TL;DR

CoreWeave surges on Nvidia’s stake; BlackRock launches $3B tokenized fund; Capital One acquires Discover.

Highlights

• CoreWeave stock jumped 26% after Nvidia disclosed a 7% stake; CoreWeave plans $20B AI infrastructure spend in 2025, doubling its value since March IPO 1.
• Capital One completed its $35B acquisition of Discover, forming the largest US credit-card issuer by loan volume 2.
• BlackRock launched a $3B tokenized Treasury fund (sBUIDL) on Avalanche , enabling 92.5% LTV collateralization and furthering real-world asset (RWA) tokenization in DeFi 3.
• China’s DeepSeek AI claims its R1 bot outperforms US models at 5% of ChatGPT’s cost, intensifying global AI competition 4.
• TikTok Shop was the fastest-growing online retailer in 2024, expanding aggressively in Europe despite US regulatory uncertainty 5.
• Xiaomi to launch its first self-developed 10-core XRing 01 chip (TSMC 4nm), signaling increased Chinese semiconductor independence; internal fraud allegations surface 6.
• BYD announced a €250M Budapest HQ and R&D center, creating 2,000 engineering jobs as it expands EV sales in Europe and outsells Tesla globally 7.
• Meta faces scrutiny after internal documents show 70% of new Facebook/Instagram advertisers promote scam ads, raising regulatory and platform risks 8.
• UK will require all crypto firms, including foreign platforms, to report detailed user/transaction data by 2026, diverging from EU MiCA 9.
• Bitcoin hit a record above $105,000, in line with Fidelity’s forecast, reflecting strong institutional and retail demand 10.
• Moody’s downgraded US sovereign credit from AAA to Aa1 due to $36T debt and rising deficits, complicating fiscal policy 14.
• China advanced in dual-use tech with the Tianwen-2 asteroid mission and Jiutian SS-UAV drone carrier set for PLA service in June 2025 1215.

Commentary

AI infrastructure and cloud remain a focal point for public and private markets, as CoreWeave 's post-IPO rally and Nvidia 's substantial stake highlight continued investor appetite for scale in AI compute 1. The $20B investment plan signals a priority on rapid capacity expansion, likely driving up valuations for early-stage AI infrastructure and platform startups, especially those with differentiated technology or ecosystem alignment with major players like Nvidia 1.

The fintech and crypto landscape continues to evolve with significant institutional moves and regulatory shifts. Capital One 's acquisition of Discover consolidates the US credit-card market, potentially raising the bar for fintech partnerships and exits 2. BlackRock 's $3B tokenized Treasury fund launch on Avalanche is a notable step in bridging traditional finance with DeFi 3, while the UK’s new crypto reporting rules signal a tougher compliance environment for both domestic and international platforms 9. Startups enabling regulatory compliance, RWA tokenization, and cross-border payments are likely to see increased VC interest, but diligence on evolving regulatory risk will be critical 39.

Chinese tech firms are accelerating global expansion and vertical integration. DeepSeek’s claim of delivering competitive AI at a fraction of US costs 4, Xiaomi 's entry into high-end chip design 6, and BYD 's European manufacturing push all point to intensified competition across AI, semiconductors, and EVs 7. For VCs, this increases the importance of assessing supply chain resilience, IP defensibility, and geopolitical exposure in diligence, especially for cross-border deals 467.

Consumer platforms and digital trust remain under scrutiny. TikTok Shop 's rapid growth in Europe demonstrates the potential for new e-commerce models, but US regulatory headwinds persist 5. Meta 's ongoing ad fraud issues highlight the operational and regulatory risks facing large consumer platforms, which can impact both platform-dependent startups and potential acquirers 8.

Macro risks are rising, with Moody’s US downgrade and China’s dual-use tech advances underscoring both fiscal and strategic uncertainty 141215. Bitcoin 's record high and the ongoing institutionalization of digital assets suggest continued momentum for blockchain infrastructure, but volatility and regulatory scrutiny remain key factors for VC-backed companies in the space 10.