⁠Wall St Engine
$GOOGL CEO Sundar Pichai on Competition:

“You're talking about some of the best companies... It shows how much progress we’re going to see.”

“I spent time with Elon two weeks ago...His ability to will future technologies into existence — it’s just unparalleled.” https://t.co/0GcsrfZXtK
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$GOOGL CEO Sundar Pichai on whether Google is being disrupted by AI:

“One of the first things I did was to think of the company as AI-first... The reason we were excited to approach our work as AI-first is because we really felt that AI is what will drive the biggest progress in search. So it feels very far from a zero-sum construct to me.”

“AI Overviews is now being used by over 1.5 billion users in over 150 countries... We find for queries where we trigger AI overviews, we see query growth and the growth continues over time.”

“To your question about innovator's dilemma — I think the dilemma only exists if you treat it as a dilemma. So for me, all along in technology, you have these massive periods of innovation, and you lean into it as hard as you can. It's the only way to do it.”

“When mobile came, everyone was like, well... you’re not going to have the real estate, how will ads work, all that stuff. Mobile was a transition which ended up working great.”

“To me, you don’t think about it as a dilemma, because you have to innovate to stay ahead.”

“It’s like one of the original principles of Google — follow the user, all else will follow.”
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South Korea says a US trade deal could still happen after the July 8 deadline. Trade chief AHN noted progress on auto and steel, confirmed talks are delayed due to Korea’s election, and said the Google Maps issue is also part of the discussions. Next meeting set for mid-June.
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Google CEO Sundar Pichai says they almost acquired $NFLX:

“There are acquisitions we debated hard... maybe Netflix.” https://t.co/00gNfWBm8X
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Epic Games says $AAPL has blocked Fortnite from both the U.S. and EU App Stores. The game will be offline on iOS globally until Apple reverses the decision, according to Epic.
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Goldman Sachs Reiterates Buy Rating on $WMT, Says Well Positioned for 2025 Earnings Growth, Maintains PT at $101

Analyst comments: "WMT closed down -0.5% (vs. the S&P 500 at +0.4%) after a 1Q earnings beat and reiteration of 2025 guidance. In our view, while the environment remains uncertain, we were not surprised WMT reiterated full-year guidance given tariffs are lower now than when guidance was reiterated on April 9, 2025. WMT also highlighted offsets such as inventory management and alternative revenue streams to support bottom-line growth, along with managing assortment and pricing.

The stock reaction may partly reflect the lack of 2Q operating income or EPS guidance amid a dynamic macro backdrop shaped by tariffs, which could lead to higher prices and weaker-than-expected elasticity. However, we believe WMT is well positioned to continue driving solid earnings growth in 2025, supported by market share gains due to its compelling value and convenience proposition. Profitability should also improve. We reiterate our Buy rating and $101 price target."

Analyst: Kate McShane
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MIDEA GROUP, ZTO EXPRESS TO JOIN HK'S HANG SENG INDEX
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JAPAN 🇯🇵 1Q GDP -0.7% ON ANNUALIZED BASIS; EST. -0.3%
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Microsoft $MSFT has proposed selling Office without Teams at a lower price and offering rivals better interoperability, aiming to resolve the EU's antitrust case stemming from Slack’s 2020 complaint. The EU Commission is now seeking feedback before making a final decision.
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Trump, speaking aboard Air Force One, said he “may” call Putin to help restart talks, adding, “He and I will meet. I think we’ll solve it — or maybe not — but at least we’ll know. And if we don’t solve it, it’ll be very interesting.”
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RUSSIA, UKRAINE, TURKEY DELEGATIONS HOLD MEETING IN ISTANBUL - BBG
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To clarify, Bill Ackman posted on X that while their 13F shows they sold $NKE common stock, it doesn’t reflect that they replaced it with OTC call options in a similar notional size. https://t.co/ReuP0jkEnJ

BILL ACKMAN’S PERSHING SQUARE CAPITAL MANAGEMENT JUST FILED ITS Q1'24 13F.

HE SOLD OFF HIS ENTIRE POSITION IN $NKE, & ADDED $UBER — NOW HIS NUMBER ONE HOLDING.

HERE’S A LOOK AT HIS FULL PORTFOLIO: https://t.co/InWXLQ4zFj - Wall St Engine
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BREAKING: Novo Nordisk CEO Lars Fruergaard Jørgensen to step down

After 8 years leading $NVO through major growth, CEO Lars Jørgensen will step down amid recent market pressure and share price decline. He’ll stay on during the transition as a search for his successor begins. Lars Rebien Sørensen to join the board as an observer.
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Nvidia $NVDA is setting up a new R&D center in Shanghai, per FT, aiming to better serve China’s tech needs while navigating U.S. export curbs. Core chip design and production will remain outside China to comply with IP rules.
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Tesla $TSLA appoints Chipotle exec Jack Hartung to its Board of Directors, effective June 1. Hartung will also join the Audit Committee.
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