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Good day valued readers,

We hope this week's carefully curated selection of news finds you well. In this edition, we cover the latest developments across investing, finance, crypto, AI, and other topics to help you stay informed.

As always, our goal is to provide you with a professional, unbiased roundup of noteworthy news to augment your understanding of what's happening in the world. We take pride in hand-selecting articles from trustworthy sources across a diverse range of industries.

Please enjoy this week's newsletter. We're grateful for the opportunity to share these insights with you and look forward to continuing to be a valuable resource.

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Investing and Finance

Nvidia's market value surpassed $3 trillion, significantly increasing CEO Jensen Huang's wealth. Despite economic challenges, home prices have remained resilient. Norway discovered Europe's largest deposit of rare earth metals, potentially impacting global supply chains. Oracle's stock surged on partnerships with tech giants, despite missing earnings expectations. The stock market's performance is increasingly seen as a direct reflection of the broader economy.

The Federal Reserve maintained current interest rates and projected only one rate cut this year. Argentina's Senate passed President Milei's economic reform bill amid protests. U.S. wholesale prices dropped in May, indicating cooling inflation pressures. Jobless claims in the U.S. reached their highest level in 10 months. Broadcom and Dell stocks rose on AI-related optimism, while Oracle co-founder Larry Ellison's fortune grew by $14 billion overnight, making him the world's seventh-richest person.

1. Nvidia hits $3 trillion, making CEO Jensen Huang richer than Michael Dell - Read more

2. Why Haven’t Home Prices Dropped? - Read more

3. Norway discovers Europe’s largest deposit of rare earth metals - Read more

4. Oracle Stock Surges on Deals With Microsoft, OpenAI, and Google, Despite Earnings Miss - Read more

5. The Stock Market Is Absolutely The Economy, Here’s Why - Read more

6. Fed Holds Interest Rate Steady, Projects Just One Rate Cut This Year - Read more

7. Argentina’s Senate passes Milei’s economic reform bill as protesters clash with riot police - Read more

8. US wholesale prices dropped in May, adding to evidence that inflation pressures are cooling - Read more

9. The number of Americans filing for jobless benefits jumps to the highest level in 10 months - Read more

10. Broadcom Stock Continues To Set Records on AI Excitement - Read more

11. Dell Stock Rises Amid AI Optimism From Bank of America Analyst - Read more

12. Larry Ellison’s fortune grows $14 billion overnight, making him the seventh-richest person on earth - Read more

Crypto News

The SEC is considering a spot Ether ETF application from ProShares, potentially expanding cryptocurrency investment options. HSBC China is rolling out e-CNY services for corporate clients, advancing digital currency adoption. Bitcoin's price dipped below $67,000 as ETFs experienced outflows ahead of the Fed meeting and inflation data release. Former President Trump met with Bitcoin miners, signaling his continued interest in cryptocurrency. Metaplanet disclosed a $1.6 million Bitcoin purchase, causing its shares to jump 10%. Terraform agreed to pay nearly $4.5 billion to settle with the SEC, resolving a major crypto regulatory case.

Paxos cut 20% of its workforce despite having over $500 million on its balance sheet, highlighting challenges in the crypto industry. Ethereum is predicted to approach its all-time high, potentially leading other altcoins in a bullish market. MicroStrategy raised $500 million to buy more Bitcoin, further cementing its position as a major institutional investor in cryptocurrency. Franklin Templeton is exploring the future of Decentralized Physical Infrastructure (DePin) projects, showcasing traditional finance's growing interest in blockchain technology.

1. SEC considers spot Ether ETF application from ProShares - Read more

2. HSBC China rolls out e-CNY services for corporate clients - Read more

3. Bitcoin Slips Below $67K, ETFs See Outflows Ahead of Fed Meeting, Inflation Data - Read more

4. Trump Meets Bitcoin Miners in His Latest Pro-Crypto Overture - Read more

5. Metaplanet Discloses $1.6M BTC Purchase; Shares Jump 10% - Read more

6. Terraform Agrees To Pay Almost $4.5B To Settle With SEC - Read more

7. Paxos cuts 20% of workforce despite having more than $500 million on balance sheet - Read more

8. Ethereum to ‘attack’ its all-time high, lead altcoins at ‘upwards only’ market - Read more

9. MicroStrategy Raises $500 Million to Buy Bitcoin [Explained for Dummies] - Read more

10. Franklin Templeton Explores Future of DePin Projects - Read more

Artificial Intelligence

A new AI video model called Kling has emerged, potentially rivaling OpenAI's Sora in capabilities. Morgan Stanley's CEO predicts AI could save financial advisers significant time each week. Elon Musk has withdrawn his lawsuit against OpenAI, signaling a potential shift in their relationship. Paris-based Mistral AI raised $640 million, highlighting growing investment in European AI companies. Brazil has hired OpenAI to reduce costs associated with court battles, showcasing AI's potential in legal applications.

Flyhomes launched an AI-powered home search portal, revolutionizing the real estate industry. A new AI-focused infrastructure paradigm is emerging to support enterprise data software. AWS introduced two AI certifications to enhance job prospects in the cloud computing sector. A former OpenAI researcher published a comprehensive essay on AI's future, which was then summarized by GPT-4. OpenAI selected Oracle Cloud Infrastructure to extend its AI platform beyond Microsoft Azure, while its annualized revenue doubled to $3.4 billion since late 2023.

1. Forget Sora - Kling is a killer new AI video model that just dropped and I’m impressed - Read more

2. Morgan Stanley CEO says AI could save financial advisers 10-15 hours a week - Read more

3. Elon Musk withdraws lawsuit against OpenAI - Read more

4. Paris-based AI startup Mistral AI raises $640M - Read more

5. Brazil hires OpenAI to cut costs of court battles - Read more

6. Flyhomes Launches World’s First AI-Powered Home Search Portal - Read more

7. A new infrastructure paradigm, purpose-built for AI, is emerging to supercharge the next wave of enterprise data software in the age of AI. - Read more

8. AWS debuts 2 AI certifications to give you an edge in pursuing in-demand cloud jobs - Read more

9. A researcher fired by OpenAI published a 165-page essay on what to expect from AI in the next decade. We asked GPT-4 to summarize it. - Read more

10. OpenAI Selects Oracle Cloud Infrastructure to Extend Microsoft Azure AI Platform - Read more

11. OpenAI's Annualized Revenue Doubles to 3.4 billion since late 2023 - Read more

12. Why Pope Francis thinks the Church should play a part in world leaders’ debate on AI - Read more

13. How Gen AI Can Make Work More Fulfilling - Read more

14. AI nudes of Victorian students were allegedly shared online. How can schools and parents respond to deepfake porn? - Read more

15. The AI upgrade cycle is here - Read more

Top Article Picks this week

A guide offers advice on how to start investing for beginners. An article explores the unwritten rules for those in positions of power or influence. Psychological research reveals why people tend to like those who ask them for favors. Pixar's Pete Docter discusses the potential impact of Inside Out 2's success on the studio's future direction. The concept of "gentle parenting" is examined, along with its potential drawbacks. Strategies are offered to overcome feelings of guilt associated with unmet productivity goals.

Common misconceptions about money that women are often taught are debunked. Therapists highlight unique challenges faced by wealthy individuals, including feelings of isolation. A list presents 10 inventors who later regretted their creations, exploring the unintended consequences of innovation. This diverse selection of topics covers personal finance, psychology, parenting, career pressures, and the impact of wealth and innovation on individuals and society.

1. I know I’m supposed to be investing. How do I start? (Reading time: 6 min) - Read here

2. Rules for the Ruling Class (Reading time: 22 min) - Read here

3. Why We Like People Who Ask Us for Favors (Reading time: 6 min) - Read here

4. Pixar’s Pete Docter: If Inside Out 2 Doesn’t Succeed, We Have to ‘Radically’ Rethink Our Business (Reading time: 13 min) - Read here

5. The gentle parenting bust (Reading time: 10 min) - Read here

6. How to stop feeling guilty about not being as productive as you hoped (Reading time: 3 min) - Read here

7. 3 lies women are taught to believe about money (Reading time: 10 min) - Read here

8. ‘Wealth can be pretty isolating’: Problems that rich people face, according to therapists (Reading time: 3 min) - Read here

9. 10 Inventors Who Came to Regret Their Creations (Reading time: 6 min) - Read here

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Book of the week

Elizabeth Kolbert's "The Sixth Extinction" is a powerful and sobering look at the ongoing mass extinction crisis caused by human activity. Drawing on research from various scientific disciplines, Kolbert provides a comprehensive overview of how human-driven climate change, habitat loss, pollution, and more are pushing species after species towards oblivion. Her writing vividly brings to life both the species we have already lost, like the great auk, and those currently at risk, like the Panamian golden frog.

Kolbert deftly weaves intellectual history with cutting-edge science as she traces how the very concept of extinction emerged and evolved over time. This is no dry academic text, but an accessible, engaging, and ultimately chilling exploration of what may be humanity's most destructive legacy. By taking readers into the field with researchers, Kolbert allows us to bear witness to the devastation of coral reefs, rainforests, and other fragile ecosystems.

While the facts she presents are dismaying, Kolbert avoids preaching, letting the science speak forcefully for itself about humanity's gravely damaging impacts. Readers will come away with a deeper understanding of the interdependencies of Earth's global ecosystems and the cascading effects of extinction. "The Sixth Extinction" represents a crucial call to reform our relationship with the natural world before it is too late.

Kolbert's prose makes this critically important subject approachable while never downplaying the urgency of the crisis at hand. This Pulitzer Prize-winning book is a must-read for anyone concerned about the future of life on our planet. Ultimately, "The Sixth Extinction" prompts serious reflection on our responsibilities as the Earth's custodians going forward.

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