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The Tech Industry’s Epic Two-Year Run Sputters [WSJ]
Concerned that some of the forces that have propelled tech ever upward have begun to fade, investors have sent share prices for a number of companies, including Lyft Inc. and Peloton Interactive Inc., plunging on disappointing financial results or other news. The stocks of Netflix Inc., Facebook parent Meta Platforms Inc. and Inc. all are down more than 30% this year, exceeding the more-than-13% drop in the S&P 500…. “Investors want to take off risk, and [technology] is the easiest place to do it,” said Mark Stoeckle, chief executive of investment firm Adams Funds. “Many of these stocks were built up with the thought that the coast is clear as far as we can see, and that’s not necessarily the case right now.”

Markets gloom looms large over Milken [FT]
It was reminiscent of the unease in 2008 when attendees felt the music was about to stop…. [Columbia University endowment chief Kim Lew said] “There is a risk that there is so much capacity going into that space . . . that people are going to lose money and it will bring down the returns of the asset class. The average performance of alternatives is not great. It’s awfully hard to push bad players out of the market when you have locked up funds . . . We pay fees to bad managers for 10 years.”

Fed’s Neel Kashkari confident inflation can come down, but not without some pain [CNBC]
“It’s the lowest-income Americans who are most punished by these climbing prices, and yet your policy tools to tamp down inflation most directly affect those lowest-income Americans as well, either by raising the cost to get a mortgage ... or if we have to do so much that the economy were to go into recession,” he said. “It’s their jobs that are most likely put at risk.”
“So this is a difficult challenge I think for all of us, but we also know that letting inflation stay at these very high levels, it’s not good for anybody and it’s not good for the economy’s long-run for potential for anybody across the income distribution,” he added.

Bitcoin falls to 22-month low as stock markets tumble [Reuters]
Bitcoin dropped to as low as $32,763.16 shortly before 1100 GMT, in its fifth consecutive session of falling.
The cryptocurrency has dropped 13% so far in May and has lost more than half its value since it hit an all-time high of $69,000 in November last year…. [Stack Funds CEO Matt] Dibb said other factors in the decline over the weekend - bitcoin closed on Friday around $36,000 - were the crypto market's notoriously low liquidity over the weekends, and also short lived fears that algorithmic stablecoin called Terra USD could lose its peg to the dollar.

Mining Capital Coin CEO indicted for allegedly running a cryptocurrency pyramid scheme [CNN]
[Luiz] Capuci, who is from Port St. Lucie, Florida, allegedly misled investors by selling "Mining Packages," promising substantial returns from mining new cryptocurrencies in what MCC described as their international network of crypto mining machines…. Instead, the DOJ alleges, Capuci diverted the funds to his own cryptocurrency wallets. MCC netted at least $8.1 million from the sale of the mining packages and $3.2 million in initiation fees, which funded a lavish lifestyle, including Lamborghinis, a yacht and real estate, according to the SEC complaint.

L.A. Dodgers part-owner Todd Boehly wins bid to take over Chelsea [ESPN]
The sale, which has a total value of £4.25 billion ($5.25 billion), is expected to be completed in late May subject to all necessary regulatory approvals…. The Boehly group, which also includes Swiss billionaire Hansjorg Wyss and British property investor Jonathan Goldstein, was in exclusive negotiations to buy the club after the late bid from [Sir Jim] Ratcliffe was rejected.



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