Good morning. In today’s edition:

• 🗣️ Biden and Trump are set to debate
• 🤔 Unpacking America’s latest inflation report
• 🤖 Inside the global push to weaponize AI

… and more.

🚀⏰ Ready, Set, Go: Today’s news should be a ~5.23-minute read (1,391 words).

P.S. First time reading? Subscribe here for free.

“The only thing new in the world is the history you do not know.”

–Harry S. Truman (1884-1972)

The WWE-style political countdown is on: President Biden and former President Trump agreed yesterday to hold debates in June and September, marking the first official confirmation that both major presidential candidates will appear together on stage in 2024.

Here’s what happened: Biden’s campaign announced yesterday morning that he wouldn’t participate in fall debates hosted by the nonpartisan Commission on Presidential Debates, which has organized them for more than three decades. Instead, Biden’s campaign proposed that media outlets directly organize debates with both candidates.

Hours later, after a series of back-and-forth barbs on social media, Biden and Trump had agreed to a pair of debates hosted by CNN (June 27) and ABC (September 10).

• The debates reportedly won’t have a live audience, per Biden’s request. Both parties are still negotiating over Biden’s other debate condition – microphones that can be cut by the moderators.

This new debate schedule has drawn pushback from many third-party supporters. Robert F. Kennedy Jr., the leading third-party presidential candidate, accused Biden and Trump of colluding to exclude him from the 2024 debates by moving them up from their traditional fall schedule.

• Both CNN and ABC's rules say a candidate needs to be polling above 15% in at least four reputable national polls, and also must be on the ballot in enough states to secure 270 electoral votes.
• RFK Jr. has already hit the 15% polling threshold in two out of four qualifying polls – but the electoral vote stipulation is still a ways off. He’s currently on the ballot in just four states, with ongoing efforts in 38 more.

👀 Looking ahead… RFK Jr.’s campaign manager said they "anticipate fulfilling all participation criteria" for the CNN debate in late June.

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🇸🇰 Slovakia’s prime minister was hospitalized following an assassination attempt. PM Robert Fico, who returned to power last year after previously serving as PM for ten years, was shot five times in the stomach following a political event yesterday morning, in what government officials described as a “politically motivated” attack. Slovakia’s deputy PM said Fico was no longer in a life-threatening situation following surgery yesterday afternoon. Slovakia has experienced deep political division since Fico’s return as PM, with critics framing him as a pro-Russian populist.

🇭🇰 Hong Kong ordered YouTube to block a protest anthem for citizens. The decision follows a Hong Kong court ruling last week banning 32 videos of "Glory to Hong Kong," which officials said could be “weaponized” to incite secession from China. Critics say the ban on the anthem, which emerged during massive pro-democracy/anti-China protests in 2019-20, is an attempt by Beijing to suppress opposition.

🇷🇺🇨🇳 Russian President Vladimir Putin kicked off a two-day visit to China. Putin, who began a record fifth term as Russia’s leader last month, is expected to meet with Chinese President Xi Jinping to showcase their close diplomatic relationship and discuss a range of issues, including the Ukraine war. Putin’s visit began hours after US Secretary of State Antony Blinken publicly criticized China for supporting Russia’s war with nonlethal assistance.

The latest inflation data dropped yesterday morning. And it has economists and investors fist-pumping like Tiger Woods at the 2005 Masters.

The US consumer price index increased 3.4% annually in April, in line with economists’ expectations and below March’s 3.5% reading. Core CPI, which excludes volatile food and energy items, rose 3.6% annually, its lowest increase since April 2021.

• On a month-to-month basis, overall inflation rose 0.3% in April, below both economists’ expectations and March’s reading. Housing and gas prices accounted for over 70% of the increase, while medical costs and car insurance prices also rose.
• On the flip side, airline fares, grocery prices, and new and used car prices all fell outright in April.

Big picture: Fed officials and economists started the year with Ms. Frizzle-like optimism about being able to lower interest rates – but the first few months of 2024 generated higher-than-expected inflation readings, making an imminent rate cut (or cuts) less likely.

However, this latest CPI data, while only encompassing one month, indicates inflation isn’t accelerating. And the Fed’s attempt to weaken demand to counteract price increases seems to be working – another report released yesterday showed retail sales stagnating in April.

👀 Looking ahead… Markets are now pricing in a ~77% likelihood of an interest rate cut in September, up from ~65% on Tuesday. And in another sign of investor optimism: the S&P, Dow, and Nasdaq all closed at record highs yesterday.

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The next live-action sequel in the Terminator franchise could soon play out in real time. Around the world, militaries are increasingly turning their focus towards the development of lethal, AI-powered weapons for use on the battlefield.

Autonomous weapons of one kind or another, including heat-seeking missiles, have been around for decades. But in recent years, the development and use of AI algorithms has expanded their capabilities:

• The US military’s AI-controlled fighter jets are now “roughly even” in skill level compared to human pilots, Air Force Secretary Frank Kendall said last week.
• A wide range of commercially available drones can use AI image recognition to identify targets, human or otherwise, and blow them up.
• Outside of aircraft, military contractors have spent billions developing experimental submarines, tanks, ships, and other technology that use AI to pilot themselves and shoot – including a robot dog armed with a rifle.

AI’s emergence on the battlefield has sparked an ethical debate. Some researchers and experts argue that AI weapons are more accurate than human-guided ones, thereby reducing potential collateral damage – while others raise concerns about the ethics of leaving targeting decisions to algorithms that humans don’t yet fully understand.

👀 Looking ahead… The AI-arms race is on like Donkey Kong. In an attempt to keep pace with China’s spending in the area, a bipartisan group of US senators, including Majority Leader Chuck Schumer, are currently considering a measure to dedicate a “very large” amount of funds toward AI-related defense initiatives.

💬 Quoted: “Inappropriate behavior by a small minority of people.”

• A New York City art installation called “The Portal,” which allowed Big Apple residents to see and connect with people in Dublin, Ireland, via livestream video, is temporarily shutting down after some… interesting interactions. Since the Portal opened last Wednesday, videos have gone viral showing people flashing body parts and holding up violent images depicting things like swastikas and 9/11, with culprits in both New York and Dublin. Officials say the Portal is expected to reopen next week following a technical upgrade.

💉🏀 Stat of the Day: Minnesota Timberwolves center Naz Reid may have been the 2023-24 NBA Sixth Man of the Year, but he’s ranked No. 1 in the hearts of at least 156 fans – who now have his name tattooed somewhere on their bodies. This development came about after a local tattoo artist impulsively posted a message on X last week saying “Will tattoo ‘Naz Reid’ on anyone for $20” in celebration of a T-Wolves playoff victory.

🤔 Did You Know? The average IQ has steadily increased for each US generation since the 1930s, with tests getting harder over the years to keep the average at 100 IQ.

📰 Worth a Read: How Hermès torments its customers – and why it works → (The Hustle)

• ☝️ Plebes, aka US Naval Academy freshmen, successfully placed a hat atop the Herndon Monument in Annapolis yesterday to celebrate finishing their first year – a task that took 2+ hours to accomplish, since the 21-foot obelisk was entirely covered in lard.

BUSINESS & MARKETS

in partnership with Slumber

• 📝 Berkshire Hathaway finally revealed its secret stock pick in a new regulatory filing: insurance company Chubb; BH has (on the down-low) purchased 26 million shares of Chubb over the past three quarters, giving it a stake worth $6.7 billion.
• 📺 Netflix's ad-supported tier has 40 million monthly users, up ~2x from January; the streamer now boasts 270 million total subscribers.
• 🍔 McDonald's $5 value meal promotion will begin June 25 and last roughly a month. (Fast food vs. fast casual: a battle is brewing)

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SPORTS, MEDIA & ENTERTAINMENT

• 🏜️🛺 Furiosa: A Mad Max Saga received a six-minute standing ovation at the Cannes Film Festival on Wednesday night; the film debuts in US theaters on May 24. | ⛳ Happy Gilmore 2 has been officially greenlit; the sequel will see Adam Sandler reprise his starring role.
• 🏈 Netflix will stream at least one NFL game on Christmas Day through 2026; the streamer is paying ~$75 million/game this year for the rights.
• 🎩 David Copperfield has been accused of sexual misconduct by 16 women, more than half of whom were minors at the time of the alleged acts; the world-famous magician vehemently denied these claims.

SCIENCE, SPACE & EMERGING TECH

in partnership with Paleovalley

• 🎶 Randy Travis released a new song that includes an AI-generated re-creation of his voice; the country star suffered a debilitating and near-fatal stroke over a decade ago and hadn't released music since.
• ☀️ The Sun emitted another powerful solar flare Tuesday; it comes nearly one week after separate flares set in motion a severe solar storm that disrupted some technology and produced further-south-than-usual northern lights.
• 🪐 Astronomers identified a planet bigger than Jupiter – yet it’s as fluffy and light as cotton candy.

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MISCELLANEOUS

• 📉 US drug overdose deaths numbered 107,543 in 2023, a 3% drop from 2022 and the first annual decline since before Covid. | ⚕️Walgreens will start selling its own cheaper version of opioid overdose reversal drug naloxone.
• 🏛️✈️ The House voted to pass legislation that funds the FAA for the next five years; the bill now heads to President Biden's desk for signature.
• 🚢 A fuel barge ran into a bridge in Galveston, TX, yesterday, causing a partial collapse and oil spill; no one was injured.

CLICKBAIT

• 🧠 Why do people get brain freeze?

We bring you the most unusual, off-the-wall and occasionally laugh-out-loud headlines from this week.

• Plane passenger climbs into overhead bin of US Southwest Airlines flight and takes nap → (New Zealand Herald)
• Indiana judge rules tacos, burritos are sandwiches → (WISH-TV)
• High turnout turns dino record attempt into Tyrannosaurus wreck → (UPI)
• Daughter joins dad as world's fastest window cleaner → (BBC)
• 61-year-old runner breaks world record for fastest 1,000 marathons → (Advnture)

Yesterday, we covered how scientific journals are increasingly running into a similar problem – some of the papers they’ve published were either partially or completely fabricated, leading to thousands of retractions in recent years.

❓ Our question to you: How would you best describe your personal confidence in the scientific community?

• 👍 A great deal of trust: 20%
• 📈 A fair amount of trust: 31%
• 📉 Not too much trust: 27%
• 👎 No trust at all: 13%
• 🤷 Unsure/other: 9%

Click here to read more of the best longform responses.

+Note on sample size: We received 3,816 votes and 403 longform responses.

👆 This little cutie was recently rescued after getting its head stuck in the drain hole of a discarded sink in South Essex, UK. 

🦊 Quick-thinking vet = happy fox... The fox kit was saved by veterinarian Tom Linsel, who had previous experience with this type of rescue. After getting the kit out of the drain, he treated the little one for some minor injuries.

• "Foxes always seem to find themselves in some pretty strange places, but this poor cub really did take things to a whole new level," the South Essex Wildlife team shared.

What is the largest urban area in Africa by population? (Shown above)

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Cairo, Egypt (pop. ~22 million)