Big Tech is fighting again.

The gloves are off. Google’s Tuesday I/O keynote opens at 10am PT in Mountain View, with the new Gemini expected to land between Anthropic’s Claude Mythos and OpenAI’s GPT-5.5—a meaningful reasoning bump, not a step change. Coverage tips version 3.2 or 3.5, with weaker showings in coding benchmarks. Search still pays the bills: Q1 2026 revenue grew roughly 19% year-over-year to $60.4 billion. The keynote has to convince developers the model gap is closing, not widening.

Apple is moving on its own clock. Apple’s Foundation Models bet stays the centerpiece for WWDC on June 8, running on-device and via Private Cloud Compute, with Gemini the partner of record under a roughly $1 billion-per-year deal reported earlier this year. That deliberate pace has consequences: OpenAI’s breach-of-contract notice is now being weighed against Apple, after the June 2024 Siri integration generated revenue “well below” the $1 billion annual run-rate OpenAI had modeled. The non-exclusive clause cuts both ways.

The market is auditing the AI-layoff narrative in real time. Of the S&P 500’s AI-layoff names—23 companies that pinned workforce cuts on AI since the cycle began—13 are trading in the red from their announcement dates, an average decline of roughly 25%. Nike and Salesforce are among the casualties. The productivity gains those announcements promised haven’t yet shown up on the tape—and the gap between the story and the share price is the gap shareholders are pricing in.