Isaac Francis

• Hyperscale Data signed a deal to provide 20 megawatts of AI computing capacity, accelerating its shift away from Bitcoin mining. 
• The agreement could generate more than US$1.2 billion over its initial term, while the company currently holds 726.94 Bitcoin (CRYPTO:BTC) worth about US$45.9 million. 
• The broader sector faces execution risk as miners convert crypto infrastructure into AI facilities while maintaining access to power, cooling and long-term customers. 

South Korea's financial regulators have issued a series of risk warnings amid continued gains in the country's stock market and a surge in trading activity.

US House Democrat Maxine Waters has submitted an 11-page comment letter to the Department of Labor, requesting the withdrawal of a proposal that would allow 401(k) retirement plans to invest in alternative assets, including private equity, private credit, real estate, commodities, and digital assets.

• AbbVie agreed to acquire Apogee Therapeutics in a $10.9 billion all-cash transaction, paying a 60% premium to secure a late-stage immunology pipeline.
• The company will pay $135.11 per share, with executives projecting the deal will not become accretive to adjusted earnings until 2032.
• Large pharmaceutical manufacturers face intense capital pressure to acquire unproven, long-acting biologics to offset impending revenue losses from patent expirations.

Spot Bitcoin (CRYPTO:BTC) exchange-traded funds (ETFs) recorded total net outflows of US$696.29 million on the latest trading day, marking the highest single-day withdrawal since 27 May, according to data from SosoValue.

Ensysce Biosciences (NASDAQ:ENSC) announced that the first patient has been enrolled in the final stage of the PF614-MPAR-102 clinical study.

Incyte (NASDAQ:INCY) announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has issued a positive opinion recommending approval of Opzelura (ruxolitinib) cream for the treatment of moderate atopic dermatitis in adult patients for whom topical corticosteroids and topical calcineurin inhibitors are inadequate or inappropriate.

Acadia Pharmaceuticals (NASDAQ:ACAD) announced that the Committee for Medicinal Products for Human Use (CHMP) of the European Medicines Agency has adopted a positive opinion recommending marketing authorization for DAYBU (trofinetide) for the treatment of neurobehavioral symptoms of Rett syndrome in adults and pediatric patients aged five years and older.

Crude oil prices fell on track for a weekly loss as shipping activity in the Strait of Hormuz showed signs of recovery and tanker traffic increased.

The United States Senate is aiming to vote on the Clarity Act in July, although a crowded legislative agenda and unresolved negotiations are narrowing the window before the August recess.