S&P 500 E-MINI FUTURES UP 0.71%, DOW FUTURES UP 0.66%, NASDAQ 100 FUTURES UP 1.26%

This earnings season has been positive for AI, yet investors have been selling Nvidia Corp. shares. Nvidia, whose GPUs dominate AI chips, has fallen 9% over six sessions after hitting a record on April 27, underperforming the Philadelphia semiconductor index, which rose over 5%. Concerns are rising that its dominance is under threat as major tech firms expand in-house and rival chip offerings. Alphabet is commercializing TPUs, Amazon’s Trainium has over $225 billion in commitments, Meta is investing heavily, while Intel and Qualcomm are gaining data center traction. Bill Stone of Glenview Trust noted near-100% market share leaves only downside risk as credible competitors emerge.

Flows & Market Activity - Global crypto ETP inflow streak extends to five weeks, masking sharp intraweek reversal: CoinShares - US spot bitcoin ETFs draw $532 million as inflows extend to a third day, led by BlackRock and Fidelity Corporate & Strategy - Coinbase cuts 14% of staff as it navigates downturn, shifts to AI-native operations - Bullish to acquire Equiniti in $4.2 billion deal combining transfer agent and tokenization stack Investment & Funding - a16z crypto raises $2.2 billion for fifth fund, promotes CTO to general partner Institutional Adoption & Products - FalconX and Sygnum partner to launch tokenized credit offering for institutional clients - Coinbase Australia launches crypto support for self-directed retirement funds Policy & Regulation - Bank of Italy calls for EU to explore tokenized SEPA payments