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  • đŸ„ United Healthcare Down Nearly 20%

đŸ„ United Healthcare Down Nearly 20%

+ Airbnb Revamps App With Luxury Services, Curated Tours in Push Beyond Stays

May 13, 2025

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Good afternoon! Perplexity AI is reportedly closing in on a $500 million funding round that would boost its valuation to $14 billion—up 50% from just six months ago. Led by VC giant Accel, the raise underscores investor enthusiasm for startups challenging Google’s grip on the search market.

The company’s ChatGPT-style answers and its upcoming Comet browser are gaining traction as Safari searches dwindle, prompting Apple to explore partnerships with Perplexity and others. But not everyone’s cheering: lawsuits from Dow Jones and The New York Times are testing its business model. With Accel’s Sameer Gandhi joining the board, Perplexity has momentum—but it’ll need to navigate both legal heat and Big Tech competition to keep its lead.

MARKETS

*Stock data as of market close*

  • Wall Street got the inflation print it was hoping for. A cooler-than-expected consumer price report sent stocks higher on Tuesday, lifting the S&P 500 back into positive territory for the year and fueling more tech-led gains.

  • With inflation down and US-China trade tensions thawing, investors are cautiously optimistic that the economic tide is turning. The Nasdaq continued its rally while the Dow lagged—proof that for now, growth stories are back in fashion.

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STOCKS
Winners & Losers

What’s up 📈

  • Coinbase exploded 23.97% on news that it will join the S&P 500 next week. ($COIN)

  • First Solar soared 22.66% after a bullish upgrade from Wolfe Research citing massive upside from clean energy tax credits. ($FSLR)

  • Intuitive Machines rallied 22.42% as better-than-expected operating income and free cash flow offset a revenue miss. ($LUNR)

  • Super Micro Computer jumped 16.02% after Raymond James initiated coverage with an “outperform” rating. ($SMCI)

  • Hims & Hers Health gained 15.92% as momentum built across health-tech names. ($HIMS)

  • On Holding rose 11.83% after beating earnings and revenue estimates. ($ONON)

  • Robinhood Markets climbed 8.95% as they announced acquisition of Canadian crypto company WonderFi. ($HOOD)

  • Palantir added 8.14%, continuing its recent rally. ($PLTR)

  • Sea Limited rose 8.20% after beating EBITDA expectations by a wide margin. ($SE)

  • AppLovin gained 6.38% after strong results and a divestment announcement. ($APP)

  • Nvidia jumped 5.63% after announcing it will send 18,000 AI chips to Saudi firm Humain. ($NVDA)

What’s down 📉

  • UnitedHealth Group plunged 17.79% after CEO Andrew Witty announced plans to step down and the company pulled 2025 guidance. ($UNH)

  • Hertz Global Holdings fell 16.93% after missing on revenue and earnings and guiding for fewer rentals. ($HTZ)

  • Rigetti Computing dropped 14.59% following a weak revenue report despite a slight earnings beat. ($RGTI)

  • Honda Motor declined 4.20% after warning about tariff impacts and delaying a planned EV plant. ($HMC)

  • Enphase Energy lost 4.82% after Barclays downgraded the stock on weaker residential solar demand. ($ENPH)

HEALTH
UnitedHealth Group CEO Andrew Witty steps down, company suspends annual forecast

If UnitedHealth was hoping to start the week quietly, mission definitely not accomplished.

In a move that stunned Wall Street, UnitedHealth CEO Andrew Witty is leaving due to “personal reasons” and suspended its 2025 earnings guidance, sending its stock down 18% and wiping out more than $60 billion in market value. Stepping back in is former CEO and current chairman Stephen Hemsley, the executive who once led UnitedHealth through its golden era of growth. His return signals one thing: this isn’t a hiccup—it’s a crisis.

Medicare Advantage Turns into a Liability

The health insurance titan has been battered by soaring Medicare costs, a $3.1 billion cyberattack, the murder of a top insurance executive, and federal investigations into antitrust and billing practices. Witty, who took over in 2021, struggled to steady the ship, and investors finally lost patience after the company slashed its earnings outlook in April—then pulled it entirely this week. Hemsley says the issues are executional, not strategic, but acknowledged, “I’m deeply disappointed... and I apologize.”

At the core of the problem is UnitedHealth’s heavy bet on Medicare Advantage, a market it once dominated. The company has been blindsided by rising care costs, especially among new enrollees with undiagnosed conditions. While competitors like Humana and Elevance aren’t sounding similar alarms, UnitedHealth is now scrambling to contain the damage—and reassure investors it still knows how to forecast its own future.

The Contagion Spreads Across the Sector

The fallout isn’t contained to just one company. Shares of CVS, Humana, and Elevance also slid on the news, reflecting broader anxiety about Medicare profitability and sector-wide pricing pressure—especially as Trump’s latest executive order takes aim at drug prices and potential pharma tariffs loom.

Bottom line: UnitedHealth, once the steadiest name in healthcare, now looks like a case study in strategic overreach and operational breakdown. Hemsley’s comeback may calm markets for now—but turning this around will take more than just a familiar face.

NEWS
Market Movements

TECH
Airbnb Revamps App With Luxury Services, Curated Tours in Push Beyond Stays

Airbnb is officially outgrowing the house it built. On Tuesday, the company launched a massive app redesign and a suite of new services that go well beyond vacation stays—now you can book chefs, personal trainers, makeup artists, massages, and even curated tours like a behind-the-scenes walk through Notre-Dame with its restoration architect.

The revamped app features 10 categories of in-home services across 260 cities, all vetted by Airbnb and available even if you’re not traveling. Meanwhile, its relaunched Experiences tab includes nearly 20,000 curated activities in 650 cities—many priced under $70. You can now book Kansas City BBQ with Patrick Mahomes or make ramen with a chef in Tokyo.

The Post-Pandemic Pivot

The push comes at a critical moment. Airbnb’s core rental business is slowing after the post-pandemic travel spike, and the company recently issued a weak Q2 outlook citing softer US demand. CEO Brian Chesky’s vision? Turn Airbnb into a weekly-use lifestyle platform, not just a place to crash. “What if people monetize their biggest asset—time?” Chesky asked.

From Hospitality to Lifestyle

This shift puts Airbnb into direct competition with everything from Viator and GetYourGuide to your neighborhood spa. Airbnb’s bet: curation and quality will win. Every service provider is handpicked, with most having 10+ years of experience. Unlike past attempts, Chesky says the company won’t flood the app with filler—only standout offerings make the cut.

Bottom Line: Airbnb isn’t just competing with hotels anymore—it’s trying to become one, plus your event planner, trainer, glam team, and tour guide. It's a bold leap—but if Chesky can pull it off, Airbnb won’t just be where you stay. It'll be how you live.

Calendar
On The Horizon

Tomorrow

Wednesday’s a bit of a snoozer on the economic calendar—no major data drops are lined up.

But if you’re desperate for some monetary policy flavor, you can catch remarks from Fed Governor Christopher Waller, Vice Chair Philip Jefferson, and San Francisco Fed President Mary Daly. Think of it as a vibes check from the folks who help steer interest rates.

NEWS
The Daily Rundown

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