Good afternoon! Contestants on The Price Is Right at Night wildly missed the mark when asked to guess the cost of Apple’s Vision Pro headset, with bids landing more than $2,000 under the $3,499 retail price.

Since its debut, the Vision Pro’s price tag has consistently shocked audiences—both at WWDC and now on national TV. While Apple says it's targeting early adopters, even the most loyal fans seem to struggle with justifying the price of "tomorrow's technology today."

MARKETS

• Markets finished higher Friday, capping a five-day winning streak as trade tensions with China cooled and investor confidence held steady. The major indexes all posted solid weekly gains, with the Nasdaq leading the charge.

• President Trump said the US will stop negotiating individual trade deals and instead notify countries of what they’ll owe to do business stateside—signaling a more aggressive trade stance just as markets were catching their breath.

STOCKS
Winners & Losers

What’s up 📈

• Virgin Galactic soared 43.28% after announcing it will resume commercial spaceflights. ($SPCE)

• Quantum Computing rose 39.29% after completing foundational work for its quantum chip foundry. ($QUBT)

• CoreWeave surged 22.09% after Nvidia revealed a larger-than-expected stake. ($CRWV)

• D-Wave Quantum gained 11.06% alongside a broader rally in quantum tech. ($QBTS)

• Archer Aviation climbed 9.11% after being named the official air taxi provider for the 2028 Olympics. ($ACHR)

• Coinbase rebounded 9.01% after analysts called the SEC probe and hack reaction “overblown.” ($COIN)

• Vistra rose 3% following its $1.9 billion acquisition of seven natural gas facilities. ($VST)

• Galaxy Digital debuted on Nasdaq and added 4.06% in its first session. ($GLXY)

• Fiserv bounced 4.73% as traders bought the dip after a steep weekly decline. ($FI)

• Constellation Brands ticked up 2.61% after Berkshire Hathaway doubled its stake. ($STZ)

What’s down 📉

• Doximity plunged 10.08% after issuing weak Q1 and full-year guidance. ($DOCS)

• Applied Materials slipped 5.25% after missing fiscal Q2 revenue estimates. ($AMAT)

• Novo Nordisk dropped 2.69% after its CEO announced plans to step down. ($NVO)

• Cava fell 2.27% after reiterating full-year same-store sales growth guidance, implying a slowdown. ($CAVA)

• Take-Two Interactive slid 2.41% after issuing weaker-than-expected bookings forecasts. ($TTWO)

MERGER
Charter Agrees to Combine With Cox in $34.5 Billion Deal

Charter Communications is buying Cox Communications in a $34.5 billion cash-and-stock deal, combining two of America’s biggest cable providers into one broadband juggernaut. The merger will add more than 6 million subscribers to Charter’s books, making the newly formed company the largest broadband operator in the U.S.

Within a year of closing, the combined entity will be called Cox Communications, while Charter’s Spectrum brand sticks around as the name consumers will still see on their internet bills. The Cox family will own about 23% of the new company and nab board seats, officially trading decades of full ownership for a bigger seat at a bigger table.

Streaming vs. Scaling

Why now? Because cable is bleeding. Charter and Cox are losing video subscribers to streaming giants and internet customers to 5G home broadband. The best fix? Scale. By joining forces, the duo hopes to better compete with wireless carriers, bundle more services, and unlock $500 million in cost synergies over three years.

And don’t forget the political backdrop: Charter’s already playing to regulators by pledging to “put America first” and repatriate overseas call center jobs—likely hoping that message resonates in a Trump-led FCC that’s been showing antitrust teeth.

Cable’s New Playbook

For decades, cable was king. But these days, it’s fighting for relevance in a world dominated by Netflix, Starlink, and Amazon. Charter’s move to swallow Cox—and take on its debt—shows just how high the stakes are to stay in the game. If this deal goes through, it could reshape the future of broadband, and maybe even revive a fading industry by proving that in cable, size still matters.

NEWS
Market Movements

• 📉 Moody’s Downgrades U.S. Credit Rating to Aa1: The last major agency to hold the U.S. at a perfect rating cited unsustainable debt and deficits, pushing Treasury yields higher and stoking fears the downgrade could stick longer than previous cuts.

• 🚀 CoreWeave Jumps on Nvidia’s $900M Vote of Confidence: CoreWeave soared 22% after an SEC filing showed Nvidia’s $900 million stake in the AI cloud company, signaling continued bullishness on AI infrastructure. ($CRWV) ($NVDA)

• ⚕️ Novo Nordisk Ousts CEO Amid Stock Slide and GLP-1 Challenges: CEO Lars Fruergaard Jørgensen will step down as Ozempic and Wegovy face stiff competition from Eli Lilly’s superior weight-loss drugs. ($NVO) ($LLY) ($HIMS)

• 💼 Nvidia-Linked Stocks Surge on Q1 13F Filing: Applied Digital, SoundHound AI, and others popped as Nvidia’s public investment positions became known, turning its 13F into a market-moving event. ($NVDA) ($CRVW) ($APLD) ($SOUN) ($WRD)

• 🎮 Take-Two Tumbles After ‘GTA 6’ Delayed Past FY26: With “GTA 6” revenue missing this fiscal year, Take-Two posted a light forecast and leaned heavily on mobile sales via its Zynga acquisition. ($TTWO)

• 📺 YouTube Flexes TV Dominance With AI-Powered Ads: Google’s platform introduced “Peak Points” ad targeting and shoppable QR codes as it becomes the most-watched TV distributor in the U.S. ($GOOGL) ($NFLX) ($AMZN) ($CMCSA) ($PARA)

• 🚨 Meta Tied to Epidemic of Scams Across Facebook and Instagram: A WSJ report said Meta accounts for nearly half of scams reported through Zelle, with 70% of new advertisers promoting fraud or illicit goods. ($META)

• 🧑‍⚖️ Tesla Adds Chipotle Exec to Board Amid Turbulence: John R. Hartung, Chipotle’s longtime president, joins Tesla’s board and audit committee as the EV giant faces slowing demand and regulatory headwinds. ($TSLA) ($CMG) ($MCD)

• 🛰️ Nvidia, Cisco, Oracle and OpenAI are backing the “UAE Stargate” AI data center: The new 5-gigawatt facility in Abu Dhabi will work in tandem with the U.S.-based Stargate initiative announced by President Trump, with Nvidia supplying its powerful Blackwell GB300 chips and Oracle co-founder Larry Ellison participating in both projects. ($NVDA) ($CSCO) ($ORCL)

STOCKS
Here’s What Wall Street’s Biggest Investors Bought (and Sold) in Q1

 Wall Street just hit “publish” on one of its most revealing rituals—13F filings. These quarterly disclosures give the public a look into what stocks the market’s biggest players were buying, selling, or totally ghosting. The deadline hit yesterday, and we’ve now got a fresh batch of moves from the folks who manage billions.

Scion Asset Management (Michael Burry)

The man best known for shorting the housing market—and starring in The Big Short—hit the eject button. Burry dumped nearly everything last quarter, keeping only a few bearish bets via put options on Nvidia and some Chinese stocks. He also doubled down on Estée Lauder. Either he’s preparing for financial armageddon… or just calling game and walking off the court.

Icahn Enterprises (Carl Icahn)

Never one to shy away from a fight, Icahn doubled his stake in JetBlue and secured two board seats after an activist push. He also made a big bet on Illumina, while trimming exposure to Southwest Gas. Looks like Carl’s taking his activist toolkit from energy to airlines—and eyeing biotech as his next frontier.

Appaloosa Management (David Tepper)

Tepper changed his tune on China. Once bullish on a Beijing bounce, he slashed stakes in Alibaba, JD. com, PDD, and Baidu—some by nearly 50%. In their place? Fresh positions in L3Harris, Deutsche Bank, Broadcom, and a ride with Uber. Call it a pivot from policy risk to defense and mobility.

Pershing Square (Bill Ackman)

 Ackman went big on Uber—30 million shares big. He also padded his bets on Brookfield and Hertz, but trimmed his exposure to Alphabet, Hilton, and Chipotle. The biggest move? A full goodbye to Nike. Maybe Bill’s not vibing with the swoosh anymore.

Berkshire Hathaway (Warren Buffett)

The Oracle kept Apple untouched (all 300 million shares), but continued paring back on banks. He slashed more of Bank of America and fully exited Citigroup. On the flip side, he doubled his stake in Constellation Brands—aka the folks behind Modelo and Corona. With valuations high and interest rates sticky, it seems Buffett would rather bet on beer than banking.

Calendar
On The Horizon

Next Week

Next week’s economic calendar won’t break any records—just a trickle of updates like leading indicators on Monday and the usual jobless claims on Thursday, plus some PMIs and housing figures. New home sales on Friday close out what’s shaping up to be a pretty mild week for hard numbers.

What the data lacks, the Fed more than makes up for. John Williams kicks things off with a speech Monday (and circles back Thursday), while Tom Barkin, Susan Collins, and Alberto Musalem take turns on Tuesday. A Fed Listens event midweek brings even more chatter, featuring Barkin again and Governor Michelle Bowman.

Earnings:

• Here’s how earnings are shaping up midweek:

• Tuesday: Keep an eye on The Home Depot, Bilibili, and Toll Brothers.

• Wednesday: A bigger batch rolls in, including Lowe’s, Baidu, TJX Companies, Snowflake, Medtronic, and Wix.

• Thursday: The lineup includes Intuit, Analog Devices, BJ’s Wholesale Club, TD Bank, Deckers Outdoor, and Advance Auto Parts.

NEWS
The Daily Rundown

• 📜 Harvard’s $27.50 Magna Carta Worth Millions: A decades-old Harvard archive find turned out to be a 725-year-old original Magna Carta, now worth tens of millions.

• ✈️ Denver Airport Faces Brief Comms Outage: FAA reported a 90-second blackout in air traffic communications at Denver International, raising concerns over outdated infrastructure.

• 🕊️ Russia-Ukraine Talks Collapse in Istanbul: Peace negotiations stalled after Russia demanded major concessions; both sides did agree to a prisoner exchange and continued correspondence.

• 💸 Walmart to Raise Prices as Tariffs Bite: Despite a 90-day tariff reduction window, Walmart says it’s already seeing cost pressures from suppliers and will raise prices on items like electronics while keeping grocery costs low to retain shoppers.

• ⚖️ SCOTUS Leans Against Trump’s Citizenship Order: The Supreme Court appeared skeptical of Trump’s birthright citizenship order but open to limiting the ability of lower courts to block such policies nationwide.

• 🧠 Coinbase Investigated and Ransomed: The SEC is probing Coinbase’s user metrics while the company also faces a $400M potential hit from a hack linked to rogue agents.

• 🎥 Nolan’s ‘The Odyssey’ Will Be First Full IMAX Film: Christopher Nolan’s epic starring Matt Damon and Zendaya will be the first feature shot entirely on IMAX film, set for a 2026 release.

• 🗣️ Jamie Dimon Regrets Town Hall Rant but Stands Firm: JPMorgan CEO apologized for explicit language criticizing remote work but doubled down on pushing for in-office collaboration.

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