Top Stories This Morning: Trump Discloses Crypto Earnings, Burry Takes Aim at AI Beneficiaries
Crypto assets have become Trump's main source of income / Photo: Rawpixel.com / Shutterstock
Iconic short seller Michael Burry has opened short positions in the stocks of several companies benefiting from the AI boom. Donald Trump reported at least $1.4 billion in income from cryptocurrency projects in 2025. Read about these and other topics in our roundup of key events as of the morning of July 1.
An investor from "Short Game" opened a short position against Caterpillar and AI-sector stocks
Investor Michael Burry said he had opened a short position in shares of construction equipment manufacturer Caterpillar, calling it one of the most overvalued beneficiaries of the AI investment boom, according to CNBC. Burry also opened short positions in Nvidia, Applied Materials, Tesla, and the SOXX semiconductor sector ETF.
According to the investor, Caterpillar shares, having risen 86% since the start of the year, have reached record valuation levels, and the Philadelphia Semiconductor Index is trading about 65% above its 200-day moving average—a level that, according to Burry, has previously been seen only during the dot-com bubble of the 2000s.
Trump earned at least $1.4 billion from the crypto business in 2025
Donald Trump reported at least $1.4 billion in income from cryptocurrency projects in 2025, according to Bloomberg. The bulk of this came from the crypto company World Liberty Financial ($594 million), the meme coin business CIC Digital ($636 million), and nearly $197 million from the sale of a stake in Stablecoin Holdco.
According to his annual financial disclosure, cryptocurrencies have become Trump’s largest source of income, significantly surpassing revenue from his hotel and golf businesses, the agency reports. The document has also reignited debate over a potential conflict of interest, as the president has retained control over his assets, which are now managed by his sons and third-party financial institutions, Bloomberg reports.
The U.S. has lifted restrictions on Anthropic models
The U.S. Department of Commerce has lifted export restrictions on the Claude Fable 5 and Mythos 5 models from AI startup Anthropic. Due to these measures, the company was forced to suspend access to the models for foreign users and employees in mid-June, CNBC reports, citing a statement from the company. Starting July 2, Fable 5 will once again be available worldwide via Claude, Claude Code, and later on AWS, Google Cloud, and Microsoft Foundry.
The decision was made following negotiations between Anthropic and the Trump administration. Authorities stated that the necessary security measures have been agreed upon and that the company can continue to expand access to its models. The restrictions drew criticism from the industry, as market participants believed they gave Chinese AI developers an additional advantage.
What's Happening in the Markets
— Japan's broad-based Topix index rose 0.5%, while the Nikkei 225 rose 0.9%.
— The stock exchanges in Hong Kong and mainland China are closed today due to holidays.
— In South Korea, the KOSPI index fell by 1%, while the KOSDAQ, on the other hand, jumped by 1.5%.
— Australia's S&P/ASX 200 fell 0.6%.
— Futures on the U.S. stock indices—the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average—were down 0.3%.
This article was AI-translated and verified by a human editor
