Hello, Thursday-N2K’ers!

Today I promise only to obliquely mention the results of New York’s mayoral primary. I’m in the West Village writing this and Pride Weekend starts on Friday—suffice to say the atmosphere is already ramping up somewhat, and I expect celebrations this weekend to be markedly more effusive, especially since the heat wave is breaking.

—Matt Davis, Need2Know Chedditor

News You Need2Know

• Don’t panic but Nvidia’s CEO is selling shares

• ‘Obliteration’? Perhaps not…

• What’s the deal with Tesla’s robotaxis?

• Bumble ghosts 30% of its workforce

• Bill aims to block Chinese AI from government

Companies mentioned in today’s newsletter

$NVDA ( ▲ 0.46% )  $TSLA ( ▼ 0.54% )  

Don’t panic but Nvidia’s CEO is selling shares

Maybe he’ll finally be able to afford a decent stylist? [Ouch! —ed.]

Jensen Huang, the leather-jacketed CEO of Nvidia $NVDA ( ▲ 0.46% ) , has initiated the sale of nearly $1 billion worth of company stock. While headlines like these might spark, let’s say… concerns among investors — because CEOs tend to do this at the peak of a company’s powers, you know? — would you believe that Mr. Huang insists the move is far from troubling?

Huang’s decision is part of a structured 10b5-1 trading plan, which allows executives to sell shares under predetermined conditions, ensuring transparency and avoiding insider trading concerns. According to filings with the SEC, Huang has so far sold 100,000 shares for $14.4 million as part of the plan, with a broader goal of offloading up to six million shares by December 31, 2025. Clearly, he’s planning to buy a container load of Labubus.

Other Nvidia executives are executing similar share sales under their own plans. The market is keeping calm so far because of what it sees as Nvidia’s robust financial health. Huang’s sales coincide with Nvidia’s stellar growth, marked by a 12% quarter-over-quarter and 69% year-over-year revenue surge in Q1 2023. With AI rapidly becoming essential infrastructure (or so the robots tell me), Nvidia’s position as a leader in AI tech is driving investor confidence.

With a market cap of $3.515 trillion, Nvidia is now the world’s second-most valuable company. Perhaps Jensen will now take a lead out of Jeff Bezos’s book and rent Venice for a trophy wedding that everyone will hate.

Song of the day: ‘Nani’ by NYC’s next mayor (probably)

"Nani” is a 2019 rap track by the Democratic nominee for New York City mayor, Zohran Mamdani. Better yet, the video stars Madhur Jaffrey, who taught my mum (and millions of others) how to cook Indian food through her books and TV shows—i.e., not in person. The rap is… dare I say it… quite good, actually? #NotPoliticalCommentary

‘Obliteration’? Perhaps not…

A new damage report into the Iranian nuclear program suggests American bombs may have blocked the entrances to a couple of bunkers rather than “obliterating” the country’s nuclear program over the weekend.

President Donald Trump had triumphantly declared the bombings a “spectacular success,” claiming the facilities at Fordow, Natanz, and Isfahan were “obliterated.” Yet, according to a new Defense Intelligence Agency report, Iran’s nuclear program was barely scratched — set back by no more than six months. That’s only slightly worse than the damage tariffs have wrought on your 401(k), incidentally.

Remember this? No?

Me either.

Apparently, the bombs caused more mess aboveground than below. Subterranean facilities remained intact, enriched uranium was moved well in advance, and Iran’s centrifuges are still spinning like a contestant on “Dancing with the Stars.”

Iranian officials have also said the sites were evacuated days prior. It makes you wonder if perhaps Iran scored an invite to Signal? [Zing! —ed.]

The president, meanwhile, continues to stick to the “obliteration” narrative, even if the intelligence on the ground (and under it) might throw off the groove.

Today on the ‘gram: Economics

Post of the day: Good answers…

Quote of the Day

What’s the deal with Tesla’s robotaxis?

Tesla $TSLA ( ▼ 0.54% ) has officially dipped its toes into the autonomous ride-hailing market, launching a limited fleet of robotaxis in Austin, Texas, over the weekend.

"Tesla has finally taken money from people to drive them around without anyone in the passenger seat of a Tesla," said Al “Get to the” Root, associate editor at Barron's.

The service is currently offering rides to a handful of hand-picked influencers within a 10-square-mile geo-fenced area for a flat fee of $4.20 per ride. The fare is an odd choice given recent scrutiny of Tesla CEO Elon Musk’s drug habit. Then again, Musk hardly touches weed, from what reports have said. Too bad you can’t charge influencers a number referencing horse tranquilizers!

The ultimate goal, as Root explains, is to eliminate the human driver, potentially halving the cost of ride-hailing and making robotaxis "more ubiquitous and maybe the average family wouldn't own two cars, maybe they'd own one and a half."

Tesla's approach, however, is weak sauce compared to industry leader Waymo. Root noted that Waymo "completes about 250,000 fully autonomous taxi rides a week" across several major U.S. cities, utilizing modified electric vehicles equipped with LiDAR and Radar.

Tesla, on the other hand, leverages its "full self-driving" driver assistance product, relying solely on cameras and a computer to train its system using data from millions of Teslas already on the road. This "scalability" is key to Musk's vision, where theoretically, every Tesla rolling off the assembly line could become a robotaxi. This opens up the possibility of an "Airbnb-type service where you rent your Tesla into the network," Root said.

Regulatory hurdles remain a significant challenge. Root explains that "every state has its own regulations" for autonomous vehicles, akin to "getting a license" at the DMV. Texas, being "home court territory or home field advantage for Tesla," as Root puts it, is a strategic starting point, with its relatively new cities and good weather providing an ideal environment for proving out the technology.

Musk, also, until recently, was quite good friends with the president of the United States although (checks notes) wait. That’s not such a guaranteed boon to his prospects as it was before he accused the president of being a pedophile on Twitter.

While the thought of self-driving vehicles in bustling cities like New York may seem "unfathomable," Waymo's success in navigating the challenging hills of San Francisco demonstrates the rapid advancements in this space. Root points out that "it's not a slam dunk that the humans are better than the cars even right now." Especially not if you’ve seen my wife’s driving. [Zing! —ed.]

Kidding, darling. You’re an amazing driver, especially when you’re not also tweeting and checking Instagram at the same time.

Ultimately, the question boils down to safety: Can these autonomous vehicles prove to be safer than my wife human drivers? Waymo's current data, as cited by Root, suggests an "85% reduction in serious accidents," compared to human beings. Then again, it’s the 15% that the media are going to focus on when a robotaxi kills a bunch of people, you know? I know that’s what we’ll do, for sure.

As Tesla expands beyond its initial Austin pilot, the world will be watching to see if their ambitious, camera-only approach can truly deliver on the promise of a ubiquitous and affordable autonomous future. "There's a lot to do to prove out and that can excite people before even they get to their next city," Root said.

Should you check your 401(k) today?

👎️ 

Maybe tomorrow (🎶 I’ll want to settle down. Until tomorrow, I’ll just keep movin’ on 🎶)

Bumble ghosts 30% of its workforce

When I was 23 I dumped a girlfriend of several months by writing her a “dear Joan” letter and quoting a line out of Nelson Mandela’s autobiography, Long Walk to Freedom, without, you know, attributing it to him. She grokked it and was understandably furious, although therefore even more delighted to be free of me. So: Win-win?

Anyway swipe left on job security! But now Bumble $BMBL ( ▼ 0.15% ) — the online dating platform famous for combating ghosting — has done just that to 240 employees, or roughly 30% of its global workforce. At the very least, it’s the HR equivalent of telling people “it’s not you, it’s me.”

According to Bumble’s SEC filing, the mass breakup is part of a plan to “realign its operating structure to optimize execution on its strategic priorities.” Translation: It’s over. And I’m keeping the dog.

They’re aiming to save $40 million annually. The savings will be reinvested in technology and product development, but the pink slips hit hard, leaving hundreds to ponder if Bumble’s love for innovation trumped its commitment to people, or perhaps if they’re just a bunch of psychos. Probably a bit of both.

CEO Whitney “Cry” Wolfe Herd addressed the layoffs in a note to employees, explaining that Bumble, like the online dating industry itself, is “at an inflection point.” She even called the decisions “hard,” which if this were a romantic breakup would sound condescending. Luckily, it’s just 240 people losing their jobs.

Meanwhile, Bumble shares skyrocketed 23% following the announcement, because the stock market is really just Patrick Bateman from that book by Bret Easton Ellis.

A feeling of broader failure is also 🎶 coming in the air tonight 🎶 when it comes to Bumble, with the stock down 92% since its 2021 debut.

Bill aims to block Chinese AI from government

Congress has introduced a bipartisan bill to block Chinese AI systems from federal agencies via the House Select Committee on China. American AI systems, it seems, are fine by default.

Still, 再見¹ , Deepseek! Republican Rep. John Moolenaar said, “We’re in a new Cold War, and AI is the strategic technology at the center.”

Jack Clark, co-founder of Anthropic, argued: "AI systems are a reflection of the societies they are built from. AI built in democracies will lead to better technology for all of humanity. AI built in authoritarian nations will... be inescapably intertwined and imbued with authoritarianism."

American AI, meanwhile, is all trained on the Simpsons.

If we’re banning foreign AI, can we also finally ban Clippy from Microsoft Word?

Poll of the Day: Who wore it better?

Poll Results: Y’all are responsible with ur cheddar

We asked: If you were aged 25 or under today would you spend beyond your means?

You answered:

⬜️⬜️⬜️⬜️⬜️⬜️ Yes. I would spend more money than I had, and then some. (116)

🟩🟩🟩🟩🟩🟩 No. I would focus on getting debt-free and then building savings. (813 votes)

#NotFinancialAdvice

929 Votes via @beehiiv polls

1  Seeya!