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Good morning. Markets are betting on a US-Iran ceasefire extension. NYC doormen have had enough. And it’s millennials’ turn to go retro. Listen to the day’s top stories. — Angela Cullen
Stocks set new highs on rising optimism the US and Iran may extend their truce and return to the negotiating table. Adding fuel to the rally was an upbeat forecast from chipmaker TSMC. But tensions remain high over the Strait of Hormuz as at least two US-sanctioned ships made their way through the waterway. US regulators are also probing a series of suspiciously timed trades in the oil futures market ahead of rapid-fire policy pivots by Donald Trump related to the war. Trump’s bid to block Iran from using Hormuz chokes a key energy supply for China and risks a showdown with Xi Jinping a month before the two are due to meet face-to-face in Beijing. So far, the spillovers have been limited for the Chinese economy, with growth rebounding more than expected in the first quarter, but the data revealed few signs of a turnaround in consumer spending. Meanwhile, policymakers warned that markets are too blasé about the economic toll of the conflict. Elon Musk’s lieutenants have reached out to chip industry suppliers, asking them to move at “light speed” on his Terafab plan. The project aims to reshape the chipmaking landscape and propel the world’s richest person into an arena dominated by TSMC. Meanwhile, northern Spain’s successful AI buildout can be a model for others; here’s a glimpse of what happens when $90 billion of data centers come to town. In Texas, the grid operator has warned that power demand may quadruple by 2032 to feed booming data-center expansion. Patience is wearing thin for New York City’s doormen. They’re edging closer to a strike after talks failed to produce a new contract. Mayor Zohran Mamdani joined them on Wednesday, saying: “I’m speaking to those who maintain multi-million dollar apartments and yet when they get home, struggle to understand how they can make rent at the first of the month.” In preparation, some buildings have asked tenants to limit online purchases. The last stoppage came in 1991, long before online shopping and food delivery became the norm. Residents may also need to take out their own trash. Deep Dive: The End of LIV?
Photographer: Manuel Velasquez/Getty Images via Getty Images South America
With Rory McIlroy’s second Masters win etched into the annals of Augusta, attention in the golf world is switching to LIV and reports that the Saudi-backed upstart league may be at risk of losing its funding.
The Big Take
Photo illustration by 731. Image: Getty
Anthropic’s Mythos is so skilled at hacking that it’s forcing banks and governments to rethink cybersecurity. Here’s how the AI giant learned that its system is too dangerous to run in the wild. Big Take Podcast Opinion
Which way to more privacy?
Photographer: Saul Loeb/AFP
Congress should pass the Government Surveillance Reform Act, and the president should sign it, Noah Feldman writes. This moment of bipartisan agreement may not last. Washington has a rare chance to turn the public’s distrust of government surveillance into something productive. More Opinions Play Alphadots!Our daily word puzzle with a plot twist. 
Today’s clue is: It’s a real showstopper! Before You Go
Scrubs stars Sarah Chalke, Zach Braff and Donald Faison, 16 years after its original run ended.
Source: ABC
What’s the surest sign your age group dominates the culture? When the entertainment merry-go-round turns out one reboot after another playing to your generation’s childhood memories. With television right now, it’s millennials’ turn to go retro. Malcolm in the Middle is back, as is Scrubs. Even Harry Potter points to nostalgia for a bygone era. A Couple More Bloomberg Tech returns to San Francisco June 3-4, convening leading CEOs, investors and innovators shaping the future. Drawing on Bloomberg’s global newsroom and Terminal data, we’ll explore the capital, connectivity and ideas driving the industry forward. Register here. More From BloombergEnjoying Morning Briefing Americas? Get more news and analysis with our regional editions for Asia and Europe. Check out these newsletters, too:
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EU age verification app ready as Europe moves to curb children's social media access
The EU's age verification app for online platforms is ready and will soon be available to use, European Commission President Ursula von der Leyen said on Wednesday, as member states push ahead with plans to limit children's access to social media. ...