In partnership with

Good Morning,

Let’s start you off with today’s must-know news: Elon Musk has stepped down as DOGE special government employee after a 130-day term. Also, the Court of International Trade struck down President Trump's global tariffs. Meanwhile, Nvidia surpassed earnings expectations once again, reporting stellar quarterly results.

Let’d dive in.

MARKET & ECONOMY

Macro & Policy

• Court of International Trade struck down Trump's global tariffs. (BBG)

• Fed officials backed patient interest-rate approach due to economic uncertainty, per latest minutes. (RTS)

• Merz pledges swift legislative measures to stimulate Germany's economy. (BBG)

• Bank of Korea cuts interest rates for fourth time to boost growth, lowering rates to 2.5% from 2.75%, the lowest since August 2022. (CNBC)

• Taiwan commits to purchasing more U.S. goods amid threats of a 32% tariff. (FBN)

• Canadians miss credit payments at rates unseen since the financial crisis. (FP)

Equities & Corporate Earnings

• Nvidia surpassed earnings expectations, reporting $44.06B in revenue (up 69%) and a 73% data center sales growth to $39.1B. (CNBC)

• HP Q2 revenue beats estimates at $13.22B vs. $13.14B, but EPS missed at 71¢ vs. 80¢ expected, hit by Trump’s tariffs; shares fell 15%. (CNBC)

• Salesforce Q1 beats with $2.58 EPS vs. $2.54 expected, $9.83B revenue vs. $9.75B. (YF)

• Macy’s cuts 2025 profit forecast to $1.60-$2 per share due to tariffs, keeps sales guidance at $21-$21.4B. (RTS)

• Dick’s Sporting Goods reaffirms its fiscal 2025 guidance, projecting EPS of $13.80-$14.40 and revenue of $13.6B-$13.9B.

• Abercrombie & Fitch's Q1 2025 sales hit a record $1.1B, up 8%, with EPS of $1.59 beating $1.36 estimates. (SS)

Currencies & Commodities

• Demand for 40-year Japanese government bonds falls to the lowest since July. (RTS)

• Dollar index rose 0.39% to 99.92; 40-year JGB demand fell to lowest since July. (INV)

• Canadian dollar faces worst fundamentals since 2016. (INV)

• Bulgaria likely to receive EU Commission approval to adopt euro in 2026. (PEU)

• OPEC+ maintains oil production quotas pending July output review. (CNBC)

• Russia's crude oil export revenues fell to a two-year low. (BBG)

• China pushes coal plants to boost domestic stockpiles to raise demand and prices. (OP)

• China is poised for its largest step yet to open its massive commodities markets. (BT)

Crypto & Digital Assets

• Pakistan to create Bitcoin Strategic Reserve, dedicate 2,000 MW for crypto mining. (CD)

• GameStop confirms $513M purchase of 4,710 Bitcoins. (X)

• BlackRock plans to buy ~10% of Circle's IPO shares. (BBG)

• VivoPower secures $121M, led by Saudi Prince, to launch XRP-focused treasury strategy. (CD)

• NFT sales rose 15% to $430M in May 2025, breaking a downward trend. (CT)

• Eric Trump credits Michael Saylor for crypto inspiration, predicts Bitcoin could surpass $170,000. (TB)

Find out why 1M+ professionals read Superhuman AI daily.

In 2 years you will be working for AI

Or an AI will be working for you

Here's how you can future-proof yourself:

1. Join the Superhuman AI newsletter – read by 1M+ people at top companies

2. Master AI tools, tutorials, and news in just 3 minutes a day

3. Become 10X more productive using AI

Join 1,000,000+ pros at companies like Google, Meta, and Amazon that are using AI to get ahead.

Sign up and start learning AI

BUSINESS

Tech

• Elon Musk attempted to block OpenAI deal in Abu Dhabi, warning Trump against approval unless xAI was included, unnamed sources claim. (WSJ)

• Synopsys won approval from the FTC for its planned $34 billion buyout of software developer Ansys. (BBG)

• Meta to open retail stores and hire staff to boost hardware sales, like smart glasses. (BI)

• Telegram plans to raise $1.5B through a five-year bond sale with 9% interest. (WSJ)

• Anthropic appoints Netflix co-founder Reed Hastings to its board. (BBG)

• Elon Musk denied a deal between his xAI and Telegram had been inked. (CD)

• Apple plans to rename all of its operating systems. (TV)

• Vista Equity Partners is close to finalizing a $2 billion acquisition of Acumatica. (BBG)

• AMD acquires Enosemi to enter photonics race. (TH)

• Delaware AG hires investment bank to guide OpenAI’s conversion to a public-benefit corporation. (WSJ)

Banking & Finance

• Cantor Fitzgerald acquires UBS’s O’Connor platform, adding ~$11B AUM in hedge funds, private credit, and commodities. (YF)

• Private equity fundraising drops 35% to $116B in Q1 2025. (BBG)

• Jefferies hires four senior tech bankers from Guggenheim, sources say. (IB)

• Saba Capital secures cash exit deal with CQS Natural Resources Trust. (HW)

• Morgan Stanley to challenge Dutch dividend tax evasion probe. (RTS)

• UK pension funds urged to form 'megafunds' by 2030. (YF)

Energy & Resources

• U.S. grants Chevron narrow authorization to keep oil assets in Venezuela. (OP)

• Trump administration steps into dispute to save $130B in fossil-fuel deals between oil allies and six Central African nations. (WSJ)

• Pipeline operator Williams will seek to build two natural-gas supply lines to New York. (WSJ)

• Trump administration terminates Sunnova's $2.92 billion federal loan guarantee. (RTS)

Entertainment & Media

• Paramount offers $15M to settle CBS lawsuit, but Trump's team demands over $25M and a public apology. (WSJ)

• Andrew and Tristan Tate face rape, human trafficking charges in U.K. (YN)

• Broadway’s 2024-2025 season grossed a record $1.89 billion, topping all prior seasons and recovering from the pandemic. (THR)

• Fox News Channel beats ABC, cable news in May ratings, as CNN, MSNBC hit record lows. (FBS)

• Alex Jones received a favorable response from an appeals court in his effort to reduce a $50 million verdict for defamation. (BBG)

• Entertainment Firms Oak View, Legends face antitrust investment from the Justice Department. (BBG)

TECH

AI & Frontier Tech

• Tesla plans robotaxi launch in Austin on June 12, conducted first driverless public road test this week. (BBG)

• Mark Zuckerberg says Meta AI has 1 billion monthly active users. (CNBC)

• OdysseyML introduces real-time interactive AI video, powered by a world model streaming frames every 40ms. (X)

• DeepSeek releases updated R1 reasoning AI model on Hugging Face. (TC)

• Google launched AI Ultra subscription on May 20, 2025, for $249.99/month in the U.S., with a 50% discount for new users. (SBT)

Funding & Venture Capital

• Wander raises $50M in Series funding. (PRN)

• Chalk, a Databricks rival, raises $50M in Series A funding. (YF)

• Security startup Horizon3.ai is raising $100M in fresh round. (TC)

• Cerby secures $40M for identity automation platform. (SW)

• Stablecoin startup Conduit raises $36M. (FRT)

• Context raises $11M to develop an AI-powered office suite. (TC)

• Atomic Canyon raised $7M seed to grow its AI document search for nuclear plants. (TC)

• Oncade raises $4M to overhaul game distribution with a direct-to-consumer approach. (VB)

POLICY & LAW

Economic & Tax Policy

• Vance strongly affirmed the Trump administration’s support for digital assets at the Bitcoin 2025 Conference. (BM)

• Labor Department reverses crypto 401(k) policy, accuses Biden administration of "placing thumb on the scale." (TB)

• Milei relaunches Argentina's kids' TV channel with a cartoon teaching free market economics and opposing taxes, communism. (BBG)

Business & Tech Regulations

• Trump bans U.S. chip designers from selling to China. (FT)

• Utah governor creates BUILD Council aimed at securing a better future and protecting quality of life. (PR)

• Belgium's Defense Minister calls drones "the future of warfare," likening their impact to gunpowder in the 1300s. (BI)

Healthcare & Education Rules

• Rubio says U.S. will “aggressively” revoke visas of Chinese students with CCP ties. (X)

• Trump says Harvard should cap its foreign student enrollment at 15%. (NYP)

Government Waste & Accountability

• Elon Musk departs as DOGE special government employee after completing 130-day term. (FOX)

• White House to send Congress $9.4B DOGE funding cuts next week, with Speaker Johnson pledging quick action. (TH)

Free Speech & Woke Overreach

• U.S. to issue visa bans for foreign nationals who censor Americans. (X)

• Trump administration seeks to overhaul $37B affirmative action program. (WP)

• MIT shut down its DEI office last week. (NYP)

That's a wrap! You're officially caught up on all things tech, markets and freedom. Subscribe to CAPITAL below.

Feel free to reply to this email with any questions and/or comments.

DISCLAIMER: The CAPITAL newsletter is for informational purposes only and does not constitute financial, investment, or professional advice. Readers should conduct their own research and consult a qualified financial advisor before making investment decisions. The CAPITAL newsletter and its owner and operator, Josh Caplan, are not liable for any loss or damage resulting from reliance on this information. The CAPITAL newsletter is solely owned and independently operated by Josh Caplan, separate from any employer affiliations.