May 31, 2024 | Read Online

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0. Data and calendar

All values as of 6 AM ET / 3 AM PT, other than S&P500 and NASDAQ close (4 PM ET / 1 PM PT).

All times are ET.

1. Trump memecoin falls, then climbs +10% to $653M market cap after guilty verdict

Coinbase.

BODEN memecoin did the reverse move.
July 11: sentencing.
- Before the July 15 Republican National Convention.
Probation to 4 years is the likely range here.
Trump will likely appeal the verdict after sentencing.

Markets expect a 17% chance of Trump going to prison before election day

Polymarket.

2. Uniswap is making it easier to buy, sell and trade tokens on Ethereum*

Uniswap.

The Uniswap Protocol is the largest decentralized marketplace, with billions of dollars in weekly volume across thousands of tokens within the Ethereum ecosystem.
Uniswap Labs is focused on delivering easier, smarter products that provide users direct access to the protocol and DeFi at large.
Go direct to DeFi with the Uniswap Web App and Uniswap App on iOS and Android.

Learn more about the new, smarter Uniswap.

*Sponsored.

3. Anthropic launches "tool use," enabling Claude to interact with external APIs

Claude 3 tool use: customer support

Available through Anthropic's Messages API, Google Vertex AI, and Amazon Bedrock.
Apr.: beta launch.
Reported accuracy of 90%, which is still not enough for many tasks that do not allow for error.

4. Semiconductor inventories in South Korea -33.7% YoY in Apr., largest decrease since 2014

4th month of declines in inventories:

Bloomberg.

5. Top 6 tech stocks now account for record 30% of S&P 500

Bloomberg.

6. Samsung leads in "genAI-capable" smartphone category

Apple will likely overtake Samsung after the launch of iOS 18 in June:

Counterpoint Research.

7. Foldable smartphone shipments +49% YoY in Q1, as Huawei leads

Counterpoint Research.

8. Interesting videos, posts, and memes

Startup Experts Discuss Doing Things That Don't Scale

Axios' Kia Kikalitcheva & Perplexity CEO & Co-founder Aravind Arinivas at Axios BFD: San Francisco

9. Other headlines

AI

Siri in iOS 18 to allow for controlling more Apple apps.
ChatGPT Edu launched as cheaper version for higher education.
Magic Leap, Google form partnership over AR/VR.
Google explains AI Overviews' viral mistakes.
Anthropic, CEO Dario Amodei: TIME profile.
AI chip exports to Middle East slowed by U.S.

Nebius AI: Fight for the best price on your H100 GPU cluster.*

*Sponsored.

Tech

Dell's revenue +6% to $22.2B, yet AI cuts margins.
MongoDB's revenue +22% to $451M.
Paul Graham: Altman wasn't fired from Y Combinator.
X's value lifted by 4% in Apr. by Fidelity.

Athyna: hire incredible global talent with the same company that Bay Area Times uses!*

*Disclaimer: Bay Area Times is a shareholder in Athyna.

Tech & law

TikTok denies it is working on a U.S. clone of algorithm.
Elon agrees to 5-hour deposition in SEC's Twitter-buyout probe.
Amazon's Prime Air drone program gets regulator's nod for expansion.

Biotech

Valar Labs raises $22M for AI-powered cancer prediction tool.
Caristo can predict cardiac events from artery inflammation.
Gameto raises $33M for reproductive health programs.

Business

Ackman seeks to IPO Pershing Square hedge fund firm.
China manufacturing PMI fell to 49.5 in May, signaling contraction.
Saudis seek to raise up to $12B from Aramco stock sale.

Crypto

Elon denies counseling Trump on crypto.
Pump.fun revenues hit record as Caitlyn Jenner launches 2nd memecoin.
Bitcoin staking protocol Babylon raises $70M from Paradigm.
Do Kwon, Terraform Labs agree to settle SEC civil fraud case.
FTX lawyers, advisers charge $500M+ in bankruptcy process.

Uniswap: making it easier to buy, sell and trade tokens on Ethereum.*

*Sponsored.

U.S. politics

IRS opening free online tax filing to all states.
X, NewsNation plan live town halls with Trump, RFK Jr, no Biden.

World

Ukraine can use U.S. weapons to strike inside Russia: U.S. officials.
- Drones strike Russian nuclear radar stations 1.1K miles into Russia.
13 Houthi targets in Yemen struck by U.S., UK, killing 16+: Houthis.
34% of Israelis say army has not gone far enough.

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