—— Trump Says U.S.-China Trade Framework Complete; DoorDash Buys Ad Tech Firm Symbiosys for $175M; US Core Inflation Undershoots for Fourth Month; Nvidia CEO Says Quantum Computing Nearing Inflection Point; New York Law Ends Broker Fees for Renters; Alibaba Engineers Canceled Holidays to Catch Up After DeepSeek Breakthrough
1. Trump Says U.S.-China Trade Framework Complete
President Donald Trump announced that the United States and China have completed a new trade framework, which includes China supplying rare earths and magnets “up front” and the U.S. agreeing to allow Chinese students to study at American universities.
The agreement, finalized during talks in London, maintains tariffs at their current reduced levels — with the U.S. imposing 55% duties and China 10%. Trump emphasized that the deal still requires final approval from both himself and Chinese President Xi Jinping.
“OUR DEAL WITH CHINA IS DONE, SUBJECT TO FINAL APPROVAL WITH PRESIDENT XI AND ME,” Trump wrote on social media. He later added, “We are going to work closely together to open up China to American trade. This would be a great WIN for both countries!”
The announcement caused brief volatility in financial markets, with U.S. futures erasing losses before turning lower again, as investors sought clarity on the pact’s terms.
Source: Bloomberg – Trump Says China Will Supply Rare Earths in ‘Done’ Trade Deal
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2. DoorDash Buys Ad Tech Firm Symbiosys for $175M
DoorDash Inc. is expanding its advertising ambitions with the $175 million acquisition of Symbiosys, an ad tech company founded by ex-Google executive Bashar Kachachi. The deal strengthens DoorDash’s efforts to grow its ad business, which has surpassed a $1 billion annual run rate in 2024.
Symbiosys enables retail brands to run ads across platforms like Google Search, YouTube, Facebook, Instagram, and Pinterest. With this acquisition, DoorDash can now offer its 150,000+ advertisers the ability to manage off-platform ads in addition to those on the DoorDash app and site.
The announcement came alongside the launch of new DoorDash advertising tools that allow brands to measure performance on banners, sponsored listings, and ads shown during checkout or in search results. It marks DoorDash’s continued shift into enterprise services and international expansion.
In May, the company also revealed plans to acquire UK-based Deliveroo for $3.9 billion and restaurant software firm SevenRooms for $1.2 billion.
Source: Bloomberg – DoorDash to Buy Symbiosys to Boost Its $1 Billion-a-Year Ad Unit
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3. US Core Inflation Undershoots for Fourth Month
Underlying US inflation rose less than expected for the fourth consecutive month in May, signaling that companies are largely refraining from passing tariff-related cost increases onto consumers.
Core consumer prices—excluding food and energy—rose just 0.1% from April and 2.8% year-over-year, according to Bureau of Labor Statistics data released Wednesday. Prices for goods, excluding food and energy, were flat. Both new and used car prices fell, along with apparel. Meanwhile, services prices excluding energy edged up 0.2%, a slowdown from April, helped by declines in airfares and hotel rates.
Markets responded positively: Treasury yields dropped, the dollar weakened, and the S&P 500 opened higher. Traders are now pricing in a 75% chance that the Federal Reserve will cut interest rates by September.
The data suggests consumers haven’t yet felt the brunt of President Donald Trump’s tariff hikes. Analysts say this may be because some of the most aggressive tariffs remain paused, while companies are absorbing costs or relying on pre-tariff inventories.
Source: Bloomberg – US Core Inflation Rises Less Than Forecast for Fourth Month
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4. Nvidia CEO Says Quantum Computing Nearing Inflection Point
Nvidia CEO Jensen Huang said Wednesday that quantum computing is approaching a breakthrough moment and could soon be capable of solving major global challenges. Speaking at a keynote during Nvidia’s event held alongside VivaTech 2025 in Paris, Huang said quantum systems are becoming “more robust, higher performance and more resilient.”
Quantum computing, long in development, leverages subatomic particles to process data far faster than conventional computers. Despite technical barriers and high costs, firms such as Google and Microsoft are racing to find real-world applications.
Huang also announced that Nvidia’s Grace Blackwell 200 chip will accelerate the company’s entire quantum algorithm stack, reinforcing Nvidia’s role in supporting the emerging field. He noted that quantum machines could dramatically improve the performance of large language models and broader artificial intelligence systems.
Shares of US-listed quantum computing firms rose on the remarks: D-Wave Quantum rose ~2%, IonQ gained 3.6%, Rigetti climbed 4.5%, and Quantum Computing Inc. jumped 8.4% in premarket trading.
Source: Bloomberg – Nvidia’s Huang Sees Quantum Computing Reaching Inflection Point
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5. New York Law Ends Broker Fees for Renters
New York City renters are now no longer required to pay broker fees charged by their landlords’ real estate agents, thanks to a new law that took effect Wednesday. The change eliminates a burdensome upfront cost—often amounting to thousands of dollars—that has long made relocating in the city unaffordable for many.
Tenant advocates hail the legislation as a win for renters, promoting greater mobility in a city where housing costs routinely hit record highs. Previously, with broker fees, renters faced average lease-signing costs near $13,000. With the change, that number is expected to fall to around $7,500.
However, landlords may find ways to offset the loss, such as incorporating fees into monthly rent. Still, advocates say spreading out costs is far more manageable than demanding large lump sums.
The “Fairness in Apartment Rental Expenses Act” survived a legal challenge this week after a judge rejected a request by landlord groups, including the Real Estate Board of New York, to block the law.
Source: Bloomberg – NYC Renters Brace for Price Hikes After Broker-Fee Ban
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6. Alibaba Engineers Canceled Holidays to Catch Up After DeepSeek Breakthrough
Alibaba engineers worked through China’s most important holiday, canceling their Chinese New Year vacations to urgently respond to a competitive shock from domestic rival DeepSeek. Chairman Joe Tsai said at the VivaTech conference in Paris that the January debut of DeepSeek’s powerful and inexpensive R1 AI model revealed Alibaba had fallen behind.
Tsai recounted how engineering leads instructed teams to stay in the office and accelerate the development of Alibaba’s Qwen model series, which launched within weeks. He called Qwen “quite competitive” in response to DeepSeek’s disruption.
Since then, Alibaba has shifted its strategic focus to artificial intelligence, particularly artificial general intelligence, and pledged to invest over 380 billion yuan ($53 billion) in AI infrastructure over the next three years, including new data centers.
Despite the aggressive push, Alibaba’s financial returns remain unclear. The company’s March-quarter revenue rose only 7%, hindered by China’s ongoing economic slowdown. Its AI partnership with Apple Inc. has also attracted scrutiny from U.S. officials amid tech tensions.
Source: Bloomberg – Alibaba Staff Worked Through Holiday After DeepSeek Breakthrough
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7. Nvidia posts 69% revenue surge
Nvidia reported a 69% year-on-year jump in revenue to $44.1 billion for the quarter ending April 27, surpassing Wall Street’s forecast of $43.3 billion, even as it absorbs a major revenue hit from US export restrictions targeting China.
The chipmaker, central to the global AI infrastructure boom, expects revenue of about $45 billion for the current quarter, plus or minus 2%. That range puts its guidance slightly below the Bloomberg consensus estimate of $45.5 billion. Nvidia shares rose 5% in early Thursday trading.
The company is navigating the fallout from President Donald Trump’s renewed trade tensions with China, including export controls introduced in April that barred Nvidia from selling its AI chips specifically tailored for the Chinese market. Nvidia said those curbs led to a $4.5 billion charge last quarter and an additional $2.5 billion in missed sales. The company also expects to lose roughly $8 billion in Chinese revenue this quarter as a result.
CEO Jensen Huang said demand for Nvidia products remains “incredibly strong,” but he reiterated criticism of the US government’s export control measures on a call with analysts.
Source: Financial Times – Nvidia quarterly revenue surges nearly 70% despite China curbs
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