AM ET. Data is subject to provider delays.	Your watchlist

Drawing interest. AI optimism returned as Anthropic received several offers for a new round of funding that would more than double its pre-money valuation to about $800 billion or higher, people familiar said. In another sign the party isn’t over, ASML—the only company in the world that makes the advanced machines needed to produce cutting-edge chips—lifted its full-year sales outlook as demand surged.

Scott Bessent, US treasury secretary, speaks at an International Institute of Finance (IIF) event during the International Monetary Fund (IMF) and World Bank Spring meetings in Washington, DC, US, on Tuesday, April 14, 2026. The International Monetary Fund downgraded its growth projection for the year after the war in the Middle East triggered a major oil shock and included the possibility of a downturn if the conflict drags on and energy infrastructure is severally damaged.

Bessent Calls Anthropic’s Mythos a Breakthrough in China AI Race

Markets’ positive mood kept US stocks on track to hold near an all-time high. Donald Trump added to the upbeat tone, telling Fox Business that the war is “very close to over.”

Remember tariffs? Trump’s levies, which unsettled everything from global markets to wine prices, may be restored by July to the levels in place before the Supreme Court struck down many of them, Treasury Secretary Scott Bessent said. The president is seeking to restore his protectionist wall of tariffs using different authorities.

We have visitors. US prosecutors made a surprise visit to the Federal Reserve’s offices in Washington yesterday amid the Justice Department’s investigation into Chair Jerome Powell and a renovation project at the central bank, a person familiar said. Three officials attempted to enter the construction site but were denied entry on the basis of safety and other clearance protocols.

Vice President JD Vance pushed back on Pope Leo’s criticism of the Iran war, saying the pontiff’s remarks were not based in theological truth and that he should be “careful” with his words. Italy’s prime minister also weighed in, calling Trump’s weekend tirade against the pope “unacceptable.”

Deep Dive: Where’s My Refund?

Americans rushing to meet Wednesday’s tax filing deadline are receiving larger refunds on average under Trump’s tax law, but the gains fall short of his promises—and many say they haven’t noticed a difference.

Trump’s centerpiece legislative achievement has lifted the average refund by almost $350, well below the $1,000 boost he pledged.
The added savings aren’t resonating with many Americans, who are grappling with higher gasoline prices and broader economic uncertainty.
That poses a political risk for Republicans, who have leaned heavily on the boost in tax refunds for their economic pitch to voters.
Also on people’s minds: retirement. Here’s a year-by-year guide to help you retire rich.

The Big Take

An assembly line at a subsidiary of Dixon Technologies, an Indian contract manufacturer of electronics. *Photographer: Prashanth Vishwanathan/Bloomberg*

China’s export controls on battery and EV technology are thwarting India’s manufacturing ambitions—highlighting how critical up-and-coming sectors are even more dependent on China now, despite billions of dollars in investment under the Make in India initiative.

Ships line up in the Strait of Hormuz as seen from Khor Fakkan, United Arab Emirates, on March 11.

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Dario Amodei, co-founder and chief executive officer of Anthropic, during a Bloomberg Television interview in San Francisco, California, US, on Tuesday, Dec. 9, 2025. Accenture and Anthropic announced a major expansion of their partnership to help enterprises move from AI pilots to full-scale deployment, forming the Accenture Anthropic Business Group with approximately 30,000 professionals to be trained. Photographer: David Paul Morris/Bloomberg — Anthropic Co-founder and chief executive officer Dario Amodei. *Photographer: David Paul Morris/Bloomberg*

Anthropic’s Mythos is a wake-up call for everyone, Parmy Olson writes. Wall Street is acting but the bigger threat will be for small and medium-sized companies that look most vulnerable to hackers and bad actors using the tools.

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ALBERTA, CANADA MAY 22: Oil wells seen in a field seen along Highway 27 between Sundre and Olds, in Alberta, Canada on May 22, 2025. (Photo by Artur Widak/NurPhoto via Getty Images)

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How to Make Drilling for Oil Woke Again

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The Brooklyn Bridge and One World Trade Center along the Manhattan skyline in New York, US, on Tuesday, Dec. 30, 2025. New York City is staring down a $10 billion budget gap next fiscal year, reflecting slowing tax collections and uncertainty over federal funding streams. Photographer: Michael Nagle/Bloomberg — Photographer: Michael Nagle/Bloomberg

Time to chip in. New York Governor Kathy Hochul is backing a new tax on second homes in the Big Apple worth at least $5 million as a way to raise cash for the city’s struggling budget. “If you can afford a multi-million dollar second home in New York City, you can afford to join its residents in supporting the greatest city in the world,” Hochul said in a social media post.

A Couple More

Commuters board a New Jersey Transit train at Penn Station in New York, US, on Monday, May 5, 2025. New Jersey Transit is asking riders to work from home in the event of a potential union strike that threatens to shut down commuter rail service starting as early as May 16.

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A stethoscope on an examination table in an exam room in 2015. Photographer: Andrew Harrer/Bloomberg

AI Chatbots Give Misleading Medical Advice 50% of the Time, Study Finds

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Riding the AI wave

Bessent Calls Anthropic’s Mythos a Breakthrough in China AI Race

Deep Dive: Where’s My Refund?

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