AI Deal Sparks Crypto Surge

CRYPTO
AI Deal Sparks Crypto Surge

Crypto-linked stocks rallied Friday after CoreWeave signed a $4 billion deal with OpenAI, sparking renewed excitement around AI infrastructure. Companies like Cipher Mining, Hive Digital, and Hut 8 saw double-digit gains, as investors bet on growing demand for data centers. CoreWeave surged 26% on the news, while Galaxy Digital rose 8% during its Nasdaq debut, drawing attention to its crypto asset management and data center business.

Coinbase recovered 9% following a steep drop from a data breach and SEC scrutiny. DeFi Development jumped 45% after expanding its Solana holdings and teaming up with BONK for validator operations.

Meanwhile, bitcoin stayed near $104,000, and ether rose over 2%. But a fresh University of Michigan survey showed 1-year inflation expectations climbing to 7.3%—the highest since the 1980s. This could complicate any plans by the Fed to cut rates.

Start learning AI in 2025

Keeping up with AI is hard – we get it!

That’s why over 1M professionals read Superhuman AI to stay ahead.

• Get daily AI news, tools, and tutorials

• Learn new AI skills you can use at work in 3 mins a day

• Become 10X more productive

Sign up and start mastering AI

TECH
UAE Launches Stargate AI Hub

A new AI data center in Abu Dhabi—dubbed UAE Stargate—has secured support from Nvidia, OpenAI, Cisco, and Oracle, according to sources familiar with the deal. Led by Emirati firm G42 and announced by the U.S. Commerce Department, the site will span 10 square miles with a 5-gigawatt capacity. Nvidia will supply Blackwell GB300 chips, and Oracle co-founder Larry Ellison is reportedly involved, echoing his role in the U.S. version of Stargate, a project backed by President Trump earlier this year.

The UAE Stargate will link with the American initiative, which plans centers in 16 U.S. states, with construction already underway in Texas. Nvidia CEO Jensen Huang and OpenAI’s Sam Altman were recently in the UAE, highlighting growing international coordination on AI infrastructure.

FINANCE
Consumer Sentiment Hits New Lows

U.S. stocks rallied Friday, capping a strong week despite growing economic concerns and new tariff threats from President Donald Trump. The S&P 500 gained 0.7% to close near 6,000—its highest level since early in Trump’s presidency. The Nasdaq rose 0.5%, and the Dow added 0.78%, ending the week with solid gains across the board.

This came as consumer sentiment fell sharply, dipping to 50.8 in May from 52.2 in April, marking the second-lowest reading in the University of Michigan’s survey history. Still, markets largely shrugged it off.

Meanwhile, Trump announced new tariffs would soon hit several U.S. trading partners, with letters outlining duties to be sent in coming weeks. Despite trade tensions, optimism returned after the U.S. and China agreed to temporarily scale back tariffs—easing pressure and fueling a rebound

DISCLAIMER: None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.