☕️ Watch World Cup 2026 on Malaysian free TV, ending Astro's 20-year run

1. MARKET SUMMARY 📈

2. NUMBERS AT A GLANCE 🔢

6,893 cases in 2025 – The Securities Commission Malaysia reported that the public has been making more complaints and enquiries, which it views as encouraging, as the increase “reflects greater public awareness and scepticism” as more people check before investing. The number of cases in 2025 marked a 22% increase over 2024. Complaints rose over 15% year-on-year to 4,431, while enquiries increased 26% to 2,462. 61% of the complaints and 70% of the enquiries pertained to unlicensed activities and scams. Bravo Malaysia!

64.2 mil immigrants – A report published by the Centre for Research and Analysis on Migration said this was the number of immigrants in the European Union in 2025, marking a record high. The number was up 2.1 mil from a year earlier, and up 24.2 mil from the 40 mil in 2010. Germany remained the EU’s biggest host of foreign-born people at nearly 18 mil, 72% of whom were of working age. Spain reported the fastest recent growth, adding about 700,000 immigrants to reach a total of 9.5 mil foreign-born residents.

Almost 89,000 registrations – Health Minister Dr Dzulkefly Ahmad reported that this was the number of registrations recorded for Persons with Disabilities (OKU) cards for autism so far in 2026, an almost fourfold increase from around 23,000 in 2021. He said this reflected growing public awareness, improved early detection, and a greater willingness among parents to seek a formal diagnosis. He stressed that the most important thing for society to understand is that autism is “not a disease but a spectrum of neurological development”.

3. IN MALAYSIA 🇲🇾

Johor Bahru’s RM10 bil tram twist
A consortium led by MMC Corporation Berhad and DOM Industries is set to land Johor Bahru’s autonomous rapid transit project, with the deal estimated at around RM10 bil. The group edged out a rival bid by YTL Corporation Berhad and SIPP Rail, despite industry talk that the competing proposal was RM3 bil to RM4 bil cheaper with a shorter concession period of about 10 to 12 years. Sources say the MMC DOM proposal is likely to secure a letter of intent from the Public-Private Partnership Unit under the Prime Minister’s Office soon, following more than a year of evaluation since the request for proposals was issued on Mar 12, 2025.

Structured as a public-private partnership, the project will see costs shared between the government and the concessionaire, though the longer concession tied to the winning bid has drawn scrutiny. The decision comes down to two competing transit systems, with the winning bid likely using an automated people mover, which is typically used for short-loop routes like airport shuttles. The Johor project is expected to play a key role in easing congestion and improving cross-border connectivity with Singapore, as traffic between the two continues to rise.

MACC probes updates
MACC closes in on RM1.1 bil chip deal probe: The Malaysian Anti-Corruption Commission (MACC) is moving closer to wrapping up its probe into a RM1.1 bil semiconductor investment deal, with chief commissioner Azam Baki confirming that two individuals have been identified for possible charges. The investigation is now in its final stage after statements were recorded from 22 witnesses, with only two more individuals yet to be interviewed, including one based in Taiwan. Authorities are looking into potential offences under abuse of power, cheating and criminal breach of trust provisions, and the investigation papers are expected to be submitted to the deputy public prosecutor soon. While investigators believe there is sufficient basis to recommend charges, the final decision will rest with the Attorney General’s Chambers, and no names have been disclosed at this stage.

Rafizi says focus is on process: Amid the ongoing probe, Rafizi Ramli, who has been called in for questioning, said the line of inquiry has so far centred on procedures rather than financial transactions. Speaking after his third day of giving statements, the former economy minister said investigators have not raised questions about money flows or payments linked to the deal involving Arm Holdings. Instead, the focus has been on how decisions around the joint venture were made. The probe, which began on Feb 16, 2026, following complaints from several non-governmental organisations, continues to examine whether the deal was rushed or structured in a way that could have financial implications for the government.

Malaysia tightens rules for imported EVs
Malaysia is set to raise the entry requirements for fully imported electric vehicles from Jul 1, 2026, with the Ministry of Investment, Trade and Industry confirming a new minimum cost, insurance and freight (CIF) value of RM200,000 for all completely built-up (CBU) EVs. Alongside the price floor, a revised technical requirement will also come into force, setting minimum motor output at 180-kilowatts, down from the previous 200-kilowatts threshold. The ministry said the updates were explained to approved vehicle importers during an engagement session on Apr 30, as the country moves away from its earlier policy support period for EV imports.

The changes come after a four-year special exemption under the franchise AP scheme expired on Dec 31, 2025, which previously allowed EV models priced from RM100,000 to enter the market under more relaxed conditions. With that support now ended, all CBU EV imports will once again be subject to import duty, excise duty and a 10% Sales and Service Tax applied on top of the CIF value, significantly increasing final retail prices - best case, you are looking at least RM300k. However, companies will still be allowed to clear existing stock, including vehicles already in ports or in transit, under the old exemption terms until supplies run out. (TLDR, watch here)

Shorts:

1. World Cup 2026 lands on free TV in Malaysia
   Malaysians will be able to watch all 104 matches of the 2026 FIFA World Cup on RTM and Unifi TV after both secured official rights, funded by a RM24 mil government allocation, according to Communications Minister Fahmi Fadzil. The tournament, co-hosted by the United States, Canada and Mexico from June 11 to Jul 19, 2026, will also be shown across multiple platforms including RTM Klik, MYTV and Unifi TV. This marks the end of Astro’s 20-year run as Malaysia’s primary World Cup broadcaster after its bid was rejected by Fifa, though it says it is still exploring ways to carry matches on its own platforms.

2. AI label derails Gerakan post
   A Facebook post by Gerakan president Dominic Lau Hoe Chai went viral for the wrong reasons after an “AI-generated content” watermark appeared on an image of him meeting residents at a roadside stall. The post about rising living costs quickly shifted focus online, with commenters questioning the authenticity of the photo instead of the message itself. See the picture here. From Gerakan to gelakkan.

4. AROUND THE WORLD 🌎

Trump hits the pause button on the Strait of Hormuz
Donald Trump is temporarily halting US efforts to escort stranded vessels through the Strait of Hormuz to give diplomatic negotiations with Iran some breathing room. While the US naval blockade of Iranian ports remains firmly in place, Trump claimed "tremendous military success" and suggested a final agreement with Tehran is actually on the horizon. This sudden pivot comes as Iran’s Foreign Minister Abbas Araghchi touched down in Beijing to meet his Chinese counterpart, Wang Yi, the first such trip since the war began on Feb 28. Washington is clearly hoping China will use its economic leverage to convince Iran to stop its "chokehold" on the world's most vital energy waterway.

The White House is betting that a single sheet of paper might finally stop the bleeding in the Middle East. Officials say the US and Iran are nearing a 14-point Memorandum of Understanding (MOU) that could end the current war and kickstart a 30-day window for deeper nuclear talks in places like Geneva or Islamabad. However, it’s not all sunshine and roses. The deal is fragile, and the US is still playing a high-stakes game of chicken. 

While the US claims a month-old ceasefire is holding, the situation on the ground is messy. The UAE is still dodging Iranian drones, and at least 10 sailors have already died while stranded. So far, only two US-flagged ships have braved the new "guarded" route, while shipping giants like Maersk and Hapag-Lloyd remain understandably "once bitten, twice shy" about sending their fleets into a literal line of fire. Breaking Iran’s grip on the strait would strip Tehran of its biggest bargaining chip.

Peter Thiel betting USD140 mil that the ocean can power your AI
Silicon Valley's search for AI power is pushing into very unusual territory, literally into the open ocean. PayPal and Palantir co-founder Peter Thiel is leading a USD140 mil (RM549.5 mil) investment in Panthalassa, an Oregon-based start-up building wave-powered floating data centres and valuing the company at close to USD1 bil. The concept – 85-metre solid-steel "nodes", roughly Big Ben-tall, mostly submerged, use the bobbing motion of waves to spin turbines and generate electricity, which then powers AI chips sealed inside the hull, cooled by seawater, and connected via Starlink. No engine. No cables to shore. The vessels propel themselves out to sea using the shape of their hull, then bob there indefinitely running cloud compute.

Joining Thiel's bet are Salesforce CEO Marc Benioff, PayPal co-founder Max Levchin, and veteran VC John Doerr, with a team drawn from SpaceX, NASA, Boeing, and Apple. CEO Garth Sheldon-Coulson, formerly an AI and energy researcher at hedge fund Bridgewater, calls waves "twice-concentrated sunlight", a 24/7 renewable that keeps going even when the wind stops, and insists electricity will never be transmitted back to shore: "That makes us very different from all other ocean energy that's been tried in the past." Commercial deployments are targeted for next year.

AMD jumps 17% as AI-driven data center growth fuels earnings
Advanced Micro Devices (AMD) shares surged 17% in premarket trading after the chipmaker delivered a quarterly performance that suggests the AI hype train actually has wheels. The company reported adjusted earnings of USD1.37 (RM5.38) per share on revenue of USD10.25 bil, comfortably beating Wall Street forecasts. CEO Lisa Su (Nvidia CEO Jensen Huang and Lisa are cousins) revealed that the data center segment is now AMD’s biggest breadwinner, with server revenue projected to grow by more than 70% year-over-year this quarter. Much of this optimism stems from a massive chip supply deal with Meta, with shipments scheduled to kick off in the second half of the year.

While Nvidia usually hogs the spotlight, AMD is quietly doing the heavy lifting to close the gap. The company significantly upgraded its long-term outlook for the CPU market, forecasting 35% annual growth and a total addressable market exceeding USD120 bil by 2030, a huge jump from its previous 18% estimate. With AMD shares up 65.9% year-to-date compared to Nvidia’s modest 5.4%, the underdog is finally having its day.

Nvidia is quietly buying up the entire optical supply chain
Nvidia has struck a deal with Corning to build three new dedicated optical factories in North Carolina and Texas, expanding US manufacturing capacity ten-fold and creating 3,000 jobs. Nvidia is replacing the 5,000 copper cables inside its AI rack systems like Vera Rubin with glass fibre, a technology called co-packaged optics that's 5–20x more power efficient. This follows Nvidia's USD4 bil (RM15.7 bil) investment in laser companies Coherent and Lumentum in Mar. Piece by piece, Jensen is locking up the entire optical supply chain. Corning shares jumped 17%. When you’re the most valuable company in the world, you can do anything - but not for long as Alphabet closes the gap.

Another AI-powered layoff, this time at Coinbase
Coinbase is the latest tech giant to trim the fat, announcing it will lay off 14% of its workforce as it pivots toward a leaner, AI-driven future. CEO Brian Armstrong’s memo to staff reads like a Mad Libs template for 2026 job cuts, ticking every box from the "volatile market" excuse to the promise of a "flatter" structure. The move follows a growing trend among tech firms like Block and Snap that are systematically purging middle management to avoid what Armstrong calls a "coordination tax." This isn't just a simple cost-cutting exercise; it is a fundamental shift where "pure managers" are being replaced by tiny, hyper-focused teams, sometimes consisting of just one human and their AI agents.

The justification for the purge is largely built on the efficiency of automation. Armstrong noted that engineers are now using AI to ship products in days that previously took entire teams weeks to complete. By eliminating layers of bureaucracy, Coinbase aims to force everyone remaining to "get their hands dirty" rather than just supervising others.

Shorts:

1. Singapore introduces caning for school bullies

   Singapore is doubling down on its reputation for discipline by introducing caning as a "last resort" for male students caught bullying their peers. Under new guidelines discussed in parliament, boys in upper primary (ages 9–12) and above can face up to three strokes of the cane for misconduct, including cyberbullying. Education Minister Desmond Lee clarified that this isn't a free-for-all; the punishment requires principal approval, must be administered by authorised teachers, and is only used if all other measures fail to address the gravity of the situation.

2. South Korean judge who handed former First Lady 4-year term found dead

   The South Korean judiciary is in a state of shock after Shin Jong-oh, a high-profile judge at the Seoul High Court, was found dead just days after delivering a bombshell ruling against the country’s former First Lady, Kim Keon-hee. The 55-year-old judge was discovered with a suicide note and severe injuries in a flower bed near the court building in Seoul’s Seocho district and was pronounced dead upon arrival at a hospital. This tragedy comes immediately after Shin overturned a previous "not guilty" verdict to sentence Kim Keon-hee to 4 years in prison for her involvement in stock manipulation related to Deutsche Motors, as well as separate bribery accusations.

5. FOR YOUR EYES 📺

Big, big, expensive properties

1. University of Technology Sarawak in Sibu. Phase one was completed in 2013 at a cost of nearly RM1 bil, while the second phase was completed in 2019 at a cost of RM250 mil.

2. The RM18 mil mancave in PJ. Bro is nearly Tony Stark.

3. Inside richdadwilliam’s 13k sq feet home.