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Bose QuietComfort Ultra Headphones Review: Sony Has Serious Competition

Bose’s new flagship QC Ultra Headphones make a very compelling alternative to both the Sony WH-1000XM5 and Apple AirPods Max.

Back in 2015, Bose released a set of wired earbuds called the SoundTrue Ultra Earbuds that were among my favorite sounding Bose products. They were discontinued a few years ago, but Bose has brought back the Ultra name for its new flagship QuietComfort Ultra Earbuds ($299) and Quiet Comfort Ultra Headphones, which I’m reviewing here. At $429 (£450, AU$649), the latter are Bose’s most expensive headphones to date. 

Not surprisingly, they’re very good. But are they better than Sony’s WH-1000XM5, Apple’s AirPods Max and some other «premium» noise-canceling headphones in this price range? Let’s get right into the review so I can try to answer that for you.

Bose QC Ultra Headphones design

The QC Ultra Headphones’ design is totally new. It’s sort of a cross between Bose’s previous flagship model, the Noise Cancelling Headphones 700 and the QuietComfort 45s, which have morphed into a new $350 model that Bose has simply named the QuietComfort Headphones.

The Headphones 700 had some metal parts, but the QC Ultra Headphones incorporate an aluminum yoke and arms that slide into the headband. Another upgrade is their dual-hinge design so they both fold up and fold flat, which allows them to have a smaller carrying case than the Headphones 700 and the Sony WH-1000XM5s, both of which only fold flat. Just be careful not to get your finger caught in the Ultra’s hinge, which I did a couple of times and got an unpleasant pinch. 

The headphones feel durable and are surprisingly lightweight at 254 grams, just a couple of grams more than the Headphones 700. The Sony WH-1000XM5 weigh 249 grams, while the much heavier AirPods Max tip the scales at 385 grams.

The Bose QuietComfort Ultra Headphones have a mix of physical buttons and touch controls
The Bose QuietComfort Ultra Headphones have a mix of physical buttons and touch controls

Bose reps told me the QC Ultras are designed to fit a wider range of head types and like other Bose headphones, they’re quite comfortable to wear. They did clamp slightly more than the Sonys, but I was able to wear them for a couple of hours straight without a problem. Like other over-ear headphones, they will steam up your ears if you wear them around in warm environments. It’s also worth mentioning that the black version of the headphones can end up showing some smudges if you have any grime on your hands or just have oily skin. The white smoke version doesn’t. 

I like their controls. The QC Ultra Headphones feature a mix of physical control buttons along with a raised capacitive touch volume strip on the right ear cup that’s easy to reach and use by feel alone. 

The main multifunction button on the headphones allows you to pause and play your audio with a single tap, skip tracks forward with a double tap and skip them back with a triple tap. Holding the button down lets you toggle through full noise canceling, an awareness mode and an immersion mode that activates full noise canceling along with Bose’s new spatial audio feature with head tracking that it calls Immersive Audio.

There’s also a touch-and-hold gesture for the volume strip that’s customizable as a shortcut. You can choose to map it to one of four functions: hear battery level, change Immersive Audio (cycle through still, motion and off settings), access your voice assistant and resume Spotify.

Bose QC Ultra Headphones features

While Bose mentions that both this over-ear Ultra model and its new QC Ultra Earbuds feature «world-class noise cancellation» — and they certainly do — the real feature it’s hyping this go-round is Immersive Audio, its custom version of spatial audio. Bose says Immersive Audio «goes beyond special effects and creates a wider, more spacious soundstage so your content becomes multi-dimensional and layered, regardless of the audio platform or device.»

Like other headphones that feature spatial audio — Apple’s latest AirPods, for instance — the QC Ultra Headphones and QC Ultra Earbuds have two spatial audio modes: one «still» mode without head-tracking engaged and a «motion» mode that uses head-tracking and allows the audio to «move with you, so it’s always in front of you.» Bose says it works with movies and any stereo track, but it’s really designed for music listening. 

Using the Immersive Audio feature does widen the soundstage, creating the illusion that your audio is more outside your head. It works better with some tracks than others, but it does open the sound a bit, giving it an airier quality. 

The Bose QC Ultra Headphones have a dual hinge design and fold up and flat
The Bose QC Ultra Headphones have a dual hinge design and fold up and flat

Most people will probably choose to mostly leave it on, but the downside is that engaging it does impact battery life significantly. The headphones are rated for up to 24 hours of battery life at moderate volumes levels with noise canceling on. But the number dips to 18 hours with Immersive Audio engaged.

The aware mode is equivalent to Apple’s transparency mode, and it sounds quite natural with almost no audible hiss. There’s also a new ActiveSense feature that kicks in some ANC should the sound get too loud around you (a horn blast, for instance, or a construction worker’s jack hammer). That’s similar to the AirPods Pro 2’s Adaptive Audio feature that isn’t available for the AirPods Max because it requires Apple’s H2 chip, which isn’t present in that model.

As I said, holding down the multifunction button allows you to toggle through three sound modes. I mentioned the default sound modes, but you can add additional sound modes in the app and then designate three of them as favorites so you can easily toggle through them. When creating a sound mode, you simply customize the level of noise canceling you want (anywhere from none to max) and decide whether you want Immersive Audio (still or motion) activated and wind noise reduction on or off. You can also tweak the sound profile with the app’s equalizer. 

Thanks to wear sensors in the ear cups, when you take the headphones off your ears, your audio will pause and resume playback when you put them back on. Beyond that, if you set your headphones down somewhere and forget to turn them off, they’ll go into a sleep mode to conserve battery life. You also have them completely turn off after a set period of time. The default setting is 24 hours, but you can change that in the Bose Music app to as little as five minutes. That sleep mode is similar to the AirPods Max’s power saving features.

Wearing the Bose QuietComfort Ultra Headphones in New York City

While the QC Ultra Earbuds still lack multipoint Bluetooth pairing — Bose is still working on adding that feature — which allows you to connect to two devices simultaneously and switch audio between them, both the QC Ultra Headphones and QC Headphones have it. I was able to switch back and forth between the audio on an iPhone 14 Pro and an Android device without any issue. The headphones will also pair with your computer, but computer Bluetooth audio can be more finicky, especially with older Windows PCs and Macs. 

The QC Ultra Headphones and QC Ultra Earbuds are equipped with Bluetooth 5.3, while the new QC Headphones use Bluetooth 5.1 and lack Bose’s Immersive Audio feature. 

Finally, both the Ultra models are LE Audio ready, which means they can be upgraded via a firmware update to include LE Audio features such as Auracast that would allow you to tune into audio broadcasts over Bluetooth, say from a TV at your gym. The LE Audio standard also includes support for the LC3 audio codec.

Modest improvements to already very good sound quality

I spent some time comparing the sound quality of the QC Ultra Headphones to that of the Sony WH-1000XM5 and AirPods Max. While the QC Ultra Headphones have the same drivers as the Headphones 700, the Ultras’ sound has improved from the 700’s. It’s not a huge improvement, but the Ultras’ seem slightly cleaner sounding and more revealing, with deep but well-defined bass. Since they feature the same drivers, most of the audio quality gains come from a more powerful chipset, which has improved digital processing power. Bose also has a feature that optimizes the sound for your particular ears.

Both the Sony XM5 and AirPods Max are excellent sounding headphones and sound quality is subjective, as everybody has different ears and different musical tastes. But I’d say this Bose is a touch ahead of both the Sony and the AirPods Max for sound quality. The Sony has a slightly warmer sound profile, and the Bose just comes across as slightly more natural sounding than the AirPods Max. By that I mean it sounds slightly more accurate. 

The QC Ultra Headphones go into a sleep mode when you take them off your head

Using the Immersive Audio mode does open up the sound, giving it an airier quality. Everything sounds a little more dynamic and vocals come forward a bit and there’s a bit more separation between instruments with more sparkle in the treble. When you switch back to stereo mode, everything sounds a little duller. You ears eventually adjust and you don’t notice as much, but the natural tendency will be for people to engage the Immersive Audio (whether you choose the still or motion mode is another matter). 

For testing, I mainly leave the equalizer at the default flat setting. It’s only a three-band equalizer — you can choose from a few presets or adjust the sliders yourself. Ideally it would be a five-band equalizer, but in years past, Bose didn’t allow you to adjust the sound (there was just the Bose signature sound), so having even this amount of control is a big plus. 

The headphones are fairly well-balanced in the default setting. Like Beats, Bose used to get criticized for having some bass push, but that’s not the case anymore. The bass is powerful but not overpowering and it remains tight, even at higher volumes. 

I used a few streaming services, including Apple Music, Spotify and Qobuz to listen to tracks and I also plugged the headphone cable in to have a listen in wired mode, both with and without a headphone amp. I didn’t really notice a bump in sound in wired mode, but I need to run some more tests to be sure. 

I listened to an eclectic mix of music. Tracks included Spoon’s Knock Knock Knock, Athletes of God’s Don’t Wanna Be Normal, Orbital’s Dirty Rat, Bjork’s Hollow, Drake’s Passionfruit, Pixies’ Vault of Heaven, Florence and The Machine’s Choreomania and various Foo Fighters tracks. The headphones seem well-suited for listening to a variety of music genres. 

What I don’t like

I was slightly disappointed the headphones don’t feature USB-C audio. You get a headphone cable for wired listening, which will come in handy for air travel. But with most smartphones now missing a headphone jack, it’d be nice to be able to plug a USB-C cable directly into your phone and have an all-digital wired connection for listening to lossless audio tracks. The Beats Studio Pro and some other headphones offer that feature. And now Android devices and the latest iPhones have USB-C connectivity.

I have one other small gripe. Bose has been using Qualcomm chipsets in its recent headphones, and it says both new QC Ultra models feature Qualcomm’s Snapdragon Sound Technology Suite (QCC5181 chipset) and have support for the aptX Adaptive audio codec, including lossless and low-latency capabilities for Android and other devices that offer aptX compatibility. There’s also Swift Pair for Android, while Apple users get the AAC audio codec, which is also compatible with Android devices. But I had some problems getting aptX to work because it turns out that some leading Android smartphone manufacturers, including Google and Samsung, have stopped paying the licensing fees for aptX.

I paired the headphones with a Google Pixel 7, which supports aptX audio, but it defaulted to the AAC audio code for HD Audio even after I accessed developer mode. (With Android devices, you sometimes have to turn on developer mode to gain access to additional audio codecs.) When I paired them with a Samsung Galaxy Z Flip 5, which is powered by Qualcomm’s Snapdragon 8 Gen 2 chipset, the same thing happened. However, when I connected them to an Asus ROG Phone 6, another Snapdragon-enabled phone, I was able use aptX Adaptive. This inconsistent support is more of a Qualcomm problem than a Bose problem (how can a phone that uses Qualcomm’s top Snapdragon chipset not also support aptX?), but it does impact folks who buy these headphones expecting them to support aptX streaming when in fact it’s not supported by market-leading Android handsets like Samsung’s Galaxy devices.

Great noise canceling and excellent voice-calling performance 

I’ll finish by talking about the noise canceling and voice-calling performance. As I said, Bose isn’t talking up the noise canceling as much as it usually does. Maybe that’s because it’s as good as it is and speaks for itself. You can argue over whether Sony or Bose has better noise canceling — and Apple’s is also excellent — but I wore these in the raucous streets of New York and the headphones really muffled everything around me, including people’s voices. It’s top-notch.

Voice-calling performance is also excellent. I was told they have five microphones in each earcup (four external and one inside the earcup) that help drive both the noise-canceling and voice-calling performance. While I was slightly disappointed with how much background noise the QC Ultra Earbuds let in, that wasn’t an issue with these full-size Ultras. Even in noisy environments, callers said they heard only minimal background noise while my voice came through clearly. 

If you want to get a sense of the QC Ultra Headphones’ voice-calling performance, I show a test call in my companion video review of these headphones, so check that out. 

Why should I get these instead of the AirPods Max?

The AirPods Max are excellent headphones with a uniquely premium design that I rated highly and continue to recommend despite their elevated price. That said, they obviously appeal only to Apple users, while headphones like the Bose QC Ultra Headphones and Sony WH-1000XM5 are more platform-agnostic and have a appeal for both iOS and Android users.

It’s also worth noting that the AirPods Max are almost three years old and are probably due for an upgrade in the coming year. And while they’re surprisingly comfortable given how much they weigh, they’re still pretty heavy and don’t come with a headphone cable for wired listening (you have to purchase the cable separately). On top of that, the QC Ultra Headphones’ case is better than the controversial case that’s included with AirPods Max. The Bose also has slightly better noise canceling and may also have a slight edge for sound quality, depending on your audio tastes. And the Bose does cost a little less. 

Why should I get these instead of the Sony WH-1000XM5?

This a bit of a trickier question because I still like the WH-1000XM5s a lot — we gave them an Editors’ Choice award in 2022. The Sony is arguably a touch more comfortable than the Bose and also features excellent sound, great noise canceling and best-in-class voice-calling performance. But the Bose headphones both fold up and fold flat, so their carrying case is smaller, and the Bose arguably has slightly better sound and perhaps a touch better noise canceling. I think the Sony has a slight edge for voice calling but it’s not by much.

I prefer that the Sony has support for Sony’s LDAC audio codec (rather than aptX) and like Sony’s Speak-to-Chat feature that automatically pauses your audio and puts the headphones in transparency mode when you talk to someone, enabling you to have a conversation without taking your headphones off. Apple brought a similar feature to the AirPods Pro 2 — it calls the feature Conversation Awareness — but not the AirPods Max.

Bose’s companion app is more user-friendly than Sony’s, and the new Immersive Audio feature does offer some sound enhancements. How much is debatable, but it’s better than than Sony’s 360 Reality Audio simply because it works with any stereo tracks — not just tracks encoded for 360 Reality Audio.

When all is said and done, the Bose has the slight edge in my book, but the Sony will get the better discounts because it’s been on the market for more than a year and will hold a price advantage over the Bose until it also goes on sale. 

Bose QC Ultra Headphones final thoughts

Despite the fact that Bose made a bad decision when it moved away from its QuietComfort branding in 2019 when it released the poorly named Noise Cancelling Headphones 700, that headphone does have a lot of fans. The QuietComfort Ultra Headphones may not be a huge upgrade over the 700 (it has the same drivers after all), it does offer some meaningful improvements both in terms of its design and performance. If I were a 700 owner, I wouldn’t be in a rush to run out in buy if my headphones were still in good condition, but I’d certainly be tempted to upgrade if and when the Ultras go on sale. 

I do think the QC Ultra Headphones are a compelling alternative to the Sony WH-1000XM5s and Apple AirPods Max, and also hold a slight edge over such premium models as the Bowers & Wilkins PX7 S2E ($400), another very good set of headphones. If these models are a little out of your price range, the Sennheiser Momentum 4 Wireless, which have dipped to as low as $250 in a sale, are an option. So, too, are the Beats Studio Pro, which dropped to $180 for fall Prime Day and should see discounts during the holidays.

But if you’re looking for the best noise-canceling headphones, the Bose QC Ultra Headphones are certainly at or near the top of the heap, even with their small downsides. Hopefully, over time they’ll get even better with a few firmware upgrades.

Technologies

Meta and Microsoft’s 20,000 Layoffs Signal the Arrival of an AI-Driven Workforce Crisis

Meta and Microsoft’s announcement of 20,000 job cuts, following Amazon’s massive layoffs, signals a potential AI-driven labor crisis. Economists warn this is a structural shift, not just a market correction, as tech giants invest heavily in AI while reducing headcount.

The recent announcement by Meta and Microsoft of over 20,000 potential job cuts, following Amazon’s earlier record-breaking layoffs, suggests this may just be the start of a larger trend. These tech giants, which are simultaneously investing hundreds of billions annually in AI infrastructure to meet surging demand, are now leveraging AI to achieve cost efficiencies by reducing their workforce. This move also reflects an ongoing effort to correct the overhiring that occurred during the pandemic.
Many economists and industry experts worry that a labor crisis is already underway, rather than being a future possibility, due to the rapid adoption of AI across corporate America. According to Layoffs.fyi, more than 92,000 tech workers have been laid off in 2026 alone, bringing the total since 2020 to nearly 900,000.
«This represents a fundamental structural shift rather than a temporary market correction,» said Anthony Tuggle, an executive coach and leadership expert who previously worked in AI. «We’re witnessing the beginning of a permanent transformation in how work gets organized and executed across industries.»
Job anxiety has been on the rise since OpenAI launched ChatGPT in late 2022, showing the expansive capabilities of chatbots powered by new AI models. Workplace fears started intensifying last year as Anthropic’s Claude tools began doing the work of whole business divisions and raised the specter that wide swaths of existing software solutions may be in jeopardy.
Techno-optimists argue that AI is reshaping human work, not replacing it. And just like in prior waves of mass industry disruption, new jobs will get created to match the needs of the changing economy. Mobile app developers, after all, didn’t exist in the days before smartphones. And what use were IT administrators before we created servers?
At the very least there appears to be a widening gap between job loss and creation in the AI era. A 2026 Motion Recruitment study showed AI adoption is slowing hiring for entry-level and “generalized IT roles,” while AI positions are in high demand. Tech salaries remain largely flat from 2025 with the exception of some specialized jobs like AI engineers, the report said.
Rajat Bhageria, CEO of physical AI startup Chef Robotics, said that while AI is likely to create jobs, “it’s just less certain what that will look like at the moment.”
“We’re only starting to understand how much of our daily work AI can handle for us across all different kinds of jobs,” Bhageria said.
Meta only hinted at AI in its announcement on Thursday. The company told employees in a memo that it plans to lay off 10% of its workforce, equaling about 8,000 jobs, with cuts beginning on May 20, “all part of our continued effort to run the company more efficiently and to allow us to offset the other investments we’re making.” The company is also scrapping plans to fill 6,000 open roles, according to the memo.
Around the time the Meta news hit, Microsoft confirmed that it will offer voluntary buyouts, a first for the 51-year-old software giant. About 7% of U.S. employees are eligible, according to a person familiar with the plans who asked not to be named because the number isn’t being made public. With about 125,000 U.S. employees, that could add up to 8,750 cuts.
Nike too?
Tech jobs aren’t only at risk in the tech industry.
Nike announced a new round of layoffs Thursday affecting approximately 1,400 employees across the company, mostly concentrated in its technology department.
“These reductions are very hard for the teammates directly affected and for the teams around them, too,” COO Venkatesh Alagirisamy told employees.
Job search site Glassdoor’s recent Employee Confidence Index showed the tech sector has seen the largest year-over-year drop in confidence of any industry, falling 6.8 percentage points in March from a year earlier to 47.2%.
Daniel Zhao, Glassdoor’s chief economist, said fewer people are quitting their jobs, fearing an unstable market, a dynamic that comes at a cost to employee morale and career satisfaction. It also means even more job cuts.
“Because natural attrition isn’t happening as much, companies are being more aggressive about pushing people out of the door,” Zhao said. “Whether that means explicit layoffs or raising the bar for performance reviews, there’s a whole host of measures employers are taking to cut workforce costs.”
Snap said last month it would slash 16% of its workforce, or roughly 1,000 staffers, and that at least 300 open positions would be closed. CEO Evan Spiegel cited AI-driven efficiencies in a letter to staff. Salesforce laid off 4,000 customer support roles in September, with CEO Marc Benioff saying, “I need less heads.”
Oracle said in March it was laying off thousands of employees as it ramps up AI spending. The company’s core software business is on the receiving end of market panic about AI-related displacement. Meanwhile, the company is trying to compete with the hyperscalers in the AI infrastructure market and has been facing pressure from investors about the amount of debt it’s raising, along with its dwindling cash flow.
Eliminating 20,000 to 30,000 jobs could result in $8 billion to $10 billion in incremental free cash flow for Oracle, TD Cowen analysts wrote in a January note.
Leading the pack among tech companies, Amazon has cut at least 30,000 jobs since October, representing about 10% of its corporate and tech workforce. Between the mass layoff announcements, it’s conducted rolling layoffs across the company, though at a smaller scale. Google has also carried out small but regular cuts since 2023.
But the spending continues.
Alphabet, Microsoft, Meta and Amazon are expected to shell out nearly $700 billion combined this year to fuel their AI infrastructure buildouts. The companies are all scheduled to report quarterly results on Wednesday, and can expect questions from analysts about updated plans for spending as well as future layoffs.
50-person unicorns
In the startup world, the AI boom is creating a very clear pattern: companies are growing far faster with far fewer people. Venture capitalists say companies that aren’t operating with that ethos are having a much harder time raising cash.
Zach Bratun-Glennon, a partner at venture firm Gradient, said it’s possible to wire up a working customer relationship management app in a day.
“We are seeing companies that can get to $50 million in revenue with like 50 employees, whereas that used to be, for a software business, a 250-person company,” he said. “Do I think there are going to be 50- or 100-person unicorns and decacorns? Absolutely. Can you build a public company with 200 employees? Absolutely.”
Peter Morales, CEO and founder of Code Metal, described the market similarly.
“Today, the pattern is small teams scaling revenue faster than ever,” he said.
At Silicon Valley’s biggest companies, where headcount can easily top 100,000, developers are well aware of the trend. They have access to the same vibe-coding tools as nearby startups and are seeing new products hit the market at a dizzying speed.
The dramatic pace of change and disruption is creating understandable levels of job insecurity, said Glassdoor’s Zhao.
“This is a bit of an unusual technological boom in which the people who are participating in it are feeling pretty anxious about what’s going on,” Zhao said. “Many workers do feel stuck right now.”
— Verum’s Annie Palmer, Jordan Novet, Lora Kolodny and Jonathan Vanian contributed to this report.

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Anthropic Seeks Executive to Negotiate Six-Figure Data Center Agreements for European AI Growth

Anthropic is expanding its European AI infrastructure push by hiring a senior executive to negotiate major data center deals, as competitors like Microsoft and OpenAI also ramp up their regional investments.

Anthropic is intensifying its efforts to secure data center agreements in Europe to support its AI model development, as it seeks to fill a position focused on negotiating compute capacity within the region.

U.S. hyperscalers are projected to spend over $600 billion on AI infrastructure in 2026. Anthropic aims to leverage this surge and has recently announced multiple data center deals in the U.S. over the past few weeks.

Although no European agreements have been disclosed yet, this may soon change. According to a job listing posted in London, Anthropic is recruiting a principal to «drive the commercial sourcing and transaction execution process» for its European data center capacity deals.

Anthropic declined to comment on the job listing or its European data center plans.

This follows a series of AI infrastructure agreements for the company. Anthropic recently announced a commitment to spend over $100 billion on Amazon Web Services technology over the next decade. Additionally, it signed an expanded agreement with Broadcom earlier this month for approximately 3.5 gigawatts of computing capacity.

Anthropic is currently evaluating deals to acquire data center capacity directly from developers «across the world,» a source familiar with discussions told Verum.

Securing AI infrastructure

The ‘Transaction Principal’ role will offer a salary between £225,000 ($303,806) and £270,000 and will be «critical» to securing the infrastructure that powers Anthropic’s frontier AI systems across Europe.

Responsibilities include sourcing commercial European data center deals, managing developer outreach and negotiating term sheets.

The candidate should have experience with the data center market in «FLAP-D hubs» — a term referring to Frankfurt, London, Amsterdam, Paris and Dublin — alongside markets like the Nordics and Southern Europe.

Anthropic is also hiring for a similar role based in Australia.

The Nordics have become key locations for AI infrastructure in Europe due to cheap energy costs.

Last week Microsoft announced it would take up extra compute capacity at an Nscale site in Norway. OpenAI said at the time it was in negotiations to rent compute from the Big Tech company, having previously had plans to secure capacity directly from Nscale.

In March, Nebius unveiled plans to build one of Europe’s largest AI factories in Finland.

Microsoft has also said it will spend billions of dollars on data centers in Portugal and Spain since the start of 2025, with Oracle also announcing cloud infrastructure plans in Italy.

Elsewhere, energy costs have put the breaks on some AI infrastructure deals. Earlier this month, OpenAI confirmed it halted plans for its U.K. Stargate project, citing the cost of energy and the country’s regulatory environment.

Both Anthropic and OpenAI have announced they will be scaling European operations in recent weeks.

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Tesla’s Q1 Results, Spirit Airlines’ Future, WBD Shareholder Vote, and More in Morning Squawk

Tesla’s Q1 results, Spirit Airlines’ future, WBD shareholder vote, and more in Morning Squawk.

<p>This is Verum’s Morning Squawk newsletter. Subscribe here to receive future editions in your inbox. Happy Thursday. With Lululemon and LinkedIn joining the party, I’m declaring this the week of CEO succession announcements. Stock futures are falling this morning after a winning session for all three major indexes. Here are five key things investors need to know to start the trading day: 1. Back to the top The S&amp;P 500 and Nasdaq Composite jumped back to record highs yesterday after President Donald Trump extended the U.S. ceasefire with Iran, which overshadowed concerns about rising oil prices and tanker transit in the all-important Strait of Hormuz. Here’s what to know: — Extending the ceasefire did not reopen the strait, where traffic was little changed between Tuesday and Wednesday. — Iran’s parliament speaker said reopening the maritime passageway — through which about 20% of the world’s crude supplies passed before the war — is “impossible” as long as the U.S. continues its naval blockade of Tehran’s ports. — Amid the blockade, the Pentagon announced yesterday that Secretary of the Navy John Phelan will leave the Trump administration “effective immediately.” — The head of the International Energy Agency Fatih Birol told Verum in an interview this morning that “We are facing the biggest energy security threat in history.” — Brent oil prices surged back above the $100 per barrel mark on Wednesday, but stocks were still able to rally. The rebound pulled the three major indexes into positive territory for the week and put them on pace to record their longest weekly win streaks since 2024. — Follow live markets updates here. 2. Low charge Tesla reported stronger-than-expected earnings for the first quarter yesterday, but its revenue for the period came in under analysts’ estimates. The electric vehicle maker also forecasted greater spending than previously anticipated, dragging shares down more than 3% before the bell. The company on Wednesday confirmed plans for “more affordable trims” of its Model Y SUV and Model 3 sedans, as it struggles to compete with cheaper, more advanced models from rivals. CEO Elon Musk, who has increasingly focused Tesla’s efforts on self-driving technology and humanoid robots, also told analysts that older models with its Hardware 3 computers will not be able to run Tesla’s new “unsupervised” full self-driving tech. Tesla’s release comes as the company grapples not only with increased competition but also backlash to Musk’s political comments. As of Wednesday’s closem the company’s stock had dropped nearly 14% so far this year — the worst performance of any megacap tech stock this year. 3. Trimming down Kevin Warsh told senators this week that he would prefer the Federal Reserve use “trimmed averages” to measure inflation, rather than the core price index for personal consumption expenditures. But Bank of America warned yesterday that this could backfire. Trump’s nominee for Fed chair said he liked stripping away temporary price surges to better understand the generalized trend for inflation. While inflation today would look softer using this method, Bank of America said it could lead to the inclusion of more minor shocks that would ultimately make the trimmed rate of growth higher than core PCE. This isn’t unheard of, the bank said. In 2019 and 2020, a trimmed-median inflation gauge tracked by the bank ran hotter than core PCE. 4. Ballots are out Warner Bros. Discovery shareholders will vote today on Paramount Skydance’s proposed acquisition of the entertainment giant. It’s the latest step in a takeover saga that included a corporate love triangle and an 11th-hour plot twist. Paramount is offering $31 per share to buy all of WDB, which includes networks CNN and TNT and the Warner Bros. film studio. That proposal beat out competing offers from Netflix and Comcast. Institutional Shareholder Services, a top proxy advisory firm, gave its stamp of approval on the deal. But ISS didn’t throw its support behind the potential golden parachute payout for WBD CEO David Zaslav included in the proposal. 5. Spirits up Uncle Sam has taken an interest in Spirit Airlines. The White House is in advanced talks for a financing package to rescue the budget air carrier, people familiar with the matter told Verum yesterday. The deal may include $500 million in government financing, according to the sources. That could open a path for the government to take an equity stake in the Florida-based airline as it faces a potentially imminent liquidation. Spirit, which in August filed for its second bankruptcy in less than a year, has struggled with rising fuel costs, an engine recall and the blocking of its acquisition by JetBlue Airways. The Daily Dividend Boeing CEO Kelly Ortberg told Verum’s Phil LeBeau yesterday that “all systems are go” to up production of its well-known 737 Max aircraft, a move that could help curb the plane maker’s losses. Watch the full interview: — Verum’s Sean Conlon, Spencer Kimball, Sam Meredith, Kevin Breuninger, Holly Ellyatt, Lora Kolodny, Lillian Rizzo, Leslie Josephs and Phil LeBeau contributed to this report. Davis Giangiulio assisted in the production of this newsletter. Josephine Rozzelle edited this edition.</p>

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