Plus: Eli Lilly makes major waves. Good morning, Quartz readers! Trump’s Fed up. The president called Federal Reserve Chair Jerome Powell “always too late and wrong” and said his termination can’t come “fast enough.” A chip on its shoulder. Nvidia lost $250 billion of its market cap in almost an instant, but expectations for its future are far from flatlining. Navigating a chip off the old blockade. Nvidia CEO Jensen Huang went to China on Thursday to reassure officials about the company’s commitment to serving that market.
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Good morning, Quartz readers!

Trump’s Fed up. The president called Federal Reserve Chair Jerome Powell “always too late and wrong” and said his termination can’t come “fast enough.”
A chip on its shoulder. Nvidia lost $250 billion of its market cap in almost an instant, but expectations for its future are far from flatlining.
Navigating a chip off the old blockade. Nvidia CEO Jensen Huang went to China on Thursday to reassure officials about the company’s commitment to serving that market.
A prescription for pain? UnitedHealth’s stock plunged 20% on a shock forecast cut to one of the Dow’s most stable names, cracking the index wide open as a result.
Cart attack! Experts say Temu, an Amazon rival, faces major trade war trouble with the closing of a tariff loophole.
Click now, pay (tariffs) later. U.S. shoppers are flocking to Chinese shopping apps such as DHgate and Taobao as tariff-related fears increase.
Tesla takes a detour in California. A recent report shows that the automaker is no longer selling the majority of electric vehicles registered in the state, the U.S.’s third-largest EV market.

Search error: Monopoly detected. Google’s ad business just lost a major antitrust court case.
A federal judge ruled Thursday that the company illegally dominates two major parts of the online ad pipeline (ad servers and ad exchanges), which help determine what ads appear on which websites. This ruling is a huge deal for the $31 billion chunk of Google’s empire that matches advertisers with publishers.
Google said it will appeal, but the decision could eventually force the company to spin off parts of its ad-tech business and have sweeping implications about who profits from your web surfing. This is the second court ruling that said Google holds an illegal monopoly, following a similar case over online search.
Still, the Department of Justice didn’t get everything it wanted — the judge said lawyers failed to prove that Google has a monopoly in advertiser networks — but the ruling still puts a major dent in the company’s case. Quartz’s Kevin Williams has more on how Uncle Sam is trying to clear Google’s cache.

Shots fired — because pills could soon be swallowed. Pharma giant Eli Lilly announced Thursday that its once-daily pill for diabetes and weight loss treatment, orforglipron, cleared a key Phase 3 trial and worked about as well as injections of other GLP-1 drugs such as Ozempic and Mounjaro. Cue the ticker tape: Lilly shares jumped 11% on the news.
GLP-1 medications have exploded in popularity for both weight loss and diabetes treatment — but until now, they’ve only been available as injections. That’s made them pricey, inconvenient, and harder to distribute. A pill form could make GLP-1s cheaper and easier to take (no fridge, no needle, no “not on an empty stomach” rules). Lilly’s study reported similar 40-day results in blood sugar levels and weight loss to patients taking Ozempic and Mounjaro. Side effects were comparable, too.
Lilly says it plans to file for weight loss approval by the end of this year and for Type 2 diabetes treatment by 2026. Quartz’s Shannon Carroll has more on how this medication could tip the scales on the weight loss wars.