Crypto News: US renews Iran attacks

Good morning. The US renews its attacks on Iran. Flying taxis are coming. And the scramble for rare earth talent is luring 80-year-olds out of retirement. Listen to the day’s top stories.

— Angela Cullen

Market Snapshot
S&P 500 Futures	7,534.25	+0.1%
Nasdaq 100 Futures	29,596.25	+0.4%
Bloomberg Dollar Spot Index	1,221.17	+0.1%
Market data as of 07:09 AM ET. Data is subject to provider delays.	Your watchlist

The US renewed its attacks on Iran overnight, hitting some 90 targets along the coastline. Iran said it launched missiles and drones at US bases in Kuwait and Bahrain. Oil edged lower as tanker traffic in the Strait of Hormuz came to a near standstill. Futures rose and the dollar wavered as traders shrugged off a full-scale return to war.

Runaway enthusiasm for AI infrastructure may appear to be cooling but one look at SK Hynix’s US listing tells a different story. With the South Korean memory chipmaker set to price its offering today, the listing is more than seven times oversubscribed, people familiar said. And Nvidia rival Positron is in talks to raise about $750 million in a two-phase financing that could value it at $5 billion. Meanwhile, Bain Capital has cashed in its chips on Japan’s Kioxia, whose shares have skyrocketed more than 4,500% from their debut.

Maine oysterman Graham Platner suspended his US Senate campaign after a sexual assault allegation caused support from fellow Democrats to collapse. He denied the accusation. As an ideological battle between the progressive and centrist wings of the party enters a new front over who should replace him, the infighting threatens to undermine its potential success in November’s midterms. The idea of free, universal child care may help bridge the gap.

Abelardo de la Espriella during a certification event in Bogota.

Narco Violence, Fiscal Risk Await Trump’s New Colombian Ally

Eric Trump’s Bitcoin bet has erased $600 million from the family fortune, Bloomberg calculations show. American Bitcoin, the company he co-founded, stuck with its crypto strategy even as Bitcoin sank into a bear market. With the shares down more than 95% from their peak, the firm was forced this week into a 1-for-15 reverse stock split to maintain its Nasdaq listing.

Deep Dive: Flying Taxis Are Coming

A Joby eVTOL approaches the Downtown Skyport in New York. — A Joby electric vertical take-off and landing vehicle approaches the Downtown Skyport in New York City.

Flying vehicles are no longer a Hollywood fantasy. Official certification for electric vertical takeoff and landing craft—or eVTOLs—might still be years away, but the vision of vaulting over traffic-clogged highways is creeping ever closer to reality.

Prototype models are now undergoing real-world trials, and advances in China give it early bragging rights in the race to break through air transport’s next frontier.
But bringing squadrons of flying taxis to cities like NYC and LA still faces tall hurdles. The fundamental risk of using urban rooftops as landing sites aside, the math doesn’t quite add up yet.
Some companies are betting eVTOLs will be a bigger deal in rural areas, with concepts from logistics and transport to golf resorts to helping farms send fresh produce to cities.

The Big Take

Lowe’s 5 Gallon Bucket & Blue Mini Bucket.

Minimize this. From totes to whiskey to carpet cleaners, companies catering to weary, price-sensitive shoppers are shrinking products and selling them at more palatable prices. It’s not just Trader Joe’s that’s betting people will still open their wallets for low-stakes treats even when the economy’s rocky.

The Baker Library of the Harvard Business School on the Harvard University campus

Big Take Podcast

America’s Grad School Bubble Is Bursting

Opinion

Graham Platner. — Democrats now wish they knew more.

The Platner debacle is a huge problem for Democrats trying to claim the moral high ground on sexual violence, Erika D. Smith argues. Ro Khanna, who backed him even as one ominous story after another emerged, represents a cautionary tale as the party tries to figure out how to win elections in a populist era while not running afoul of its stated values.

More Opinions

Michael R. Bloomberg

Governments Must Fix Their Debt Messes Before It’s Too Late

President Donald Trump and Secretary of State Marco Rubio in the Situation Room.

Andreas Kluth

If the US Keeps Messing With This Spy Agency, It’ll Pay a High Price

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Before You Go

Rare talent. Even if the US manages to secure enough raw materials to reduce reliance on China for rare earths, who’s going to run the processing plants? Ageing specialists like Jack Lifton, who first retired from the mining industry more than 25 years ago, maybe? At 86, he’s busier than ever.

A Couple More