💸 Airlines take off 💸

The entire airline industry had a smashing day yesterday, with Delta finishing up 12%, United up nearly 15%, American up 13%, Southwest up 7.5%, and JetBlue up 9%. The reason? One of their members, Delta, said that it was a little more certain about the world.

(Daniel Slim/Getty Images) Presented by Hey Snackers, If you want a stapler, a very special staple, a Nintendo Switch 2, and a pair of GameStop CEO Ryan Cohen's underwear, boy, have we got a deal for you! All of those items — plus a trip to Miami and lunch at this fast-food restaurant — can be yours if you win the "GameStop Staplegate Charity Auction" (up on eBay) with a bid of over $1 million. If you don't care about Miami and just want a piece of "Staplegate" lore, you can nab the rest for just six figures.  The S&P 500 rose 0.3% on Thursday, setting new intraday and closing records in the process. The Nasdaq 100 dipped 0.2% while the Russell 2000 continued its strong start to the quarter with a 0.5% advance. Bitcoin rose above $113,000, another all-time high. Tech and communications services were the lone two S&P 500 sector ETFs to end in the red, while consumer discretionary led the way higher. 🧠 Test your knowledge on this week's stories with our Snacks Seven Quiz. Here's a sample question: What is the largest company that isn't part of the S&P 500? Check your answer.  KEEP CLIMBING The price of fear The entire airline industry had a smashing day yesterday, with Delta finishing up 12%, United up nearly 15%, American up 13%, Southwest up 7.5%, and JetBlue up 9%. The reason? One of their members, Delta, said that it was a little more certain about the world.  Delta began the year saying that 2025 had the potential to be its best fiscal year in a century. That dream fizzled out within three months amid "uncertainty around global trade." When the airline reported second-quarter earnings on Thursday, it said something crucial: things have stabilized, even going so far as to restore the full-year earnings outlook that it had yanked right after the tariff chaos made it incredibly hard to foretell the future.  That's it! That's what sent the entire industry soaring: just the indication that one company has determined that it won't actually have to fly blind for the rest of the year. The cost of that uncertainty had been holding down the industry's market cap by billions of dollars.  THE TAKEAWAY If one little forecast was enough to unlock billions in shareholder value across the entire aviation industry, it's certainly worth asking the question: what other industries are suffering from this implicit price devaluation owing to the ambiguity around tariffs and federal policy?  Read more Presented by Pacaso The Private Stock Popping Up in Big-Name Portfolios Pacaso is a private company. When five respected venture capital firms invest in the same company, people take notice. The company? Pacaso (Nasdaq ticker reserved: PCSO).1 Now everyday investors like you have the opportunity to join them.  Pacaso created the vacation home co-ownership category in 2020, and today over 2,000 people have owned a home through their platform. Pacaso has generated $100M+ in gross profits since 2021,2 and their 2024 gross profits of $21.4M took them to 41% YoY growth.3  And they have no plans to slow down – they have their eyes on expanding to locations like Italy and adding more homes in the Caribbean.  You can share in that growth potential as they scale in this $1.3T market.4 This is your chance to invest in a growing real estate innovator already backed by venture capitalists. Become a Pacaso shareholder here.5  ICE TO MEET YOU Vertiv gets the Amazon Basics treatment Vertiv Holdings is one of those massive data center infrastructure businesses that have been a bit of a darling for traders trying to get in on the AI trade, but a powerful customer defecting to become a potential rival sent the stock down 6% yesterday. That customer is none other than Amazon, which has been in the business of making in-house versions of competitors' products for years.  The e-commerce and cloud behemoth announced late on Wednesday that it's developed its own cooling system called the In-Row Heat Exchanger (IRHX). These will be used to cool down racks upon racks of Nvidia GPUs in data centers. The company considered building liquid-cooled data centers from scratch, but it would have taken too long and the time frame wouldn't be compatible with the access to Blackwell chips. Using cooling systems currently on offer "didn't scale," executive Dave Brown added, because they took up too much floor space. So Amazon made its own. This is bad news for Vertiv, given that the exact kind of liquid-cooling system that Amazon has developed in IRHX is a pretty substantial part of Vertiv's business — "around 10% of overall sales," Business Insider senior analyst Mustafa Okur calculated — not to mention that Amazon Web Services may very well have been one of its largest customers.  THE TAKEAWAY It's been the kiss of death for many companies, if not industries, when Amazon decides it wants to enter the space. Vertiv gets to go on an exciting journey that has been taken by everyone from alkaline batteries to cloud competitors to see if Amazon muscling into their business is survivable.  Read more THE BEST THING WE READ TODAY To speed or not to speed? That is the self-driving question. Whether 'tis nobler in the mind to suffer the honks and beeps of faster cars or take action amongst a sea of speeders and by joining, become them... That's probably what Shakespeare would have written were the Bard pondering the question posed to Waymo and Tesla, which have taken opposing stances in the self-driving space. Here's where they stand and why. Presented by Grayscale Demystify crypto to help diversify your portfolio. Grayscale has been educating investors on crypto for over a decade. Their deep expertise in managing crypto investment products means they can help you understand the basics of blockchain or dive deeper into smart contracts, NFTs, and more.  Learn more at grayscale.com/crypto-journey. Grayscale. Invest in your share of the future.6 Investing involves risk and possible loss of principal. Visit grayscale.com for more information. MOVES Yesterday's Big Daily Movers  AMD rose after HSBC doubled its price target to match the highest on the Street WK Kellogg's stock snapped, crackled, and popped on news it's being acquired by Italian chocolate maker Ferrero After the US government announced plans to take a large stake in MP Materials, the miner's shares rose 50%, with the news boosting USA Rare Earth 12% as well What else we're Snackin' President Trump's tax bill effectively grants a monopoly to Anduril to build "autonomous" border surveillance towers  Here's what Elon Musk and the UK's version of a Treasury chief have in common  As bitcoin crosses another all-time high, everyone's buying bitcoin… except Strategy And as Nvidia reaches a new milestone, it's still cheap to be greedy on another rally toward $5 trillion What's not cheap? Hiring AI talent. Meta poached Apple's head of AI models and it cost the company nine figures But Meta has the money — it also just spent $3.5 billion for a stake in the business that makes Ray-Bans  Snack Fact of the Day Over half of Netflix subscribers watch anime. Friday Monthly US federal budget   Advertiser's disclosures: 1 Pacaso recently received their ticker reservation with Nasdaq ($PCSO). Reserving the ticker symbol is not a guarantee that the company will go public. Listing on the Nasdaq is subject to approvals. 2 The $100M gross profit is calculated from 2021-2024. For more details on the gross profit for 2021- 2023, please see management discussion of the financial condition section of the offering circular. For more details on the 2024 gross profit, please see the 1-K Financial Statements section. 3 Past performance is not indicative of future performance. Gross profit growth is based on the offering circular and 1-K. This gross profit growth has been driven by both the type and the price of units sold. For more details on the gross profit for 2023, please see management discussion of the financial condition section of the offering circular (p.41). For more details on the 2024 gross profit, please see the 1-K Financial Statements section (p.12). 4 Pacaso estimates the U.S. market at $1.3 trillion and the European market as $500 billion. See website for further details.  5 The minimum investment is $1,035.52 when including the 3.5% investor fee. This is a paid advertisement for Pacaso's Regulation A offering. Please read the offering circular and related risks at invest.pacaso.com. Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities. 6 Please read the prospectus carefully before investing in any fund. Was this email forwarded to you? Don't miss out on future stories — subscribe to Snacks and get your daily dose of financial news straight to your inbox.  Craving more insights in your inbox? Subscribe to Chartr and The Wrap for quality reads. Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... See more Sherwood Terms and Conditions Our Editorial Standards Contact Us Advertise With Us Unsubscribe Privacy Policy