Federal revenue nearly doubled in April compared to the same period last year, driving a record monthly government surplus of $308 billion amid a strong economic recovery. Government revenue from taxes for the month rose by 97% to $864 billion despite the federal government spending 32% more on servicing its debt in April due to high inflation. Record inflation forced Americans to pay more for groceries and air travel but less for gasoline, with roughly 90% of Americans reporting they are now concerned about inflation.

President Joe Biden plans to appeal for a renewed international commitment to attacking COVID-19 at his second virtual summit, hoping to create a new urgency for the global response. Biden also plans to order that flags at all federal buildings be lowered to half-staff until next week to honor the one million lives lost due to the pandemic. Biden’s call to action comes as South Korea announced an additional $20 billion to small businesses to make up for losses due to COVID restrictions.

A large sell-off in cryptocurrencies wiped over $200 billion of wealth from the market in 24 hours, driven by Coinbase reporting a loss of half its value in the past week and TerraUSD stablecoins’ collapse. Coinbase came under scrutiny this week after the company suggested that the digital tokens it holds for its users might not really belong to them in a bankruptcy situation. Digital tokens have continued to face selling pressure as central banks are aggressively tightening their monetary policy to fight inflation.

The global chip shortage, rising material costs and China’s COVID restrictions continue to impact carmakers, with Nissan expecting flat operating profits this fiscal year, far below analysts’ expectations. Rivian maintained its production forecasts for 2022 despite supply chain setbacks, reporting a lower-than-expected $95 million in revenue for the first quarter. Although Toyota smashed earnings records across the board in the latest fiscal year, the carmaker is slowing the pace of recovery as part of an “international pause” to achieve a more reasonable pace of output due to the chip shortage. Many have predicted the crisis will not be over before 2024.

California-based utility companies have been investing in Artificial Intelligence for wildfire mitigation but said it will likely take years to gather enough data to deploy and train AI at scale across their infrastructure. AI is increasingly being used in the U.S. to predict weather movements and prevent natural disasters at 100,000 times the speed of traditional numerical weather models. Recent forecasts predicted a 50-50 chance that Earth will temporarily hit the warming threshold that international agreements are trying to prevent within the next five years. Many scientists see AI as a tool to fight global warming and build a more sustainable world.

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