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Good morning. We look at how the cannabis business may — and may not — benefit from changes to federal marijuana laws; explain which parts of the A.I. boom Wall Street likes; examine why a tax policy fight is an election issue; and highlight President Biden’s economic pitch to battleground-state voters. (Was this newsletter forwarded to you?
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Potential changes to federal law could make the business of lighting up less legally fraught.
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A flicker of hope for the weed business
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For years, the dreams of the cannabis industry looked like they might go up in smoke, with the U.S. government classifying marijuana as a drug as dangerous as heroin. But the multibillion-dollar industry now has some hope that could change.
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Shares in cannabis-related companies are soaring, as the Biden administration weighs
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easing federal restrictions on marijuana
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, though not completely decriminalizing it. The bet is that this will give the industry a new lease on life — though it shouldn’t expect big changes immediately.
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What’s happening:
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The Justice Department said yesterday that it had recommended changing marijuana’s classification from a Schedule I drug (highly addictive with no medicinal use) to a Schedule III one (more like Tylenol with codeine). While the department can still prosecute offenders, it has already said doing so isn’t a high priority.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The news bolstered cannabis stocks.
</span>
<span>
Shares in Tilray, a giant in the industry, jumped 39 percent yesterday, while those in Canopy Growth leaped nearly 79 percent. That’s welcome news for investors in both companies: Canopy Growth’s stock is down 97 percent over the past five years, while those in Tilray are down 95 percent.
</span>
</p>
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A MESSAGE FROM MODERN TREASURY
</h3>
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<p style="font:700 20px/28px georgia,serif;color:#121212;margin:0 0 4px">
There's a dirty little secret in finance.
</p>
<p style="font:16px/22px georgia,serif;color:#121212;margin:0 0 19px">
In a digital world where businesses are automated and always on, finance teams have a secret: reconciliation and other tasks are still done by hand. Today's companies are limited by isolated tools and systems built for a different time. But a new era of payments has arrived, one where companies need to move, track and reconcile money in real-time. See how you can get to 100% reconciled faster with assisted AI and Modern Treasury.
</p>
<p style="font:700 10px/10px arial,sans-serif;text-transform:uppercase;-webkit-text-decoration:underline;text-decoration:underline;color:#5a5a5a;margin:0 0 20px">
Learn more
</p>
<img alt="Modern Treasury Logo" height="15" src="https://inboxflows.com/_/image/https%253A%252F%252Fstatic01.nytimes.com%252Fads%252Femail_logo%252Fdealbook%252FNew%2520150x15.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZzdGF0aWMwMS5ueSIsInRpbWUiOjE3MTQ1NjQ5NTAuNjk5MDI5Mn0:1s28fO:3GKI2-OeaqSKvfLLgdI9eFpJ6R_FgRjt77qKdPJDQQU" style="height:15px;max-width:150px"/>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
New rules could unleash tax breaks that are unavailable for businesses that deal in Schedule I or Schedule II substances, possibly leading to lower prices and more hiring. It could also bolster investment: “We anticipate a surge in liquidity as sidelined capital enters the market, drawn by the potential for legal businesses to thrive,” Morgan Paxhia of Poseidon Asset Management said.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
A big change would be whether financial giants will start working with cannabis companies.
</span>
<span>
Service providers including
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Mastercard
</a>
<span>
and
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
brokerages
</a>
<span>
don’t want to be involved in transactions involving federally prohibited substances. The re-entry of traditional financial services would be a huge boon for such companies.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
It’s a decision that has been years in the making.
</span>
<span>
President Biden ran for office in 2020 pledging to decriminalize marijuana and ease convictions over its use. It’s also not without controversy: Anne Milgram, the Drug Enforcement Administration’s administrator, raised concerns about the move.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The cannabis industry has also pushed back against existing federal laws.
</span>
<span>
A group of companies has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sued the Justice Department
</a>
<span>
, arguing that the federal government was overstepping its constitutional authority over interstate commerce by restricting companies that operate entirely within states.
</span>
</p>
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<span>
David Boies, the famed litigator representing those companies, said the Biden administration’s move was overdue. “It recognizes, as we have alleged, that there is no legitimate national interest in criminalizing marijuana legalized by the states,” he told DealBook.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Don’t expect big changes overnight, however.
</span>
<span>
The Justice Department’s recommendation sets off a lengthy rule-making process including a public comment period, meaning final changes are far-off.
</span>
</p>
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<span>
HERE’S WHAT’S HAPPENING
</span>
</h3>
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</table>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The police clear protesters from a Columbia building they had occupied.
</span>
<span>
Dozens of pro-Palestinian demonstrators
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
were arrested
</a>
<span>
after university officials said that Hamilton Hall had been “vandalized and blockaded”; an encampment on the campus has also been cleared. Los Angeles police were called in at the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
University of California, Los Angeles
</a>
<span>
, after officials said violent clashes broke out on campus.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Binance’s former C.E.O. is sentenced to four months in prison.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Changpeng Zhao
</a>
<span>
, who pleaded guilty to a violation of money laundering rules, received less than the three-year term that prosecutors had recommended. With a fortune that’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
estimated at $33 billion
</a>
<span>
, he may be the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
richest-ever federal inmate
</a>
<span>
in U.S. history.
</span>
</p>
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Elon Musk shut down Tesla’s entire electric vehicle charging team.
</span>
<span>
About 500 employees at the unit that built the largest and most reliable charging network in the U.S. were
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
laid off
</a>
<span>
yesterday. The surprise decision raises questions about the future of a unit previously seen as key to Tesla’s dominant position in the market. Musk said on the social media platform X that Tesla would focus on expanding capacity at existing charging stations.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Investors punish Starbucks and CVS over poor quarterly sales.
</span>
<span>
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Shares in Starbucks
</a>
<span>
were down more than 12 percent in premarket trading after the coffee giant reported worse-than-expected revenue and profits and lowered its financial forecasts. (Its stock has fallen 30 percent since Howard Schultz, its longtime C.E.O., left the company last year and Laxman Narasimhan took the helm.) And
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
shares in CVS
</a>
<span>
were down 12 percent after the pharmacy chain said higher medical costs accounted for falling profits and a lower earnings forecast.
</span>
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<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
The early winners of the A.I. race
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Amazon’s big bet that artificial intelligence could be the foundation for its
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
next era of growth
</a>
<span>
seems to be paying off: The tech giant’s shares are up in premarket trading today after its quarterly profit
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
beat analysts’ expectations
</a>
<span>
. Much of its growth came from its cloud computing business, which powers corporate A.I. use.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The strong results, along with those last week from Microsoft and Alphabet, show that investors are willing to tolerate big spending on A.I. — at least by companies providing the picks and shovels to build its infrastructure.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Amazon reported its best first-quarter results,
</span>
<span>
with about $143 billion in overall revenue and about $10 billion in profit. More important is what happened at its cloud division, Amazon Web Services, which accounts for about a fifth of total revenue: Sales jumped 17 percent, to $25 billion, while operating income soared a whopping 84 percent to $9.4 billion.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The company didn’t disclose how much of that revenue came from A.I., but executives noted an increase in the availability of such services. (Amazon has invested billions in the hot A.I. start-up Anthropic, and it’s making the A.I. chatbot Q more widely available via A.W.S.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Wall Street approves of
</span>
<span style="font-style:italic;font-weight:700;font-family:arial,sans-serif;color:#000">
some
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
kinds of A.I. spending.
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
Shares in Microsoft and Alphabet jumped
</a>
<span>
after their earnings reports last week, but
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
those in Meta slumped
</a>
<span>
— despite all three announcing that they were going to spend a lot more on the technology. (So will Amazon: Brian Olsavsky, its C.F.O., told analysts yesterday that the $14 billion that his company spent on capital expenditures and leases this quarter would be the
</span>
<span style="font-style:italic">
low
</span>
<span>
point of the year.)
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
A big difference: Alphabet, Amazon and especially Microsoft reported gains in their cloud businesses, most likely because of increased corporate demand for the computing services to support their A.I. applications. Meta, whose A.I. applications are more focused on consumer-facing services, will probably take longer to see its huge investments in the technology pay off.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Others in tech are also looking at A.I. infrastructure for opportunities.
</span>
<span>
Data centers are one area of interest. The private equity giant Silver Lake led a $6.4 billion investment this year in a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
major data center provider
</a>
<span>
, while Alphabet, Amazon, Microsoft and Meta are also spending big on their own centers.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
The energy demands of the industry are another focus: Sam Altman, OpenAI’s C.E.O., has backed a
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
nuclear fusion start-up
</a>
<span>
to provide more electricity to power A.I. hubs.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-1ux4czy" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
A tax fight breaks out on the Hill
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Treasury Secretary Janet Yellen
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
sparred with Republican lawmakers
</a>
<span>
at a House hearing yesterday over the Biden administration’s latest tax plans, a fight that will hang over the November election.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
The White House favors raising taxes on companies and wealthy Americans,
</span>
<span>
having outlined increases in the
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
budget proposal
</a>
<span>
it released in March. President Biden also said last week that he would let the tax cuts that Donald Trump enacted in 2017 expire in December 2025 if he’s re-elected.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Investors are closely watching the tax debate.
</span>
<span>
High government spending and an uptick in the issuance of Treasury bonds has
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
many in the market
</a>
<span>
worried about what growing federal deficits would mean for stocks. Others, however, are concerned that extending the Trump tax cuts could also hurt their investments.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
Yellen argued that potential tax increases wouldn’t hurt the middle class.
</span>
<span>
Republican lawmakers like Representative
</span>
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
</span>
<span>
Jason Smith of Missouri, the chairman of the House Ways and Means Committee, claimed that Biden’s policy would harm families already squeezed by inflation. But Yellen said the tax increases wouldn’t apply to anyone earning less than $400,000.
</span>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span style="font-weight:700;font-family:arial,sans-serif;color:#000">
A global tax initiative was another point of debate.
</span>
<span>
Republicans said that such a measure would harm American companies. But Yellen, who helped broker an
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
international minimum tax deal
</a>
<span>
in 2021, argued that the administration was working on an
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
exemption for the U.S.
</a>
</p>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
She added that not joining could expose businesses operating overseas to retaliation by other governments.
</span>
</p>
<table width="100%">
<tbody>
<tr>
<td class="css-1ux4czy" style="padding-bottom:15px">
</td>
</tr>
<tr>
<td style="border-top:1px solid #dcdcdc;padding-bottom:15px">
</td>
</tr>
</tbody>
</table>
<h2 class="css-12n1aic" style="color:#000;font:700 25px/32px arial,sans-serif;margin:0 0 10px">
<span>
Biden takes his economic pitch to voters
</span>
</h2>
<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
<span>
Polls have consistently shown that most Americans aren’t happy about President Biden’s
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline">
economic management
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, even after he introduced some of the most consequential industrial policy decisions in generations.
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A big challenge for Biden’s re-election campaign is to show how signature measures like the American Rescue Plan and the Inflation Reduction Act, which led to billions of dollars of federal money being spent across the country, have improved voters’ lives.
</span>
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“The link between the resources themselves and anything that happens on the ground that’s visible to people is very opaque,” Robert Kraig, executive director of the progressive advocacy group Citizen Action of Wisconsin, told The Times.
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<p style="font:normal 17px/25px georgia,serif;color:#333;margin:0 0 15px">
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Ron Klain, Biden’s former chief of staff, has said the president would connect more with voters if he spent
</span>
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more time talking about topics like groceries
</a>
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instead of bridges. But The Times’s Lydia DePillis reports that Biden administration officials are working hard to show voters in
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crucial battleground states like Wisconsin
</a>
<span>
how his policies have helped — and why Democrats should get the credit.
</span>
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Although no Republicans voted for the American Rescue Plan Act or the Inflation Reduction Act, they have often been on hand for events showing off the results.
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So Democratic officials, both federal and local, are ramping up efforts to explain the money’s source. Treasury Secretary Janet L. Yellen visited Milwaukee in January, and Mr. Biden followed in March to highlight beneficiaries of new federal funding, including
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a $36.6 million overhaul
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of a central arterial street and investments in work force training. Energy Secretary Jennifer M. Granholm also
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visited in March
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to call attention to incentives that have fostered local manufacturing of clean energy equipment …
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<p class="css-vy6hlw" style="font:17px/25px georgia,serif;margin:0 50px 15px;color:#666">
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“This movie is still playing,” said Gene Sperling, the White House’s coordinator for American Rescue Plan implementation. “Doing the right policy is the important thing, and there’s still time to do better in telling this story.”
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THE SPEED READ
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Deals
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The
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<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
California utility PG&E
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
is near a multibillion-dollar deal to sell its stake in a collection of power plants to KKR to raise money to overhaul its transmission lines. (NYT)
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BlackRock will set up a
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new asset-management operation in Saudi Arabia
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<span style="font-size:17px;line-height:25px;vertical-align:middle">
, built on a $5 billion investment by the kingdom’s government. (FT)
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Policy
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Donald Trump could face jail time
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after the judge overseeing his Manhattan hush-money case fined him for repeatedly violating a gag order. (NYT)
</span>
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Employees of ByteDance and TikTok are reportedly being
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interrogated by U.S. border agents
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
about their access to American data and whether they are members of the Chinese Communist Party. (Forbes)
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Best of the rest
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<span style="font-size:17px;line-height:25px;vertical-align:middle">
Inside an
</span>
<a class="css-sdwaa1" style="color:#286ed0;-webkit-text-decoration:underline;text-decoration:underline;font-size:17px;line-height:25px;vertical-align:middle">
anti-Biden dinner
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
hosted by Elon Musk and the entrepreneur David Sacks and attended by the likes of Rupert Murdoch, Peter Thiel and Michael Milken. (Puck)
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</li>
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Paul Auster
</a>
<span style="font-size:17px;line-height:25px;vertical-align:middle">
, the celebrated novelist who became one of the leading New York authors of his generation, died yesterday. He was 77. (NYT)
</span>
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6 months, 3 weeks ago - nytdirect@nytimes.com
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