Your Evening Briefing

May 19, 2026

Stocks fall amid inflation fears and spiking bond yields

Stocks sank as traders shifted to risk-off mode as inflation fears increased uncertainty about the Fed’s next move.

Prediction market odds that the central bank will hike rates before July 2027 have risen to 64%, up from 43% a week ago. (Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Yields on 30-year Treasuries hit the highest level since 2007.

Healthcare was today’s best performing sector while materials fared the worst.

Moving higher:

Bernstein initiated coverage on several bitcoin miners with "outperform" ratings, calling them “an integral part of the AI value chain”, lifting CleanSpark.
Nintendo rose for a third straight day as China ramped up memory production, easing component supply concerns.
Snowflake rose after BofA raised its price target and predicted strong earnings next week.
Hyperliquid Strategies spiked on a report that the SEC will soon greenlight an "innovation exemption" for tokenized stocks. The token hype jumped as well.

Moving lower:

CoreWeave and Nebius fell after Alphabet and Blackstone announced plans to create a new AI cloud firm, threatening the neoclouds' positioning in the AI infrastructure market.
Rivian ticked lower after an Illinois event — rumored to include an announcement of its first R2 customer deliveries — failed to include any update on the new model.
XP dropped after Q1 revenue and earnings missed estimates.
Ethereum fell as investors continued to exit its ETFs and the Ethereum Foundation announced another round of organizational shrinkage.

Confessions of a (former) robotaxi hater

San Franciscans have gotten used to seeing cars without drivers crisscrossing their city. It will be the reality for the rest of us soon.

Read more.

Report: Tesla to build solar factory near Houston
The solar facility will be located near Tesla’s Megapack Megafactory.
Spotify expands its anti-AI verified badges to podcasts
Spotify introduced verified badges for musician profiles in late April.
Demis Hassabis, Google DeepMind’s CEO and founder, was also an early Anthropic investor
He’s also a Nobel Prize winner and a knight of the British realm.
Anthropic hires former OpenAI member and Tesla AI director Andrej Karpathy
The “leader in real-world AI” is going to need a new AI leader.
Fortnite returns to Apple App Store globally
In a press release, Epic Games wrote, “We are confident that once Apple is forced to show its costs, governments around the world will not allow Apple junk fees to stand.”
Standard Chartered to replace “lower-value human capital,” cutting jobs “in favor of the machines”
The bank joins a long list of companies that have announced job cuts in concert with plans to lean more into AI.

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