Today's News You Need2Know

• OpenAI is making an ‘X’ clone

• What does stock market’s “death cross” mean?

• Starbucks updates its employee dress code

• American Airlines finally offering free Wi-Fi

• Hong Kong Post suspends U.S.-bound services

—Matt Davis, Need2Know Chedditor

Companies in today’s newsletter

OpenAI, X, $SPX ( ▲ 0.13% ) , $SBUX ( ▲ 0.92% ) , $AAL ( ▲ 0.43% )  

OpenAI is making an ‘X’ clone

In a new twist in tech's battle royale — Elon Musk vs. Sam Altman — OpenAI has reportedly decided to build its own X-like social media network. Apparently creating terrifyingly smart AI wasn’t enough, and now they want us to post selfies as well as ask HAL nicely to open the pod doors.

According to The Verge, there’s already an internal prototype with image generation features and a social feed. What’s juicy, though, is the drama this might stir between Altman and Musk. Musk, the proud owner of X (formerly Twitter), is probably fuming. Why? OpenAI used to be his baby — until he left and, let’s just say, that breakup hasn't been pretty.

Musk sued OpenAI, alleging they abandoned their “AI for humanity” ethos. OpenAI essentially said, “Whatever, Elon,” and counter-sued, accusing him of harassment. Now, with Altman tiptoeing into the social network arena, this rivalry feels like soap opera gold.

What does stock market’s “death cross” mean?

Markets had their first “death cross” in three years yesterday, when the 50-day moving average falls below the 200-day moving average on your stock charts. We sought reassurance from Jacob Sonenshine, Stock Pick Writer at Barron's, who burst our bubble. "I think there probably will be increased volatility from here," he said. He also predicts a market decline, bringing the S&P 500 $SPX ( ▲ 0.13% ) down in the coming weeks or months. “That death cross historically is not a good sign," he said, adding that it suggests "considerable downside in the near term." The main cause? "Trade talks do not go smoothly with the current president," Sonenshine said. Here are some key takeaways from Jacob:

• The "death cross" is a technical indicator suggesting potential downside.

• The S&P 500 might “retest support” at 4,800 — right now it’s at 5,200, so buckle up.

• Expect elevated market volatility in the coming weeks and months.

• Cyclical sectors are likely to be more volatile due to economic uncertainty.

• Defensive stocks like Procter & Gamble could be a safer option although that’s #NotFinancialAdvice.

From @cheddar

Post of the day: @TerribleMaps

Starbucks updates its employee dress code

Brace yourselves for news that will shake the very foundations of your caffeine routine: Starbucks $SBUX ( ▲ 0.92% ) is tightening up its barista dress code. Starting May 12th, baristas will only be allowed to wear black shirts of any solid color, and khaki, blue, or denim pants (previously they were allowed to wear different-colored shirts, and pants).

If you’re in line after May 12th, maybe offer a compliment your barista on that black t-shirt they’re wearing. Or more usefully, perhaps you could ask them if they’ve ever considered joining a union? Just kidding. Definitely don’t do that. Ha!

Should you check your 401(k) today?

👎

Nope.

American Airlines finally offering free Wi-Fi

Hold onto your complimentary tiny pretzels because the skies are about to get a whole lot chattier. American Airlines $AAL ( ▲ 0.43% ) is the last of the major airlines to offer free in-flight Wi-Fi for domestic flights. Beginning in January 2026, members of its free AAdvantage loyalty program will have access to the wireless service, which will be available on 90 percent of the carrier’s fleet.

American was one of the few US-based airlines still charging for Wi-Fi, with prices ranging from $10 for a flight to $599 for an annual pass. American said that AT&T will sponsor the service, helping to offset the cost of installing the planes with the necessary equipment. So, pack your chargers, update your apps, and get ready to Slack with your boss on your so-called vacation.

Quote of the Day: Jacob Sonenshine

Hong Kong Post suspends U.S.-bound services

Hong Kong Post has suspended mail services for goods sent by sea to the United States, accusing the U.S. of bullying in its trade war with China. It follows Washington's move to cancel tariff-free trade provisions for packages from China and Hong Kong. Starting May 2, the U.S. will halt its de minimis provision under which packages valued at under $800 from China and Hong Kong entered the country tariff-free. Consequently, these packages will now face a 90% tariff or a flat fee of $75.

Still, the trade war will have resolved itself by then, surely.

Poll of the Day: The death cross and the markets

Results from yesterday’s polls

First, we asked: Who's right?

You answered:

🟩🟩🟩🟩🟩🟩 Harvard (1,628 votes)

⬜️⬜️⬜️⬜️⬜️⬜️ The Trump administration (230 votes)

⬜️⬜️⬜️⬜️⬜️⬜️ Can we have this poll be about Peeps, please? (110)

1,968 total votes via @beehiiv polls

Then, we asked: Do you want to see more tariffs on pharmaceuticals and computer chips?

You answered:

⬜️⬜️⬜️⬜️⬜️⬜️ Oh, yes. Yes! YES! (76 votes)

 🟩🟩🟩🟩🟩🟩 For the love of God, make it stop. (1,203)

1,279 total votes via @beehiiv polls

Don’t miss: new alternative investments show!

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