🚨Coinbase Hacked. $400M Breach.

☀️Good morning. It's Friday, May. 16, and we're covering, Alibaba Stock Falls 7.6% After Big Earnings Miss Despite AI, Cloud Growth, Coinbase Hacked: $400M Breach Exposes User Data in One of Crypto’s Most Alarming Attacks, UAE To Build World's Largest AI Campus Outside U.S., 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 $3.33 Trillion, a 1.80% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $131.53B, which makes a 9.07% increase.

• The total volume in Defi is currently $78.61B, 59.77% of the total crypto market 24-hours.

• The volume of all stablecoins is now $123.81B, which is 94.13% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 62.01%, an increase of 0.22% over the day.

Bitcoin Holds Strong Above $100K As Analysts See More Room To Run This Summer

Bitcoin briefly dipped to $101K on Thursday but quickly rebounded above $103K, maintaining strength after a record-setting run. Analysts chalk up the pullback to healthy profit-taking, not a trend reversal. Altcoins didn’t fare as well, with major tokens like Avalanche and Uniswap dropping 6–7%. Still, crypto watchers see signs of strength in underlying flows, notably from rising private credit in the U.S. and Europe, not China, as many assumed. One analyst expects tailwinds to continue through early July, but warns that the window for momentum could close by August. (Read Deeper)

BUSINESS & FINANCE

Alibaba Stock Falls 7.6% After Big Earnings Miss Despite AI, Cloud Growth

Alibaba just posted earnings, and investors aren’t impressed. The Chinese tech giant missed both revenue and profit expectations, with net income falling nearly 50% short of forecasts. Shares dropped 7.6% on the news. Despite flashy headlines around cloud growth (+18%) and triple-digit AI revenue gains, the company is still battling sluggish consumer spending, intense e-commerce competition, and geopolitical headwinds. Even with big bets on instant delivery and AI, it’s clear Alibaba’s transformation is still a work in progress.

Why It Matters: Alibaba is trying to reinvent itself through AI and fast-delivery commerce, but it's still struggling with weak Chinese consumer sentiment, geopolitical trade tensions, and rising competition from JD.com and PDD. While cloud and AI show promise, the company's profitability remains vulnerable—underscoring how even China’s biggest tech firms aren’t immune to external headwinds and internal transformation risks. (Read Deeper)

Meta Asks Judge To Toss FTC Monopoly Case Over Instagram And WhatsApp Acquisitions

Meta has asked a federal judge to dismiss the FTC’s high-profile antitrust case accusing it of illegally maintaining a social media monopoly. The FTC argues Meta bought Instagram and WhatsApp to eliminate emerging competition, but Meta says the agency hasn’t proven it. The trial, which began in April, could stretch into June unless Judge James Boasberg rules early. If Meta’s request is denied, the case moves to final arguments, and potentially, a second trial on remedies.

Why It Matters: This is one of the most consequential antitrust battles in tech. A win for the FTC could rewrite how Big Tech acquisitions are evaluated, even years after the fact. But a Meta victory might show just how hard it is to unwind deals in hindsight, especially when consumer harm isn’t clear-cut. The outcome could shape the future of U.S. antitrust enforcement in digital markets. (Read Deeper)

TECHNOLOGY & SCIENCE

Coinbase Hacked: $400M Breach Exposes User Data in One of Crypto’s Most Alarming Attacks

A $400 million hack has hit Coinbase — the most established U.S. crypto firm and custodian of $122B in ETF-linked Bitcoin. The breach wasn’t due to tech flaws, Hackers bribed offshore customer service reps to leak sensitive data on high-net-worth users, including government IDs and account balances. Coinbase says funds are safe and under 1% of users were affected. The breach comes just days after Coinbase joined the S&P 500 and amid an SEC probe into past user metrics.

Takeaways: This wasn’t just a breach, it’s a credibility crisis. Coinbase is the most trusted U.S. crypto exchange, custodian of $122B in ETF-related Bitcoin and a key lobbying force in Washington. The fact that insider bribery could compromise its systems for months suggests even the most compliant firms remain vulnerable. (Read Deeper)

Trump Pressures Apple To Halt iPhone Shift To India

Donald Trump says he asked Apple CEO Tim Cook to stop moving iPhone production to India, urging the company to ramp up U.S. manufacturing instead. Apple has been rapidly expanding Indian assembly as it pivots from China, now producing over 40 million iPhones annually there, about 20% of global output. Trump’s pressure threatens to complicate Apple’s long-term strategy, which leans heavily on Indian growth and cost advantages. Experts say building iPhones in the U.S. would be extremely costly and face major supply chain obstacles, making such a shift unlikely anytime soon.

Why It Matters: This sets up a major tension between Trump’s “America First” manufacturing push and Apple’s global supply chain realities. India is becoming critical to Apple—not just for cheap labor and favorable subsidies, but also as a massive growth market. (Read Deeper)

AROUND DE WORLD & POLITICS

UAE To Build World's Largest AI Campus Outside U.S.

The U.S. and UAE have signed a historic agreement to build the largest AI campus outside the U.S., easing prior restrictions over China ties. The 10-square-mile Abu Dhabi facility, backed by G42 and operated by American firms, could handle up to 2.5 million Nvidia B200 chips. The deal includes strict security provisions and represents a major geopolitical shift in global AI infrastructure.

Why It Matters: The Trump administration is relaxing export restrictions for allies, giving the UAE unprecedented access to U.S. AI chips in exchange for security guarantees. It’s a strategic play to counter China’s tech influence and secure American-led AI infrastructure in the Middle East. This deal may redefine global AI alliances and power dynamics for the next decade. (Read Deeper)

Trump’s Birthright Citizenship Order Rejected, But Supreme Court May Curb Nationwide Injunctions

The Supreme Court signaled it has little legal appetite for Trump’s controversial order ending birthright citizenship, with justices openly suggesting it’s likely unconstitutional. But while the order appears doomed, the justices showed strong interest in limiting the use of nationwide injunctions—a powerful tool federal judges have used to block Trump-era policies across the board. Liberals warned this could turn enforcement of rights into a “catch me if you can” game.

Takeaways: This case isn’t just about Trump’s immigration agenda—it could reshape how federal policies are challenged in court. A ruling to restrict nationwide injunctions would weaken the ability of lower courts to block sweeping executive actions, potentially giving future presidents, including Trump himself more legal leeway.(Read Deeper)

ENTERTAINMENT & SPORTS

Barcelona Wins La Liga In Hansi Flick’s First Season, Youth Movement Delivers The Title

Barcelona are La Liga champions once again, clinching their 28th league title with a 2–0 win over Espanyol. The trophy caps a standout debut season for manager Hansi Flick, who bet on youth—and won big. Led by teenage sensations Lamine Yamal, Pau Cubarsí, and Fermín López, Barcelona didn’t dominate wire-to-wire, but their maturity and consistency outlasted Real Madrid. Flick’s system-first, youth-forward approach has revived belief in the post-Messi era. (Read Deeper)

Sony WH-1000XM6 Headphones Are Here – More Compact, Smarter, and Better Than Ever

Sony’s newest flagship headphones, the WH-1000XM6, are finally official—and they come packed with thoughtful upgrades. You get a foldable design for better portability, next-gen noise cancelling powered by a brand-new QN3 chip, and improved audio/call quality thanks to upgraded drivers and AI voice tech. At $449, they’re not cheap, but Sony is aiming to reclaim the noise-cancelling crown. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• An AI agent is an autonomous software system designed to perceive its environment, make decisions, and take actions to achieve specific goals without continuous human intervention. (Listen)

EXTRA BREVITI

• Meta’s much-hyped “Behemoth” version of its Llama 4 AI model, originally set for release in April has been delayed again. (Read More)

• Vibe-Coding Startup Windsurf Launches SWE-1 Models to Rethink Software Engineering AI. (Read More)

• Russia and Ukraine to Hold First Direct Peace Talks Since 2022, But Expectations Are Low. (Read More)