Imagine launching what’s basically AI AWS, riding the biggest tech wave in decades, having the chip overlord Nvidia in your corner—and still landing with a thud on Wall Street. Well, that’s the IPO story of CoreWeave on Friday. 

Who is CoreWeave?
Born in 2017 as a crypto miner, CoreWeave eventually shifted to renting out high-powered AI servers that house Nvidia chips. They “simplify the complexity of engineering, assembling, running, and monitoring state-of-the-art infrastructure at a massive scale”.

IPOh-no
Initially aiming for a $47-$55 share price, CoreWeave had to settle for $40, 23% fewer shares than planned, and no “first-day pop”. Shares opened trading down at $39, closed at $40.76, and then... drifted right back to $40. That’s a whole 0% gain on day one. This is including Nvidia’s purchase of $250 million at the IPO price. For a company with $1.9 billion in 2024 revenue (up 737% YoY), that’s a major vibe check.

But here's the kicker
This wouldn’t make the ranks of a prestigious Weekly Charge summary if it were just any ‘ol regular IPO—it was a litmus test. Investors were watching to see if the AI gold rush still had gas and whether the IPO market had thawed from a two-year deep freeze. It’s safe to say CoreWeave’s limp debut suggests otherwise.

Why the cold feet?
CoreWeave is growing fast, yes—but it's burning through cash even faster. The company racked up $8 billion in negative free cash flow² last year and is lugging around $7.9 billion in debt with a 12% average interest rate. That debt combined with high rates adds up to $361 million in interest payments, and it more than wipes out their entire 2024 operating profit.

Oh, and one more twist: Only 8% of shares are available to trade, and the Class B shares have 10x the voting power. Translation: public shareholders get the crumbs and no say.

Treasurer Jim Chalmers’ fourth federal budget is a pre-election pitch filled with tax cuts, student debt relief, cheaper doctor visits — and a strategic eye on global affairs. Here’s what actually matters if you’re studying, renting, job-hunting, or eyeing a career in government, policy or the Indo-Pacific.

• Tax cuts

Every working Aussie gets a cut, up to $268 next year and rising to $536 by mid-2027. If you earn $18,201–$45,000, your tax rate drops from 16% to 14%. The Medicare levy threshold is also raised, easing pressure on lower-income earners.

• Uni/TAFE

HELP loans will be cut by 20% (pending legislation), wiping $16 billion in debt for 3 million Australians. Repayments will kick in at a higher income threshold. Free TAFE is locked in, with 100,000 spots each year. Universities also get $2.5 billion for long-term reform.

• Health and cost of living

The government is putting $8.4 billion into Medicare to boost bulk billing and open 50 new urgent care clinics. Scripts are now capped at $25, and energy bill rebates ($150) are extended through 2025.

• Jobs and mobility

Non-compete clauses will be banned for low- and middle-income workers, making it easier to switch jobs and grow wages. Construction apprentices can earn up to $10,000 in support.

• Housing

The Help to Buy scheme is expanding, renters get boosted assistance, and foreign buyers are banned from snapping up existing homes for two years.

• Foreign affairs

Australia’s re-engaging in the region with $164.6 million to the Solomon Islands, a $570 million loan to PNG, and $119 million redirected to Southeast Asia. Plus, the embassy in Kyiv will reopen.

This budget aims to ease cost pressures, clear debt, and reinforce Australia’s global presence with young Australians clearly in mind. If you’re an econ student I am certain one of your professors will have talked about the budget - read the overview here for a more comprehensive view.

The company that once promised to help you trace your Neanderthal roots is now trying to trace a buyer. 23andMe, the direct-to-consumer genetic testing pioneer, has filed for Chapter 11 bankruptcy, just two years after hackers accessed millions of user profiles and just months after cutting nearly 40% of its staff.

At its peak, 23andMe was riding the DNA gold rush, becoming a household name thanks to its saliva-based ancestry kits and holiday marketing blitz. But the spit hit the fan in recent years. The company, which went public via SPAC in 2021, has been bleeding cash and investor confidence. With its stock now trading below $1 and revenue shrinking.

The bankruptcy filing follows a 2023 data breach that exposed information from 6.9 million accounts—including genetic matches, ancestry data, birth years, and health insights. The breach, combined with a fading consumer interest in DNA testing, has led many users to reconsider just how comfortable they are with a bankrupt company holding their genetic blueprint.

While 23andMe insists your data is still “safe,” California’s Attorney General is urging users to delete their genetic information, just in case your chromosomes wind up as part of a liquidation sale.

How To Delete Your 23andMe Data:

1. Log in to your account at 23andMe.com

2. Head to Settings

3. Scroll to the “23andMe Data” section

4. Click “View” next to it

5. Download your data first, if you want to keep a copy

6. Scroll to “Permanently Delete Data”

7. Click to delete

8. Check your email and confirm via the link sent to you

Bonus moves:
→ Want to destroy your spit sample? Change your settings under “Preferences” Withdraw research consents from “Research and Product Consents”

2024 was a very happy new year for Wall Street. Bankers across NYC popped more than champagne corks as the bonus pool for the year ballooned to a record-breaking $47.5 billion. That’s right—average bonuses surged nearly 32% to $244,700 a pop, the biggest leap since the pandemic and the largest bonus pool since records began in 1987.

Driving this? A post-COVID boom in IPOs and M&A deals that nearly doubled profits for major players. New York State’s tax department is also popping bottles, with Wall Street accounting for a whopping 19% of state tax revenue for the 2023–24 period. In other words, what’s good for bankers is very good for Albany.

But across the pond, the vibe couldn’t be more different.

At HSBC’s London HQ, bonus day was less fun as investment bankers — including Vice Presidents — were blindsided with layoffs and no bonuses to show for a year’s work. The shock move comes as part of new CEO Georges Elhedery’s belt-tightening plan. HSBC aims to slash £300 million in costs this year and a whopping £1.5 billion by 2026. First on the chopping block? Its M&A and equity capital markets arms outside Asia and the Middle East.

Some staff were still clinging to hope for a farewell bonus — after all, the work was already done — but no such luck. While Wall Street’s blowing the roof off, HSBC is cutting the floor from beneath its bankers.

Boeing just landed a Pentagon contract worth up to $50 billion to build the F-47, the US Air Force’s next-generation fighter, a high-stakes win in an era of rising geopolitical tension.

The F-47, designed to fly with drones and outmatch China’s air power, is set to become the most expensive jet program in US history. For Boeing, it’s a badly needed turnaround after years of losses, planes missing doors, mechanical failures, missed deadlines and whistleblowers turning up dead.

Crucially, the deal is structured as a cost-plus contract; the Pentagon covers development costs and guarantees profit, unlike Boeing’s previous fixed-price defense deals that left it billions in the red.

The company has already poured $2 billion into preparing for the bid. Trump, now the 47th president, personally unveiled the deal, calling the F-47 “the most lethal aircraft ever built.” With a $50 billion cap, a guaranteed profit, and growing global instability, Boeing may finally be flying back into favor.

• Hyundai is planning on investing $20 billion in the US car market through the creation of steel mills and auto production plants within Louisiana. A victory for Trump’s tariffs? Maybe.

• Australian CPI this quarter was 2.4% but the RBA maintains that the labour market is tight and we’re beginning to reach our potential level of output with possible inflation in the future.

• The Trump tariff saga contnues with 25% tariffs on cars

• The live-action Snow White’s global box-office sits at $96.5 million, far from the $500 million safety net needed to recoup the investment

•  A magnitude 7.7 earthquake hit Myanmar on the 28th, it was the largest in a century and was felt in surrounding Thailand and Vietnam

• Robinhood released a robo-advisor which could advise clients at a minimum cost of $250/year - this could be the cheapest and most accessible of its kind for retail investors

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