Crypto News: Tech jitters return

Good morning. Tech volatility pulls stocks lower, again. It’s a merry-go-round in the House of Dimon. And how Prada walked its way out of a cultural appropriation spat with India. Listen to the day’s top stories.

— Angela Cullen

Market Snapshot
S&P 500 Futures	7,388.75	-0.5%
Nasdaq 100 Futures	29,384.50	-1.1%
Bloomberg Dollar Spot Index	1,222.29	-0.1%
Market data as of 07:27 AM ET. Data is subject to provider delays.	Your watchlist

Global stocks are ending the week on the back foot after a renewed bout of the tech jitters. Friday’s selloff came amid fears about the staying power of chip demand. A report that OpenAI could postpone plans to go public also dented sentiment. The case for the AI trade is still strong, but it might be time to pick some winners.

House of Dimon. Marianne Lake is just the latest in a long line of veterans who’ve donned the cap of Jamie Dimon’s likely heir only to see that role slip through her fingers. For Troy Rohrbaugh, it’s turning into the biggest game of his life. Meanwhile, the man who rose to the top of JPMorgan more than two decades ago continues to keep a firm hold on the Wall Street behemoth.

Venezuela continued its search for survivors as the death toll from Wednesday’s twin earthquakes kept rising. The disaster will place further strain on Venezuela’s oil-dependent economy, which is already grappling with one of the world’s highest inflation rates and recurring power outages. It also gives acting President Delcy Rodríguez’s interim government a chance to build legitimacy.

Steve Hilton: Trump’s Not On the Ballot in California. I Am

The former UK political adviser on Trump’s endorsement, California’s challenges and his bid to become governor.

A bridge too far? A costly feud looms for Gavin Newsom and California’s billionaires, who failed to stop a wealth tax proposal from reaching the ballot. The healthcare union behind the idea said it’s moving forward with the levy, rebuffing a last-ditch effort to negotiate it away. Voters will get to decide in November. Over in Michigan, Howard Lutnick intervened to delay the opening of a new bridge between the US and Canada and is pressing to reneogotiate the deal for a larger share of toll revenue, people familiar said.

Deep Dive: NYC’s Tech Boom

Employees at ConsenSys in Brooklyn — The number of tech workers living in New York City has grown by 45% since before the pandemic.

New York has long been a finance stronghold, but the post-pandemic tech boom has unleashed a new wave of high earners who are helping drive the local economy and intensifying competition for housing.

Their arrival has produced some head-scratching rent growth and strong luxury home sales in the city, but some will undoubtedly cheer Thursday’s vote to freeze rents for a million stabilized apartments in the city, where lower earners have borne the brunt of cost-of-living spikes.
NYC offices have been cashing in on deep-pocketed AI companies, which are driving a revival for its beleaguered commercial centers. California’s Bay Area may be the biggest hub for AI and other tech companies, but New York is a solid runner-up.
While San Francisco tops the list of US cities with the biggest rent growth, prices are only approaching New York’s.

The Big Take

Former Lundin Oil Chairman Ian Lundin outside a courtroom in Stockholm.

For one of the first times since Nuremberg, a court is considering whether executives should go to prison for doing business with a brutal government. In the longest criminal proceeding in Swedish history, prosecutors have charged the defendants with complicity in war crimes in Sudan. They reject the charges.

Big Take Podcast

Tankers and cargo ships in the Gulf of Oman.

Trump Faces Uphill Battle in Iran Talks

Opinion

Women keep falling further behind in the CEO race, writes Beth Kowitt. We know from JPMorgan’s Marianne Lake that the talent was there. Boards just decided not to choose it.

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Before You Go

India is racing to extend Champagne-style legal protections to handicrafts. A dispute over Prada’s Kolhapuri-inspired sandal shows why that may be difficult.

A Few More