Clear your cal if you need to fly

Peptides, the gray-market supplements that have flooded Silicon Valley, may soon make their way into the mainstream. Who stands to benefit?

(Sherwood Media) Presented by Hey Snackers, The toughest benchmark that challenges AI models to solve mini video games with no written instructions just got a whole lot tougher. As designed, the games are easy for humans to figure out after a few minutes of experimentation, but incredibly difficult for computers to solve, as shown by these terrible stats. See how you do. 🧠 Want an easier test? Try this futures quiz. Here's a timely question: "Light" crude oil refers to… Check your answer. All three major US indexes fell on Thursday, with the Nasdaq Composite officially falling into a correction as the markets reacted to waves of news from the conflict in the Middle East that raised doubts that a ceasefire would happen. The sell-off accelerated following a Cabinet meeting in which President Trump said Iran needed to make a deal or the US would "just keep blowing them away," and news that Iran saw the US's exit proposal as "one-sided and unfair." It was the worst day for stocks since the beginning of the war with Iran, with the S&P 500 dropping 1.7% and the Nasdaq 100 falling 2.4%.  All sectors ended the day in the red except energy, with US oil futures rising above $94. PEP IN YOUR STEP How impending deregulation could supercharge a shadow industry of peptides into a gold rush Peptides are a staple of the Silicon Valley wellness underground. But impending actions by the Trump administration could push them into the mainstream, a shift that could commercialize a category of supplements currently in the gray market.  Peptides are compounds consisting of chains of amino acids. Insulin, which millions of people take to manage diabetes, is a peptide. Semaglutide, the active ingredient in Ozempic, is also a peptide.  Health Secretary Robert F. Kennedy Jr. is reportedly poised to allow compounding pharmacies to dispense certain peptides that are currently restricted by the Food and Drug Administration.  Currently, consumers are bypassing the FDA by buying vials of peptides labeled "for research use only" and then conducting that research on themselves.  Search interest in the US for "peptides" has skyrocketed and now even surpassed searches for "ozempic." The global peptide therapeutics market is valued at approximately $52 billion today and projected to reach $87 billion by 2035, according to one estimate from Precedence Research. The term "peptides" is most often used as shorthand for injectable supplements associated with the biohacking tech elite. They are said to help melt fat, build muscle, clear up skin, and improve cognitive function — though most have not been thoroughly researched.  "Everyone has a Chinese peptide dealer now," The San Francisco Standard proclaimed in September. In December, hundreds attended a "Chinese Peptide Rave" in San Francisco sponsored by Peptide Partners. THE TAKEAWAY Max Marchione, CEO of Superpower, told Sherwood News his company is ready to quickly roll out peptides for its patients as soon as it gets the nod from the FDA. Superpower is one of several startups that interpret blood tests and sell supplements. "We have the supply chain set up," Marchione said in an email. The company is also working with biotechs to run clinical trials on some peptides, he said, adding that he wants to see results by next year.  Enhanced Games, the Peter Thiel-backed startup known for organizing a "steroid Olympics," said earlier this month that it would pivot toward telehealth and supplements, including peptides.  Read more Presented by Global X ETFs Give your equity exposure an Edge℠ Seeking income but want to stay invested in stocks? 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SNAFU The winners of chaos at America's airports? Rental car companies and Clear.  As if surging ticket prices and flight cancellations weren't enough, American flyers are now having to contend with record-long airport lines, as the partial government shutdown in mid-February continues to blight the Transportation Security Administration, triggering staffing shortages at travel hub checkpoints across the country.   Out of this historic air travel chaos, however, a few outliers have cashed in on frustrated travelers who are willing to buy their way out — including a private jet company that's seen a 40% spike in charter demand, and Clear, a biometric firm whose $209-a-year subscription lets users bypass ID checks through fingerprint or eye scans and jump to the front of the screening line. Data from Appfigures shows that Clear's app downloads in March have more than tripled from a year ago, and the app currently sees more daily downloads than the apps of major carriers many of its customers are likely flying with, such as Delta, American, and United. The company's stock has also jumped nearly 60% this year, inching closer to the all-time high it hit shortly after its 2021 IPO. Rental car companies Avis and Hertz are also seeing a boost. Both companies were up more than 10% on Thursday, continuing a weeklong trend of trading momentum. From market close on March 20 to midday Thursday, Avis shares were up about 44%, while Hertz shares were up 24%. Would-be flyers may be pivoting from sky to highway, even as gas prices climb. Search traffic for Hertz is up 15% in recent days, TravelPulse reports. THE TAKEAWAY The TSA is experiencing the longest wait times in its 24-year history, officials have said. Airfares rising as jet fuel prices remain elevated is likely adding to travelers' decisions. Still, Clear's momentum could slow down or cease entirely if the broader TSA system collapses, and relief might not be on the way just yet: agency officials have warned that the TSA won't be fully staffed in time to handle surging travel volumes during the 2026 FIFA World Cup in June. Read more THE BEST THING WE READ TODAY SpaceX isn't just expensive — it's in a different orbit When Elon Musk's SpaceX files to go public, which reportedly might happen as soon as this week, the company could raise a record $75 billion at a potential valuation of more than $1.75 trillion. At that level, it would trade at about 110x its 2025 revenue — higher than any comparable public company. See how its EV multiple stacks up Snacks Shots 🏀 NCAA: Today will see some great basketball as teams vie to make the Elite Eight in both the men's and women's brackets, with those Elite Eight games serving as the appointment television for this weekend. Games to keep an eye on include No. 5 St. John's as a 29% underdog* up against No. 1 Duke, what's shaping up to be a tight battle between UConn (55% chance to win) against Michigan State, and on the women's side, Louisville versus Michigan (65% chance to win). 🥊 UFC: The main event at UFC Fight Night this weekend will see Israel Adesanya (24-5-0) take on Joe Pyfer (15-3-0) in a classic former champ-versus-contender bout. Adesanya is the favorite, with prediction markets giving him a 58% chance of winning. 🏎️ Racing: It's a big weekend for racing fans, with both the NASCAR Cookout 400 in the US and the Japanese Grand Prix at the iconic Suzuka Circuit. It should be a competitive race at Martinsville Speedway, with Ryan Blaney seen as having the best shot to win with 16% odds, followed by Denny Hamlin (15%) and William Byron (12%). It'll be a bit more lopsided in the F1 race, as George Russell is the 59% favorite to win in Japan, followed by Andrea Kimi Antonelli with a 23% chance.  *Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC. What else we're Snackin' $14 billion of bitcoin options expire today, but geopolitical tensions remain the key driver of volatility  The US leads the world in robotaxi deployments — by far  Sen. Bernie Sanders and Rep. Alexandria Ocasio-Cortez introduced a data center moratorium bill Just how addicted to Facebook and YouTube are Americans today, charted  Netflix is hiking its prices… again Snack Fact of the Day For the first time, Fannie Mae will allow mortgages to be backed by crypto. Friday March Consumer Sentiment Index (final) releases at 10 a.m. ET  Earnings expected from Carnival Cruises 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 SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025