President Trump's "Liberation Day" might extend to reciprocal tariffs against all trading partners, not just those he believes enjoy an unfair balance of payments with the U.S., telling reporters yesterday he'd "start with all countries" on April 2. A Goldman Sachs (GS -2.87%) survey suggests investors have priced in a 9% tariff rate but the investment bank expects the initial proposal to be higher at 15%, while the WSJ reported Sunday an across-the-board hit of 20% is back under discussion.

Meta (META -4.22%) CTO Andrew Bosworth has been setting out who he thinks will be the biggest winners in the AI battle. In an interview with the Possible podcast, he said Alphabet's (GOOG -4.89%) Google faces the biggest challenge to its business model.

• "These big companies from the last generation are obviously going to win the next generation": Referencing the conventional wisdom, he added "It almost never happens," and sees scope for new start-ups to "come out of nowhere."
• "All gravy": Unsurprisingly, Bosworth sees a great future for Meta in AI, after CEO Mark Zuckerberg revealed plans to spend more than $60 billion on capital investment this year. He says Microsoft (MSFT -2.96%) is in a "strong position," with Amazon (AMZN -4.33%) in the middle.

Intel's (INTC -3.79%) 2-day Vision Event takes place today and tomorrow, with newly appointed CEO Lip-Bu Tan delivering the opening keynote in Las Vegas. The event is expected to draw more than 2,500 tech companies who want to build the future of AI.

• New AI health drive: Apple (AAPL -2.67%) has launched Project Mulberry, to deliver a major new AI doctor app, according to Bloomberg. The report says it could be out in spring or summer 2026, and will feature AI agents trained on data from in-house physicians.
• Quantum computing coming soon: Honeywell (HON -1.76%) plans to take its Quantinuum offshoot public "between the end of 2026 and sometime in 2027," says Barron's, though that timeline is flexible. Bloomberg previously suggested a likely target valuation of around $10 billion.