Jeremy Allaire, CEO of Circle Internet Group, the issuer of one of the world's biggest stablecoins, and Circle co-founder Sean Neville pose outside the New York Stock Exchange (NYSE), on the day of the company's IPO in New York City, U.S., June 5, 2025.Shares of Circle and Coinbase rallied on Wednesday, as Wall Street cheered the Senate's passage of the GENIUS Act, which would establish a federal framework for U.S. dollar-pegged stablecoins. Circle, the issuer of the USDC stablecoin, rose 22% following the ...

OpenAI is winding down its work with Scale AI, the artificial intelligence startup that received a multibillion-dollar investment from Meta earlier this month and saw its founder join the social media company to lead an AI effort.Scale is best known for its work helping major tech companies, including OpenAI, prepare data they use to train cutting-edge AI models. But OpenAI has been pulling back from the startup over the last six to 12 months, according to an OpenAI spokesperson.OpenAI has been looking to w ...

Residents of New York City will soon start seeing Waymo cars cruising the avenues. But at least for now, a human will be in the driver's seat.Alphabet's self-driving car unit announced on Wednesday that it plans to drive vehicles manually in New York, marking the first step toward potentially cracking the largest U.S. city. Waymo said it applied for a permit with the New York City Department of Transportation to operate autonomously with a trained specialist behind the wheel in Manhattan."While we won't be ...

Amazon's Zoox robotaxi unit is ramping up vehicle production at a new facility in Hayward, California.Amazon-owned autonomous vehicle startup Zoox on Wednesday opened a sprawling new manufacturing facility in the San Francisco Bay Area, paving the way for more robotaxi production as it plans a commercial rollout of its fleet later this year.The company will use the site in Hayward, California, to increase its robotaxi fleet significantly. The facility is currently producing one robotaxi per day, but Zoox sa ...

Core Viewpoint - U.S. Steel has ceased trading on the New York Stock Exchange following its acquisition by Japan's Nippon Steel, which has raised concerns about the future of American ownership in the steel industry [1][2]. Group 1: Acquisition Details - Nippon Steel has completed its acquisition of U.S. Steel, making it a wholly owned subsidiary of Nippon Steel North America [2]. - U.S. Steel shares stopped trading at 8:30 a.m. ET on the day of the acquisition [2]. Group 2: Political Context - President Donald Trump initially opposed Nippon's bid to acquire U.S. Steel but changed his stance after taking office, leading to a review of the deal [3]. - The acquisition was previously blocked by former President Joe Biden due to national security concerns before Trump ordered a new review [3].

Core Viewpoint - Nintendo's newly launched Switch 2 console has generated significant consumer interest and excitement, leading to a record high in the company's stock price and a substantial increase in market capitalization [1][2]. Sales Performance - Nintendo sold 3.5 million units of the Switch 2 within the first four days of its launch, indicating strong demand [3]. - The company has forecasted sales of 15 million units for the fiscal year ending March 2026, although analysts believe this estimate may be conservative [3]. Stock Market Impact - Nintendo's shares have increased by 46% this year, adding approximately $39 billion to the company's market value [2]. - Since the launch of the original Switch in March 2017, Nintendo's stock has surged nearly 470%, resulting in an increase of over $81 billion in market capitalization [6]. Historical Context - The original Switch console, launched in 2017, has sold over 152 million units, making it Nintendo's second-most successful console [4]. - The hybrid nature of the Switch, allowing for both TV and portable play, has contributed to its popularity [4]. Strategic Advantages - Nintendo has leveraged its strong franchises, including Super Mario, Zelda, and Pokemon, to enhance the success of its consoles [5]. - The company has also expanded its intellectual property into movies and theme parks, further boosting its core video game products [5].

Core Point - Ram Trucks is set to introduce an industry-leading warranty for its 2026 vehicle lineup as part of an 18-month turnaround plan for the Stellantis-owned brand [1] Warranty Details - The new warranty will cover the engine, transmission, transfer case, driveshafts, differentials, and axles for 10 years or 100,000 miles, whichever comes first, replacing the previous five-year or 60,000-mile warranty [2] - This change comes in response to the rising costs of vehicles, particularly pickup trucks, which often leads to longer financing terms that exceed the duration of existing warranties [3] Financing Trends - A significant 85% of truck buyers are financing their purchases for seven years or more, with many keeping their vehicles for up to 12 years due to increased costs [4] - Data from Edmunds.com indicates that 84-month loans for new-car buyers reached an all-time high of 19.8% in the first quarter, while 67.4% of new-vehicle financing loans were between 60 months and 75 months [4]

Group 1 - Amazon Web Services (AWS) is set to announce an update to its Graviton4 chip, featuring 600 gigabytes per second of network bandwidth, the highest offering in the public cloud [1] - Graviton4 is a central processing unit (CPU) developed by Amazon's Annapurna Labs, aimed at competing with traditional semiconductor players like Intel and AMD, while primarily targeting Nvidia in the AI infrastructure space [2] - AWS has invested $8 billion into backing the AI startup Anthropic, with the goal of reducing AI training costs and providing an alternative to Nvidia's expensive graphics processing units (GPUs) [3] Group 2 - Project Rainier, an AI supercomputer built for Anthropic, is powered by over half a million Trainium2 GPUs, which would have traditionally been supplied by Nvidia [4]

Core Insights - JPMorgan Chase is advancing into the cryptocurrency sector with the introduction of its own stablecoin-like token named JPMD [1][2] - The bank plans to launch a deposit token on Coinbase's public blockchain Base, which operates on the Ethereum network [2] - JPMD is designed to represent a digital version of a commercial bank deposit and will be available exclusively to institutional clients [3] Product Features - JPMD will provide clients with 24/7 settlement capabilities and the potential to earn interest on holdings [3][4] - The token is classified as a "permissioned token," distinguishing it from many publicly available stablecoins [3] - The introduction of interest-bearing deposit tokens aims to enhance compatibility with existing deposit products used by institutions [4] Market Implications - JPMorgan anticipates that institutions will utilize JPMD for on-chain digital asset settlement and cross-border business-to-business transactions [3]

Core Insights - Amazon's corporate workforce is expected to shrink in the coming years due to the adoption of generative artificial intelligence tools, leading to efficiency gains [1][2] - The company has already laid off over 27,000 employees since 2022, with recent cuts including approximately 200 employees in the North America stores unit and 100 in the devices and services unit [2] - As of March, Amazon's global workforce consisted of 1.56 million full-time and part-time employees, in addition to temporary workers and contractors [3] AI Investment and Impact - Amazon has made significant investments in AI, launching numerous products and rapidly expanding data centers to meet increasing demand for the technology [3] - CEO Andy Jassy described generative AI as a "once-in-a-lifetime reinvention of everything we know," emphasizing its potential to save companies substantial amounts of money and transform various sectors [4] - Jassy noted that the pace of AI development is unprecedented, moving faster than any previous technology [4]