ICYMI: Trump said on Friday that he’d set new tariff rates for trading partners "over the next two to three weeks," saying his administration lacks the capacity to negotiate deals with all of its trading partners. Bessent and Lutnick “will be sending letters out essentially telling people” what “they’ll be paying to do business in the United States.” Trump added “I think we’re going to be very fair. But it’s not possible to meet the number of people that want to see us.”

*Trump has held out the prospect that the US will set new tariff rates on many of its trading partners unilaterally, rather than striking deals with all of them.

The Week Ahead | infinityhedge

Mon/19:
*Trump will speak to Putin
*Coinbase to Join S&P 500
*Saylor expected to announce another BTC purchase
*US Senate to vote on the Stablecoin bill “GENIUS Act”
*CME to launch XRP futures
*$PYTH Token unlock: $330M (57.8%)

Tue/20: Google I/O, Google’s biggest developer conference: updates to AI Models, Android 16

Wed/21: Baidu Earnings

Thu/22: Trump dinner with top 220 $TRUMP Token holders

Sun/25: Fed Chair Powell Speaks

TBA/Whole Week: Trump's 'big, beautiful' tax bill, U.S. debt and deficit, Trade deals?

ICYMI: UK overtook China to become the second-largest U.S. Treasury holder for the first time ever; Moody’s lowered the US credit score to Aa1 from Aaa on Friday; Bessent said on Sunday that U.S. may impose some tariffs by region rather than on individual countries, as time runs out to negotiate a laundry list of trade deals globally. Bessent told NBC that if they’re not negotiating in good faith, they are going to get a letter saying here is the rate, so I would expect that everyone would come and negotiate in good faith, Those that get the letter will face the tariff rate that the White House announced on April 2.

*More about the week Ahead and What Happened last week: https://open.substack.com/pub/infinityhedge/p/the-7-days-160

US 10-YEAR YIELD RISES ABOVE 4.5%; 20Y, 30Y HITS 5%

The Quantum Mechanics of Jensen Huang:

*In December, 2024: Google announced its new quantum computing breakthrough chip called 'Willow'

*January, 2025: Nvidia CEO Jensen Huang said that practical quantum computers are still be 15 to 30 years away, this statement crashed Quantum computing stocks by atleast 40%

In February: Microsoft announced its quantum chip 'Majorana 1'

*In March (GTC Event): Jensen said he was wrong about timeline for quantum

This is the first event in history where a company CEO invites all of the guests to explain why he was wrong

& Then Nvidia announced that it will be building accelerated quantum computing research center

*Now Today: Nvidia is in advanced talks to invest in PsiQuantum—a quantum computing startup —is raising at least $750M in a funding round led by BlackRock, with a pre-money valuation of $6B.

CIRCLE PURSUES IPO—BUT TALKS WITH COINBASE AND RIPPLE COULD MEAN A SALE, SOURCES SAY: FORTUNE

*There is a chance, though, that Circle’s IPO won’t come to fruition since the company has recently taken part in informal talks to sell itself to Coinbase or to Ripple, according to four banking and private equity executives

*Circle is seeking at least $5 billion

*“If Coinbase wanted to buy them, Circle would sell in a heartbeat,” one of the sources, a banker, said.

*Any bid by Ripple would likely consist of XRP In contrast, Coinbase could pay with cash and stock so Coinbase would be viewed more favorably, the banker said.

NEW US INTELLIGENCE SUGGESTS ISRAEL PLANNING TO ATTACK IRAN: CNN

*ISRAEL PLANNING TO ATTACK IRANIAN NUCLEAR FACILITIES: CNN

BLOOMBERG TERMINAL DOWN

*UPDATE: BACK ONLINE NOW

BITCOIN HITS NEW ALL-TIME HIGH

*US 30-YEAR YIELD RISES TO 5.05%, HIGHEST SINCE NOVEMBER 2023

*US 20Y BONDS DRAW 5.047% VS 5.035% PRE-SALE WHEN-ISSUED YIELD, 1.2BPS TAIL

*US 20-YEAR BOND AUCTION SHOWED WEAK DEMAND, DESPITE YIELDS ABOVE 5%

*HYPERLIQUID SURPASSED DOGECOIN IN FDV

TRUMP THREATENS TARIFFS ON APPLE

TRUMP: AT LEAST 25% TARIFFS IF IPHONES NOT MADE IN U.S.

*TRUMP: RECOMMENDING 50% TARIFF ON EUROPEAN UNION STARTING JUNE 1

*TRUMP: NOT LOOKING FOR A DEAL WITH EU

*TRUMP ON 50% TARIFF: THEY'LL JUST BUILD PLANTS IN THE US

*TRUMP: I'M NOT LOOKING FOR A DEAL, IT'S SET AT 50%

*TRUMP: IF THEY BUILD A PLANT HERE, I COULD TALK ABOUT A DELAY

*TRUMP: 25% TARIFF ON PHONEMAKERS NOT PRODUCING IN US

*TRUMP: WILL TARIFF APPLE, SAMSUNG BY END OF JUNE

TRUMP EXTENDED DEADLINE FOR 50% TARIFFS ON EU TO JULY 9 FROM JUNE 1

*Trump in April started with 20% Tariffs on EU, deadline was July 9

Then last Friday he threatened to impose 50% tariff on the EU starting June 1

*Now it's 50% Tariffs on EU and deadline is July 9

The Week Ahead: infinityhedge

Mon/26:
*Saylor expected to announce another BTC purchase

Tue/27:
*U.S. CB Consumer Confidence
*“How To Fund Strategic Bitcoin Reserve?” at Bitcoin conference at 9:30 am
*Japan 40-Year JGB Auction at 11:35 PM

Wed/28:
*FOMC Minutes
*US Vice President JD Vance keynote at Bitcoin conference at 9 am
*Nvidia Earnings

Thu/29:
*‘What Do We Do About Quantum Vulnerable Coins?’ at Bitcoin conference at 1:30 pm
*Japan 2-Year JGB Auction at 11:35 PM

Fri/30:
*Actual change in China’s April foreign-exchange reserves
*U.S. PCE
*FTX creditors will receive more than $5 billion from the FTX bankruptcy estate, beginning May 30.

TBA/Whole Week:
*Macro: Trump's 'big, beautiful' tax bill, Trade deals?, Bonds
*Crypto: Bitcoin 2025 conference in Las Vegas

*More about the week Ahead and What Happened last week:
https://infinityhedge.substack.com/p/the-7-days-de7

TRUMP MEDIA GROUP PLANS TO RAISE $3BN TO SPEND ON CRYPTOCURRENCIES SUCH AS BITCOIN: FT

*Trump's TMTG aims to raise $2bn in fresh equity and another $1bn via a convertible bond, TMTG’s strategy with the capital raise is similar to that of MicroStrategy.

*TMTG said in a statement that “apparently the Financial Times has dumb writers listening to even dumber sources”

*The secondary share raise will be carried out on at-the-market terms, meaning shares are expected to be sold near their price at the close of trading on Friday. TMTG shares closed Friday at $25.72, or a market value of nearly $6bn.

*TRUMP MEDIA ANNOUNCES $2.5B BITCOIN TREASURY DEAL

*TRUMP MEDIA TO ISSUE $1.5B COMMON STOCK, $1B CONVERTIBLE NOTES

TELEGRAM SET TO RAISE $1.5 BILLION IN BOND ISSUE AS SOON AS WEDNESDAY, SOURCES SAY — WSJ

INVESTORS EXPECTED TO INCLUDE BLACKROCK, MUBADALA AND CITADEL

*Telegram is set to price the five-year bond at a 9% yield, the people said. It plans to use the proceeds to buy back remaining debt from bonds it issued in 2021, which are due to mature next March. The company previously bought back roughly $400 million of those bonds with cash.

*For 2025, Telegram is projecting a profit of more than $700 million on revenue of $2 billion