U.S. President Joe Biden signed a TikTok bill into law

Good morning, Quartz readers!

Here’s what you need to know

U.S. President Joe Biden signed a TikTok bill into law. The measure requires the app’s owner, China-based Bytedance, to divest TikTok or get banned in the States in 270 days — but its CEO said TikTok isn’t going anywhere.

Meta’s Metaverse is still losing the company billions. Reality Labs, its virtual reality business and research division, posted a loss of $3.8 billion yesterday.

Shoppers in Asia are powering the global luxury industry (again). Prada and Moncler are finally shaking off a pandemic-induced financial hit, but Gucci is still lagging.

Boeing is burning through cash as it rushes to fix quality control issues. The planemaker spent $3.93 billion over the first three months of 2024, far more than it recorded during the same time last year.

The U.K. is scrutinizing Big Tech’s AI deals as they heat up

Big Tech companies have been picking up and partnering with smaller AI firms to boost their own positions in the AI race — and U.K. regulators are taking notice.

The country’s antitrust watchdog invited third parties to comment on whether the partnership between Microsoft and OpenAI’s French rival Mistral AI, as well as Amazon’s partnership with Anthropic, fall under the U.K.’s merger regulations and can threaten competition.

The scrutiny could intensify in the U.K. and elsewhere as more AI deals and investments are struck. Here’s just a few that have taken place (or, in one case, was called off) in the past week:

🏃 Nvidia is buying an Israeli AI software startup that makes AI chips more efficient

🌿 Sam Altman and others are investing $20 million in a startup tackling AI’s energy problem

☁️ Salesforce is ditching its deal to buy Informatica, report says 

📹 Adobe might partner with OpenAI to offer AI video generation

💸 The Pentagon is spending billions on Big Tech and Silicon Valley startups as it goes all-in on AI

Read more about what U.K. regulators are looking for.

Quotable: Spotify has some layoff hindsight

“Although there’s no question that it was the right strategic decision, it did disrupt our day-to-day operations more than we anticipated. It took us some time to find our footing, but more than four months into this transition, I think we’re back on track, and I expect to continue improving on our execution throughout the year getting us to an even better place than we’ve ever been.” — Spotify chief executive Daniel Ek in an earnings call with investors yesterday. He was talking about the company’s 1,500-person workforce reduction in December.

More from Quartz

🧐 Trump Media is taking claims that its stock is being illegally traded to Congress

💊 Biogen stock rises on sales of groundbreaking Alzheimer’s drug

👍 Jamie Dimon says consumers are in ‘good shape’ — even if a recession hits

💉 Wegovy could soon treat millions of Medicare patients

👽 Elon Musk says Tesla will solve self-driving cars — even if he gets ‘kidnapped by aliens tomorrow’

✈️ Airlines will have to give cash refunds and avoid surprise fees under new Biden rules

Surprising discoveries

San Francisco’s new public toilet didn’t cost $1.7 million. It was projected to, but came in at a much more manageable $200,000.

Chartreuse sales hit a high last year that hasn’t been seen since the late 1890s. A total of 1.6 million bottles of the French herbal liqueur made by Carthusian monks were sold.

Athens looks quite apocalyptic right now. Dust from the Sahara is descending over Greece and making the skies appear an eerie orange.

A teacher got fined for putting a For Sale sign in his own truck. It’s all because of a local ordinance in Pennsylvania.

Scientists need a scary new color because the world keeps getting hotter. A shade beyond red is needed to indicate extreme heat.

Did you know we have two premium weekend emails, too? One gives you analysis on the week’s news, and one provides the best reads from Quartz and elsewhere to get your week started right. Become a member or give membership as a gift!

Our best wishes for a productive day. Send any news, comments, Chartreuse cocktail ideas, and scary color ideas to [email protected]. Today’s Daily Brief was brought to you by Morgan Haefner.