Crypto News: Paxton crushes Cornyn in Texas

Good morning. Donald Trump tightens his grip on the GOP. The AI boom powers markets to new highs. And for Gen Z, the hottest Friday-night destination may now be the gym. Listen to the day’s top stories.

— Hellmuth Tromm

Market Snapshot
S&P 500 Futures	7,561.75	+0.3%
Nasdaq 100 Futures	30,229.50	+0.5%
Bloomberg Dollar Spot Index	1,201.27	+0.0%
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Trump’s party. Texas Attorney General Ken Paxton, backed by the president, won the state’s Republican Senate runoff, defeating four-term incumbent John Cornyn and underscoring Trump’s grip on the GOP. The result, however, could set up a tougher election challenge in November against well-funded Democrat James Talarico.

On Wall Street, AI euphoria continues to power markets higher. Global stocks climbed to fresh records for a sixth straight session and US futures advanced as investors piled into tech shares, doubling down on the artificial-intelligence boom. Chipmakers SK Hynix and Micron each topped $1 trillion in value for the first time, while Goldman strategists joined peers at Morgan Stanley and Deutsche Bank in seeing a 17% return for the S&P 500 Index this year.

Speaking of semiconductors, Taiwanese prosecutors suspect advanced Nvidia AI chips were smuggled to China through Japan, highlighting the challenge of enforcing US export controls. Three people were detained last week for allegedly falsifying documents tied to Super Micro servers, with at least one shipment making it through customs before being intercepted. Other cases have focused on diversion via Southeast Asia, including the biggest such indictment in the US.

On June 14, Switzerland will vote on a plan to cap the population at 10 million. Photographer: Stefan Wermuth/Bloomberg

Switzerland’s 10-Million Population Cap Is Worrying Executives

Now for the grocery bill. Americans already squeezed by high gas prices are bracing for another inflation hit as food costs climb because of unfavorable weather, tariffs and tighter cattle supplies. Economists say the Iran war and a possible El Niño pattern may keep supermarket prices rising into 2027, cementing affordability as a defining midterm issue.

Rising fuel prices also delivered the final blow to Spirit Airlines. But the budget carrier’s troubles had been building for years, as mounting debt, engine recalls and intensifying competition from larger rivals weighed on the company. Here’s our analysis of why the carrier nicknamed the “Walmart of the sky” failed.

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Deep Dive: Cubans Stranded in Mexico

Lorenzo Sánchez Rojas, born in Cuba and 65 years old, sits outside an abandoned store where he sleeps in Villahermosa, Tabasco state, Mexico, on May 24th, 2026.

As Washington tightens pressure on the Cuban economy, it’s also squeezing Cuban migrants. The US has deported thousands of Cubans to Mexico, where many survive through odd jobs, begging or recruitment by cartels in a country where they can’t legally work.

The situation reflects the dual aims of undermining Havana through fuel restrictions and sanctions while intensifying the crackdown on immigration violations.
The deportations mark a sharp shift for Cubans, who long received special treatment in the US and were a key source of support for Trump’s return to the White House.
The crackdown comes as Cubans seeking to leave the island have fewer and fewer ways to do so.
Mexico, meanwhile, is struggling to absorb deportees, many of whom are flown to impoverished southern states with limited jobs and few support services.

Bloomberg Tech returns to San Francisco on June 3-4. Led by Emily Chang and Tom Giles, it convenes leading CEOs, investors and innovators driving the industry forward. Register here.

The Big Take

Russian airlines are largely keeping Western-made jets in service despite sanctions meant to choke off spare parts and maintenance support. Using alternative supply channels, carriers have avoided the widespread groundings expected after the invasion of Ukraine.

A woman walks in front of a house under renovation in a neighborhood of Havana.

Big Take Podcast

The Campaign to Bring Cuba to Its Knees

Opinion

Well-founded concerns persist that the government is doing too little to police insider trading in both new and traditional markets, Jonathan Levin writes. The Trump administration needs to ramp up enforcement, police its own vested interests and make clear to the public that America is not an emerging market.

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Before You Go

Thegym floor at upscale club Third Space. — The gym floor at upscale club Third Space.

Friday nights are looking different for Gen Z: fewer tequila shots, more cold plunges and Pilates. High-end gyms are increasingly serving as social clubs for a generation chasing wellness over nightlife.

A Couple More