Good morning. Bill Gates says AI is coming for a slew of jobs, including two that once seemed tech-proof: teachers and doctors . What will be left for us humans to do? "Retire early," Gates said.
In today's big story, Wall Street dealmakers thought Trump was the answer. Now, they're not so sure .
What's on deck
Markets: Why I want to work on Wall Street: College students explain .
Tech: OpenAI is on a hiring spree, and one area of investment stands out .
Business: Realtors and Zillow are going to war, but homebuyers will pay the price .
But first, Wall Street is having doubts.
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The big story
They thought Trump was the answer
"I don't know how you couldn't be embarrassed," a managing director at a middle market-focused investment bank told BI.
They were talking about the many soothsayers in Wall Street's C-suites who had bet that the new administration would revive a comatose dealmaking market. Things haven't quite worked out that way .
Goldman Sachs said that the paralyzed deal market dragged revenue from deal work down 22% in the first quarter, compared with the same period last year.
On every bank's Q1 earnings calls in recent days, one person loomed large: President Donald Trump.
No CEOs mentioned him by name. Instead, they talked about uncertainty, worried clients, and a concerning economic outlook, BI's Reed Alexander writes .
"While our corporate and consumer clients are resilient and in good financial health, the world is in a wait-and-see mode and is facing a more negative macro outlook than anyone had anticipated at the beginning of the year," Jane Fraser, the CEO of Citigroup, said.
Behind the scenes, bankers told BI that they were feeling less diplomatic about the Trump administration and its tariff policies: "If you're an executive in finance and you talk to clients frequently and you understand how the world works, there's no way you can't be upset."
A fuller picture of how Trump is impacting Wall Street may not emerge until the next earnings season later this summer. Many of the worst days of recent volatility happened in April — the second quarter.
Whether the White House will care is another matter.
3 things in markets
1. Netflix: Sell-off, who? Netflix's shares have climbed more than 10% in 2025, outperforming its mega-cap tech peers and a struggling broader market. Some analysts consider the stock to be recession-resistant .
2. Bring it on, Wall Street. A career path in finance can be notoriously brutal, but young people are embracing it anyway. More than 150 Wall Street-bound college students told BI their hopes, fears, and reservations about launching careers in the industry .
3. Should investors go risk-on again or stay defensive? President Trump recently hinted at a potential exemption for the auto industry. It's not the first time he's walked back on tariffs , and some investors are questioning if they should stop taking his remaining tariff threats seriously.
3 things in tech
1. OpenAI's hiring spree. The AI startup's looking for new talent as it ramps up its infrastructure ambitions. Dozens of open roles related to AI infrastructure are listed on its website.
2. Zuck still seems salty about a failed deal from 12 years ago. Mark Zuckerberg's failed Snapchat bid from 2013 resurfaced at Meta's antitrust trial, and it doesn't sound like he's over it. He told the court Meta would've accelerated Snap's growth if the deal went through, FWIW .
3. Alphabet's supply-chain project is going solo. Chorus, Alphabet's bet on optimizing the global supply chain, is becoming an independent company, its CEO told BI . After several years under Alphabet's X incubator, the companies believe spinning it off will help Chorus move faster.
3 things in business
1. Realtors and Zillow are going to war. Last week, Zillow unveiled a new rule that would ban home listings that are initially selectively marketed to the public. The move takes direct aim at giant real estate brokerages — and it's bound to start an ugly fight .
2. This app wants to pay you to shop. No, it's not a scam. Claim gives users money to redeem at partner businesses each week. Its CEO told BI he wants it to disrupt the advertising sector and help combat the youth loneliness epidemic. Here's how it works .
3. Fewer planes in the skies. United Airlines announced it's cutting domestic flights by 4% starting in July, citing less travel demand. The company said it was "impossible to predict this year with any degree of confidence."
In other news
What's happening today
The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave). Hallam Bullock, senior editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Meghan Morris, deputy bureau chief, in Singapore. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.
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