The chip company

Last week we learned just how interconnected the AI chip business really was when CoreWeave, the hottest IPO since sliced bread, revealed a 5.5% stake in the data center upstart Applied Digital, a stake so big it would make the company the fifth-largest owner according to publicly available filings.

Presented by Hey Snackers, A modern six-word flash-fiction masterpiece that says it all: "For sale: president's Tesla, never driven." Last week was a doozy of disses between President Trump and Tesla CEO Elon Musk (some highlights from which we'll wrap up below), but if you were wondering what would happen to that shiny, red EV Trump bought in March, it seems the car — which as of Friday, was still parked at the White House — could soon be yours. On Friday, a good-enough jobs report and news of fresh US-China trade talks helped propel the S&P 500 to close above 6,000 for the first time since February. The benchmark US stock index and Nasdaq 100 rose 1%, while the Russell 2000 led the way with a 1.7% advance. All S&P 500 sectors finished positive, with energy, consumer discretionary, communication services, and financials all up more than 1%. Trivia time: Test your Snacks-pertise with this week's Snacks Seven Quiz. Here's the first question: What is America's most trusted news source? Check your answer. MA B(LACKW)ELL The chip company Last week we learned just how interconnected the AI chip business really was when CoreWeave, the hottest IPO since sliced bread, revealed a 5.5% stake in the data center upstart Applied Digital, a stake so big it would make the company the fifth-largest owner according to publicly available filings.  Who else owns Applied Digital? Nvidia, now the seventh-largest holder, with a 3.4% stake as of the end of Q1. Tying things up even further, of course, is that Nvidia also owns a big chunk of CoreWeave (nearly 7%), which has so far been an immensely profitable position to hold. What's the purpose behind all this? Well, something that immediately springs to mind is that by accelerating the deployment of CoreWeave and Applied Digital's capabilities by providing access to equipment and capital, Nvidia is doing its best to ensure that all the possible near-term demand for AI that can be met is met through Nvidia, one way or another. CoreWeave provides effectively "surge access" to Nvidia's GPUs, and signed a deal with Applied Digital earlier this week to lease data center IT load.  That's crucial, as analysts said it could help the firm realize its ginormous $25.9 billion order backlog more expeditiously. Nvidia CEO Jensen Huang has emphasized his desire for the company to be "the platform that wins" in AI, most recently with respect to access to China, but that's a sentiment that also holds true for the private sector at large. THE TAKEAWAY It's a funky arrangement, a way for companies to tie one another up in their businesses without the stress of rolling everything into the kind of vertically integrated conglomerate that regulators love to needle. It's tough to find a comparable arrangement in this century, but if there is one, it's probably something like the chaebol of South Korea — companies like Samsung that are technically a number of different, independent companies that due to common shareholders and longstanding arrangements function not dissimilarly to a single corporation.  Read more Presented by BOXABL Father-Son Duo Reinvents Home Construction Henry Ford didn't invent the car. He built them quickly and affordably with assembly lines. Now, Paolo and Galiano Tiramani aim to do the same for home construction with BOXABL. Building a new home today can take almost a year. But a new home can roll off BOXABL's assembly lines in hours.  Even more impressive? They fold up and deliver worldwide. Then, they're set up on-site in a day (plumbing and electricity included). No wonder one of America's top homebuilders already invested. Now, BOXABL's prepping for Phase 2, where homes can be combined into larger single-family houses and apartments. And you can share in this growth as a shareholder. But not for long. Invest for $0.80/share today.1 BAD BROMANCE Story we're still watching Last week's bromance breakup was one for the record books, and we counted up some of the ways how: Elon Musk's spat with Trump wiped $152 billion from Tesla. That's the largest one-day drop on record for the EV maker. That would make Musk's "ingratitude" tweet the most costly social media post of all time. Musk himself lost $33.9 billion in one day, which is enough to buy four major sports franchises or a truly insane amount of Cybertrucks. Or, if you are in camp "it's a marketing/publicity stunt," consider that the over $33 billion loss is more than Coca-Cola or Uber has spent on marketing since 2018. We charted it. Finally, we dug into the billions Musk stands to lose from his government contracts and the other screws Trump could turn to hurt Musk. On the other hand, if you're the type who can see opportunities from times of trouble: You're not alone, as the feud triggered a huge wave of retail dip-buying on Friday. Noted Tesla bull Dan Ives is with the dip buyers, writing that the sell-off was an overreaction and he still has a "firmly bullish view of the autonomous future." And those bearish on SpaceX piled into competitors Virgin Galactic and Rocket Lab, which jumped on hopes that Musk's loss could turn into their gain. THE BEST THING WE READ TODAY Nintendo's Switch 2 launch appears to be off to a solid start — but much depends on one game It was easy to forget as the Musk-Trump schism created a black hole that sucked all our attention into it, but last week Nintendo's Switch 2 finally dropped in the US, and photos prove there were plenty of eager gamers waiting in line to hand over $450 for the handheld. But after the first wave of dedicated fans, it may be up to how good the launch game really is to power the console to a superstar finish. The top-selling Nintendo games, ranked Presented by State Street Global Advisors Don't miss out on a mid-cap allocation Want a smart, time-efficient way to invest in companies like Williams-Sonoma, The New York Times Company, Chewy Inc. and more? Tap into the outperformance potential of 400 mid-sized companies in a single trade with MDY — the original mid-cap ETF. Wherever you're headed, getting there starts here.2 What else we're Snackin' No beef here: Amazon-backed Rivian is very cool with Jeff Bezos also investing in Slate Auto Less cool: Uber is having drivers train its AI while partnering with robotaxi companies that could replace them The number of unemployed Americans rose for the fourth straight month, the longest streak since 2009 Popular prediction platform Polymarket is partnering with social network X, allowing users to bet on events as they unfold in real time Snack Fact of the Day On average, the Broadway musical "Hamilton" takes in $1.9 million per week. This Week Monday: Earnings expected from Casey's General Stores Tuesday: Earnings expected from GameStop, Dave and Buster's, and J.M. Smucker Wednesday: May Consumer Price Index. Earnings expected from Chewy, Victoria's Secret, and Oracle Thursday: May Producer Price Index. 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