TLDR

MARKET RECAP → The S&P 500 (VOO) rose Thursday, marking another fresh all-time high and closing out its best first-quarter performance in five years (+10.2%). Behind these gains were Tech giants like Nvidia (NVDA), which rose 82.5% in the quarter, as the AI hype cycle shows no signs of slowing.

SBF GETS 25 YEARS → 🔗 Sam Bankman-Fried, the FTX founder, received a 25-year prison sentence and was ordered to pay $11 billion in forfeiture for his role in a fraud causing over $550 million in losses. The verdict fell between the decades prosecutors sought and the leniency his defense requested, amid his courtroom remorse and stark victim testimonies.

XIAOMI UNDERCUTS TESLA → 🔌 Xiaomi debuts its electric car SU7 at $4,000 less than Tesla's (TSLA) Model 3, igniting a price war in China's EV sector with superior range and a flood of 50,000 orders in minutes.

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TODAY’S TOP NEWS

SBF SENTENCED TO 25 YEARS

🔒 Harsh Judgment: FTX founder Sam Bankman-Fried was sentenced to 25 years in prison and ordered to pay $11 billion in forfeiture for a massive fraud conspiracy that led to the collapse of his cryptocurrency exchange and a related hedge fund. This sentence was a compromise between the 40 to 50 years sought by prosecutors and the 5 to 6.5 years proposed by his defense.

🗣️ Bankman-Fried's Remorse: In court, Bankman-Fried expressed regret for his actions, acknowledging his responsibility for FTX's downfall and the pain it inflicted on customers. He stated, "It haunts me every day."

⚖️ Legal Findings and Victim Impact: Judge Lewis Kaplan increased the sentencing guidelines to a maximum of 110 years after finding Bankman-Fried perjured himself and obstructed justice. The fraud at FTX was determined to exceed $550 million in losses, with victims sharing the devastating effects of Bankman-Fried's crimes during the sentencing.

TODAY’S TOP NEWS

Xiaomi Undercuts Tesla

🚗 Competitive Pricing: Xiaomi unveiled its electric car, the SU7, priced at $30,408 in China, undercutting Tesla's (TSLA) Model 3 by $4,000. Despite selling each car at a loss, Xiaomi's CEO Lei Jun claims the SU7 surpasses the Model 3 in over 90% of specifications, boasting a driving range of nearly 435 miles.

📈 Market Dynamics: The launch reflects the intense competition and price wars in China's electric vehicle market, with Xiaomi's entry expected to challenge established players. The company received over 50,000 orders within 27 minutes of sales opening, indicating strong market interest.

🔍 Strategic Expansion: Xiaomi aims to integrate the SU7 into its broader ecosystem of devices, emphasizing a "Human x Car x Home" strategy. While the car will initially be available in China, international expansion is planned within two to three years, highlighting Xiaomi's ambition to compete globally in the electric vehicle sector.

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