Musk and Altman go to trial, GM earnings, Spotify's fitness push and more in Morning Squawk

In a tumultuous start to the trading day, shares of prominent companies in the artificial intelligence sector, including Oracle, Nvidia, and SoftBank Group, are experiencing declines. This downturn follows revelations that OpenAI fell short of its internal revenue and user growth targets. Amidst this, stock futures are showing mixed signals in pre-market trading after the S&P 500 and Nasdaq Composite achieved record highs yesterday. A significant event in the tech world is the commencement of a highly publicized trial involving OpenAI CEO Sam Altman and Tesla CEO Elon Musk. A jury of nine was established yesterday in a California federal court, with opening arguments set to unfold this morning. The lawsuit, which stands at a staggering $134 billion, is poised to draw substantial attention. In other news, President Donald Trump held discussions with his national security team regarding Iran's proposition to reopen the strategically vital Strait of Hormuz. White House press secretary Karoline Leavitt clarified that while discussions are ongoing, Trump is not currently considering the offer. Trump emphasized that the strait would remain closed until a deal with Iran is fully realized. As a result, Brent oil futures have surged beyond the $111 per barrel mark, although investors are largely overlooking these geopolitical tensions, with both the S&P 500 and Nasdaq Composite recently hitting new highs. In the automotive sector, General Motors has raised its guidance for 2026, benefiting from the Supreme Court's recent decision to reverse President Trump's hefty tariffs. The company announced an anticipated $500 million tariff refund and surpassed earnings expectations for the first quarter, despite slightly lower revenue than projected. This news has led to a nearly 5% rise in GM's shares during pre-market trading. On another front, the cryptocurrency market is seeing significant interest in perpetual futures, which are among the most volatile forms of crypto trading. As reported, prediction market platforms like Kalshi and Polymarket are planning to introduce these contracts, which have been largely restricted in the U.S. until now. These perps, which can offer up to 100 times leverage on investments, could dramatically change how Americans engage with real-world event contracts. In a strategic partnership, Spotify has joined forces with Peloton to launch a new fitness category featuring over 1,400 Peloton classes for premium subscribers. This initiative is part of Spotify's broader strategy to diversify its content offerings beyond music and podcasts. However, shares of Spotify have seen a decline of more than 10% after the company reported first-quarter earnings that met expectations but provided disappointing guidance for operating income in the upcoming quarter. Lastly, billionaire investor Ray Dalio shared his insights with CNBC, suggesting that the U.S. economy is currently in a 'stagflationary' state. He advised against interest rate cuts by the Federal Reserve in light of these circumstances. This overview encapsulates the latest crucial updates that investors should keep in mind as they navigate today's market.