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Good morning.

The most predicted recession of modern times has been delayedagain.Yesterdays GDP report showed the economy grew at an annual rate of 1.1% in the first quarterslow, but still positive.And while economists continue to see a downturn on the horizon, Ive yet to encounter a single CEO who sees signs of it in his or her own numbers.

The GDP report also showed that inflation remains significantly above the Feds target.The PCE price index, excluding volatile food and energy prices, increased 4.9%.That suggests the Fed has more work to do to get inflation under controlwhich is why so many see a recession ahead.History offers little reason to believe that inflation can be brought down to the Feds 2% target without a recession.

And since it is Friday, some feedback. Several readers offered suggestions for a new phrase to describe the existential dread so many feel about the new wave of artificial intelligence.C.O. suggested we call it the Technolypse.J.D. called it Technodread.And G.K. harkened back to2001: A Space Odyssey, suggesting we call it Hal.Meanwhile, M.C. rejected the entire exercise.The worst thing to do would be to give it a new name or catchphrase.It infantilizes itmakes it seem less frightening Lets choose to be grownups and call it what it is:Terrifying.

More news below.And speaking of A.I., be sure to read Viv Walts deep dive into Klarna, the Swedish company that helped invent the buy-now-pay-later industry and rode it to become Europes most valuable startup.More recently, rising interest rates and the specter of recession have caused the company to lose 85% of its private market value.But its founder thinks a ChatGPT plug-in may be the route to salvation.

Alan Murray@alansmurrayalan.murray@fortune.com

$10 billion richer

Metas strong Q1 sales drove company shares up 14%, an increase that added $10 billion to Mark Zuckerbergs net worth. Zuckerberg now sits 12th on Bloombergs Billionaires Index with a fortune of $87.3 billion. Bloomberg

Crypto hero

Block CEO and Twitter co-founder Jack Dorsey is funding the legal defense of Bitcoin developers being sued by Craig Wright, who falsely claims to be Satoshi Nakamoto and argues the developers are obliged to help him recover lost Bitcoin. Dorseys defense fundset up to protect Bitcoin from a wide variety of legal perilshas made him a hero for an industry under siege. Fortune

Kicked out the Club

Social media app Clubhouse is cutting over half of its staff after its pandemic-era boom went bust. Laid-off employees will receive four months of severance and get to keep their company-issued laptops. Bloomberg

One venture capital firm is putting all of its cardsand $100Mon the middle of the country by Jessica Mathews

HR leaders are getting battered by crisesand its leading to burnout and higher turnover by Amber Burton

You cant trust A.I.: Former presidential candidate Andrew Yang warns of negative impact by Peter Vanham

Bill Gates got $2 billion richer after Microsoft mentioned A.I. more than 50 times on its earnings call by Eleanor Pringle

Commentary: Is it smart to be a stupid genius like Elon Musk? by Jeffrey Sonnenfeld

This edition of CEO Daily was edited by Jackson Fordyce.

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U.S. GDP growth delays the long-predicted recessionagain - Fortune