South Korea's nominal GDP growth is projected to exceed 10% due to tech giants like Samsung and SK Hynix. However, a senior economic policymaker expressed concern that the boom's benefits are not reaching small businesses and retail sectors, leading to store closures and failures.
SpaceX shares dropped over 6% on Thursday, falling to $178.50, as investor enthusiasm waned after a strong IPO debut. The decline puts the company's $2.52 trillion valuation under pressure, potentially shedding over $150 billion. This follows a week of significant gains and investor reassessment of long-term prospects amid increased AI spending.
China's securities regulator announced a crackdown on stock market manipulation and illicit activities related to artificial intelligence themes, citing concerns over market abuse and potential bubbles fueled by the AI rally.
South Korea's livestock product prices surged nearly 6% in May year-on-year due to disease outbreaks and reduced supply. While agricultural products saw a decline, food and dining prices also increased, with potential further rises expected due to global factors.
Many S&P 500 companies citing AI for layoffs have seen stock declines, with an average drop of 25% for those affected. Investors struggle to discern AI's true impact amid "AI washing" and other economic pressures.
A succession of strong earnings seasons since then has allowed tech stocks to "grow into" their stock prices.
Crypto majors are mostly flat headed into Monday open; btc even at $90,600; eth +1% at $3,110, sol +2% at $140; xrp -2% to $2.04. Ip (+20%) and xmr (+15%) led top movers; xmr hit a new ath at $590. Fed chair Jerome Powell released a video message claiming that the criminal charges he faces are due to his not cutting interest rates in line with Trump’s wishes. X (twitter) announced plans for “smart cashtags” to show crypto and stock prices live next to tickers. Vaneck projected bitcoin could reach $53m by 2050, outlining long-term adoption, trade settlement and store-of-value assumptions driving 29% annual growth. Andreessen Horowitz (a16z) raised $15b to fund American Dynanism, with ai and crypto at the forefront. Ripple received FCA approval to scale crypto payments in the uk. Bny mellon debuted tokenized deposits for institutional and digital-native clients. A new house bill would bar lawmakers and federal officials from using prediction markets. Tether froze $182m in usdt linked to Venezuela oil trades.
