Evening Scan

The day's big macro story was the Fed — rates on hold, as expected, at Kevin Warsh's debut meeting. Less expected: the Anthropic–White House standoff kept generating heat, with Congress now publicly annoyed it wasn't looped in.

$3.7B — OpenAI's Q1 cash burn, against $5.7B in revenue over the same period. (The Information via The Next Web)

Congress Wasn't Briefed on the White House's Anthropic Move — Including the Senator Who Oversees AI Policy (paywall)

Ted Cruz chairs the commerce committee with jurisdiction over AI policy and learned about the Fable 5 executive order the same way everyone else did. (Politico)

OpenAI Burned $3.7B in Q1 — More Than Half Its $5.7B in Revenue

The gap between revenue and spending is narrowing, but "burning more than half of what you make" still reads as a difficult proposition. (The Next Web)

Amazon Faces Potential FTC Lawsuit Over Advertiser Deception — With Billions in Civil Penalties on the Table (paywall)

Multiple state AGs are involved, which suggests this isn't a quick settlement play. (Bloomberg)

What to Watch at the Fed's June Meeting (paywall)

Rates are on hold, but Warsh's first meeting as chair makes it worth watching for tone rather than outcome. (New York Times)