Crypto News: Alphabet’s $80 billion gamble

Good morning. Alphabet shares dip premarket on its plans for a massive equity offering. Donald Trump remains optimistic about a peace deal. And the dilemma facing New York Knicks fans. Listen to the day’s top stories.

— Marcus Wright and Rose Henderson

Market Snapshot
S&P 500 Futures	7,602.00	-0.1%
Nasdaq 100 Futures	30,559.00	-0.0%
Bloomberg Dollar Spot Index	1,201.17	-0.1%
Market data as of 06:36 AM ET. Data is subject to provider delays.	Your watchlist

Alphabet shares dipped premarket after the tech giant announced plans to raise $80 billion to help fund its vast spending on AI. It represents one of the largest equity deals of all time—and brings an unexpected twist to a blockbuster year for initial public offerings.

Donald Trump is still optimistic the US can reach an interim peace deal with Iran soon, after the Islamic Republic threatened to suspend talks because of Israel’s escalating attacks in Lebanon. Trump reacted by calling Israeli Prime Minister Benjamin Netanyahu and, according to an Axios report, swearing at him as well as accusing him of ingratitude.

Andrew Left Found Guilty in Case That Spooked Short Sellers

Apple users will be able to use their iPhone to split bills for events like group dinners, people familiar said, using the Wallet app or Messages to photograph receipts, assign items to people and generate payment requests. The new tool will likely be included in the next version of its iPhone operating system, iOS 27, which will also provide a much-anticipated Siri overhaul, alongside AI photo-editing tools and design tweaks.

Princeton University’s endowment is backtracking on its pledge to divest from publicly traded oil and gas companies, four years after saying it would exit such holdings as a way to move toward a net-zero portfolio. Earlier this year the New Jersey college warned that it can no longer rely on endowment returns—which have trailed those of its rivals—at a time when political threats to its finances are increasing.

UK Sotheby’s International Realty has been the talk of London’s luxury property market over the past three years. But alongside the firm’s rapid expansion sit allegations of harassment and bullying from current and former employees, as well as concerns in the market about CEO George Azar’s cutthroat business model and overdue financial disclosures.

Spring Sale: Save 60% on your first year

Get the numbers behind the narratives. Enjoy unlimited access to Bloomberg.com and the Bloomberg app, plus market tools, expert analysis, live updates and more. Offer ends soon.

Unlock 60% off

Deep Dive: Reducing Costs for Farmers

A worker uses a tractor to plant soybeans at Double G Angus Farms in Tiffin, Iowa. — *Photographer: Benjamin Roberts/Bloomberg*

The White House said it will reduce tariffs on agricultural equipment such as combines and harvesters to reduce costs for US farmers and manufacturers.

Farmers have long been one of Trump’s most loyal constituencies. But Democrats have been citing rising costs and Trump’s aggressive tariff agenda as issues that could help flip key seats in the Midwest.
Soaring fertilizer and fuel prices as a result of the Iran war are already hammering the agricultural sector, on top of the tariff disruption.
The White House move is also part of the latest effort to streamline metals duties, following months of lobbying by companies who said they were unfairly hit by previous levies.

The Big Take

Russell Vought, Director of the United States Office of Management and Budget. — Russell Vought testifies before the Senate Budget Committee in April.

Toyota agreed to a $60 million settlement with the Consumer Financial Protection Bureau in 2023 after investigators found the company made it nearly impossible for customers to cancel unwanted insurance and maintenance plans. But the settlement was terminated after Russell Vought took over the CFPB, part of a “scorched-earth” campaign to dismantle the regulator’s enforcement power.

The US Consumer Financial Protection Bureau.

Big Take Podcast

Consumer Watchdog to Corporate Protector

Opinion

Thanks to the AI boom, the stock market and large parts of the real economy are hitching their wagons to a single thematic that can turn on a dime, Jonathan Levin writes. While it’s tempting to keep riding the wave, investors would be wise to try to restore a semblance of diversification to their portfolios.

More Opinions

John Authers

SpaceX — To Boldly Raise Money Where No IPO Has Gone Before

Paul J. Davies

Kevin Warsh’s Fed Regime Change Comes With a Catch

Play Alphadots!

Our daily word puzzle with a plot twist.

Today’s clue is: People born yesterday?

Play now!

Before You Go

Jalen Brunson of the New York Knicks. — *Photographer: Jesse D. Garrabrant/NBAE*

Diehard Knicks fans are facing a dilemma. Season-ticket holders, who can buy seats for the NBA Finals at face value, at last have a chance to see their team compete in what may be the only championship run since they were born. Or, they can sell their tickets for enough money to pay for school tuition, a full kitchen renovation or tickets to all of next season’s home games combined.

A Couple More