TLDR

MARKET RECAP → Markets went on a rollercoaster Wednesday but ended up on top. A White House official indicating President Trump was on the verge of firing Jerome Powell led to stocks slipping earlier, however, they recovered as Trump himself denied the report.

AI BUBBLE BIGGER THAN 90s TECH? → Apollo (APO) warns today’s AI mania rivals and may exceed the dot-com bubble, as surging valuations outpace fundamentals.

CRYPTO CLIMBS CAPITOL HILL → Bitcoin (BTC) rebounded to ~$119K after policy delays spooked markets Tuesday. Ethereum (ETH) surged over 8% amid optimism around pending crypto legislation. Stocks tied to the ecosystem, including Coinbase (COIN), Circle, and BitMine, rallied hard on renewed momentum and political tailwinds.

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Finance

AI Bubble Bigger Than 90s Tech?

AI Frenzy Dwarfs Dot-Com Boom: Apollo’s (APO) chief economist warns that today’s AI-driven market surge is outpacing the excesses of the 1990s tech bubble. With valuations soaring, capital flooding into AI startups, and investor euphoria unrelenting, he argues the risk of a painful correction is growing.

Market Optimism Versus Reality Check: Despite record-breaking earnings from chipmakers like Nvidia (NVDA), critics note that many AI companies have yet to prove sustainable business models. This gap between hype and fundamentals echoes the dot-com era’s spectacular rise and fall.

Will History Repeat?: While AI’s transformative potential is undeniable, the economist cautions against assuming all players will thrive. Just as few dot-com survivors became today’s tech titans, the AI landscape may see massive shakeouts once the froth dissipates.

Crypto

Crypto Climbs Capitol Hill

Bitcoin (BTC) recovers, but stays grounded: After briefly dipping on Tuesday when two major crypto bills were stalled in the House, Bitcoin rebounded 2% to about $119,200. Though off its Monday high above $120,000, institutional inflows into Bitcoin ETFs remain strong, over $400 million on Tuesday alone.

Ethereum surges on policy momentum: Ether jumped more than 8% to $3,322, fueled by renewed optimism that legislation like the GENIUS and CLARITY Acts will soon pass. Analysts say the path forward is political, not existential, and Ether's rally is being driven more by speculation than network fundamentals, which remain flat.

Crypto-linked stocks explode: Shares of Coinbase (COIN) rose nearly 4%, while Circle popped 20%. Even more dramatic were Ethereum (ETH) treasury plays like BitMine (+21%), SharpLink (+29%), and Bit Digital (+14%), the latter boosted by news that Peter Thiel took a stake. The market is trading ahead of policy progress.

BULL VS. BEAR

KEEP READING

Trump denies that he plans to fire Powell: ‘Highly unlikely’ (CNBC)

Tesla’s change in bylaws to limit shareholder lawsuits slammed by New York state officials (CNBC)

Nvidia CEO Jensen Huang sells another $37 million worth of stock (CNBC)

Some big US banks plan to launch stablecoins, expecting crypto-friendly regulations (Reuters)

OpenAI and Anthropic researchers decry ‘reckless’ safety culture at Elon Musk’s xAI (TechCrunch)

How to Change Your Money Mindset: 9 Tips for Abundance Thinking (ML)

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