🪙Gold Slips 0.5%

Good Morning. It's Thursday, Mar. 27, and we're covering, Nvidia Pushes Back On “Circular Financing” Accusations, OpenAI Says Teen Circumvented Safety Features Before Suicide In Lawsuit Response, Hong Kong High-Rise Inferno Kills 44, With 279 Missing As Police Arrest 3 For Manslaughter, 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 $3.11 Trillion, a 3.03% increase in the last 24 hours.

• The total crypto market volume over the last 24 hours is $147.88B, which makes a 6.59% increase.

• The total volume in Defi is currently $14.45B, 9.77% of the total crypto market 24-hours.

• The volume of all stablecoins is now $129.99B, which is 87.90% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 58.48%, an increase of 0.50% over the day.

Global Exchanges Warn SEC: Don’t Give Crypto A Free Pass On Tokenized Stocks

The world’s biggest stock exchanges are urging the SEC to tighten its stance on crypto firms offering tokenized U.S. stocks. In a letter to the agency’s Crypto Task Force, the World Federation of Exchanges whose members include Nasdaq, Cboe, and CME Group — said it is “alarmed” by the growing number of brokers marketing stock tokens as if they were real equities. (Read More)

BUSINESS & FINANCE

Nvidia Pushes Back On “Circular Financing” Accusations

Nvidia circulated a 7-page memo to Wall Street analysts this weekend denying claims that it’s using vendor financing—a practice where a company invests in or loans money to its own customers to boost sales. The memo was a direct response to a viral Substack post comparing Nvidia’s customer investments to Enron and Lucent-era accounting games. Nvidia insists its business fundamentals are strong and says customers pay within 53 days, not over years, as in classic vendor financing setups.

Why It Matters: Chanos and Burry are drawing comparisons to Enron- and dot-com-era financial engineering, raising red flags for investors. Short sellers warn the AI market may be massively overbuilt: too many chips, servers, and data centers chasing not-yet-material demand. Some of Nvidia’s biggest buyers are using heavy, sometimes off-balance-sheet debt to fund purchases, introducing systemic risk if demand stalls. (Read More)

Gold Pulls Back As Traders Take Profits

Gold prices dipped Thursday as investors locked in profits after the metal surged to a near two-week high. Spot gold slipped 0.5% to $4,145 per ounce while traders tried to make sense of conflicting signals from the Federal Reserve. Some Fed officials including John Williams and Christopher Waller hinted a December rate cut may be on the table as labor market weakness drags on Treasury yields. But other regional Fed presidents urged patience until inflation moves closer to 2%.

Why It Matters: Conflicting Fed messaging is pushing investors into hedges and derivatives, stirring up market turbulence. Profit-taking now doesn’t change the broader trend — if rates fall, gold has more room to run. Kevin Hassett emerging as a frontrunner for Fed Chair raises the odds of a more aggressive easing cycle under a Trump administration. (Read More)

TECHNOLOGY & SCIENCE

OpenAI Says Teen Circumvented Safety Features Before Suicide In Lawsuit Response

OpenAI is pushing back against a wrongful-death lawsuit filed by the parents of 16-year-old Adam Raine, arguing it should not be held responsible for the teenager’s suicide. The company claims Raine repeatedly bypassed ChatGPT’s safety guardrails to obtain detailed guidance about suicide methods, an allegation central to the parents’ case that the AI helped plan what the chatbot called a “beautiful suicide.” OpenAI states that across nine months of interactions, ChatGPT directed Raine toward help more than 100 times.

Why It Matters: This case could shape future regulations and determine when AI companies can be held responsible for harmful outputs. OpenAI also disclosed that Raine’s mental-health struggles predated his AI use, citing depression, suicidal ideation, and a medication known to worsen such thoughts. Multiple similar lawsuits suggest structural safety gaps, not isolated incidents. (Read More)

Intel Denies TSMC’s Allegation That Its Executive Leaked Trade Secrets

Intel is pushing back hard against accusations from TSMC that one of its newly rehired executives, Wei-Jen Lo, leaked trade secrets from the Taiwanese chip giant. TSMC has filed a lawsuit in Taiwan’s Intellectual Property and Commercial Court, claiming Lo, a former senior VP who helped lead the development of cutting-edge 5nm, 3nm, and 2nm processes likely transferred confidential information to Intel after joining the company in October. Intel flatly denied the allegations, saying it has “no reason to believe” there’s any merit to the claims and emphasizing strict internal controls prohibiting the transfer of external IP.

Why It Matters: TSMC’s accusations target some of the world’s most advanced chip technologies, 5nm, 3nm, and 2nm — which are strategically crucial. Intel is trying to rebuild its manufacturing leadership, making the optics of alleged IP theft particularly sensitive. Taiwan’s economy ministry said it is investigating whether the case touches on core technologies or national security issues. (Read More)

AROUND DE WORLD & POLITICS

Hong Kong High-Rise Inferno Kills 44, With 279 Missing As Police Arrest 3 For Manslaughter

Hong Kong is reeling after its deadliest fire in decades tore through a high-rise housing complex in Tai Po, killing at least 44 people and leaving 279 missing as rescuers battled flames through the night. The blaze spread across seven residential towers in the Wang Fuk Court complex, fueled by bamboo scaffolding, construction netting, and police now say, illegally placed Styrofoam panels that acted as accelerants. Three men, including directors of the renovation contractor, were arrested on suspicion of manslaughter for “gross negligence.”

Takeaway: Flammable exterior materials and negligent renovation work may have supercharged the fire’s spread. More than 800 firefighters, police, and medics were deployed, with the fire reaching a level 5 alarm the city’s highest. The disaster forced the suspension of election campaigning and drew direct attention from Xi Jinping. (Read More)

Two National Guard Members Shot In Targeted Ambush Near The White House

Two West Virginia National Guard members were shot just blocks from the White House in what Washington, D.C., officials are calling a targeted ambush attack. The troops, deployed under federal orders tied to the Trump administration’s public-safety initiative, were critically wounded and hospitalized. A 29-year-old suspect identified as Afghan national Rahmanullah Lakanwal, who entered the U.S. in 2021 under the Operation Allies Welcome resettlement program, was also shot and arrested at the scene.

Takeaway: The suspect’s refugee status immediately reignited partisan battles over immigration, vetting, and Biden-era resettlement programs. The shooting lands amid legal fights over the Trump administration’s ongoing use of Guard forces for domestic policing. (Read More)

ENTERTAINMENT & SPORTS

Liverpool Hit Their Worst Run In 71 Years

Liverpool’s season has spiraled into a full-blown crisis after a humiliating 4–1 home defeat to PSV, the club’s worst run since 1953–54. Arne Slot’s side has now lost nine of their last 12, conceded seven goals in five days at Anfield, and suffered three straight defeats by three goals, something not seen since the 1950s. Players are shell-shocked. “I don’t have the words… I’m past being angry,” said Curtis Jones. Fans, who were celebrating Slot’s title win just months ago, are now questioning whether he’s the right man to steady the ship. (Read More)

Katy Perry Set To Recover $1.8 Million In Montecito Mansion Legal Battle

Katy Perry is poised to recoup $1.8 million from the $15 million Montecito mansion deal that sparked a four-year real estate feud with Texas millionaire Carl Westcott. Westcott had tried to void the sale in 2020, claiming he lacked capacity when signing the contract. A judge ruled Perry was entitled to damages for lost rental income and repairs, though $1 million was deducted because she could invest her funds elsewhere. Perry regained control of the property in April 2024, after placing $9 million in escrow. (Read More)

EXTRA BREVITI

• Trump Moves to Exclude South Africa From 2026 G-20 in Miami. (Read More)

• GM’s Tech Shakeup: Three Senior Software Leaders Exit as New Product Chief Reshapes Org. (Read More)

• China Industrial Profits Fall 5.5% in October Amid Slowing Economic Momentum. (Read More)