Singapore authorities have charged the former CEO of collapsed crypto lender Hodlnaut Zhu Juntao with fraud, nearly four years after the firm froze withdrawals during the collapse of the TerraUSD ecosystem.

The Singapore Police Force said that Zhu faces six charges of fraud by false representation in an announcement on Tuesday. Prosecutors allege Zhu directed employees in 2022 to publish false statements on Hodlnaut’s Telegram channels and in customer emails claiming the company had no direct exposure to TerraUSD’s collapse, and had not suffered losses as a result.

Authorities also alleged Zhu repeated similar claims on his personal X account, then known as Twitter, in three posts in June 2022. If convicted, Zhu could face up to 20 years in prison, fines, or both on each charge under Singapore law.

Zhu disputed all six charges in court and was given a pre-trial conference date in June 2026, according to local media reports.

Hodlnaut was one of several crypto lenders that failed after the implosion of Terraform Labs’ algorithmic stablecoin ecosystem in May 2022. The collapse erased about $40 billion from the crypto market and contributed to failures at firms including Three Arrows Capital, Celsius and Voyager.

Reports filed during Hodlnaut’s restructuring proceedings indicated the company had channelled roughly $317 million of user funds into Terra’s Anchor Protocol, which was offering around 19.5% in annualized yield on UST deposits before the collapse, which saw UST become almost worthless.

Court-appointed judicial managers later estimated Hodlnaut lost about $189.7 million from exposure to the Terra collapse. Reports reviewed during restructuring proceedings said the company had poor internal recordkeeping and that some executives did not fully cooperate with investigators.

Singapore-based Hodlnaut, which was founded in 2019, offered customers yield-bearing crypto accounts and served more than 30,000 users globally before halting withdrawals in August 2022.

The company later entered judicial management and was ordered into liquidation by the Singapore High Court.

Crypto-linked debit and credit cards are transitioning from novelty to everyday fixtures in consumer wallets. Monthly payment volume tied to crypto cards reached $7.8 billion this month, representing roughly a 230% year-over-year surge, according to The Kobeissi Letter, a market research publication tracking crypto payment rails.

Analysts note that Visa handles about 90% of crypto-card transactions through partnerships with on-chain native players such as Jupiter Global—the payments initiative developed by the team behind the Jupiter decentralized exchange on the Solana network. The rapid growth points to a widening bridge between digital assets and real-world spending, with stablecoins playing a central role as a spendable liability.

“Crypto card adoption has rapidly accelerated in 2026 due to growing access to stablecoins as a payment rail through crypto cards. In other words, more people can now spend stablecoins like fiat by using crypto cards, further driving adoption.”

The expanding footprint of crypto cards is often framed as evidence that digital assets are becoming part of mainstream commerce without displacing incumbent payment rails such as Mastercard and Visa. The trajectory suggests crypto-centric payment products are starting to function as real wallets for everyday purchases rather than experimental add-ons for traders and enthusiasts.

Crypto cards powering everyday payments around the globe

The practical side of this evolution is visible in Europe, where OKX—the crypto exchange formerly known as OkEx—launched a stablecoin payments card in January 2026, operating on the Mastercard network. The move underscores a push to normalize stablecoins as a payment rail across established card networks.

OKX’s card data highlights a concrete picture of consumer behavior in crypto-enabled commerce. Grocery purchases topped the spend mix, accounting for about 26% of January transactions, while eateries represented 18% and online shopping 13% of total volume. The data illustrates that crypto cards are being used for day-to-day expenses rather than just high-value or discretionary purchases.

“When crypto pays for lunch, payment adoption is real. For years, critics pointed to a lack of everyday utility as crypto’s weak point: great as a speculative asset, less useful as actual money,” the OKX team said in accompanying materials.

Beyond Europe, the broader ecosystem is moving toward broader, cross-border usage. In March, Visa and Bridge — a fintech firm owned by payments giant Stripe — announced plans to roll out stablecoin-linked payment cards in more than 100 countries. The rollout began with 18 countries, including Argentina, Colombia, Ecuador, Mexico, Peru, and Chile, with ambitions to expand across the Asia-Pacific, Africa, and the Middle East regions by the end of 2026. These signals reflect a coordinated effort to connect stablecoins with global consumer wallets through major networks and seamless on-chain settlement.

The collaboration with Bridge, a Bridge-owned entity backed by Stripe’s payments infrastructure, suggests a deliberate strategy to bridge stablecoin rails with traditional card ecosystems. In practical terms, that means more wallets and financial services platforms could offer their users a familiar spend experience using digital assets, while merchants gain access to a broader base of payment methods and settlement rails.

The momentum is consistent with prior coverage of crypto payments and stablecoins, which has highlighted a trend toward integrating digital assets into everyday life without displacing established payment networks. The push from both card networks and fintechs indicates a tipping point where stablecoins and on-chain payments become ordinary, interoperable components of consumer finance rather than niche experiments.

Regional momentum meets global ambition

OKX’s European card launch is a tangible example of how crypto-native rails are being translated into fiat spend, offering a blueprint for other issuers looking to blend crypto wallets with everyday merchants. The by-the-numbers breakdown—grocery, dining, and online shopping—helps illustrate not only where crypto users are spending but also where card-issuers and networks should optimize merchant acceptance and user experience.

The Visa/Bridge plan to deploy stablecoin-linked cards in over 100 countries signals a strategic acceleration in cross-border usability. The initial roll-out targets a diverse set of markets and regulatory environments, aiming to establish a broad, usable on-ramp for stablecoins as a payment method. As this expansion unfolds, watchers will be keen to see how regional regulations, merchant adoption, and consumer trust align to sustain growth beyond early adopters.

What comes next may hinge on several variables: the pace of stablecoin liquidity and on-chain settlement efficiency, the ability of issuers to deliver user-friendly experiences, and the regulatory clarity surrounding stablecoins as payment instruments. The emerging picture suggests continued collaboration between traditional payment networks, crypto-native platforms, and fintech innovation to scale real-world crypto usage without displacing established rails.

For investors and builders, the evolving card-based usage dynamics highlight a few stakes: stablecoins as a payment rail are proving practical at scale; incumbents remain central to the ecosystem, not sidelined; and regional expansion will test how different markets balance user demand with regulatory oversight. The combination could set the stage for a broader integration of digital assets into everyday finance in 2026 and beyond.

Readers should watch the upcoming regional rollouts and merchant-acceptance improvements, as these will shape how quickly crypto cards become a routine payment option rather than a niche feature. Meanwhile, regulatory developments surrounding stablecoins and on-chain settlement will continue to influence issuer confidence and consumer trust in crypto-enabled payments.

TLDR:

• HIP-4 is the first onchain contract to combine spot, perps, and binaries in one unified portfolio.
• Binary options on Hyperliquid allow vault managers to hedge event-driven risk with a fixed payout. 
• HIP-4 is projected to add roughly $25M annually to Hyperliquid’s $636M trading revenue run rate.
• HIP-4 markets at launch include daily BTC binaries and weekly ETH ranges for recurring traders.

HIP-4 introduces a new contract type on Hyperliquid, enabling users to express directional, leveraged, and event-driven views within one portfolio.

This upgrade adds binary options to the platform’s existing spot and perpetuals infrastructure. Currently, no other onchain venue combines all three contract types in a single unified account.

The development brings Hyperliquid closer to the full-service model that traditional financial venues have long kept separate from one another.

HIP-4 Expands the Toolkit Available to Vault Managers

Traditional portfolio managers have always worked with spot positions, futures, and options. Onchain vault managers, however, have only had two of those three until now. HIP-4 changes that by adding binary contracts alongside existing spot and perpetuals on Hyperliquid.

Binary contracts are not a perfect substitute for dated options. That said, they close much of the gap for practical trading purposes.

They allow vault managers to express bounded, dated, and event-driven views that spot and perp positions cannot capture.

With that in place, spot, perp, and binary risk can now net within one portfolio. This unlocks capital efficiencies that fragmented venues cannot match.

A vault manager can run event-driven income on one side and catalyst-protected longs on the other. All of this happens without leaving the platform.

To illustrate, consider a vault manager holding a token ahead of a large supply unlock. Before HIP-4, hedging that specific scenario required moving to a separate venue for the event-driven leg.

Now, all three positions sit in the same Hyperliquid account, offsetting each other through unified portfolio risk netting.

Why Payoff Shape and Revenue Both Drive Hyperliquid’s Growth

HIP-4 pays a fixed amount if an event occurs and nothing at all if it does not. Maximum loss is limited to the premium posted upfront. As a result, there is no liquidation engine or funding rate to manage throughout the position.

Perps cannot cleanly express a Fed meeting hedge or a weekly range view on ETH. HIP-4 fills that gap. Markets at launch are short-dated and recurring, including daily BTC level binaries and weekly ETH range contracts. Hyperliquid already has the trader base these markets are designed to serve.

Some speculative flow will naturally rotate from perps into HIP-4 during periods of event-driven attention. Community discussions across crypto social platforms have reflected growing interest in this shift.

Over time, though, both contract types are expected to grow alongside each other. Hyperliquid captures the flow either way.

On the revenue side, HIP-4 generates modest direct fees by design. At $3 billion monthly in volume with a 7 bps fee, the contract type adds roughly $25 million annualized. That figure is additive to Hyperliquid’s existing $636 million trading revenue run rate.

Reserve yield from retained USDC balances flows through AQAv2, with 90% routed to the Assistance Fund. Each new primitive added to the venue compounds that flywheel.

The institutional bid under bitcoin BTC$74,249.94 is running on fumes.

U.S. spot bitcoin ETFs have absorbed a net 4,500 BTC since the start of the year, an unusually thin number given the products were the structural buyer that powered the 2025 rally, per Swissblock data shared on X Tuesday.

March and April produced steady accumulation that helped lift bitcoin off lows near $65,000, while May has flipped the other way with just three days to go before the month ends.

“After strong accumulation in March and April, May has flipped back into distribution,” Swissblock said in its post. “The Risk Index is now moving into high-risk territory while ETF flows are deteriorating simultaneously. That tells us spot ETF demand is no longer absorbing selling pressure effectively.”

The reversal matters because the previous several rallies in bitcoin needed ETF buying to clear the supply coming from miners, long-term holders, and short-term traders taking profit.

When that bid thins, the supply has to find a different buyer or the price drops to a level where buyers show up. Swissblock’s argument is that the Risk Index, which measures structural selling pressure against absorption, can keep climbing as long as the ETF channel stays in distribution.

Bitcoin traded at $75,808 in Asian hours Tuesday, down 2.6% over the past month and sitting near the bottom of its May range. The cryptocurrency had briefly traded above $82,000 earlier in May before the producer price index print and the subsequent run of macro stress pulled it back below $80,000. ETH, XRP, and Solana were all in the red, with Zcash leading the slide at 9% down on the day.

The Swissblock reading is the latest in a run of on-chain data pointing the same way.

Apparent demand, which measures how much bitcoin the market is absorbing relative to new supply, has slid back to its weakest level since December, as CoinDesk reported Tuesday.

CryptoOnchain noted $1.74 billion in U.S. spot ETF withdrawals over the past two weeks alongside retail traders adding leverage in anticipation of a reversal, a combination that has historically preceded sharp liquidation cascades when the market moves against the crowd.

What the data does not yet tell traders is whether this is a pause or a turn.

ETF buying has dropped off before during this cycle without leading to deeper drawdowns. Meanwhile, equity markets globally are at record highs, and FXPro’s Alex Kuptsikevich said bitcoin’s 50-day and 200-day moving averages are on track to cross in the coming weeks, a setup known as a golden cross that is generally read as bullish.

But ETF demand is the channel that brought the new money in. If that channel stays in distribution, the structural case for the rally that began in April starts looking thinner.

Key Takeaways

• Bank of America maintains Buy rating on Walmart while adjusting price target from $150 down to $144
• Revised target suggests 18.7% potential gain from approximately $121, positioning the recent decline as an attractive entry point
• Company elevated full-year net sales outlook to the upper boundary of its 3.5%–4.5% forecast range
• First-quarter revenue climbed 7.3% to reach $177.8 billion; worldwide e-commerce surged 26%
• Shares tumbled 8.1% following earnings announcement and started Wednesday trading at $118.57

Bank of America remains bullish on Walmart despite the recent market turbulence.

Christopher Nardone, an analyst at the firm, maintained his Buy recommendation on Walmart (WMT) shares while adjusting the price objective to $144 from the previous $150. Based on the $121.34 valuation referenced in the firm’s analysis, this represents approximately 18.7% potential appreciation.

Walmart Inc., WMT

WMT began Wednesday’s session at $118.57. The shares have fallen considerably from their 12-month peak of $135.15, with the 8.1% post-earnings decline accounting for a substantial portion of that retreat.

The first-quarter results were genuinely impressive. Revenue reached $177.75 billion, representing a 7.4% year-over-year increase and exceeding the $174.84 billion analyst consensus. Earnings per share landed at $0.66, precisely matching projections.

Worldwide e-commerce revenue expanded 26%, and Walmart elevated its full-year net sales forecast to the upper end of its 3.5%–4.5% constant-currency projection. Second-quarter guidance anticipates 4%–5% expansion.

What triggered the market reaction? Rising expenses. Company leadership highlighted approximately $1 billion in additional freight and fuel costs, and the full-year operating profit growth forecast of 6%–8% fell short of some optimistic projections. UBS similarly reduced its price objective following the earnings release.

The Bull Case from Bank of America

Bank of America’s fundamental thesis centers on Walmart’s positioning during periods of consumer caution. When shoppers tighten their budgets, they naturally gravitate toward value retailers — precisely where Walmart dominates.

The investment firm notes that Walmart is “playing offense,” with price rollbacks climbing 20% year over year during the first quarter. Analysts anticipate Walmart will be among the final major retailers to implement price increases should fuel costs drive inflation higher during the latter half of the year.

Bank of America also emphasized Walmart’s diversified revenue channels — including advertising, marketplace commissions, and membership subscriptions — as margin protection mechanisms. These higher-margin operations have become increasingly central to the investment narrative.

The firm noted that fiscal 2026 demonstrates Walmart’s capability to navigate cost pressures. During that period, the retailer absorbed more than $1 billion in challenges from claims expenses and tariff impacts while still achieving 5.4% constant-currency operating income growth.

Institutional Ownership Trends

King Luther Capital Management expanded its Walmart holdings by 8.8% during the fourth quarter, purchasing 113,952 shares to reach a total position of 1,415,423 shares, valued at approximately $157.7 million.

Additional institutional activity showed varied patterns. Tennessee Valley Asset Management increased its stake by 466.6% in the third quarter. Fox Run Management and Life Cycle Investment Partners both established fresh positions.

Institutional investors and hedge funds combined control 26.76% of WMT shares.

Regarding insider transactions, Director C. Douglas McMillon divested 19,416 shares at $132.21 on April 23rd, while EVP John Rainey sold 20,000 shares at $127.79 during March. Aggregate insider sales over the past 90 days totaled 126,008 shares valued at roughly $15.9 million.

The Wall Street consensus recommendation stands at “Moderate Buy” with an average price objective of $138.71. Thirty-one analysts rate the stock as Buy, two assign Strong Buy ratings, and three maintain Hold positions.

Walmart’s FY2027 EPS projection ranges from $2.75–$2.85, with second-quarter guidance established at $0.72–$0.74.

The retailer is also scheduled to enter the top 10 constituents of the Russell 3000 during the June 2026 rebalancing.

Just a $70 billion company one year ago, memory chip maker Micron Technology (MU) yesterday soared 21% and topped a $1 trillion valuation alongside a massive price target hike from UBS.

South Korea’s SK Hynix followed suit, rising 9.3% in Seoul on Wednesday to top $1 trillion in market value. It’s shares are higher by more than 1,000% over the past year. Earlier this month, peer Samsung Electronics also topped $1 trillion.

The memory stocks are one leg of the AI boom, with investors expecting chip shortages — and thus pricing power — to last into 2028.

Micron is higher by another 8% in U.S. premarket trading Wednesday morning, with the tech-heavy Nasdaq ahead 0.9%.

Sentiment in the gutter

Bitcoin (BTC), meanwhile, is down 1.5% over the past 24 hours at $75,800, as the action in AI-related names continues to draw attention and capital from crypto markets, which — despite decent bounces from the early February lows — remain engulfed in poor vibes.

“Nobody cares about bitcoin right now … and you just love to see it,” said analyst James Check earlier this week. “Bitcoin sentiment is in the absolute gutter, and the bears are measurably the most confident they have been in a long time.”

“Anger, annoyance, disappointment, it’s all happening right now.”

Key Takeaways

• A Goldman Sachs analysis indicates that Nvidia and Micron may collectively contribute approximately one-third of total S&P 500 earnings expansion in 2026.
• Companies benefiting from AI infrastructure buildout are projected to fuel close to 50% of S&P 500 EPS expansion in both 2026 and 2027.
• Nvidia’s position stems from surging AI accelerator demand, while Micron’s growth links to memory needs for expanding AI models and data center operations.
• The investment bank highlighted increasing depreciation expenses from massive hyperscaler capital spending as a potential headwind to profit growth, especially by 2027.
• Analyst consensus shows 45.4% potential upside for NVDA with a price target of $306.46, whereas MU faces a 21.6% downside projection.

A recent Goldman Sachs analysis has positioned two semiconductor titans as critical drivers of S&P 500 profit expansion for 2026, with projections that are commanding attention across Wall Street.

According to Goldman Sachs forecasts issued on May 27, Nvidia and Micron are poised to deliver approximately one-third of the S&P 500’s total earnings growth this year.

NVIDIA Corporation, NVDA

This represents a remarkable concentration of earnings power within just two corporate entities.

Goldman’s comprehensive analysis suggests that AI infrastructure beneficiaries collectively will drive approximately half of S&P 500 earnings per share expansion across 2026 and 2027. This category encompasses not only semiconductor manufacturers but extends to technology hardware providers, industrial companies, and utility firms capitalizing on the data center construction boom.

NVDA stock declined 1.14% during the trading session, while MU advanced 1.25%.

Nvidia’s central role in this narrative is clear-cut. The appetite for AI accelerators — specialized GPUs that enable model training and inference operations — has remained robust. The company has established itself as the primary choice for organizations expanding AI capabilities.

Micron’s contribution, though receiving less attention, carries equal significance. As artificial intelligence models expand in scale and data center operations intensify, high-bandwidth memory requirements escalate proportionally. This represents Micron’s strategic opportunity.

Goldman’s research emphasizes that the impact extends beyond the semiconductor sector. Utilities and industrial companies connected to data center infrastructure development are also capturing earnings benefits as the infrastructure expansion continues.

Potential Headwinds Identified by Goldman

The outlook isn’t without complications. Goldman explicitly cautioned that hyperscale cloud platforms are deploying substantial capital toward AI infrastructure, creating costs that persist over time. Depreciation expenses associated with this spending will begin pressuring earnings, particularly as 2027 approaches.

This represents a meaningful consideration. Today’s substantial capital investment generates future accounting expenses that could diminish portions of Goldman’s projected earnings acceleration.

Insider trading patterns at Nvidia merit attention as well. During the past three months, company insiders offloaded $163.7 million in shares without any recorded purchases. While not inherently alarming, this activity provides relevant context.

Analyst Sentiment and Projections

When examining analyst preferences between these stocks, a significant divergence emerges.

NVDA holds a consensus Wall Street price target of $306.46, suggesting 45.4% appreciation potential from present levels. Micron’s analyst consensus, conversely, indicates 21.6% downside risk.

Nvidia maintains a GF Score of 96 out of 100, achieving perfect 10/10 rankings in both profitability and growth categories. Its current P/E ratio stands at 32.17x, reflecting the valuation premium investors have assigned given its earnings momentum.

While Goldman Sachs’ AI infrastructure investment thesis encompasses numerous companies, Nvidia and Micron represent the most direct semiconductor beneficiaries of this secular trend.