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• The May jobs report is in focus this week after a strong month ended with a whimper.

  • Despite the S&P 500 rising 5.3% and the Nasdaq gaining 8% for the month, last week's trading saw the Nasdaq flat and the S&P 500 up just 0.2%.

  • Friday’s report is expected to show a cooling market, with 185,000 new jobs and unemployment holding at 3.9%.

• Ukrainian President Zelenskyy accused China of helping Russia disrupt the upcoming peace summit.

• Nvidia CEO Jensen Huang announced its next-generation AI chip platform, and they named it Rubin.

📈 Trends you need to know

Not all the cash in a VC fund is actually used to make investments. Instead, some of it lies dormant as dry powder.

Dry powder is basically the ammunition VCs have to make new investments with existing fund money.

Now, it’s not uncommon for VC funds to have some dry powder. After all, it takes time for VCs to source and identify sufficiently attractive startups.

But if these opportunities never come around (or if VCs are overly ambitious with their fundraising efforts) the pile of dry powder can grow rapidly.

This is exactly what we’ve seen over the past few years.

Why does this matter?

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Ideas, trends, and analysis

• The US M2 money supply has contracted by nearly 4% over the past two years for the first time since the Great Depression.

• Obsolete government-issued debit cards have led to rising food aid theft, with nearly $62 million in benefits replaced over the past year.

• The unemployment rate for bachelor's degree recipients aged 20-29 surged to over 12% from a year ago.

🌍 Global Perspectives

• 🇨🇳 New home prices in China inched up 0.25% in May, the 9th straight monthly rise.

• 🇮🇱 🇵🇸 An aide to Israeli President Netanyahu said President Biden's Gaza plan is "not a good deal" but Israel accepts it, wanting hostages released.

• 🇺🇦 🇷🇺 Ukraine imposed emergency power shutdowns in most of the country after Russia unleashed attacks on energy infrastructure.

• 🇲🇽 Mexican voters elected the country's first woman president in a historic election marred by violence.

• 🇩🇪 A firefighter died and several thousand people were evacuated as heavy rain caused flooding in southern Germany.

• 🇮🇳 Exit polls project Indian Prime Minister Modi's BJP-led alliance to win big in the general election.

📊 Crypto

• President Biden vetoed a bill that would have overturned the SEC's SAB 121 guidance, saying "appropriate guardrails" are needed.

• Bitcoin miner balances fell below 1.81 million BTC, the lowest in years.

• An 85-year-old ex-attorney pled guilty to a $9.5 million crypto Ponzi scheme.

• 48 billion yen in Bitcoin disappeared from the Japanese crypto exchange DMM Bitcoin.

• The ex-CEO of a failed Kansas bank pled guilty to embezzling $47 million in a "pig butchering" crypto scam.

🧠 Errata

• Japanese billionaire canceled his SpaceX flight around the Moon due to delays.

• A humble fern now holds the record for the world's largest genome.

• NASA's rover picked up a new pet rock on Mars, aptly named "Dwayne."

• Former President Trump is now on TikTok.

• Zebrafish sent to China's space station are swimming in confused circles, struggling with microgravity.

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt