💔Plane Crashed, 241 Dead, One Survivor

☀️Good morning. It's Friday, Jun. 13, and we're covering, Chime Soars In Nasdaq Debut, Valued At $18.4 Billion, Alexandr Wang Leaves Scale AI To Join Meta In $14.3B Deal, Air India Plane Crashes In Ahmedabad, 241 Dead, One Survivor, 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 $3.25Trillion, a 4.14% decrease in the last 24 hours.

• The total crypto market volume over the last 24 hours is $163.67B, which makes a 20.75% increase.

• The total volume in Defi is currently $41.18B, 25.16% of the total crypto market 24-hours.

• The volume of all stablecoins is now $157.82B, which is 96.43% of the total market 24-hour volume.

• Bitcoin’s dominance is currently 63.95%, an increase of 0.75% over the day.

Bitcoin Falls Below $104K As Israel Strikes Iran

Bitcoin fell sharply to $103,900, dropping over 4% in 24 hours, after Israeli airstrikes targeted Tehran, marking a dangerous escalation in the Middle East. Bitcoin’s decline reflects rising global risk aversion, with markets flocking to safe-haven assets like gold and bonds.Bitcoin’s drop suggests it's still perceived more as a risk asset than a crisis hedge. The situation could reshape energy markets, drive inflation concerns, and test Bitcoin's "digital gold" narrative under real global stress. (Read Deeper)

BUSINESS & FINANCE

Chime Soars In Nasdaq Debut, Valued At $18.4 Billion

Digital bank Chime surged 59% on its Nasdaq debut Thursday, closing just below $40 and valuing the fintech at $18.4 billion. The IPO raised $864 million after pricing shares at $27—well above its initial range with shares opening at $43. Chime, known for no-fee banking and early direct deposits, targets the underbanked U.S. population and millennials. CEO Chris Britt said the firm is "just scratching the surface" of its opportunity, noting they serve less than 5% of Americans earning under $100K, a key market segment.

Why It Matters: This strong debut could reignite the fintech IPO market, where interest has cooled since the 2021 boom. Could accelerate IPO timelines for unicorns like Klarna and Gemini. Positions Chime as a leading digital-first bank with mainstream appeal. (Read Deeper)

Trump-Musk Feud Casts Doubt On SpaceX Role In ‘Golden Dome’ Missile Shield

The future of SpaceX’s role in the U.S. military’s ambitious Golden Dome missile defense system is uncertain after Elon Musk’s public feud with President Trump. The $175 billion program—designed to detect and neutralize missile threats via satellite and ground systems—was initially expected to rely on SpaceX, Palantir, and Anduril. But following Musk’s call for Trump’s impeachment and allegations tying the president to Jeffrey Epstein, officials are exploring alternative architectures that could sideline SpaceX.

Why It Matters: Trump's personal feud with Musk is impacting a major U.S. military initiative. Golden Dome is projected to cost $175B and be operational by Jan 2029—but experts doubt it’s feasible. Key stakeholders say project requirements remain vague, fueling a contractor scramble. (Read Deeper)

TECHNOLOGY & SCIENCE

Alexandr Wang Leaves Scale AI To Join Meta In $14.3B Deal

Scale AI founder Alexandr Wang is departing to join Meta, confirming earlier reports. Meta will invest $14.3 billion in Scale AI, acquiring a 49% non-voting stake in the startup. Wang shared the news in a company memo, calling it "the greatest pleasure of my life" to serve as CEO. He’ll now lead Meta’s high-stakes superintelligence initiative. Scale AI will promote Chief Strategy Officer Jason Droege, a former Uber VP and Benchmark venture partner—to CEO. A few Scale employees will also join Meta.

Why It Matters: One of the largest AI deals to date, signaling how high the stakes are in the race for AGI. Zuckerberg turns to outside talent—a rare move—as he doubles down on AI after Llama's mixed reception. Strategic dilemma for Scale AI, which serves Meta competitors like Google and Microsoft. (Read Deeper)

Apple Shifts iPhone Exports To U.S. Via India To Dodge China Tariffs

Between March and May 2025, 97% of Foxconn’s iPhone exports from India went to the United States, up from a 2024 average of just 50%. The strategic pivot appears to be Apple’s response to mounting U.S. tariffs on Chinese goods, as the company ramps up Indian manufacturing to avoid punitive duties. The data, reported by Reuters, shows $3.2B worth of iPhones were shipped to the U.S. during that three-month period.

Why It Matters: Apple is diversifying away from China, both geopolitically and logistically. India is quickly becoming essential to the global smartphone supply chain. Apple has fast-tracked India as a production hub and even chartered planes to ship iPhones quickly. U.S. trade policy is reshaping global tech manufacturing in real time. (Read Deeper)

AROUND DE WORLD & POLITICS

Air India Plane Crashes In Ahmedabad, 241 Dead, One Survivor

A devastating tragedy struck Thursday as Air India Flight AI171, a Boeing 787-8 Dreamliner, crashed minutes after takeoff from Ahmedabad en route to London Gatwick, killing 241 of the 242 people on board. The only known survivor — a British national of Indian origin, he is hospitalized with multiple injuries but is out of danger, doctors said. The crash also caused fatalities and injuries on the ground, including five medical students killed when debris struck the dining hall of a local medical college.

Takeaways: The plane crashed 5 minutes after departure, reaching just 625 feet before descending. This is one of the deadliest air crashes in India’s history and a tragic first for Boeing’s widely used Dreamliner model. Investigators are focusing on mechanical failure, pilot error, or a takeoff system malfunction — weather has been ruled out. (Read Deeper)

Israel Launches Strikes On Iran’s Nuclear Sites, Killing Top Commanders

Israel has launched a sweeping military campaign—Operation Rising Lion—striking Iran’s nuclear facilities, missile factories, and top military commanders, in what Prime Minister Netanyahu called a "decisive moment" to eliminate the Iranian nuclear threat. Explosions were reported at Natanz, Iran’s main uranium enrichment site, and multiple leaders of the Revolutionary Guards were killed, including commander Hossein Salami.

Why It Matters: This is Israel’s most direct and large-scale attack on Iran’s nuclear program to date. Iran reportedly had enough fissile material for 15 bombs—raising global non-proliferation concerns. Middle East tensions are at their highest in years, threatening oil markets, global security, and diplomatic efforts. While denying direct involvement, the U.S. must now manage regional fallout and protect its assets. (Read Deeper)

ENTERTAINMENT & SPORTS

Human-Sized Labubu Doll Sells For $150,000 In Beijing Auction

A human-sized Labubu figurine sold for a staggering 1.08 million yuan ($150,324) at a Beijing auction this week — setting a world record for the most expensive toy of its kind, according to Yongle International Auction. Labubu, a quirky monster character created by Hong Kong artist Kasing Lung and sold by Chinese toy company Pop Mart, has exploded in global popularity thanks to viral posts by Blackpink’s Lisa, Rihanna, Dua Lipa, and even David Beckham. (Read Deeper)

Tottenham Appoint Thomas Frank As New Manager

Tottenham Hotspur have named Thomas Frank as their new manager, replacing Ange Postecoglou after a dismal 17th-place Premier League finish—despite winning the Europa League just weeks earlier. Spurs reportedly paid £10 million in compensation to Brentford to secure Frank, who signed a contract running until 2028. The 51-year-old Dane brings stability and over 300 games of managerial experience, having guided Brentford to Premier League promotion in 2021 and keeping them competitive ever since. (Read Deeper)

PODCAST(WHAT WE ARE LISTENING TO)

• How Elon Musk bought his way into the White House: Musk donated nearly $290 million to support Trump and other Republicans during the 2024 cycle via his America PAC and other PACs. (Listen)

EXTRA BREVITI

• Global Nuclear Weapons Spending Soars to $100B in 2024. (Read More)

• Bluesky Backlash Misses the Point: It's More Than Just Another X. (Read More)

• Tesla is suing former engineer Zhongjie “Jay” Li, accusing him of stealing confidential trade secrets from its Optimus humanoid robot project and using them to launch a rival startup. (Read More)

• Google Cloud experienced a major global outage on Thursday, disrupting a number of top services including OpenAI, Shopify, Cloudflare, Mailchimp. (Read More)