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Galaxy Research has introduced a new proposal named "Multiple Election Stake-Weight Aggregation" (MESA) to reform the voting system for adjusting Solana's inflation rate. This proposal comes after a previous attempt (SIMD-228) failed to achieve consensus on reducing SOL inflation due to the limitations of binary voting. MESA allows validators to vote on various deflation rates, with the outcome being a weighted average of these votes, aiming for a more market-driven approach. The system maintains a fixed terminal inflation rate of 1.5% but introduces multiple 'yes' voting options for different deflation rates. For instance, if validators vote for different deflation rates, the new rate would be an aggregate of these votes. This method is intended to reflect community preferences more accurately and provide a predictable inflation curve. Galaxy Research emphasizes that this proposal is not about prescribing a specific inflation rate but about improving the process to achieve community goals.
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The recent episode of Yahoo Finance's Stocks in Translation podcast, featuring Morgan Stanley's US chief economist Michael Gapen, delves into the complexities of interpreting economic data amidst the Trump administration's fluctuating tariff policies. Gapen highlights that these policies have introduced significant noise into economic indicators, making it challenging for investors to predict market trends. He recommends focusing on the monthly employment report to gauge the economy's health, emphasizing the importance of job growth rates to keep wages above inflation. Despite policy uncertainties, the US labor market has shown resilience, with March seeing a robust addition of 228,000 jobs, although the unemployment rate slightly increased. Gapen also discusses the impact of immigration policies, noting a historic low in border crossings which could lead to a tighter labor market and potentially stagflation. He advises investors to diversify their portfolios to mitigate risks in this uncertain economic environment.
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The article discusses the volatile impact of Donald Trump's trade war on financial markets, which initially caused widespread panic but then subsided, leaving behind a sense of unease. Despite a brief calm, the markets remain jittery, with Trump's actions, such as his threats against the Federal Reserve, keeping investors on edge. His back-and-forth on tariffs has introduced uncertainty, although recent earnings from major banks like Bank of America and JPMorgan Chase indicate resilience in consumer spending. However, the broader outlook for profits remains unclear, with companies like United Airlines issuing dual forecasts to address investor concerns. Wall Street's outlook has turned cautious, with some strategists predicting a potential recession if Trump's aggressive trade policies persist. Despite these concerns, there's a slight optimism that the bond market's recent selloff was more about liquidity needs than a loss of confidence in US Treasuries. However, the overarching sentiment is one of caution, with investors and officials worried about the long-term implications of Trump's economic strategies.
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UnitedHealth Group experienced a significant stock price drop of over 22% after its first quarter earnings fell short of expectations and the company revised its full-year profit guidance downwards. The health insurance giant reported adjusted earnings per share of $7.20, below the anticipated $7.27, and revenue of $109.6 billion against the expected $111.6 billion. This led to a substantial reduction in its market capitalization by over $120 billion, also affecting the Dow Jones Industrial Average. The company cited higher costs in its Medicare Advantage and Optum businesses as reasons for the cut in profit forecasts. CEO Andrew Witty admitted the performance was below expectations but highlighted ongoing growth in their businesses, including plans to serve an additional 800,000 Medicare Advantage members and 650,000 new patients for Optum Health. Despite the setbacks, Witty expressed confidence in addressing the issues, focusing on proactive engagement with senior customers and improving clinical and value-based programs.
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Netflix Inc. reported a robust first-quarter performance, with its stock climbing in after-hours trading due to earnings that exceeded expectations. The company's revenue for the quarter was $10.54 billion, marking a 13% increase from the previous year and surpassing Bloomberg's analyst consensus of $10.50 billion. Earnings per share also impressed at $6.61, well above the anticipated $5.68. Looking forward, Netflix provided an optimistic outlook for the second quarter, forecasting revenue of $11.04 billion, which was higher than what analysts had predicted. Despite not disclosing subscriber numbers, Netflix highlighted its focus on engagement and revenue growth, crediting its performance to slightly higher subscription and ad revenues. The company also reiterated its ambitious financial goals, aiming to double its revenue by 2030 and reach a $1 trillion valuation, amidst a backdrop of price adjustments in key markets like the US, UK, and Argentina.
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Nvidia and AMD experienced a significant drop in their stock prices after Nvidia disclosed that it would incur approximately $5.5 billion in charges due to new US export restrictions on its AI chips to China. The restrictions, which were announced on April 9, require export licenses for Nvidia's H20 integrated circuits and similar chips, aiming to prevent their use in Chinese supercomputers. This development has led to a 6% drop in Nvidia's shares to $105 in after-hours trading, with AMD also seeing a decline of over 7% to $88.55. The charges are expected to impact Nvidia's first-quarter results, which are due to be reported by April 27. Despite these setbacks, Nvidia has plans to invest in domestic manufacturing, although this has not alleviated the immediate financial strain from the export restrictions. The situation underscores the broader implications of US-China trade tensions on the tech industry.
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UnitedHealth Group Inc. experienced a significant stock drop of 23.16% after its first-quarter earnings missed expectations and the company lowered its full-year profit guidance. The health insurance giant reported adjusted earnings per share of $7.27, in line with expectations, but revenue fell short at $109.6 billion against the anticipated $111.6 billion. The company now projects adjusted full-year profits to be between $26 and $26.50 per share, a decrease from the earlier forecast of $29.50 to $30. This adjustment was attributed to higher-than-expected costs in its Medicare Advantage and Optum businesses. CEO Andrew Witty acknowledged the underperformance and outlined plans to address these issues by enhancing engagement with senior customers, particularly those with complex health needs, through proactive monitoring and home visits. Despite the setbacks, UnitedHealth remains optimistic about its growth prospects and the foundation for future improvements.
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Blackstone CEO Steve Schwarzman, a significant GOP donor and Trump supporter, stressed the importance of resolving President Trump's tariff negotiations quickly to keep the U.S. economy on a growth trajectory. Speaking after Blackstone's first-quarter earnings report, Schwarzman indicated that while it's premature to fully assess the tariffs' impact, a prompt resolution is crucial to mitigate risks. He mentioned that tariffs could have a material effect on a small segment of Blackstone's real estate companies, yet higher costs might support real estate values if a recession is avoided. Other Wall Street leaders like Goldman Sachs' David Solomon and JPMorgan's Jamie Dimon have also voiced concerns about potential economic turbulence due to these tariffs. Schwarzman's comments were echoed by Blackstone's COO Jon Gray, who suggested that economic slowdowns could lead to increased corporate defaults in sectors like retail and manufacturing, but also noted that Blackstone could capitalize on market dislocations with its significant dry powder. Despite a 24% drop in Blackstone's stock since the year's start, the company reported an 11% rise in first-quarter distributed earnings, though net income fell by 27%.
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Nvidia's stock experienced a significant decline, falling as much as 4% on Thursday, following a regulatory filing that revealed a $5.5 billion hit due to US government restrictions on exporting its H20 chips to China. This news led to a nearly 7% drop in Nvidia's stock the previous day, reducing its market cap to just under $2.5 trillion, a loss of over $250 billion since the trade restrictions were announced. Analysts from JPMorgan and Jefferies estimate that Nvidia could lose between $10 billion to $16 billion in revenue due to these restrictions. Despite the downturn, Nvidia's CEO Jensen Huang visited Beijing, signaling ongoing business relations. Meanwhile, the broader semiconductor industry felt the ripple effects, with companies like AMD, Broadcom, Micron, and Intel also seeing their stock prices decline. However, TSMC reported profits that exceeded expectations, highlighting the continued demand for AI chips amidst these trade tensions.
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A federal judge has determined that Google maintains an illegal monopoly in the online advertising sector, marking its second antitrust defeat in over a year. The lawsuit, initiated by the U.S. Justice Department and 17 states in January 2023, accused Google of violating antitrust laws in three key markets: publisher ad servers, ad exchanges, and advertiser ad networks. Judge Leonie Brinkema confirmed Google's monopoly power in the publisher ad server and ad exchange markets but dismissed the claims regarding the advertising network market. This ruling highlights Google's practices that have allegedly harmed competition and reduced product quality in open-web display advertising. Following the decision, Alphabet's shares dropped by over 1%. Google, which earns a significant portion of its revenue from advertising, now faces potential divestitures in its ad tech business, with an opportunity to appeal the ruling. This case is part of a broader scrutiny of Big Tech, with similar antitrust battles involving Amazon and Meta currently underway.
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President Trump has once again publicly criticized Federal Reserve Chairman Jerome Powell, urging him to lower interest rates and expressing impatience with Powell's tenure. This comes after Powell suggested that the Fed would take a cautious approach to rate adjustments, citing the potential economic impacts of Trump's tariffs which could lead to higher inflation and slower growth. Trump's tariff decisions have introduced significant market volatility and economic uncertainty, prompting calls for a rate cut to stave off a potential economic downturn. Despite the political pressure, Powell has emphasized the independence of the Federal Reserve and his intention to serve out his term, which ends in May 2026. The ongoing tension between the White House and the Fed highlights the complex dynamics of economic policy-making in the face of political influence.
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Securitize, a tokenization company, has significantly expanded its operations by acquiring MG Stover's fund administration business, which has now been integrated into Securitize Fund Services. This acquisition has boosted Securitize's assets under management to over $38 billion across 715 funds, enhancing its capacity to cater to institutional clients. MG Stover, established in 2007, provides comprehensive fund administration services across various financial sectors, including digital assets. The acquisition does not include the entirety of MG Stover but focuses solely on its fund administration segment. Securitize's CEO, Carlos Domingo, highlighted the strategic importance of this move, noting that traditional fund administrators are ill-equipped for the demands of digital assets like 24/7 markets and real-time settlements. Securitize is also known for issuing over $3.3 billion in onchain assets, with a notable example being BlackRock's BUIDL fund, which dominates the tokenized US Treasury market. This acquisition comes at a time when the tokenization of real-world assets (RWAs) is gaining momentum, with Securitize also partnering with Ethena Labs to develop a new blockchain for RWA and DeFi applications.
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Italy's Minister of Economy and Finance, Giancarlo Giorgetti, has raised concerns about the growing influence of US stablecoins in Europe, suggesting they pose a more significant threat to the euro's financial stability than trade tariffs. Speaking at an event in Milan, Giorgetti highlighted the potential of these dollar-backed cryptocurrencies to undermine the euro's role in international transactions. He emphasized the need for the European Union to enhance the euro's global standing and supported the development of a digital euro by the European Central Bank (ECB) to reduce reliance on foreign financial solutions. Meanwhile, in the US, legislative efforts are underway to regulate stablecoins, with bills like the STABLE Act and the GENIUS Act moving through Congress, aiming to ensure transparency, consumer protection, and compliance with financial laws. ECB Executive Board member Piero Cipollone also echoed the need for a digital euro to maintain the eurozone's monetary sovereignty amidst the rising popularity of US stablecoins.
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Mantra's OM token, which had been riding high on a wave of real-world asset tokenization deals and partnerships, experienced a catastrophic collapse on April 13, losing over 90% of its value in a matter of hours. The token's price fell from $6.14 to $0.52, triggering panic and a flurry of theories across the crypto community. Speculation ranged from insider trading to forced liquidations by exchanges. Mantra's CEO, John Patrick Mullin, pointed to "reckless forced closures" by centralized exchanges as the primary cause, suggesting negligence or intentional market manipulation. Despite the chaos, Mantra has denied any involvement in a rug pull or insider trading, and has initiated steps towards recovery, including a potential token buyback program. Investigations by exchanges and blockchain analysts continue to seek the root cause of this dramatic event, with no definitive answers yet provided.
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Bitcoin, despite a 10% year-to-date drop, is still viewed as a robust macro hedge, according to Glassnode research. Analysts have set a new target for Bitcoin at $155,000, inspired by gold's performance, which has been setting record highs. Cryptollica, a trading and analytics account, predicts that Bitcoin will follow gold's trajectory, breaking out of its current consolidation to reach new all-time highs. Despite Bitcoin's inability to match gold's gains in 2025, both assets are seen as increasingly central in global reserve assets. Glassnode highlights that while gold has surged to new highs, Bitcoin has shown resilience, recovering from an initial sell-off to trade flat at around $85,000. The firm notes that Bitcoin's drawdown from its all-time high is relatively modest compared to historical standards, indicating a growing investor confidence in Bitcoin as a safe haven during macroeconomic turbulence.
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In the first quarter of 2025, the cryptocurrency market continued to be dominated by narratives around artificial intelligence (AI) tokens and memecoins, with these themes capturing over 62% of investor interest according to CoinGecko's research. AI tokens led with a 35.7% share, slightly ahead of memecoins at 27.1%. The interest in memecoins saw a notable spike following the launch of tokens associated with political figures like Donald Trump and Melania Trump. However, the market faced a setback with the collapse of the Libra token, endorsed by Argentine President Javier Milei, which resulted in a drastic reduction in new memecoin deployments and a significant loss in market value. Despite these fluctuations, some traders continue to profit from speculative investments in memecoins, indicating that while the "politicam memecoin" trend has waned, the allure of quick gains in this sector persists.
