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Good morning. If you should ever meet Nvidia CEO Jensen Huang, never compare him to Elon Musk. Huang's biographer learned this the hard way.

In today's big story, US President Donald Trump's tariffs have gone into effect — we're looking at when you can expect prices to rise, and how severe they may be.

What's on deck

Markets: Why "The Big Short" investor Steve Eisman thinks the US would prevail in a global trade war.

Tech: How grassroots rage at Elon Musk snowballed into global protests.

Business: Zillow might not be the place to look for your dream home anymore, thanks to new rules.

But first, time for an upgrade?

If this was forwarded to you, sign up here.

The big story

The cost of tariffs

$1,549 for an iPhone.

After Trump's latest round of tariffs — which went into effect today — UBS's chief investment officer said the Mainland China-assembled iPhone 16 Pro Max with 256 GB would likely see a price hike of $350.

The White House's total tariff rate for China now stands at 104%. BI spoke to seven analysts about rising consumer prices and found they expect costs to go up roughly 30% to 50%.

It's not just Apple, either. A slew of companies have talked about raising prices due to Trump's tariffs, including Walmart and Target — BI has a running list of them here.

Prices on everything from pantry staples like coffee and sugar to larger purchases like cars and appliances are expected to rise. A Yale economist estimated that the cost to the average household could be about $3,800 this year.

"Shark Tank" investor Mark Cuban has suggested Americans begin stockpiling goods before prices go up:

"From toothpaste to soap, anything you can find storage space for, buy before they have to replenish inventory," Cuban wrote.

So, should you take Cuban's advice and stockpile essentials?

Some Americans are. BI spoke with people who say they're buying makeup, skincare goods, pet food, spices, meat … the list goes on.

Prices might not rise immediately. Companies may think twice before passing on the cost to consumers. Take Apple: Increasing prices could give competitors like Samsung — who are less affected by tariffs — a competitive edge, analyst Thomas Monteiro said.

That said, if you know you'll need a new iPhone soon, it's not a bad idea to act now, BI's Ana Altchek writes.

3 things in markets

1. "The Big Short" investor is bullish on Trump and the trade war. Steve Eisman thinks the US would win if tariff escalation develops into a full-on trade war. He's also confident President Trump could get everything he wants from negotiations "if reasonable heads prevail."

2. To buy — or not buy — the dip. There might be a glimmer of hope for the investors suffering through the brutal market sell-off. History suggests stocks could very well shake off these losses, and Truist's chief market strategist agrees: "This is not the time to be selling into panic."

3. History lessons about a looming bear market. The S&P 500 briefly entered bear market territory on Monday amid a three-day skid triggered by Trump's tariffs. Goldman Sachs strategists argue the market is now flirting with an event-driven bear market. Here's what to expect if the stock market decisively enters one.

3 things in tech

1. Rage against the (Elon Musk) machine. Tesla Takedown protests began sprouting up in February and by the end of March, they had reached more than 250 cities and 13 countries. Here's how anti-Tesla momentum evolved.

2. The angel investors shaking up Silicon Valley. There's a strong correlation between the rising number of women in angel investor markets and more female entrepreneurs receiving angel investing capital. It might be the best way for them to take on tech's billionaire boys club.

3. Microsoft middle managers, beware. The tech giant is considering another round of job cuts that could come as soon as May, BI exclusively reports. This time, it's not just shedding low performers. Leaders on some teams are discussing ousting middle managers, people familiar with the matter told BI.

3 things in business

1. The golden age of Zillow is coming to an end. Thanks to new rules for real estate agents, sites like Zillow and Redfin are about to lose a lot of listings. Your dream home could be for sale — but you may never see it.

2. Top Trump donors are seeing their stock prices plunge. Billionaire CEOs of tech and finance companies shelled out donations to President Trump. Now they're watching their companies' stocks plunge after his tariff announcement. Here's how much they've lost in share value.

3. Trump threatened TSMC with a "big tax." The president said on Tuesday he'd slap Taiwan's chipmaker with a tax of up to 100% if it didn't build its plants in America. TSMC had already announced in March it will invest $100 billion to build five new chip factories in the US.

In other news

• Read the ex-Meta executive's draft opening statement to Congress accusing the company of aiding China's AI advancements.
• The New York Times' publisher worried that Trump would crackdown on the press. He was right.
• Elon Musk's xAI is hiring workers to rein in Grok as the chatbot spits out NSFW content and racial slurs.
• The IRS offered employees three routes to leave their jobs — or risk being fired.
• David Rosenberg started his career on Black Monday in 1987. Here's his advice to investors during this sell-off.
• MrBeast says it'll be 'way cheaper' to make his Feastables chocolates outside the US because of Trump's tariffs.
• OpenAI's former chief research officer joins Mira Murati's AI startup.
• Dire wolves have been extinct for over 10,000 years. Now a startup says it genetically engineered three.
• 20 high-paying occupations with fast job growth in the US.
• A BI reporter visited Hooters and saw why the chain is facing bankruptcy.

What's happening today

• Federal Open Market Committee meeting minutes published.
• Delta Airlines reports Q1 earnings.
• Treasury Secretary Scott Bessent delivers keynote speech at ABA summit in Washington, DC.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave). Hallam Bullock, senior editor, in London. Nathan Rennolds, editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.

• This post originally appeared in the Business Insider Today newsletter.
• You can sign up for Business Insider's daily newsletter here.

Good morning. JPMorgan Chase released CEO Jamie Dimon's much-anticipated annual letter to shareholders.

In the 58-page letter, Dimon said he sees stagflation dangers slowing the economy — and suggested that stock market pain may not be over. Dimon, a longtime meeting-hater, also offered tips on holding better ones. Read BI's takeaways here.

In today's big story, public offerings were about to take off. Instead, they've hit the massive Trump Slump — and there's no end in sight.

What's on deck

Markets: Finance influencers share their advice amid Trump's tariffs.

Tech: NYC's tech scene loves this cold-plunge and sauna studio.

Business: Hollywood was hoping for a comeback in 2025. Now, those dreams are fading.

But first, RIP to the IPO comeback.

If this was forwarded to you, sign up here.

The big story

The Great IPO Depression

It's bad news for everyone.

Just a few months ago, tech IPOs seemed primed for a comeback.

"All signs were pointing to 2025 as the year when we would finally get some IPOs," said Matt Kennedy, a senior strategist at Renaissance Capital.

But a historic stock market sell-off, precipitated by Donald Trump's tariffs, has thrown cold water on those hopes.

IPO analysts at Renaissance now estimate that as few as 150 deals could be made this year, making 2025 the fourth straight down year for IPOs.

Another possible factor: Dreams of an IPO comeback may have been unrealistic from the start.

Recent boom times led to the belief that public markets could ask for the moon — and get it, BI's Dakin Campbell writes.

However, as outlooks have softened, investors still expect high returns from IPOs, resulting in many companies struggling to generate the enthusiasm needed for a successful public offering.

As long as IPOs remain stagnant, average Americans have few ways to share in Silicon Valley's wealth.

A slowdown in the IPO market limits the opportunities for mom-and-pop investors to directly take stakes in high-growth companies. That means there's less chance for them to strike it big with the next Facebook or Airbnb.

The knock-on effect? Further deepening the divide between the stock market haves and have-nots.

"Yet again, we are sequestering the majority of the upside of our prosperity to the private markets that consist mostly of 0.1 percenters and institutional investors," Scott Galloway, an entrepreneur and marketing professor at New York University, observed.

So, what could spur a more robust market for IPOs? Analysts have some ideas, though it will likely involve companies lowering their valuations.

3 things in markets

1. Mark Cuban says the US could be on track for a "worse situation" than 2008. In a series of Bluesky posts, Cuban suggested the extensive tariffs, combined with cuts to the federal workforce, could result in a worse financial crisis than the Great Recession.

2. Finance influencers on navigating tariffs uncertainty. BI asked nine finance influencers their top piece of advice amid tariff-related market instability. They shared budgeting, investing, and travel tips, but the No. 1 rule was "don't panic."

3. The trade war's silver lining. The 30-year mortgage rate dropped to its lowest point since October during the trade war chaos of last week. That's a bright spot for homebuyers — but it may not last long.

3 things in tech

1. Tariffs chaos hits Amazon's atmosphere. President Trump's whiplash tariffs announcement is throwing the retail giant into uncertain territory. Amazon's stock was among the hardest hit on Thursday, and some employees, sellers, and vendors say the company has given them little guidance so far.

2. Building AI is about to get even more expensive. Most semiconductors are tariff-exempt, but what if the chips are inside other products? It may be time to rethink supply chains.

3. NYC techies <3 sweating and networking. The cold-plunge and sauna studio Othership is the hottest new spot for New York's tech scene, mixing wellness with socializing. It's open to more than just tech workers, though it was designed with them in mind. BI went inside.

3 things in business

1. TikTok's US teams are getting Chinese leaders, staffers say. A string of US executive exits left a management vacuum at TikTok, which employees say ByteDance's Chinese leaders are filling. However, this could change again if ByteDance sells TikTok to a new owner.

2. Hollywood's dashed dreams. Three months into 2025, Hollywood's hopes for a comeback are fading fast. Trump's tariffs, declining production, and more are casting a shadow on the industry's growth prospects.

3. The Chinese food "tsunami." A slew of authentic Chinese restaurant brands are coming to the US, but geopolitical tensions and anti-Asian sentiment persist. Could the cuisine bridge divides between the two countries, or is it set up to fail?

In other news

• Elon Musk's tariff rift with Trump's top trade advisor is getting ugly.
• We went to the anti-Trump protests. Here's what surprised us the most.
• I asked 200 retirees for their best advice. The biggest tip had nothing to do with money.
• Inside MrBeast's business, which generated $473 million in revenue in a single year and comprises much of his net worth.
• Stargate's Texas data center campus could cost $3.5 billion. Most of it will be tax-free.
• The last time the US raised tariffs this much it made the Great Depression way worse.
• Life on pause: The economy has Americans rethinking everything from babies to businesses.
• Love, fate, and blood money in Thailand: 'The White Lotus' season three ending explained.
• The 12-year-old investor — how FIRE parents are teaching their kids to be financially savvy.

What's happening today

• BlackRock CEO Larry Fink speaks at the Economic Club of New York.
• March Madness national championship.
• It's National Beer Day. Crack open a cold one.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York (on parental leave). Hallam Bullock, senior editor, in London. Nathan Rennolds, editor, in London. Grace Lett, editor, in Chicago. Amanda Yen, associate editor, in New York. Lisa Ryan, executive editor, in New York. Ella Hopkins, associate editor, in London. Elizabeth Casolo, fellow, in Chicago.