Palestinian Islamist group Hamas launched an unprecedented surprise attack on Israel on Saturday, the largest in decades.
Gunman infiltrated areas of southern Israel from the Gaza Strip, with Israeli Prime Minister Benjamin Netanyahu declaring: “We are at war.”
Dozens of people have reportedly been killed with hostages taken back to the Gaza Strip. Tel Aviv and other Israeli cities have been hit by rocket attacks, while Israel has responded with air strikes.
Vehicles on fire as rockets are launched from the Gaza Strip, in Ashkelon, Israel
An aerial view shows vehicles on fire as rockets are launched from the Gaza Strip, in Ashkelon, southern Israel October 7, 2023.
Ilan Rosenberg | Reuters
Palestinian militants ride an Israeli military vehicle
Palestinian militants ride an Israeli military vehicle that was seized by gunmen who infiltrated areas of southern Israel, in the northern Gaza Strip October 7, 2023.
Ahmed Zakot | Reuters
Members of the Israeli forces take cover on the side of a street in Ashkelon
Members of the Israeli frorces take cover on the side of a street in Ashkelon as sirens wail while barrages of rockets are fired from the Gaza Strip into Israel on October 7, 2023.
Ahmad Gharabli | Afp | Getty Images
Hamas’ armed wing, the Izz ad-Din al-Qassam Brigades, hold a Palestinian flag
Hamas’ armed wing, the Izz ad-Din al-Qassam Brigades hold a Palestinian flag as they destroy a tank of Israeli forces in Gaza City, Gaza on October 07, 2023.
Hani Alshaer | Anadolu Agency | Getty Images
Israeli Prime Minister Netanyahu meets with the security cabinet
Israeli Prime Minister Benjamin Netanyahu (3rd L) holds a meeting with security cabinet in Tel Aviv, Israel on October 07, 2023.
Haim Zach | Anadolu Agency | Getty Images
Rockets are fired from Gaza City towards Israel
Rockets are fired from Gaza City towards Israel on October 7, 2023.
Mohammed Abed | AFP | Getty Images
A building is ablaze following rocket attacks from the Gaza Strip, in Tel Aviv, Israel
A building is ablaze following rocket attacks from the Gaza Strip, in Tel Aviv, Israel October 7, 2023.
Itai Ron | Reuters
A wounded soldier arriving at the emergency entrance to the Ichilov hospital in Tel Aviv
A woman holds the hand of a wounded soldier arriving at the emergency entrance to the Ichilov hospital in Tel Aviv following a Hamas incursion into Israeli settlements around the Gaza strip.
Sopa Images | Lightrocket | Getty Images
Journalists take cover as Israeli soldiers clash with Palestinian fighters near the Gevim Kibbutz
Journalists take cover behind cars as Israeli soldiers take position during clashes with Palestinian fighters near the Gevim Kibbutz, close to the border with Gaza on October 7, 2023.
Oren Ziv | Afp | Getty Images
Palestinians celebrate as they ride on an Israeli military vehicle
Palestinians celebrate as they ride on an Israeli military vehicle that was seized by Palestinian gunmen who infiltrated areas of southern Israel, in the southern Gaza Strip October 7, 2023.
Staff | Reuters
Israeli soldiers work to secure residential areas
Israeli soldiers work to secure residential areas following a mass-infiltration by Hamas gunmen from the Gaza Strip, in Sderot, southern Israel October 7, 2023. REUTERS/Ammar Awad
Ammar Awad | Reuters
Palestinian militants move toward the border fence with Israel
Palestinian militants move towards the border fence with Israel from Khan Yunis in the southern Gaza Strip on October 7, 2023.
Said Khatib | Afp | Getty Images
Palestinians inspect an ambulance hit by an Israeli strike
Palestinians inspect an ambulance hit by an Israeli strike, after Hamas gunmen launched a surprise attack against Israel, in the southern Gaza Strip, October 7, 2023.
Ibraheem Abu Mustafa | Reuters
Rocket barrages launched toward Israel from Gaza
Smoke rises following Israeli strikes in Gaza, October 7, 2023.
Mohammed Salem | Reuters
Rockets are fired from Gaza toward Israel
A rocket is fired from Gaza toward Israel, in Gaza, October 7, 2023.
Ibraheem Abu Mustafa | Reuters
Smoke and flames billow after Israeli forces struck a high-rise tower in Gaza City
Smoke and flames billow after Israeli forces struck a high-rise tower in Gaza City, October 7, 2023.
Mohammed Salem | Reuters
Search and rescue efforts continue among rubbles of destroyed buildings after Israeli attacks in Gaza City,
Search and rescue efforts continue among rubbles of destroyed buildings after Israeli attacks in Gaza City, Gaza on October 07, 2023.
Mustafa Hassona | Anadolu Agency | Getty Images
A man carries a crying child in front of a building destroyed in an Israeli air strike in Gaza City
A man carries a crying child as he walks in front of a building destroyed in an Israeli air strike in Gaza City on October 7, 2023.
In the Electrek Podcast, we discuss the most popular news in the world of sustainable transport and energy. In this week’s episode, we discuss Trump’s Big Beautiful bill becoming law and going after EVs and solar, Tesla, Ford, and GM EV sales, Electrek Formula Sun, and more
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A new Tesla prototype was spotted again, reigniting speculation among Tesla shareholders, even though it’s likely just a Model Y, potentially a bit smaller, and the upcoming stripped-down, cheaper version.
It sparked a lot of speculation about it being the new “affordable” compact Tesla vehicle.
There’s confusion in the Tesla community around Tesla’s upcoming “affordable” vehicles because CEO Elon Musk falsely denied a report last year about Tesla’s “$25,000” EV model being canceled.
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The facts are that Musk canceled two cheaper vehicles that Tesla was working on, commonly referred as “the $25,000 Tesla” in early 2024. Those vehicles were codenamed NV91 and NV92, and they were based on the new vehicle platform that Tesla is now reserving for the Cybercab.
Instead, Musk noticed that Tesla’s Model 3 and Model Y production lines were starting to be underutilized as the Company faced demand issues. Therefore, Tesla canceled the vehicles program based on the new platform and decided to build new vehicles on Model 3/Y platform using the same production lines.
We previously reported that these electric vehicles will likely look very similar to Model 3 and Model Y.
In recent months, several other media reports reinforced this, and Tesla all but confirmed it during its latest earnings call, when it stated that it is “limited in how different vehicles can be when built on the same production lines.”
Now, the same Tesla prototype has been spotted over the last few days, and it sent the Tesla shareholders community into a frenzy of speculations:
Electrek’s Take
As we have repeatedly reported over the last year, the new “affordable” Tesla “models” coming are basically only stripped-down Model 3 and Model Y vehicles.
They might end up being a little smaller by a few inches, and Tesla may use different model names, but they will be extremely similar.
If this is it, which is possible, you can see it looks almost exactly like a Model Y.
It’s hard to confirm if it’s indeed smaller because of the angle of the vehicle compared to the other Model Ys, but it’s not impossible that the wheelbase is a bit smaller – although it’s hard to confirm.
Either way, the most significant changes for these stripped-down, more affordable “models” are expected to be cheaper interior materials, like textile seats instead of vegan leather, no heated or ventilated seats standard, no rear screen, maybe even no double-panned acoustic glass and a lesser audio system.
As previously stated, the real goal of these new variants, or models, is to lower the average sale price in order to combat decreasing demand and maintain or increase the utilization rate of Tesla’s current production lines, which have been throttled down in the last few years to now about 60% utilization.
If this trend continues, Tesla would find itself in trouble and may even have to close its factories.
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CANNES — Wall Street’s new plumbing is being built on Ethereum and this week its architects took over the same French Riviera villas and red carpet venues that host the Cannes Film Festival in May.
The Ethereum Community Conference, or EthCC, took over the beachside town that was swarming with crypto founders, developers, and some of the institutional giants now building atop the infrastructure.
The crypto elite climbed the iconic red-carpeted steps of the Palais des Festivals — a cinematic landmark now repurposed as the stage for Ethereum’s flagship European event.
“The atmosphere this year was palpable in Cannes,” said Bettina Boon Falleur, the powerhouse behind EthCC for the past seven years. “The prestige of the location, combined with the quality of talks, has reinforced Ethereum’s stature and purpose in the wider ecosystem.”
Private parties sprawled across cliffside estates and exclusive resorts, but the conversations were less about price action and more about the blockchain’s evolving role as the back-end of global finance.
EthCC, now in its eighth year, has tracked Ethereum’s trajectory from scrappy experiment to institutional backbone.
“That impact was unmistakable this year,” Falleur said. “From Robinhood embracing decentralized finance infrastructure via Arbitrum to local governments like the City of Cannes exploring deeper integration with the crypto economy.”
Indeed, one of the boldest moves came this week from Robinhood, which became the first publicly traded U.S. company to launch tokenized stocks on-chain.
At a product showcase held inside a Belle Époque mansion overlooking the sea, Robinhood unveiled a sweeping new crypto strategy — including the ability for European users to trade tokenized U.S. stocks and ETFs via Arbitrum, a Layer 2 network built on Ethereum.
The announcement helped push Robinhood stock past $100 for the first time, capping off a week of fresh all-time highs and a more than 30% rally since being snubbed by the S&P 500 during a recent rebalance.
Inside the Palais des Festivals, ETHCC draws founders, developers, and institutions into the same halls that host the world’s biggest film premieres — this time, for the future of finance.
MacKenzie Sigalos
Ether, the token native to the Ethereum blockchain, was up nearly 6% on the week and several public equities tied to the blockchain have rallied alongside it.
BitMine Immersion Technologies, a company that mines bitcoin, gained more than 1,200% since announcing it would make ether its primary treasury reserve asset. Bit Digital, which recently exited bitcoin mining to “become a pure play” ethereum staking and treasury company, gained more than 34% this week. And SharpLink Gaming, which added more than $20 million in ether to its balance sheet this week, jumped more than 28% on Thursday.
Ether ETF inflows are rising again too — a sign that institutional investors are warming back up.
Ether is still down more than 20% this year and lags far behind bitcoin in market cap and adoption. But funds tracking ETH have seen two straight months of mostly net inflows, according to CoinGlass data. Still, ether ETFs total just $11 billion — compared to $138 billion in bitcoin ETFs.
Institutions aren’t betting on Ethereum for hype — they’re betting on infrastructure.
Even as prices stall and the network faces headwinds from slower base layer revenues and faster rivals like Solana, the momentum is shifting toward utility.
“Ethereum is getting plugged into these core transactional systems,” Paul Brody, global blockchain leader at EY, told CNBC on the sidelines of EthCC. “Investors, savers, people moving money — they are going to start shifting from some of the older mechanisms of doing this into Ethereum ecosystems that can do these transactions faster, cheaper, but also very importantly, with significant new functionality attached to it.”
Crypto founders and developers climb the iconic red-carpeted steps of the Palais des Festivals — a familiar backdrop for the Cannes Film Festival, now repurposed for Ethereum’s flagship European event.
MacKenzie Sigalos
Deutsche Bank recently announced it’s building a tokenization platform on zkSync — a faster, cheaper blockchain built on top of Ethereum — to help asset managers issue and manage tokenized funds, stablecoins, and other real-world assets while meeting regulatory and data protection requirements.
Coinbase and Kraken are also racing to own the crossover between traditional stocks and crypto.
Coinbase has filed with the SEC to offer trading in tokenized public equities, a move that would diversify its revenue stream and bring it into more direct competition with brokerages like Robinhood and eToro.
Kraken announced plans to offer 24/7 trading of U.S. stock tokens in select overseas markets.
BlackRock‘s tokenized money market fund, BUIDL — launched on Ethereum last year — offers qualified investors on-chain access to yield with redemptions settled in USDC in real time.
Stablecoins, meanwhile, continue to serve as the backbone of Ethereum’s financial layer.
“The builders and contributors at EthCC aren’t chasing the next bull run,” Falleur said, “they’re laying the groundwork to make Ethereum home for the next billion users.”
Even as newer blockchains tout faster speeds and lower fees, Ethereum is proving its staying power as a trusted network.
Vitalik Buterin, Ethereum’s co-founder, told CNBC in Cannes that there is an assumption that institutions only care about scale and speed — but in practice, it’s the opposite.
Ethereum co-founder Vitalik Buterin delivers a keynote at ETHCC, laying out the network’s next steps — and its values test — as institutional adoption accelerates.
EthCC
“A lot of institutions basically tell us to our faces that they value Ethereum because it’s stable and dependable, because it doesn’t go down,” he said.
Buterin added that firms often ask about privacy and other long-term features — the kinds of concerns that institutions, he said, “really value.”
Tomasz Stańczak, the new co-executive director of the Ethereum Foundation, said institutions are choosing Ethereum for the same core reasons.
“Ten years without stopping for a moment. Ten years of upgrades, with a huge dedication to security and censorship resistance,” he said.
He added that when institutions send orders to the market, they want to be “absolutely sure that their order is treated fairly, that nobody has preference, that the transaction actually is executed at the time when it’s delivered.”
Those guarantees have become increasingly valuable as stablecoins and tokenized assets move into the mainstream.
Ethereum’s core values — neutrality, security, and censorship resistance — are emerging as competitive advantages.
The real test now is whether Ethereum can scale without losing its values.
“We don’t just want to succeed,” Buterin said from the mainstage of the Palais this week. “We want to be something that is worthy of succeeding.”
He said the hope is that future generations will look back and see a network that truly delivered openness, freedom, and permissionless access to the masses.
White-clad guests dance poolside at the rAAVE party in Cannes.
MacKenzie Sigalos
But the week didn’t end in the conference halls, it closed with tradition. On the balcony of Villa Montana, overlooking the Bay of Cannes, the rAAVE party lit up.
White-clad guests sipped cocktails as the DJ spun by the pool, haze curling from smoke machines.
This year, Chainlink co-founder Sergey Nazarov and DeFi icon Stani Kulechov, founder of Aave, stood atop the balcony overlooking the crowd and the light-dotted skyline of Cannes.
It was a fitting snapshot of the momentum behind Ethereum’s institutional rise and symbolic of Web3’s shift from niche experiment to financial mainstay.