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In today’s edition,
- Cleaner, cohesive OS
- Perks, pins, and premieres
- Meta’s military XR play
- Tariff pause boost
Market Snapshot
U.S. stocks rallied over the holiday-shortened week, though gains cooled late in the week.
The Nasdaq rose 2.64% to 19,113.77, the S&P 500 gained 2.24% to 5,911.69, and the Dow climbed 1.79% to 42,270.07. Markets were lifted early by President Trump’s delay of a 50% EU tariff and optimism around fast-tracked trade talks.
Sentiment briefly surged after a court ruled Trump lacked authority for most recent tariffs, but gains faded when an appeals court paused that ruling. Concerns grew as U.S.-China talks stalled and Trump accused China of breaching their preliminary deal.
Inflation eased slightly with core personal consumption expenditures (PCE) rose 2.5% in April, the lowest since 2021 but remains above target. Consumer confidence rebounded, with the Conference Board index jumping 12.3 points as trade tensions temporarily eased. For now, markets are moving with every policy shift.
Stock market closing data for the week of May 26th to May 30th, 2025
News Summaries
Apple is dropping version numbers and moving to a year-based naming system, so iOS 18 becomes iOS 26, and the same applies to iPadOS, macOS, watchOS, and others. The goal is simple: end the mismatch caused by staggered launches and make the ecosystem feel unified. This change, set to be announced at WWDC on June 9, mirrors what Microsoft and Samsung did years ago. But Apple’s going a step further—tying it to a broader design refresh (Solarium), a more Mac-like iPad interface, and new AI-powered features like real-time translation on AirPods and eye-tracking on Vision Pro. It’s less about flash and more about long-term clarity. For users and developers, a consistent naming system is overdue, and signals that Apple is finally aligning its platforms for a more connected, cross-device future.
Disney is expanding its perks program for Disney+ and launching a new one for Hulu, aiming squarely at reducing churn rather than chasing subscriber growth. Starting this week, Disney+ users in the U.S. can access benefits like resort discounts, in-game freebies, a $10 digital pin credit, and sweepstakes for cruises and movie premieres all by logging in through the website. Hulu will follow with its own lineup from June 2, offering access to events like Comic-Con and Lollapalooza. Bundle subscribers get perks from both. It’s a clear shift: streaming services are prioritizing stickiness, not scale. With Disney+ now at 126 million global subscribers (up just 1% from last quarter) and Hulu at 54.7 million (up 2%), the focus has moved to profitability with streaming posted $629 million in operating income for the first half of FY25. A low 3% monthly churn rate for Disney+ suggests the bet on perks is already paying off. In a crowded streaming market, loyalty may be worth more than the next big hit.
Meta has teamed up with defense startup Anduril Industries to co-develop battlefield-ready XR (extended reality) gear for the U.S. military, including an AI-powered helmet dubbed Eagle Eye. The project blends Meta’s VR/AR capabilities with Anduril’s defense tech, aiming to give soldiers enhanced vision and control over autonomous systems. It’s also a full-circle moment—Anduril’s founder Palmer Luckey previously sold Oculus to Meta before parting ways under political controversy. The partnership became possible after Meta revised its AI usage policies last November, clearing the way for U.S. military contractors like Palantir and Lockheed to work with its large language models. While details remain limited, the move signals Meta’s quiet but growing interest in defense applications, an area many tech firms have either avoided or approached cautiously. It also reflects how VR, once pitched for gaming and fitness, is steadily becoming part of real-world combat strategy. For Meta, the bet isn’t just on mixed reality; it’s on relevance beyond the metaverse.
China’s manufacturing PMI rose slightly to 49.5 in May from 49.0 in April. This indicates continued contraction, but there’s a small improvement after a U.S. tariff pause began mid-month. The thaw in trade eased supply chain pressures and boosted short-term export outlooks. Bloomberg economists now expect 1.1% export growth in 2025, a change from their earlier forecast of decline. Yet, domestic demand remains weak, and the non-manufacturing index barely stayed above expansion at 50.3. Despite the uptick in trade flows, the average tariff level is still near 40%. This is likely to reduce U.S. imports from China by about 70% over time. Economists now forecast China’s GDP to grow 4.5% this year, falling short of the 5% policy target. Deflation risks continue after two years of declining prices. The tariff truce may have opened a door, but for China’s economy to recover, it needs stronger domestic momentum to step through.
From the World of Crypto
Circle is going public with a plan to raise up to $624 million, but most of the shares, 14.4 million out of 24 million will come from insiders and early backers looking to exit, not the company itself.
BlackRock, already a key partner and investor, is stepping in to buy 10% of the IPO shares, deepening its involvement in the stablecoin ecosystem.
The listing, under the ticker CRCL on the NYSE, values Circle at around $5.43 billion, a reset from its $8.05 billion valuation in its 2022 Series F round.
Circle’s core business is USDC, the second-largest stablecoin with a $62.1 billion market cap, backed by U.S. dollar assets, including Treasuries. In 2024, the company generated $155.7 million in net income on $1.68 billion in revenue, down from $267.5 million the year prior.
While growth has slowed, profitability and stable inflows from USDC reserves make Circle a rare breed in crypto that is steady, regulated, and cash-generating.
Leadership is also cashing in.
CEO Jeremy Allaire plans to sell 8% of his stake, and other executives and venture capital firms including Accel and General Catalyst are trimming positions. BlackRock’s involvement goes beyond investment as it also manages Circle’s reserve fund and worked with the company to tokenize Treasury access via BUIDL.
This IPO isn’t about chasing capitalb but it is about giving early stakeholders a window to exit, while keeping key partners like BlackRock close. For Circle, the pitch is clear: it’s not chasing the next hype cycle; it’s trying to build the plumbing for digital dollars in a world where stablecoin infrastructure is starting to look a lot like modern finance.
