Weekly Market Report. May 24, 2024

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May 24, 2024

Greetings, curious minds! Join us on a journey into the cutting-edge. This newsletter unveils the latest trends shaping our world.

Let’s explore together! 🌐🚀

🔥 Top Reads

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Spot Ether ETFs approved, but Gary Gensler didn’t vote for them 😲

The United States Securities and Exchange Commission (SEC) approved spot Ether exchange-traded funds (ETFs) on May 23, but the approval process differed slightly from the approval of spot Bitcoin ETFs in January.

Nvidia CEO Jensen Huang’s Net Worth Shoots To $90 Billion 🤔

Its stock’s rally comes after the company reported blowout quarterly earnings Wednesday afternoon, highlighted by a more than 600% annual increase in profits. The third-most valuable company in the world, Nvidia added $220 billion in market value on Thursday, growing to a $2.6 trillion market capitalization.

China’s $538 Billion Deposit Exodus Supercharges Rally in Bonds 🧐

China’s efforts to bolster economic growth by reducing the allure of bank deposits has driven a record exodus from cash, with a big proportion of that going into bonds and wealth management products.

📈 Market Data

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🚨 Important News This Week

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AI

  • Alphabet, Meta Offer Millions to Partner With Hollywood on AI

  • Meta AI to take on ChatGPT Plus by working on its own paid AI assistant

  • Nvidia is cutting AI chip prices in China to keep up with Huawei

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Tech

  • SpaceX Weighs Plan to Sell Shares at $200 Billion Valuation

  • Tesla Omits Goal to Make 20 Million Cars by 2030 From Report

  • Alibaba to Raise $4.5 Billion Through Convertible Bonds to Fund Buybacks


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Business

  • iPhone users eligible for $349 in lawsuit settlement payout over audio issues

  • Wall Street is about to see its biggest trading change in years

  • Ace Hardware, America’s neighborhood hardware store for 100 years, is beating its big-box rivals

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Crypto

  • SEC Sets the Stage For the Launch of Spot Ether ETFs

  • Binance Money Laundering Trial in Nigeria Pushed to June 20 Due to Executive’s Illness

  • JPMorgan expects spot Ethereum ETFs to begin trading ‘well-ahead of November’

🚨 Notable Companies Secure Impressive Investments

  • Farcaster has raised $150M in latest fundraising round led by Paradigm

  • Kelp DAO has raised $9M in a Private Sale round co-led by SCB Limited and Laser Digital

  • WeatherXM has raised $7.7M in a Series A funding round led by Lightspeed Faction

  • Stripchain has raised $10M in a funding round led by Sora Ventures

  • LeverFi [LEVER] has raised $10M for OmniZK Developers Fund

  • Plume Network has raised $10M in a Seed funding round led by Haun Ventures

  • Fantom Foundation [FTM] closed a $10M strategic funding round to support the Sonic Foundation

  • Cysic has raised $12M in a Pre-A funding round co-led by HashKey Capital and OKX Ventures

🤣 Meme of the Week

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🫰Love What You Read?

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If you have any questions, please contact me directly in my email.

Sincerely,

Constantin Kogan

[email protected]