Surging

• South Korea's equity market is experiencing surging volatility, drawing comparisons to "meme-stock" trends due to the overwhelming dominance of Samsung Electronics and SK Hynix. • The concentration of market influence within these two semiconductor giants is identified as the primary driver of the current instability. • This volatility matters as it reflects a precarious reliance on a few massive tech firms, potentially distorting broader market valuations and investor behavior.

State budget suggests Minns government is addicted to pokies revenue, with tax take predicted to jump from $1.6bn to $2.2bn annually within four yearsFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastAnti-gambling advocates say surging tax revenue from poker machines in New South Wales is a betrayal of the Minns government’s promise to reform the industry.Tuesday’s state budget forecasts the annual revenue from all gambling taxes will rise from $3.8bn in 2025-26 to $4.7bn by 2029-30. That includes an annual rise in revenue from poker machines in pubs and hotels of 7.5%, outstripping inflation, meaning the government expects to pocket $2.2bn from pokies in 2029-30 compared with $1.6bn this financial year. Continue reading...

• IBM shares surged on Tuesday, defying a broader downward trend that pressured the rest of the technology sector. • The stock's growth occurs as investors shift focus toward specific AI-driven value plays despite general market volatility. • This divergence highlights a growing split in investor confidence between legacy tech giants and newer growth stocks.

Employees at artificial intelligence companies are coming into gargantuan sums of money amid boom in IPOsHome prices in the San Francisco Bay Area’s already expensive market are skyrocketing as employees at leading artificial intelligence companies come into gargantuan sums of money thanks to a boom in initial public offerings.With San Francisco’s OpenAI and Anthropic, as well as SpaceX, which operates a major facility in the Los Angeles area, eyeing debuts on the stock market, the hot housing market may not abate soon. If their initial public offering (IPO) is well-received, the companies’ multibillion-dollar valuations are poised to produce massive wealth for employees and executives holding shares, which experts say could trigger an uptick in demand for the Bay Area’s limited housing stock. Continue reading...

• Nvidia reported first-quarter earnings that exceeded Wall Street expectations, with quarterly revenue surging 85% year-over-year to $81.6 billion. • Despite the explosive growth, analysts and investors are questioning whether infrastructure bottlenecks will eventually limit the pace of AI chip demand. • The situation highlights a critical tension between Nvidia's current market dominance and the physical constraints of scaling AI hardware.

Property disputes, predatory developers and surging sea levels are putting the historic Black community at riskOn Arthur Champen’s half-acre property in Hilton Head Island, South Carolina, a thicket of southern live oaks, palmettos and pine trees muffle the roar of cars on nearby highway 278. His haint blue house, lightened by the sun, sits on stilts to protect it from flooding that comes with the high tide. During the spring, it is common for the marshland adjacent to his land to turn into a muddy soup. “Other than the cars,” Champen, 81, said, “you hear how peaceful it is?”About a decade ago, Champen’s family nearly lost the grassy marshland next door that their family bought several generations ago. Continue reading...

• U.S. gas prices have surged recently, hitting lower-income Americans the hardest amid ongoing economic pressures from geopolitical tensions including the Iran conflict. • The New York Times reports that the price spike exacerbates inequality, with lower-income consumers facing steeper relative burdens on household budgets. • President Trump's claim that the U.S. won the war with Iran has drawn scrutiny, potentially influencing energy markets and public sentiment on fuel costs.