China's rare earth magnet exports plunge 74% YoY

In May, China’s rare earth magnet exports fell 74% YoY — the largest monthly drop on record. Total exports hit 1.2M kg, the lowest since Feb 2020.

Exports to the U.S. collapsed 93% to ~46,000 kg after a 59% drop in April.

China produces ~69% of the world’s rare earth minerals and processes ~90%, making its exports a central lever in the tariff war.

Polymarket currently gives just 30% odds that OpenAI's ChatGPT hits 1B monthly active users by Dec 31, 2025.

As of March, it had ~600M MAUs (per Google court filing). To reach 1B, it’d need 8.8% MoM growth—faster than TikTok managed at scale.

For reference, ChatGPT grew ~9% MoM from 100M to 400M WAUs in 2023–24.

JUST IN: Trump claims the Iranian nuclear program has been set back by decades. He states that a US strike on Iran "ended the war."

JUST IN: Trump on Iran:

“The ceasefire between Iran and Israel is going well.

I think we will have some sort of relationship with Iran.

Iran will not have a nuclear bomb.”

In response to a question about Iran’s uranium enrichment plans, Trump said:

“We will not allow it — even by military means.”

U.S. debt-to-GDP ratio to surpass post-WWII record by 2029

America’s national debt is projected to exceed 106% of GDP within the next four years — topping the previous high set after World War II.

Nvidia board member makes record $24M stock sale

A. Brooke Seawell, on Nvidia’s board since 1997, sold $24 million worth of $NVDA shares — his largest sale ever.

The transaction is over 4x bigger than any of his previous sales.

JUST IN: The US Treasury reported a $316 billion budget deficit in May, marking the third-largest in history. Government spending increased by 3% YoY, reaching $687 billion. Despite a 270% surge in tariff revenue to $23 billion, it did little to offset the deficit. The budget gap for the first 8 months of Fiscal Year 2025 is now $1.37 trillion, the third-largest ever. The 12-month federal deficit is at $2.0 trillion, or 6.7% of GDP, up from 6.1% last year, indicating a worsening deficit crisis.

Chances of rate cuts by September soar to 85%

Market expectations for a Fed rate cut by September have surged to 85%, reflecting growing confidence in a policy shift amid cooling inflation signals.

JUST IN: The NASDAQ 100 has reached an all-time high.

Italian Prime Minister:

A 10% tariff from the U.S. will not have a significant impact on our companies.

JUST IN: Trump criticizes Powell, calling him "a very stupid person" and "a very average mentally person."

Remarks from Fed Chair Jerome Powell:

• We do not consider the U.S. national debt when making interest rate decisions.

• On the recent weakness of the dollar: The market is “digesting” extraordinarily complex economic and geopolitical conditions.

JUST IN: Powell: We will eventually start cutting rates again.

Investors are piling into tech stocks

U.S. tech saw $4.4B in inflows last week — the highest since June 2024 and 4x more than all other sectors combined.

The 4-week average stands at $1.5B per week.

Institutional buying hit $3B — a record since 2008, according to BofA. As a share of total market cap, that ranks in the top 2% historically.

Remember IBM?

Over the past 5 years, it has outperformed:

• Microsoft
• Apple
• Google

JUST IN: Euro climbs to $1.1644 against the US dollar, marking the highest level since October 2021.

U.S. current account deficit hits record $450B in Q1

The U.S. current account deficit jumped 44% in Q1 2025 to $450.2B — the largest on record.

That’s 6% of GDP, the highest since 2006. On an annualized basis, the gap hits $1.8 trillion.

The surge came as businesses rushed to import goods ahead of new tariffs, pushing the trade imbalance to historic levels.