🤖 AI Will Replace Corporate Jobs

☀️ Good morning. It's Wednesday, Jun. 18,and we're covering, Elon Musk’s xAI Raises $5B In Debt, Despite Lukewarm Demand, Amazon CEO: AI Will Replace Corporate Roles, Israeli Tank Shells Kill 59 In Gaza As Civilians Rush For Aid, and much more. First time reading? Sign up to get this newsletter: Sign up here.  

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MARKETS

Cryptocurrency Prices by Market Cap

• The global cryptocurrency market cap today is $3.26 Trillion, a 1.71% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $121.43B, which makes a 7.65% decrease.

• The total volume in Defi is currently $32.01B, 26.36% of the total crypto market 24-hours.

• The volume of all stablecoins is now $116.38B, which is 95.84% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 64.00%, an increase of 0.10% over the day.

JPMorgan Launches JPMD Token For Blockchain Settlements

JPMorgan is stepping deeper into crypto with the launch of JPMD, a stablecoin-like deposit token designed for institutional use. The token will run on Coinbase’s Base, a public blockchain built atop Ethereum. Unlike public stablecoins like USDT or USDC, JPMD is a permissioned token, limited to JPMorgan’s institutional clients. It represents a digital version of a traditional bank deposit — but with added perks like 24/7 settlement and interest payments. The move comes just as U.S. lawmakers prepare to vote on the GENIUS Act, which would introduce new regulations for stablecoins. (Read Deeper)

BUSINESS & FINANCE

Elon Musk’s xAI Raises $5B In Debt, Despite Lukewarm Demand

Elon Musk’s AI startup xAI is on track to close a $5 billion debt raise led by Morgan Stanley, even as investor enthusiasm remains muted. The offering, which includes floating- and fixed-rate loans plus secured bonds, is expected to allocate funds this week. The offering includes a floating-rate loan at +700bps over SOFR, a fixed-rate loan, and 12% secured bonds—well above the 7.6% average for high-yield bonds. Skeptical investors cited xAI’s lack of profitability and Musk’s track record—many recall how banks were stuck holding billions in debt from his 2022 Twitter (now X) acquisition.

Why It Matters: This debt raise shows Musk can still tap major capital markets—but only at a premium cost and without full investor buy-in. xAI's valuation ambitions may outpace current investor confidence, especially amid broader scrutiny of Musk’s ventures. (Read Deeper)

AI Coding Startup Anysphere Eyes $20B Valuation—Without Even Trying

Anysphere, the red-hot AI startup behind the code editor Cursor, is drawing unsolicited VC interest that could double its valuation to $18–$20 billion, according to a source close to the company. That comes just weeks after it closed a $900M Series C at a $9.9B valuation led by Thrive Capital. Cursor has taken off—crossing $500M in annualized revenue and landing clients like OpenAI, Spotify, and MLB. Over 1 million developers now use Cursor daily, including more than half the Fortune 500.

Why It Matters: Anysphere may be the fastest-growing startup in history by revenue—and it’s doing it in a fiercely competitive space. With “vibe coding” (no-code-ish, AI-powered dev) going mainstream, Cursor is becoming the go-to tool for enterprise-grade AI programming. And unlike others in AI, it’s already printing money. (Read Deeper)

TECHNOLOGY & SCIENCE

Amazon CEO: AI Will Replace Corporate Roles

Amazon is preparing for an AI-powered workforce shift. In a memo this week, CEO Andy Jassy told employees that generative AI will eliminate certain corporate jobs over the next few years, while creating demand for entirely new ones. “We will need fewer people doing some of the jobs that are being done today,” Jassy wrote, encouraging teams to “get more done with scrappier teams.” This comes as Amazon doubles down on AI across operations—from warehouse robotics to inventory forecasting, while trimming more than 27,000 jobs since 2022.

Why It Matters: The white-collar AI reckoning is here. Amazon, Shopify, and Klarna are signaling a future where AI doesn’t just support teams—it replaces them. For corporate workers, the AI age means adapt or risk redundancy. (Read Deeper)

Sam Altman: Meta Offered $100M Bonuses To Poach OpenAI Staff

OpenAI CEO Sam Altman revealed that Meta has offered $100 million signing bonuses to recruit key OpenAI engineers, Altman said: “They started making giant offers to a lot of people on our team... at least $100 million signing bonuses, more than that in annual compensation.” So far, Altman claims none of OpenAI’s top talent has accepted Meta’s offers. The revelation comes just days after Meta invested $14.3 billion in data-labeling firm Scale AI, bringing on CEO Alexandr Wang to lead its newly launched superintelligence unit—a signal that Meta is going all-in to compete with OpenAI, Google, and China’s DeepSeek.

Why It Matters: The AI race is no longer just about algorithms—it's about individual engineers. In a market where elite researchers are being courted like sports stars, retaining top talent is becoming a critical edge. (Read Deeper)

AROUND DE WORLD & POLITICS

Israeli Tank Shells Kill 59 In Gaza As Civilians Rush For Aid

At least 59 Palestinians were killed and over 220 wounded after Israeli tank shells struck a crowd of civilians in Khan Younis, Gaza, who were trying to access food aid on Tuesday, according to local medics. It marks one of the deadliest single incidents since limited humanitarian aid resumed in May. Witnesses described chaotic scenes as thousands gathered around stuck aid trucks before the shelling began. Victims were brought to hospitals in donkey carts and rickshaws due to the collapse of Gaza’s health infrastructure.

Why It Matters: This incident highlights the extreme desperation for food in Gaza amid an ongoing blockade and devastated supply lines. The strike occurred near a WFP location, not a GHF (Gaza Humanitarian Foundation) site guarded by Israeli troops — reigniting controversy over Israel’s control of aid distribution. (Read Deeper)

Oil Holds Steady As Trump Threatens Iran, Raising Fears Of Broader Middle East Conflict

Oil prices stabilized after a 10% rally triggered by Israel’s surprise strikes on Iran last week. President Trump’s demand for Iran’s “unconditional surrender” and veiled threats against Supreme Leader Ayatollah Khamenei have heightened fears that the U.S. could enter the conflict—potentially disrupting supply from the Middle East, which produces a third of the world’s oil. Brent held near $76, and WTI hovered above $74, both close to five-month highs. A possible disruption to the Strait of Hormuz, a chokepoint for 20% of global oil flows.

Why It Matters: The Middle East is once again the wildcard in oil markets. Any escalation—especially U.S. military action—could disrupt shipping through the Strait of Hormuz and trigger a global energy price shock. Volatility is already surging, and futures curves show traders are bracing for tighter supply. (Read Deeper)

ENTERTAINMENT & SPORTS

Spurs Sack Postecoglou Just 16 Days After Historic Europa League Win

Tottenham Hotspur have sacked manager Ange Postecoglou just over two weeks after he led the club to a 1-0 Europa League final victory over Manchester United — Spurs' first major trophy in 17 years. Despite the triumph in Europe, Spurs finished 17th in the Premier League, narrowly avoiding relegation. Chairman Daniel Levy called the decision “emotionally difficult” but necessary, saying the club must “compete in all competitions.” Postecoglou is replaced by former Brentford boss Thomas Frank, who has signed a deal through 2028. (Read Deeper)

Tyler Perry Accused Of Sexual Harassment in $260M Lawsuit By ‘The Oval’ Actor

Actor and screenwriter Derek Dixon has filed a $260 million lawsuit against Tyler Perry, alleging sexual assault, harassment, and professional retaliation during his time working on Perry’s BET series The Oval. The 46-page suit, filed in Los Angeles, claims Perry used his power and promises of career advancement to pressure Dixon into a coerced sexual relationship — and retaliated when those advances were not reciprocated. The complaint details alleged incidents of groping, manipulative texts, and a physical assault in Perry’s guest house, alongside emotional and professional fallout for Dixon, including PTSD, depression, and ultimately being terminated after taking a medical leave. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• Israel vs Iran: Who has the best weapons? (Listen)

EXTRA BREVITI

• Israel-Iran War Enters Day 6 as Trump Demands Iran’s “Unconditional Surrender”. (Read More)

• OpenAI Lands $200M Pentagon Contract—Sidestepping Microsoft? (Read More)

• Chinese Bitcoin Mining Giants Move Production to U.S. to Dodge Tariffs. (Read More)

• Trump Extends TikTok Deadline Again Amid Sale Uncertainty. (Read More)

• The U.S. Senate has passed the GENIUS Act, the first major legislation to regulate stablecoins, cryptocurrencies pegged to the U.S. dollar. (Read More)

• Elon Musk’s X Corp Sues New York Over Hate Speech Disclosure Law. (Read More)