✈️ Boeing’s Rise From The Ashes

Good afternoon! Slate Auto has racked up 100,000 reservations for its budget electric pickup just two weeks after stepping out of stealth mode. The minimalist EV, which starts under $20,000 after federal tax credits, promises customization and affordability—a potent mix in today’s auto market. The company plans to build the truck at a former printing plant in Indiana and claims it can produce up to 150,000 vehicles annually by 2027.

But EV veterans know the road from hype to delivery is long and bumpy. Just ask Tesla fans still waiting on the original Roadster reboot from 2017, or anyone who backed Fisker or Lordstown. A $50 refundable deposit may be a good marketing headline, but it’s not a production guarantee. With big-name backers like Jeff Bezos and General Catalyst, Slate’s ambitions are sky-high—now it just has to deliver.

MARKETS

• Stocks took a breather Wednesday after a big start to the week. The S&P 500 barely budged, while the Dow slipped and the Nasdaq managed a modest rise—thanks largely to tech’s continued momentum.

• Tariff anxiety kept a lid on gains as traders tried to gauge what’s next on the trade front. Even gold cooled off, hitting a one-month low, while bond yields ticked higher with the 10-year finishing above 4.5% for the first time since February.

STOCKS
Winners & Losers

What’s up 📈

• Super Micro Computer surged 15.71% on continued momentum following an “outperform” rating from Raymond James. ($SMCI)

• Exelixis jumped 20.84% after the company beat Q1 expectations and raised full-year revenue guidance. ($EXEL)

• Septerna popped 50.97% after Novo Nordisk agreed to license its obesity pill candidate in a $2.2 billion deal. ($SEPN)

• Oklo rose 15.55% after the nuclear startup posted a smaller-than-expected quarterly loss. ($OKLO)

• eToro gained 28.90% after its Nasdaq debut priced at $52 and quickly surged past $72. ($ETOR)

• Nvidia climbed 4.16% after announcing a major AI chip deal with Saudi Arabia's Humain. ($NVDA)

• Advanced Micro Devices increased 4.68% following news of its involvement in the Humain project and a $6 billion buyback program. ($AMD)

• PVH gained 8.42% after Jefferies upgraded the stock to “buy,” citing its business transformation strategy. ($PVH)

• Boeing ticked up 0.64% after securing a $96 billion aircraft deal with Qatar Airways. ($BA)

What’s down 📉

• Grail fell 23.32% after the company missed quarterly revenue expectations. ($GRAL)

• Aurora Innovation dropped 6.28% after Uber announced $1 billion in convertible notes exchangeable into Aurora shares. ($AUR)

• JD. com slipped 4.08% after Morgan Stanley cut its price target, citing concerns over earnings growth and delivery losses. ($JD)

• American Eagle Outfitters declined 6.45% after withdrawing 2025 guidance and forecasting a 5% drop in Q1 sales. ($AEO)

• United Airlines fell 4.37% and Delta Air Lines lost 4.55% after the FAA proposed cutting flights out of Newark Airport. ($UAL, $DAL)

AIRLINES
Boeing inks record-breaking deal for Qatar Airways to buy up to 210 planes

Boeing just bagged the biggest jet order in its history. On Wednesday, the planemaker signed a $96 billion deal with Qatar Airways for up to 210 widebody aircraft—130 Dreamliners, 30 777Xs, and an option for 50 more—plus over 400 GE Aerospace engines, marking GE’s largest-ever widebody engine order. The ceremony in Doha was headlined by President Trump and Qatar’s Emir, with Boeing CEO Kelly Ortberg inking the pact.

For Boeing, this is more than a sale—it’s a resurrection story. After factory scandals, a massive strike, a near-fatal 2024 safety crisis, and years of losses, the order breathes new life into the company’s commercial division. Shares soared as much as 3.1%, capping a 50% rebound since April lows driven by tariff fears and Chinese retaliation.

More Than Just Jets

This isn't just a Boeing win—it’s a full-blown Middle East deal bonanza. The White House says the order will support 154,000 U.S. jobs annually and was part of a broader tour by Trump securing over $243.5 billion in investment deals across AI, energy, and defense. While Qatar’s 787 order will boost Boeing’s South Carolina plant, other U.S. firms like GE Vernova, RTX (Raytheon), and Oracle also scored major wins during the trip.

And while Boeing celebrates, the optics around Trump’s potential acceptance of a Qatari 747 as a stand-in Air Force One are drawing fire. Critics are questioning whether such a "gift" raises conflicts of interest, especially as Trump continues to negotiate deals while in office.

The Bigger Picture

The record order reinforces the Middle East’s position as a global aviation powerhouse, and Qatar Airways’ ambition to dominate long-haul traffic. The deal also comes as airlines look to refresh fleets post-pandemic and as Boeing continues chasing certification for the long-delayed 777X. For Ortberg, who came out of retirement to right the ship, this is a massive reputational win.

Bottom line: After a brutal year, Boeing’s back in the cockpit—and with the White House playing co-pilot, its flight path just got a lot smoother.

NEWS
Market Movements

• 📈 CoreWeave smashes expectations in first earnings post-IPO: Revenue soared 420% to $981.6M, beating estimates, driven by AI infrastructure demand and a new $4B deal with OpenAI. Despite the beat, shares dropped 5% after-hours due to widening losses and a hefty $20B–$23B capex forecast. ($CRWV)

• 👋 Warren Buffett explains retirement at 94: Buffett told the Wall Street Journal he stepped down as Berkshire Hathaway CEO because of age-related health concerns, despite still feeling mentally sharp. Greg Abel will take over in 2026, while Buffett remains chairman. ($BRK.A)

• 🚌 Uber unveils “Route Share” feature: Uber announced a new shared ride option offering pickups every 20 minutes at up to 50% off UberX fares—essentially reinventing the bus. It joins Uber’s long list of shuttle-like offerings over the years. ($UBER)

• 💸 AMD rallies on new $6B buyback plan: AMD shares jumped 6% after the company approved an additional $6B stock repurchase, bringing total buyback capacity to $10B as of Q1. ($AMD)

• ⚖️ UnitedHealth under DOJ criminal fraud probe: The Justice Department is investigating UnitedHealth for potential Medicare Advantage fraud, focusing on billing practices that may have led to inflated taxpayer payments. Shares have tumbled nearly 50% in a month. ($UNH)

• 🎮 Sony jumps on beat and $1.7B buyback: Sony shares rose 5% premarket after EPS and full-year results topped expectations. The company warned of a ¥100B ($684M) tariff hit in 2025 but committed to returning capital via a ¥250B buyback. ($SONY)

• 🛰️ Rocket Lab soars after recovery mission: Rocket Lab shares climbed over 10% after successfully completing its second Earth-return mission in two months, even as short interest remains elevated at nearly 15% of float. ($RKLB)

• 📺 ESPN to launch standalone streaming app: Disney will roll out an all-access ESPN streaming service for $29.99/month, or $35.99 bundled with Disney+ and Hulu, targeting cord-cutters and ESPN+ users. ($DIS)

• ⚖️ E.U. court sides with NYT in Pfizer case: An E.U. court ruled the European Commission wrongly denied access to texts between Commission President von der Leyen and Pfizer’s CEO during vaccine negotiations, following a lawsuit by the New York Times. ($NYT, $PFE)

• ☁️ Databricks acquires Neon for $1B: Data analytics giant Databricks is buying database startup Neon to enhance its AI and cloud offerings. Neon is backed by Microsoft and Snowflake and serves clients like OpenAI and Adobe. ($MSFT, $SNOW, $ADBE, $AMZN)

FINTECH
eToro Soars in Trading Debut and Chime Files to Go Public.

Retail investing platform eToro made a grand entrance onto the Nasdaq, soaring nearly 30% in its first day of trading and closing at $67 per share, well above its IPO price of $52. The Israel-based fintech raised $620 million in an upsized offering, valuing the company at over $5.5 billion and marking a strong rebound for the U.S. IPO market.

The offering was more than 20x oversubscribed, with anchor interest from BlackRock and others. For a company that once abandoned a SPAC merger at a $10.4B valuation, the IPO marks a mature return—one focused more on profit than hype. eToro pulled in $192 million in profit on $787 million in net contribution last year, with CEO Yoni Assia touting a shift from “growth at all costs” to sustainable scaling.

Chime Joins the Queue

Hot on eToro’s heels, Chime filed to go public just one day prior. The neobank, known for early paycheck access and overdraft protection, reported its first quarterly profit this year. Chime’s debut will be closely watched as it tests investor appetite for fintechs still finding their footing. Meanwhile, Klarna remains on the sidelines after suspending its IPO in April amid tariff turmoil.

Fintech Is Back—But Watch the Pressure

With markets slowly recovering from IPO fatigue and geopolitical headwinds, fintech firms are sensing an opening. But the pressure’s on. Now-public eToro must prove it can compete with giants like Robinhood and Coinbase, especially as investor focus shifts from growth to profitability. Assia acknowledged that all eyes are on them: “Part of being public is delivering.”

The early pop may be great for headlines—but the real test begins now.

Calendar
On The Horizon

Tomorrow

Thursday’s shaping up to be a whirlwind. A fresh batch of economic reports is on deck—think wholesale inflation, jobless claims, regional Fed readings, and a check-in on homebuilder morale—all hitting before lunchtime.

It’s also a loaded day for earnings. Expect updates from the likes of Alibaba, Cava, Deere, and Birkenstock

Before Market Open:

• Walmart has spent the past two years riding high on a resilient U.S. consumer, consistently topping Wall Street’s revenue forecasts. But with expectations now sky-high and the stock price reflecting that optimism, some analysts are bracing for a possible cooldown. The good news? Its booming e-commerce business continues to be a bright spot that could help keep the momentum going. ($WMT)

After Market Close:

• Take-Two’s earnings won’t just be about the numbers—they’ll be about the calendar. The delay of Grand Theft Auto 6 has raised some eyebrows, and investors will want more clarity on what to expect from next year’s blockbuster release. In the meantime, a dip in current online revenue wouldn’t be a surprise as players hit pause on older titles in anticipation. ($TTWO)

NEWS
The Daily Rundown

• 🏀 Dallas Mavericks win top pick with 1.8% odds: After trading Luka Dončić, the Mavs improbably landed the No. 1 pick in the NBA Draft—despite having just a 1.8% chance. They’re expected to select Duke star Cooper Flagg. ($DIS for ESPN)

• 📉 Inflation rose 2.3% in April, but tariffs loom: April’s modest CPI increase suggests cooling inflation for now, but analysts warn upcoming reports may show sharper impacts from recent tariff hikes.

• 🌍 Foreign tourists are avoiding the US in droves: The US is expected to lose $12.5 billion in international tourism revenue this year, a 7% drop from 2024 and the only major country projected to see a decline. Rising political tensions, a strong dollar, and safety concerns are pushing travelers to other destinations.

• 🔋 GM claims EV battery breakthrough by 2028: GM said it’s developing cobalt- and nickel-free lithium manganese-rich batteries that could reduce EV costs and improve range, aiming to beat rivals like Ford to market. ($GM)

• ⛰️ Climbers try Everest in 7 days with xenon gas: A group led by Austrian guide Lukas Furtenbach plans to summit Everest in under a week using xenon gas to speed up red blood cell production. Experts warn the science isn’t settled and the risk of health issues remains high.

• 🇨🇦 New York hit hardest by Canada’s boycott: Tourism to New York is projected to fall 17% in 2025, with Canadian visitors dropping sharply due to political backlash. Expedia reports a 30% decrease in Canadian bookings, and Gov. Kathy Hochul says regions near the border are seeing steep declines.

• ✈️ United Airlines adds luxury perks to Polaris class: United will roll

• out new Polaris Studio suites with caviar, noise-canceling headphones, and pajamas to win over high-end international travelers starting in 2026. ($UAL)

• 🧀 TGI Fridays revamps 85% of its menu post-bankruptcy: After filing for bankruptcy in late 2024, the restaurant chain unveiled a new menu featuring three mozzarella stick flavors and revamped dishes to draw back customers.

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