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Nova Newsletter
April 16, 2025
☕ Good morning. 1,805 words for you today - 9-minute read.
The Spotlight
1. Trump Says Xi Denied Arming Iran
U.S. President Donald Trump arrives to deliver an address to the nation about the Iran war at the White House in Washington, D.C., U.S. April 1, 2026. Alex Brandon/Pool via REUTERS TPX... Purchase Licensing Rights
Donald Trump said he asked Xi Jinping not to supply weapons to Iran, adding Xi responded that China is not providing arms.
Takeaways
Trump says the exchange happened via letters, timing unclear.
He recently threatened 50% tariffs on countries arming Iran.
Claim comes amid ongoing war tensions and stalled ceasefire talks.
Trump told Fox Business the request aimed to curb external support for Tehran during the conflict. He said China depends on oil, while the U.S. does not, framing leverage in geopolitical terms.
In a separate post, Trump claimed he was “opening” the Strait of Hormuz and said China supported the move, though shipping remains heavily constrained.
Negotiations with Iran could resume soon, but uncertainty remains as military pressure and economic threats continue.
The exchange highlights rising global stakes as major powers navigate the Iran conflict. Read More
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2. Tax Refund Boost Falls Short Of Expectations
Americans are receiving larger tax refunds in 2026, but many say the increases feel underwhelming.
Takeaways
Average refund is about $3,462, up 11.1% from last year
Gains fall short of White House projections of $1,000+ increases
Many taxpayers report little noticeable impact from new tax law
Higher-income filers appear to benefit the most
Despite bigger refunds on paper, early filers report only modest gains, often similar to last year. Surveys show 62% of Americans say tax changes either hurt them or made no difference.
Experts say benefits may be less visible, especially for those who owe taxes instead of receiving refunds. Lower tax bills are harder to notice than cash payouts.
Rising gas prices tied to the Iran war are also eating into gains, dulling the financial boost for many households.
Bottom line: Bigger refunds are landing but not delivering the political or economic punch expected. Read More
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3. Appeals Court Halts Probe Into Deportation Flights
U.S. District Judge James Boasberg, chief judge of the United States District Court for the District of Columbia, stands for a portrait at E. Barrett Prettyman Federal Courthouse in Washington, March 16, 2023. (Carolyn Van Houten/The Washington Post via AP, File)
A federal appeals court ordered a judge to end a contempt investigation into the Trump administration over 2025 migrant deportation flights.
Takeaways
Appeals panel says probe was “intrusive” and legally flawed
Judges ruled the original court order was not clear or specific
Case tied to deportations of Venezuelan migrants to El Salvador
Migrants’ lawyers plan to seek full court review
The ruling sides with the Trump administration, which argued the contempt proceedings lacked legal basis. The court said criminal contempt requires a clearly defined order, which it found missing.
The investigation stemmed from flights carried out during Trump’s broader mass deportation push, a major legal and political flashpoint.
Advocates for the migrants called the decision a setback, warning it weakens judicial oversight of government actions.
What’s next: The fight could escalate as plaintiffs push for a rehearing before the full appeals court. Read More
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Someone just spent $236,000,000 on a painting. Here’s why it matters for your wallet.
Late last year, a Klimt sold for the highest price ever paid for modern art at auction.
An outlier sure, but it wasn't a fluke. U.S. auction sales grew 23.1% in 2025. The $1-5mm segment even grew 40.8% YoY.
Now, the S&P, teetering on all time highs, just posted its worst quarter since 2022, oil was up 94% (briefly), and Moody's puts recession odds at 48.6%.
Each environment is unique, but after dot-com, post war and contemporary art grew about 24% annually for a decade. After 2008, about 11% for 12 years.
It’s also had near-zero correlation with the S&P 500 since ‘95.*
Now, Masterworks lets you invest in shares of artworks featuring legends like Banksy, Basquiat, and Picasso.
$1.3 billion invested across over 500 artworks.
28 sales to date.
Net annualized returns on sold works held 12 months+ like 14.6%, 17.6%, and 17.8%.
Shares can sell quickly, but my subscribers can skip the waitlist:
*Investing involves risk. Past performance is not indicative of future returns. See important Reg A disclosures at masterworks.com/cd.
Quick Headlines
American YouTuber Johnny Somali arriving at court in Seoul, South Korea, on Wednesday.YONHAP / AFP via Getty Images
American streamer Johnny Somali, 25, was sentenced to 6 months in jail in Seoul for public nuisance and other charges after kissing a “comfort women” statue and posting provocative content, with additional penalties including a 5-year ban from working with vulnerable groups. Read More
The Walt Disney Co. has started layoffs affecting about 1,000 employees across TV, film, and corporate divisions as new CEO Josh D’Amaro restructures operations, following earlier cuts of 8,000 jobs and signaling ongoing contraction across Hollywood studios. Read More
Nine people including 8 students and 1 teacher were killed in a shooting at a school in Kahramanmaras, Turkey, with 13 injured and the attacker dead, marking the second school attack in two days after a prior shooting left 16 wounded. Read More
Pope Leo XIV renewed calls for peace and unity during his Africa trip despite ongoing criticism from Donald Trump over his stance on the Iran conflict, highlighting interfaith dialogue while tensions escalate between the White House and the first U.S.-born pope. Read More
Super Typhoon Sinlaku battered the Northern Mariana Islands with 150 mph winds, damaging homes, flooding communities and displacing over 1,000 residents, while Guam also saw flash flooding but no deaths reported as officials warned conditions could remain dangerous for days. Read More
King Charles III will become only the second British monarch to address a joint meeting of Congress when he visits the U.S. later this month, alongside a private meeting with President Donald Trump, as the two countries highlight diplomatic ties during a politically sensitive period. Read More
Deep Dive
4. Americans Turn To AI For Health Advice Amid Access Gaps
The OpenAI logo is seen March 21, 2023, on a mobile phone in front of a computer screen displaying output from ChatGPT in Boston.
A growing share of Americans are using AI chatbots like ChatGPT for health advice, even as experts warn about accuracy, privacy, and overreliance on automated medical guidance.
Takeaways
Roughly 1 in 4 U.S. adults used AI for health information in the past 30 days, per Gallup data.
Users cite speed, convenience, and cost barriers as key reasons for turning to chatbots over doctors.
Medical experts say AI is best viewed as an “assistant, not an expert,” warning against replacing clinical care.
Trust in AI health advice is split, with about one-third trusting and one-third distrusting its accuracy.
For many users, AI tools function as a first stop for symptoms, lab results, and medication side effects. Tiffany Davis in Texas says she regularly consults ChatGPT before deciding whether to seek medical care, calling it a way to quickly gauge if something is serious.
Health systems see the trend as an evolution of familiar behavior. Dr. Karandeep Singh of UC San Diego Health said AI is essentially a “better entry portal” to web searches, summarizing complex results into fast answers that once required scanning multiple sources.
But convenience is colliding with structural strain in healthcare access. Surveys show many users turn to AI because they cannot afford doctor visits, lack time, or face difficulty getting appointments, particularly younger and lower-income Americans.
The American Medical Association warns the shift carries risk. President Dr. Bobby Mukkamala said AI can help patients ask better questions, but stressed it must remain “a tool and not a stand-in for medical care.”
Privacy concerns add another layer. Roughly three-quarters of adults say they are worried about sharing medical data with AI systems, and experts note that user data can sometimes be exposed if settings are not properly managed.
AI is rapidly becoming a parallel entry point into healthcare, but trust, safety, and access gaps are shaping how far Americans are willing to rely on it. Read More
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On Our Radar
5. Snapchat Parent Snap Cuts 16% Of Workforce
The icon for instant messaging app Snapchat is seen on a smartphone, Tuesday, Feb. 28, 2023
Snap Inc. is laying off about 16% of its global workforce, or roughly 1,000 employees, as it restructures operations and pushes toward profitability.
Takeaways
Cuts impact about 1,000 jobs globally at Snap Inc.
Company expects up to $130M in severance and restructuring costs
CEO says move is aimed at efficiency and profitability goals
This follows multiple layoffs in 2022, 2023, and 2024
Snap said the reductions are intended to streamline operations and reallocate resources toward its highest-priority initiatives. It also confirmed about 300 open roles will not be filled.
The company, which owns Snapchat and serves about 474 million daily users, has been under pressure to improve financial performance despite revenue growth.
Snap reported a narrower net loss in 2025, but continues to face competition and slowing ad-market momentum.
Bottom line: Snap is trimming again as it tries to stabilize its business model in a tougher digital ad market. Read More
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6. NFL Reporter Dianna Russini Resigns From The Athletic
NFL insider Dianna Russini has resigned from The Athletic following scrutiny over photos of her with Patriots coach Mike Vrabel.
Takeaways
Photos of Russini and Vrabel at an Arizona resort triggered internal review
Reported resignation comes before her contract end date in June
Russini cites media speculation and leaked information as factors
She says departure is to avoid further public controversy escalation
The New York Post published images of Russini and Vrabel in Sedona ahead of NFL owners meetings, prompting questions and an internal probe at the sports outlet.
In her resignation letter, Russini defended her journalism record and said she would not “submit to a public inquiry” she believed had become distorted by speculation.
She joined The Athletic in 2023 after nearly a decade at ESPN, where she became one of the NFL’s most recognizable insiders.
Bottom line: A high-profile sports media departure underscores how quickly personal optics can collide with reporting careers. Read More
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8. 🎉 This day in history
© The Board of Trustees of the Science Museum
On This Day — April 16
Reflecting Telescope Demonstrated, 1682 – John Hadley demonstrates an early reflecting telescope, improving astronomical observation and laying the groundwork for modern space telescopes like Hubble and James Webb.
First Woman to Fly Across the English Channel, 1912 – Harriet Quimby becomes the first female pilot to cross the English Channel, marking a milestone in aviation history and women in flight.
Apollo 16 Launches, 1972 – NASA launches Apollo 16, advancing lunar exploration with the Lunar Roving Vehicle and improving space travel systems and communications technology.
Life Hack of the day
🍽️🥗Eat Slowly with your Non-Dominant Hand Occasionally
Want to build more mindful eating habits? Try using your non-dominant hand occasionally during meals. It naturally slows down your eating pace, helping you pay closer attention to flavors and fullness cues, which may reduce overeating over time.
That’s your morning brief. Now go show someone how smart you are. 🧠
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