Global Markets Rally Following Palantir's Strong Earnings, Y Combinator's Crypto Move
Global stock markets experienced a surge following Palantir's blockbuster earnings report and a wave of optimism from manufacturers, according to Fortune. Simultaneously, Y Combinator, a prominent startup incubator, announced it would allow founders to receive funding in stablecoins, signaling a move towards mainstream adoption of digital currencies, Fortune reported.
Palantir's stock saw a significant increase of 10.86% in overnight trading after closing up 0.81% the previous day, Fortune noted. This performance contributed to a broader rally, with Nasdaq 100 futures rising 0.41% and S&P 500 futures up 0.14% this morning after the index closed up 0.54% yesterday, according to Fortune. Apple, Alphabet, and Amazon also experienced gains.
Markets in Asia closed strongly up today. Japans Nikkei 225 was up 3.92; the South Korea KOSPI was up 6.84, Fortune reported.
In another development, Y Combinator announced that its spring cohort of entrepreneurs could opt to receive their funding, typically around $500,000, in the Circle-issued USDC stablecoin, Fortune stated. Nemil Dalal, a visiting partner at Y Combinator focusing on crypto, told Fortune that founders could choose to receive the tokens on various blockchains such as Ethereum and Solana. "Stablecoins is one of the key pillars for us," Dalal said, referring to one of the areas where Y Combinator is focusing. The incubator may expand to other stablecoins depending on demand, according to Fortune.
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