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CRYPTO
Circle Files for NYSE IPO
Circle Internet Group, the company behind the USDC stablecoin, has officially filed for an initial public offering on the New York Stock Exchange. The firm plans to offer 24 million class A shares—9.6 million from Circle itself and 14.4 million from existing shareholders. Shares are expected to be priced between $24 and $26 under the ticker symbol CRCL. Based on the top of the range, Circle could raise around $250 million, with selling stakeholders potentially securing $375 million.
Notably, Cathie Wood’s ARK Investment Management has shown interest in purchasing up to $150 million worth of shares. Leading the IPO are J.P. Morgan, Citigroup, and Goldman Sachs. This move follows years of Circle attempting to go public, including a failed SPAC deal in 2021. The company also reportedly explored a $5 billion acquisition, with Coinbase and Ripple cited as potential buyers.
The key to a $1.3T opportunity
A new trend in real estate is making the most expensive properties obtainable. It’s called co-ownership, and it’s revolutionizing the $1.3T vacation home market.
The company leading the trend? Pacaso. Created by the founder of Zillow, Pacaso turns underutilized luxury properties into fully-managed assets and makes them accessible to the broadest possible market.
The result? More than $1b in transactions, 2,000+ happy homeowners, and over $110m in gross profits for Pacaso.
With rapid international growth and 41% gross profit growth last year, Pacaso is ready for what’s next. They even recently reserved the Nasdaq ticker PCSO.
But the real opportunity is now, before public markets. Until 5/29, you can join leading investors like SoftBank and Maveron for just $2.80/share.
This is a paid advertisement for Pacaso’s Regulation A offering. Please read the offering circular at invest.pacaso.com. Reserving a ticker symbol is not a guarantee that the company will go public. Listing on the NASDAQ is subject to approvals. Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.
FINANCE
Markets Rally After Tariff Delay
U.S. stocks rallied Tuesday after President Trump delayed new tariffs on the European Union, originally set for June 1, pushing them to July 9. The S&P 500 jumped 2%, the Dow climbed 740 points (1.8%), and the Nasdaq rose 2.4%. Investor optimism also got a lift from a surprising rebound in consumer confidence, which jumped 12.3 points—the first increase after five months of decline—following a pause in U.S.–China tariff tensions.
Economists remain cautious. “Will the rebound hold? Probably not,” said LPL Financial’s Jeffrey Roach. Trump’s decision followed a phone call with EU officials, where he agreed to postpone tariff hikes of up to 50% to allow more negotiation time.
Nvidia rose 3% ahead of earnings, and Informatica surged 6.2% after Salesforce agreed to acquire it for $8 billion. Treasury yields dipped as markets calmed, though analysts warned that underlying economic pressures could still spark future policy reversals.
TECH
Earnings Clouded by Export Rules
Nvidia continues to dominate in AI chip sales, but heading into its upcoming earnings report, investor sentiment is more cautious—largely due to growing U.S.-China trade tensions. In April, the Trump administration required Nvidia to obtain an export license for its H20 chip, a China-specific processor designed to comply with earlier restrictions. The new rule prompted Nvidia to take a $5.5 billion write-down—possibly the largest in semiconductor history.
Analysts estimate the write-off could translate into a $15 billion revenue impact over 12 months. Despite a projected 66% year-over-year revenue increase to $43.28 billion for the quarter, growth is slowing compared to last year’s 250% surge. Nvidia’s sales in China, once accounting for 95% of GPU market share, have been cut to 50%.
While the U.S. scrapped a proposed AI chip export ban in May, uncertainties remain. Analysts expect continued questions about Nvidia’s China strategy well beyond this earnings call.
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.