GameStop Might Bets Big on Bitcoin

CRYPTO
GameStop Might Bets Big on Bitcoin

GameStop has taken a bold step into the crypto space. Following its announcement last week of a plan to invest $1.3 billion in Bitcoin, the company revealed it has raised $1.5 billion through a private offering of convertible notes, according to an SEC filing. These notes, restricted to qualified institutional buyers, won’t be convertible into equity until 2030. GameStop says it will use the funds for general corporate purposes, including Bitcoin purchases, though no timeline was provided.

The move reflects a strategic pivot as the company struggles with declining sales—dropping from $5.3 billion in 2023 to $3.8 billion in 2024—and has already closed a quarter of its stores this year. The announcement initially boosted GameStop’s stock by 14%, but those gains were wiped out the next day with a 23% plunge. The strategy mirrors that of MicroStrategy, led by Bitcoin bull Michael Saylor, whose stock has skyrocketed after heavily investing in Bitcoin.

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TECH
Tech Giants Lose $1.8 Trillion

Tech megacaps are taking the brunt of a sharp market selloff, losing $1.8 trillion in value over just two days. The “Magnificent Seven,” once the market’s growth engine, are now leading the decline. Apple was hit the hardest, shedding over $533 billion in market cap and recording its worst one-day drop in five years due to new tariffs targeting its supply chain. Tesla plunged over 10% Friday, losing $139 billion over two sessions.

Nvidia dropped $393 billion, while Meta and Amazon fell by $200 billion and $265 billion, respectively. Amazon also posted its worst losing streak since 2008. Even Microsoft and Alphabet lost a combined $304 billion. The selloff was sparked by President Trump’s aggressive new tariffs, stoking fears of a global trade war and recession. Broader tech was also crushed—Oracle, AppLovin, and Palantir all saw double-digit losses. Semiconductor stocks fell sharply, with chipmakers like AMD, Intel, and Micron seeing steep declines.

FINANCE
Powell Warns Tariffs Fuel Inflation

Federal Reserve Chair Jerome Powell warned Friday that President Trump’s sweeping tariffs are likely to raise inflation and slow growth, reducing the chances of interest rate cuts this year. Speaking at a business journalism conference in Virginia, Powell noted that the size and impact of the tariffs are becoming clearer—and more severe than initially expected. He said the Fed is not rushing to adjust rates, opting instead for a wait-and-see approach.

The Fed’s current rate remains at 4.3%, unchanged since December. While Powell described the economy as strong, citing 230,000 jobs added in March and a steady 4.2% unemployment rate, he noted that this data came before Trump’s new “Liberation Day” tariffs. Since the announcement, JPMorgan has raised the odds of a U.S. recession to 60%, calling the tariffs the biggest tax hike since 1968. Powell reaffirmed the Fed’s independence, even as Trump publicly demanded immediate rate cuts on Friday.

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.