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  • ‘Fruit Gathering’ Review: A Factory Worker Falls for Her Female Colleague in a Delicate Burmese Debut

    ‘Fruit Gathering’ Review: A Factory Worker Falls for Her Female Colleague in a Delicate Burmese Debut

    Caught between rural roots and urban opportunities, familial duty, friendship and forbidden carnal desire, young San Kyi (Nandar Myat Aung) struggles to find her place in Fruit Gathering, a sensitive Myanmar-Czechia-France co-production that just won Karlovy Vary’s top prize.

    That’s an impressive achievement for Burmese writer-director Aung Phyoe, making his feature debut after several shorts. His flair for blending realist drama with more poetic, painterly imagery makes for a dreamy, hypnotic viewing experience, eased along by a confident, open-hearted performance from Nandar Myat Aung in the lead role. Fruit Gathering will be ripe for picking at further festivals, especially ones specializing in Asian and/or LGBTQ+ fare, possibly followed by niche distribution.

    Fruit Gathering

    The Bottom Line

    Juicy but not too sweet.

    Venue: Karlovy Vary Film Festival
    Cast: Nandar Myat Aung, Nandar Myint Lwin, Tin Tin Ei, Thida Soe Khant, Wutt Yeet Kyaw, Htet Aung Lynn, Khet Suu Myat, Min Nyo, Zun Pwint Phyu
    Director/screenwriter: Aung Phyoe

    1 hour 37 minutes

    Self-transplanted with her mother (Tin Tin Ei) and grandmother from the countryside to industry-rich Yangon, San Kyi has so far managed to resist the pressure from her mom to get married or pursue a career in something upmarket like tech. Instead, eager for a job that doesn’t demand too much thinking, San Kyi works in a massive clothing factory, sewing seams all day in a ferociously noisy, scrap-strewn environment where the supervisor gets snotty if she takes a bathroom break without seeking permission first.

    Incidentally, while the factory hardly looks inviting, the conditions don’t seem to be too bad compared to those seen in older documentaries about East and South Asian sweatshops. They’re comparable to what’s on display in, say, Chinese director Wang Bing’s doc Youth but without the company-owned residential housing. At least the workers are allowed to submit petitions circulated by labor organizers requesting better pay and more safety measures, although tellingly San Kyi refuses to sign lest she might get fired for it. A union leader (Wutt Yee Kyaw) pours scorn on her for not showing more solidarity with her colleagues.

    Later, after she’s injured herself by a sewing accident, San Kyi will rethink her position on workers’ rights, but industrial relations in the textile industry are not the film’s main focus. It’s all background color, as much a part of the vivid landscape as the interludes where we see San Kyi back home visiting the mango farms and spirit-dance ceremonies of her agrarian childhood.  

    At least it’s at this factory that San Kyi meets Theint Theint Oo (Nandar Myint Lwin), a young co-worker around the same age as San Kyi with a radiant smile and street sense to burn. The two young women start out just hanging together during their lunch breaks but soon grow inseparable. The script suggests early on that Theint Theint may be the kind of pal who always forgets to bring enough cash for dinner. A darker interpretation might posit that she sees San Kyi as little more than a mark, but the truth probably falls somewhere in a grayer area.

    Either way, by the time San Kyi is buying nearly identical blouses for the two of them to wear on strolls around town, it’s pretty clear that she’s smitten with Theint Theint. The latter is ambiguously flirtatious and keen to have languid girls’ night sleepovers in the same bed, but also open about the fact that she’s got a man in the background, who is conveniently always away working in another country. Afraid of losing her new limerent object of desire, San Kyi entertains the thought of going abroad with Theint Theint to work as housekeepers or factory workers in somewhere affluent like Singapore or Malaysia.

    Clearly, things are heading for a smash up when San Kyi lends Theint Theint a substantial amount of money. Somehow the tension is heightened by the fact that Theint Theint gets closer to San Kyi’s family, even accepting a job offer that comes through the local guy whom San Kyi’s mom was trying to set San Kyi up with as a potential husband. It all serves to underscore how narrowly female relationships are usually defined in highly traditional, painfully patriarchal Myanmar society. The intense feeling between these two young women could never be openly romantic, although no one bats an eye when they walk hand and hand through the streets, much the way Queen Victoria is said to have refused to sign legislation banning lesbianism because she wouldn’t acknowledge such a thing even existed.

    Aung Phyoe suggests the messy, uncontrollable nature of desire via some slightly heavy-handed imagery of flooded apartments and generally juicy, watery, somewhat soluble imagery. But the story surprisingly shifts tack halfway through and becomes less interested in the two women’s relationship and more in San Kyi’s personal development, especially after some hard knocks change how she sees the world.

    Every so often, the camera will linger on a tiny detail like a vase that has some emotional significance, or the light coming in a window. There’s a tiny hint that these cinematic still life pictures are being seen through San Kyi’s eyes, like scenes in a book told through limited third-person point of view. Indeed, there’s a faintly literary quality to the filmmaking, as if inspired by romance and high-brow fiction, but Aung Phyoe’s touch is feathery soft, as gentle as the soft thud of a mango falling from a tree.

  • Hunter Biden, Nick Fuentes Interview Nearly Turns Physical, Report Says

    Hunter Biden, Nick Fuentes Interview Nearly Turns Physical, Report Says

    An unlikely meeting between Hunter Biden and far-right internet personality Nick Fuentes for an independent web channel reportedly veered into an argument that nearly led to a physical altercation at a Philadelphia hotel over the weekend.

    According to a report published Monday by TMZ, the meeting between Biden — the son of former Democratic President Joe Biden — and the white nationalist podcast host was brokered by Andrew Callaghan, founder and host of the gonzo video news series Channel 5, and took place in a Philadelphia hotel room. The meeting of the two men, both of whom have courted controversy in recent years, was billed as a no-limits conversation where any topic was on the table.

    The outlet reported, citing “sources familiar with the situation,” that the conversation was initially affable but soon grew tense as the men on opposite sides of the political spectrum moved to different topics. Eventually, the tension turned into an argument, and it grew so heated that Callaghan had to intervene before the situation escalated into violence.

    The interview is set to air later this month, according to TMZ. Neither Biden, Fuentes nor Callaghan has spoken publicly about the interview and what happened between the three of them.

    The Hollywood Reporter reached out to Callaghan and his public relations representative on Monday but had not received a response by publication time regarding the details of the reported altercation and what may have led the conversation to go astray. We will update this story with any further information as it is received.

    Biden is the second son of former President Biden and an artist and businessman. He has been the subject of several controversies since 2019 after becoming the target of false allegations that he asked his father to have a Ukrainian prosecutor fired to protect him from legal trouble. Biden was also convicted of three weapons possession charges for owning a gun, which was purchased in 2018 during the period he was addicted to drugs; he was disbarred as a result of the felony conviction in Washington, D.C. and Connecticut. On December 1, 2024, President Biden issued a full and unconditional pardon for his son — reversing promises to the public that he would not do so.

    Furentes has been a growing voice in the alt-right, ultra-nationalist space for several years. He hosts a livestreamed show called America First, where he has advanced white nationalism and an ideology of white supremacy. He and his followers, known as “Groypers,” have waged war on late activist Charlie Kirk and his Turning Point USA for being insufficiently conservative. In 2020, he founded the America First Political Action Conference.

    Callaghan has been at the forefront of DIY reporting since his teens, beginning with interviews of fringe dark-web figures and protest movements. He has parleyed his esoteric interview style into leading Channel 5, which he’s quickly been growing into a small but formidable empire over the past several years.

  • Why ‘Moana’ Sank With Its Box Office Opening

    Why ‘Moana’ Sank With Its Box Office Opening

    Disney‘s live-action Moana did not make the summer splash that the studio had hoped, leading to questions about not only what might be in store at the box office for the Dwayne Johnson-led title but also the potential for developing remakes of other animated favorites.

    After last year’s Lilo & Stitch had a record-breaking $183 million four-day opening weekend domestically before surpassing $1 billion in its global run, the live-action Moana appeared to represent a likely win as the summer approached. After all, the original 2016 animated movie — starring Johnson as the voice of demigod Maui who helps the titular girl (Auli’i Cravalho) save her island — has become a beloved property for families and counts as the most-watched feature on Disney+. And, of course, Moana 2 confirmed the excitement for new theatrical entries from the franchise when it hit $1 billion after its November 2024 release — although there is more to discuss with that one in a moment.

    Despite Disney anticipating an opening above $60 million domestically after third-party tracking initially suggested the film could launch to as much as $75 million, the live-action Moana was left gasping at the box office. Its $43 million opening in North America puts it in dubious company as one of the weakest debuts for Disney’s remakes and is particularly tough given its $250 million production budget. Other misfires included last year’s $42.2 million opening for Rachel Zegler and Gal Gadot’s Snow White and the $45.9 million bow for 2019’s Tim Burton-directed Dumbo, although both of those reimagined originals from generations prior and might have felt dated to younger audiences. Additionally, the live-action Snow White found itself caught up in the culture wars.

    Starring Catherine Laga’aia in the title role, the new Moana had a few strikes against it that dinged the opening. Its 34 percent approval score from critics on Rotten Tomatoes makes it among the worst-reviewed live-action updates, although the fan response has been another story, as it earned an A- CinemaScore, including an A+ from those under 18, and is “verified hot” with a 90 percent Rotten Tomatoes audience rating.

    While Lilo & Stitch had given audiences more than two decades to miss the first one — and likely had the advantage of millennial parents wanting to share the story with their children — Moana was the most recent original to get Disney’s live-action treatment. Moana 2 was initially conceived as a Disney+ series but flipped to a theatrical release for 2024, which complicated the timing for the live-action movie that began production earlier that year. Given that Johnson voiced the sequel, fans may have felt that they had already scratched their Moana itch for the time being.

    Catherine Laga’aia in Moana.

    Walt Disney Studios Motion Pictures/Courtesy Everett Collection

    It also faced competition for families from such summer titles as Disney’s own Toy Story 5 and Illumination’s Minions & Monsters. That said, the latter may have dealt with some burnout of its own in opening over the Fourth of July weekend to the lowest domestic sum for the Despicable Me franchise.

    “Everything comes down to timing in this business, and it just did not work in Moana’s favor in this case,” Fandango director of analytics and Box Office Theory founder Shawn Robbins tells The Hollywood Reporter. He points out that certain titles found the sweet spot to capitalize on nostalgia, like Disney’s live-action takes on Beauty and the Beast (2017), Aladdin (2019) and The Lion King (2019), with these reimaginings of 1990s originals all opening above $90 million domestically en route to surpassing $1 billion globally. Another of last year’s successes was Universal’s live-action remake of 2010’s How to Train Your Dragon.

    “It’s always a case-by-case basis,” says Robbins about which Disney’s movies could still work for live-action. Indeed, feature projects that were previously in development before seemingly stalling out have included live-action versions of Disney’s Robin Hood, Bambi, The Aristocats and The Sword in the Stone. “Who knows where Disney goes from here?”

    A scene from Disney’s 2010 animated movie Tangled.

    Walt Disney Studios Motion Pictures/Courtesy Everett Collection

    Disney will aim to get the right recipe for Tangled, as the live-action retelling of the 2010 animated feature focusing on Rapunzel is currently in production in Spain. Weeks after Snow White’s disappointing 2025 launch, the studio opted to pause development on Tangled but resumed its progress in the fall after the out-of-this-world box office returns for Lilo & Stitch. Speaking of the latter, a live-action Lilo & Stitch sequel is also in the works, and there are certainly plenty of fans who are holding their collective breath that a live-action Frozen ends up in development.

    The Moana team can take heart knowing that the live-action movie has had its share of vocal supporters. “Listen to the people who showed up, rather than the ones hating it unseen just because,” Role Models screenwriter Timothy Dowling posted over the weekend in praising the new Moana. Given the positive exit scores, Disney remains hopeful that the film can have legs, as the primary box office draw for the next two weekends will be Christopher Nolan’s R-rated The Odyssey.

    As for Johnson — who was cited as a key draw for those who did check out this weekend’s film — Moana 2 was a bright spot at the box office amid the star’s recent stretch that includes commercial misfires Black Adam, Red One and The Smashing Machine. He returns to another proven franchise later this year with Sony’s Jumanji: Open World, which will hope to excite fans despite opening just a week after both Avengers: Doomsday and Dune: Part Three.

    For the bigger 2026 picture, the spring was full of promise, thanks to The Super Mario Galaxy Movie and Michael — which both crossed the billion-dollar mark globally — and other hits like Project Hail Mary and The Devil Wears Prada 2. The summer has seen reasons to celebrate, including Toy Story 5 appearing to head for the 10-figure club, not to mention surprise breakouts Obsession and Backrooms. But there have been wobbly recent weeks with disappointments like Supergirl, plus June’s Masters of the Universe. The Odyssey and Spider-Man: Brand New Day are two behemoths waiting in the wings later this month.

    “It has been a wild summer,” admits Robbins, who points out that the season’s biggest smashes are having to do some heavy lifting for the industry at large. “Now there have been a few underperformers consecutively. That just really underscores what the expectation has been for a long time, that it would be a very top-heavy summer for the most part — and maybe for the year.”

  • ‘Cats: The Jellicle Ball’ Ending Broadway Run in August

    ‘Cats: The Jellicle Ball’ Ending Broadway Run in August

    Rave reviews, decent ticket sales and some Tony Awards love aren’t enough to keep “Cats: The Jellicle Ball” from ending its Broadway run early.

    The musical revival of Andrew Lloyd Webber’s “Cats” will play its final show at the Broadhurst Theatre on Saturday evening, Aug. 8. It began preview performances roughly five months ago on March 18, 2026, and opened Tuesday, April 7.

    Critics praised the radical move to transpose T.S. Eliot’s “Old Possum’s Book of Practical Cats” to the world of ballroom dance circa the 1980s, a time when drag culture was still underground and AIDS was a public health crisis. “Jellicle Ball” went on to receive nine Tony Award nominations and won three, including best direction of a musical for Zhailon Levington and Bill Rauch, as well as statues for Omari Wiles and Arturo Lyons’ choreography and Qween Jean’s costumes. Jean’s win marked the first time in history that an openly trans woman won Broadway’s highest honor.

    “Jellicle Ball” put up respectable grosses. The show was earning between $900,000 to $1 million a week in the lead-up to the Tony Awards last June, though its sales fell after “Jellicle Ball” lost best revival of a musical to “Ragtime.” Musicals are costly to produce and “Jellicle Ball” has a large cast, which makes the economics particularly tricky.

    “Three years ago, Zhailon Levingston and Bill Rauch began the remarkable process of reimagining ‘Cats’ for a new generation,” producers Michael Harrison and Mike Bosner said. “They assembled a visionary creative team that fused their passions for Ballroom and theater to create something thrillingly new.”

    Later this month, the production will be filmed by the Theatre on Film and Tape Archive at The New York Public Library for the Performing Arts and added to its collection.

  • Daytime Emmys Announce 2026 Nominations (UPDATING)

    Daytime Emmys Announce 2026 Nominations (UPDATING)

    The 53rd annual Daytime Emmy nominations announcement is underway. Among early nominees: Recently ended talkers “The Kelly Clarkson Show” (recognized for talk series and talk host) and “Sherri” (with a nod for talk host).

    The Daytime Emmys, administered by the New York-based National Academy of Television Arts & Sciences, recognize daytime dramas, talk series, entertainment news, culinary, adventure, instructional and legal/courtroom programming. This year’s Lifetime Achievement honoree, Gold & Silver Circle inductees, and ceremony host will be announced at a later date.

    Formerly held in June, the Daytime Emmys moved to mid-fall last year; the 2026 event is scheduled to take place as a single ceremony on Friday, October 30, in Los Angeles.

    “We’re proud to honor the extraordinary talent and creative teams whose work continues to define and elevate daytime television,” said NATAS president/CEO Adam Sharp. “As the Daytime landscape evolves and new forms of storytelling emerge, we remain committed to recognizing the innovation happening across the industry.” 

    This year’s Daytime Emmys nominations come after serveral rule changes were announced this spring. Among the modifications: Submissions will now be episode-based, which it calls a “primetime format,” allowing programs to enter multiple submissions for different episodes and potentially receive several nominations.

    Additionally, NATAS has opted to determine how many nominations a category will get based on a scale of how may submissions there were, much like what happens at the Primetime Emmys. The default number of nominations in a category are:

    10 – 29 submissions: 5 nominations
    30 – 59 submissions: 6 nominations
    60 – 89 submissions: 7 nominations
    90 – 119 submissions: 8 nominations
    120 -149 submissions: 9 nominations
    150 or more submissions: 10 nomination

    If there are fewer than ten submissions in a category, the default number of nominations is 50% of the category’s submissions, rounded up to the nearest whole number. Categories with three or fewer submissions have no nominations, “though the National Awards Committee may proceed with an award based on a standard of excellence if the category is not otherwise merged or eliminated.”

    Meanwhile, there’s a new threshold for when you’re eligible for guest actor in a daytime drama (“To be eligible for the guest category, you must be seen in a maximum of 19% of episodes aired/streamed for the first time during calendar year 2025. Otherwise, you must enter in categories eligible only in the Leading, Supporting, or Emerging Talent categories.”).

    And the science and nature programming category has been eliminated in Daytime, as programs will now have to submit in Primetime, News & Doc or Children’s & Family, depending on eligibility.

    Finally, daytime dramas and non-fiction programs will now enter alongside each other in categories except writing and directing. The categories will be split again if both the daytime drama and daytime non-fiction tracks have at least 10 submissions each.

    NATAS Productions is behind the Daytime Emmys. Adam Sharp and Lara Gates are executive producers, and Leon Knoles is back as ceremony director for a fifth straight year. “Each year, the Daytime Emmy Awards celebrate the creativity, passion, and dedication that drive this vibrant community of storytellers,” said Daytime Emmy awards head Rachel Schwartz. “Congratulations to this year’s nominees, whose work continues to entertain, inspire and connect with audiences every day. We look forward to celebrating their remarkable achievements in Hollywood this October.” 

    Here are this year’s nominations, starting with four categories that were revealed Monday night during the broadcasts of entertainment news magazines “Extra” and “Entertainment Tonight”:


    Outstanding Lead Performer in a Daytime Drama Series: Actress

    • Stacy Haiduk as Kristen DiMera, “Days of Our Lives” (Peacock [Corday Productions, Inc. | Sony Pictures Television])
    • Karla Mosley as Dani Dupree, “Beyond the Gates” (CBS)
    • Michelle Stafford as Phyllis Summers, “The Young and the Restless” (CBS [Sony Pictures Television])
    • Heather Tom as Katie Logan, “The Bold and the Beautiful” (CBS [Bell-Phillip TV Productions, Inc.])
    • Tamara Tunie as Anita Williams Dupree, “Beyond the Gates” (CBS)

    Outstanding Lead Performer in a Daytime Drama Series: Actor

    • Eric Braeden as Victor Newman, “The Young and the Restless” (CBS [Sony Pictures Television])
    • Steve Burton as Jason Morgan, “General Hospital” (ABC)
    • Scott Clifton as Liam Spencer, “The Bold and the Beautiful” (CBS [Bell-Phillip TV Productions, Inc.])
    • Thorsten Kaye as Ridge Forrester, “The Bold and the Beautiful” (CBS [Bell-Phillip TV Productions, Inc.])
    • Christian Jules LeBlanc as Michael Baldwin, “The Young and the Restless” (CBS [Sony Pictures Television])

    Outstanding Daytime Talk Series

    • “3rd Hour of Today” (NBC)
    • “The Drew Barrymore Show” (CBS Media Ventures)
    • “The Kelly Clarkson Show” (NBCUniversal Syndication Studios)
    • “Live with Kelly and Mark” (Disney Entertainment Distribution)
    • “Today with Jenna & Friends” (NBC)
    • “The View” (ABC)

    Outstanding Daytime Talk Series Host

    • Joy Behar, Whoopi Goldberg, Alyssa Farah Griffin, Sara Haines, Sunny Hostin & Ana Navarro, “The View” (ABC)
    • Kelly Clarkson, “The Kelly Clarkson Show” (NBCUniversal Syndication Studios)
    • Tamron Hall, “Tamron Hall” (Disney Entertainment Distribution)
    • Jennifer Hudson, “The Jennifer Hudson Show” (Warner Bros. Television [Telepictures])
    • Sherri Shepherd, “Sherri” (Debmar-Mercury)

    More to come as the remaining nominees are announced on Tuesday morning.

  • Stop Over-Prompting: OpenAI’s New GPT-5.6 Guidelines Change Everything

    Stop Over-Prompting: OpenAI’s New GPT-5.6 Guidelines Change Everything

    In brief

    • OpenAI published a dedicated prompting guide for GPT-5.6 Sol that changes earlier advice.
    • Internal coding-agent tests showed lean system prompts improved eval scores by roughly 10–15%.
    • The guide introduces a first-ever section on Programmatic Tool Calling and highlights the text.verbosity API parameter—both absent from the GPT-5 playbook.

    OpenAI published a new prompting guide for GPT-5.6 Sol, its newly released flagship model, and the main message will feel wrong to anyone who spent the last year writing multi-page system prompts: stop writing so much. The core idea is outcome-first prompting. Define what good looks like, set the stopping conditions, and get out of the way.

    Detailed how-to instructions, repeated style rules, examples that don’t change behavior—all of it is now considered noise.

    OpenAI backs this with numbers: In internal coding agent tests, leaner system prompts improved evaluation scores by roughly 10–15% while cutting total tokens by 41–66% and costs by 33–67%.

    GPT-5 vs. GPT-5.6: What actually changed

    The GPT-5 prompting guide, published at launch in August 2025, was about adding scaffolding. You got XML persistence blocks telling the model to keep working until the problem was solved, detailed context-gathering templates that mapped exactly how to parallelize searches and when to escalate, and tool preamble scripts that narrated every step out loud.

    The philosophy was calibrating eagerness—building explicit rails for when to go harder or stand down.

    GPT-5.6 mostly doesn’t need those rails. The new guide tells you to trim: repeated rules, style instructions that don’t change behavior, examples that do nothing, and process steps the model already handles reliably. So basically, that “ block with its parallel search batches and early-stop criteria that used to help is now scaffolding the model has to parse around, not scaffolding that helps it.

    What you actually keep is simpler: the user-visible outcome, success criteria, stopping conditions, and hard constraints. The guide’s model of a good prompt starts with “Resolve the customer’s issue end to end”—then specifies exactly what done looks like, what actions to complete before responding, and what to do when required evidence is missing. Not “be thorough.” Not “keep going.” Just: here is the destination.

    The risk calculus also shifted. The guide warns that GPT-5.6 follows prompt contracts closely, and that “conflicting rules can create more instability than missing detail.”

    An earlier model would pick one instruction when it hit a conflict. GPT-5.6 burns reasoning tokens trying to reconcile both, which is slower, more expensive, and often wrong. If your system prompt has overlapping rules—and most production prompts do—this is the thing to fix first.

    Also OpenAI heavily advises against using the old trick of resorting to absolutes like “always do this” or “never do that” to steer the AI’s behavior in a specific direction.

    Two concrete additions round out the difference. The first is the text.verbosity parameter: Because GPT-5.6 is already more concise by default than GPT-5.5, old “be brief” instructions now over-correct and make responses too short. Set a global default via the parameter, then override per task in the prompt. The second is a section on Programmatic Tool Calling—for bounded workflows where code handles filtering, batching, or aggregating large intermediate outputs and returns a compact result, offloading that work from the model’s judgment entirely.

    But does it work?

    We used the guide to optimize our prompt for TYPE OR DIE, the first-person typing survival horror game we build to benchmark a model’s coding abilities. The result was more polished: GPT-5.6 Sol tackled the auto-aim logic more efficiently than on previous runs, the visuals had more coherence, and the overall feel of the game was cleaner.

    It took more time to build. The model didn’t jump straight to code—it mapped the entire problem first, planned each system before writing a line. That’s the guide working as intended. Define the destination; the model chooses the route.

    The new prompt is available on our Github so you can check it out.

    You can play the original GPT 5.6 game by clicking on this link.

    The game created under the newer prompt, is available here.

    If you want to push further, or are too lazy to memorize all these new guidelines, you can build your own custom GPT and feed it the full guide as its knowledge base. Configure it to analyze any prompt you throw at it, understand the underlying logic, and rewrite it in GPT-5.6 style. You end up using prompt engineering to engineer better prompts.

    Promptception. You’re welcome.

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  • Investor Warns Dogecoin Could Collapse if Elon Musk Ever Sells

    Investor Warns Dogecoin Could Collapse if Elon Musk Ever Sells

    • Mark Yusko claims that Elon Musk and Mark Cuban hold most of the cryptocurrency’s circulating supply.
    • The analysis compares the memecoin’s financial structure with the recent initial public offering (IPO) of the aerospace company SpaceX.
    • The report points to a risk of total capitulation in the digital asset’s price if major holders decide to liquidate their positions.

    The popular dog-themed memecoin, Dogecoin, could face a scenario of absolute devaluation if its main commercial driver decides to liquidate his assets in the open market.

    Recently, venture capital investor Mark Yusko stated that the asset’s current valuation is not grounded in traditional financial fundamentals. The expert argues that the token’s price is sustained solely by the implicit commitment of its largest holders to retain their positions over the long term.

    Supply Concentration and Parallels with SpaceX

    The distribution of tokens across the network represents one of the most significant vulnerabilities for the ecosystem. Yusko suggests that Mark Cuban and Elon Musk hold the vast majority of the dog-themed coin’s available supply, complemented by a retail investor base holding the value purely out of speculation. The analyst warns that if Musk were to sell even a single token, the price could immediately plunge to zero.

    The dynamic of retaining value in assets with highly concentrated ownership is not unique to cryptocurrencies. According to Yusko’s analysis, the structure of SpaceX’s IPO shares similar characteristics with the behavior of the meme asset, defining both as financial instruments driven by enthusiasm surrounding a public figure. Although the aerospace company operates a real business model through its satellite division, the economist projects that its initial $2 trillion valuation presents complex mathematical inconsistencies.

    SpaceX’s offering keeps 96% of its shares locked up between founders and venture funds, releasing only 4% to the secondary market. According to the current trend analyzed by Yusko, this type of low float replicates the historical volatility of Tesla, whose shares experienced a stagnation of over four years after recording negative free cash flows and revenue contractions.

    SpaceX’s current operating model indicates that its infrastructure plans for artificial intelligence data centers in outer space lack near-term technical feasibility. From this technical perspective, financial projections place the firm’s cash flows in negative territory for the upcoming fiscal periods. Institutional investors anticipate that the expiration of lockup periods for company insiders will trigger a severe correction in the company’s stock prices.

  • ‘Kong x Godzilla’ Ride Set to Open at Korea’s Lotte World This Month: It’s ‘Extremely Immersive’ (EXCLUSIVE)

    ‘Kong x Godzilla’ Ride Set to Open at Korea’s Lotte World This Month: It’s ‘Extremely Immersive’ (EXCLUSIVE)

    Legendary Entertainment‘s first theme park attraction, “Kong x Godzilla” at Lotte World in Seoul, opens July 24, marking the studio’s entry into location-based entertainment after several years of development on the project.

    “It was a big priority for me when I joined Legendary nine years ago,” James Ngo, Legendary’s executive VP of franchise management, tells Variety. “These types of deals take a long time to do, and construction also takes a long time as a process, so I immediately started trying to get Legendary into the space.”

    “This is the right time in the franchise for us to bring these major experiential projects to the fans so that they can experience it in real life,” Ngo adds. “We’re going into our sixth movie next year; we have a TV show. So the franchise is kind of at its apex right now in terms of all the different media projects.”

    The MonsterVerse has generated more than $2.5 billion at the global box office across five feature films, including “Godzilla,” “Kong: Skull Island,” “Godzilla: King of the Monsters,” “Godzilla vs. Kong” and “Godzilla x Kong: The New Empire,” with a sixth installment already in the works. The franchise’s Apple TV series, “Monarch: Legacy of Monsters,” is now in its second season.

    “Godzilla has been around for 70-plus years, Kong as a character has been around for 100 years,” Ngo says. “As far as the fan base goes, we get everybody who knew Godzilla and Kong when they were kids but are now in their 50s, 60s and older. Our new films are starting to appeal to younger kids and teens, so the audience base has grown the most, and it’s the furthest along of all of our franchises.”

    Lotte World is undergoing a renovation, and the company committed to making the Legendary IP the centerpiece of that work, according to Ngo.

    “Lotte is such an incredible partner in the region, in the territory,” Ngo says. “Lotte World specifically has been around for a very long time. It’s very well known, and it’s beloved in South Korea, but also around Asia regionally. This is going to be Lotte’s biggest investment as a ride in the park. It’s not just a ride, it’s going to be the marquee ride of the park and really the main attraction for everything.”

    “From the moment guests come to line up, they are being recruited to join Monarch,” Ngo adds, referring to the fictional organization that tracks the franchise’s giant creatures. “That’s kind of our opening human touchpoint for the guests to be able to step foot into this world.”

    Guests then board a HEAV, the Hollow Earth Aerial Vehicle featured in the films, before encountering Kong.

    “Kong really guides them through Hollow Earth and all the experiences, while also protecting them against all the dangers that they would find in Hollow Earth,” Ngo says. “There are massive screens, a lot of amazing media that we’ve created with our partner. There are physical sets as well for our Titans and animatronics at massive, massive scale. The combination of real-world things with the media that works together in order to enhance the guest experience makes it extremely immersive.”

    Ngo describes the ride as one piece of a larger strategy spanning gaming, consumer products and publishing.

    “Our gaming reaches our consumers on a digital level on the screen. Consumer products really allow them to bring it home and experience it at home. Our comics and publishing program allow them to expand on their stories and use their imagination to go to places that may not be on screen yet,” Ngo says. “For location-based entertainment, it brings them into the whole world on a physical level and really gets to put them in the middle of that world. The strategy of being able to be where our consumers are really completes that cycle for us.”

    The ride’s development also involved Legendary’s film division directly, according to Ngo.

    “Legendary is very nimble and tightly connected. The filmmakers really sit one floor down from where my team and I sit, so we run up and down talking to them every step of the way,” Ngo says. “They suggest certain storyline tweaks in order to better tie it into the next film. It’s not just that they see a final product and approve it or not. They work with us every step of the way, and they try to tie so many touchpoints back into the film, back into the comics. This is becoming a very much interconnected world and experience.”

    Legendary maintains a dedicated Beijing-based team covering the Asia territory, Ngo says.

    “The Asia territory is extremely important to a lot, if not all, of the projects that we work on. A lot of our IP and the type of movies that we make resonate so well within that market,” he says. “MonsterVerse, for example, is massive, massive in Asia.”

    Ngo frames the Lotte World ride as a test case for adapting Legendary’s characters to physical spaces.

    “It’s being the first to go to market. It will show people how amazing this IP is to be adapted into this format, and that it’s doable,” Ngo says. “The biggest challenge in the past, especially for ‘Pacific Rim’ and MonsterVerse, has been the scale of our characters and the scale of our world. It’s an amazing thing to experience in location-based entertainment, but it’s also very hard to execute. Now that we’ve been able to execute it in this way and it looks incredible, I think people will start to embrace it more in the LBE [location-based entertainment] space.”

    South Korea’s broader entertainment profile factored into the decision as well, Ngo says.

    “South Korea is just really on the world stage on multiple levels, from manufacturing to entertainment to exporting amazing IP… I don’t think it was new for us,” Ngo says, noting Legendary had already worked with Korean entertainment IP and fashion partners in the past. “I think the opportunity would just allow us to create a stronger foothold in the market.”

    Ngo says Legendary has explored location-based concepts for other franchises in its library, including “Dune,” “Pacific Rim,” “Detective Pikachu” and “Enola Holmes.”

    “Some may be a large theme park ride or attraction, or even a whole land, and others may be more pop-up and dining experiences, or escape rooms and murder-mystery experiences where it makes sense,” Ngo says. “I think all of them have the IP DNA in order to expand into the space. It’s just depending on timing, where the actual opportunities are in terms of locations and what people are looking for in terms of markets.” Legendary is also set to launch a new franchise, “Street Fighter,” this October.

    Asked whether the definition of franchise management has fundamentally shifted as audiences increasingly expect brands across multiple platforms, Ngo says: “I don’t know if the definition of it has changed. Studios like Disney and other larger studios have had these strategies for many decades, so I don’t necessarily think it’s a new concept… We’ve been able to sustain this for over a decade now with the MonsterVerse, and we’re building ‘Dune’ to that level as well.”

    Ngo says he views Legendary’s position five years from now as an extension of where the studio already stands today.

    On whether he sees Legendary primarily as a film studio or as a broader entertainment company, Ngo says: “I would argue that we’re already there. I think the volume of scaling up and putting out more franchises is probably the goal. We have the infrastructure, we’re already working in all of these different areas and franchises to create amazing experiences for our fans. We’ve always been a very fan-first type of studio. We know what our fans want, we give it to them, and we delight them.”

  • Michael Saylor raises $467M while Strategy halts Bitcoin buying

    Michael Saylor raises $467M while Strategy halts Bitcoin buying

    Strategy has raised $466.7 million through fresh MSTR stock sales while leaving its Bitcoin holdings unchanged at 843,775 $BTC for the week ending July 12.

    According to a Form 8-K filed with the U.S. Securities and Exchange Commission (SEC), Michael Saylor-led Strategy sold 4,818,781 Class A MSTR shares between July 6 and July 12 through its at-the-market (ATM) program, generating approximately $466.7 million in net proceeds. Despite the capital raise, the company reported that it did not purchase or sell any Bitcoin during the reporting period.

    Strategy has increased its USD Reserve by $450 million. As of 7/12/2026, we hodl ₿843,775 in our $BTC Reserves and $3.0 billion in our USD Reserves. $MSTR $STRC https://t.co/0YQTQd7CXS

    — Strategy (@Strategy) July 13, 2026

    The filing showed Strategy continued to hold 843,775 $BTC, acquired for about $63.69 billion at an average purchase price of $75,476 per Bitcoin, excluding fees and expenses. Following the latest issuance, the company still has roughly $23.79 billion available under its MSTR ATM stock program.

    Strategy keeps Bitcoin holdings unchanged after recent sale

    Fresh SEC disclosures also showed Strategy held approximately $3 billion in U.S. dollar reserves as of July 12. According to the filing, the cash is intended to cover preferred stock dividends and interest payments on the company’s debt. The reported balance also includes expected proceeds from ATM share sales that had not settled by the reporting date.

    The company further disclosed that it did not repurchase any shares under its existing buyback programs during the same week.

    The latest filing follows Strategy’s $216 million Bitcoin sale disclosed the previous week, only the second $BTC sale in the company’s history. At the time, the company said the proceeds would be used to fund dividends tied to its STRC preferred stock and other digital credit securities. After that transaction, Strategy’s Bitcoin balance fell to 843,775 $BTC, where it has remained through the latest reporting period.

    Earlier reports also noted that Strategy has authorization to sell up to $1.25 billion worth of Bitcoin under its $BTC Monetization Program, a development that has drawn close attention from market participants even though the company has not announced additional $BTC sales.

    Standard Chartered says treasury uncertainty drove recent weakness

    Attention around Strategy’s Bitcoin plans increased after Executive Chairman Michael Saylor posted the company’s familiar Bitcoin acquisition chart on July 12 with the message, “Orange dots tell only part of the story.” As crypto.news reported earlier, the post did not confirm whether Strategy had bought, sold, or held Bitcoin during the latest reporting week.

    Crypto.news also noted that Strategy’s public Bitcoin tracker continued to show 843,775 $BTC, matching the latest SEC filing. The company typically reports treasury activity through regulatory filings, meaning social media posts do not establish whether a transaction has occurred or indicate its direction.

    The latest disclosure comes as Bitcoin has climbed back above $64,000 after Standard Chartered reaffirmed its $100,000 price target for the end of 2026. In a research note, the bank said recent weakness in Bitcoin was driven largely by uncertainty surrounding Strategy’s evolving treasury approach rather than by any deterioration in Bitcoin’s underlying fundamentals.

    Standard Chartered added that the recent pullback should not be interpreted as a change to its long-term bullish outlook for the cryptocurrency.

  • Gondor unlocks leveraged Polymarket bets with portfolio-backed credit

    Gondor unlocks leveraged Polymarket bets with portfolio-backed credit

    Gondor has introduced a portfolio-backed margin account that allows Polymarket traders to borrow against their entire prediction market holdings instead of individual positions.

    According to Gondor’s announcement on Monday, the new product, called V1, uses a cross-margin system that evaluates a trader’s complete Polymarket portfolio as collateral before extending credit. Private access is scheduled to begin next week, while a public launch is planned for September. Gondor also said it does not take custody of user assets.

    Introducing Gondor v1, the first margin account for Polymarket

    Cross-margin your positions, borrow against the entire portfolio and use the credit to buy more shares

    1/ pic.twitter.com/15HB9t7Mdo

    — Gondor (@gondorfi) July 13, 2026

    The release expands on the company’s original lending strategy announced after its August 2025 angel funding round. As previously reported by crypto.news, Gondor raised capital in a round led by Maven11 Capital, with participation from investors associated with Polymesh, Rhino.fi, Futuur, Salt, and others to develop lending products for Polymarket traders. V1 builds on that effort by replacing position-based borrowing with portfolio-backed credit.

    Cross-margin model replaces isolated lending

    Before introducing V1, Gondor spent seven months testing its lending system through a closed beta. According to the company, more than 150,000 users joined the waitlist, after which it reviewed applicants’ Polymarket activity and selected 1,000 of the platform’s most active traders to participate.

    During the beta, borrowers initially used an isolated lending model that treated each prediction market position separately. Gondor said this approach exposed lenders to binary market risk because a position could rapidly lose nearly all of its value before liquidation became possible.

    As a result, the company said lenders had to compensate for that risk by charging higher borrowing costs and imposing tighter conditions. Lending was limited to more liquid markets, borrowing capacity was capped, and some loans had to be closed before the related prediction markets reached resolution.

    Gondor added that these safeguards protected lenders but reduced the borrowing experience for traders by limiting available credit and shortening the lifespan of loans.

    Portfolio collateral supports larger credit lines

    The company said V1 addresses those issues by allowing gains from one position to offset losses in another, similar to how traditional prime brokers extend credit against an investor’s overall portfolio rather than evaluating assets individually.

    According to Gondor, this portfolio-based structure makes it possible to provide more borrowing capacity while lowering financing costs. The company also said the system can support a larger variety of prediction markets and lets traders keep positions open until market resolution instead of forcing early loan closures.

    Although Gondor outlined how the cross-margin model works, several operating details remain undisclosed ahead of the private rollout. The announcement did not specify borrowing rates, collateral requirements, liquidation thresholds, or which prediction markets will be available when early access begins.

    The company has not indicated whether those terms will be finalized before the September public release, but the upcoming private access period is expected to provide the first live test of the portfolio-backed lending model outside its closed beta.