Archer outbids Joby and other rivals to acquire patents of bankrupt competitor Lilium for $21 million

Shares of air taxi maker Archer Aviation climbed after the company won a bidding war for the patents of German rival Lilium, which filed for insolvency earlier this year. Archer announced it paid about $21 million for the assets.

The stock was up 3.1% in recent premarket trading.

Archer beat out Joby Aviation, which also reportedly made an offer on the patent portfolio. Archer’s win nets it about 300 patents in advanced air mobility.

Over its decade of existence, Lilium invested $1.5 billion to develop or acquire the patents, which Archer said “could unlock future development.”

Lilium isn’t the only electric vertical takeoff and landing company to face headwinds: Hyundai’s Supernal reportedly paused work following the departure of its CEO and CTO last month.

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Max Knoblauch

32m

As Netflix drops on earnings miss, it’s investing just $0.40 into content for every $1 of revenue

Netflix shares fell in after-hours trading on Tuesday, following the release of the streamer’s third-quarter earnings report.

Toby Bochan, Luke Kawa

54m

US stocks go nowhere amid big rotation out of gold and into fake meat

The calmest session for the S&P 500 in over a month.

Jon Keegan

OpenAI releases Chrome-competitor browser “ChatGPT Atlas,” sending Google shares down

ChatGPT currently poses little threat to Google’s search business, but an OpenAI browser — and the data that comes with it — could change everything.

Luke Kawa6h

The no-fundamentals, high-volatility winning trades are reversing hard

The volatile, speculative momentum trades that have been on fire in recent months are getting smoked.

The SPDR Gold Shares ETF is on track for its biggest daily loss since April 2013, as of 10:28 a.m. ET.

And Goldman Sachs’ baskets of “high beta momentum longs” and “non-profitable tech” stocks, which have pretty much been the exact same line for two months, got dumped last Thursday and are down big again today.

D-Wave Quantum, Planet Labs, and Navitas Semiconductor are some of the stocks that feature in both of Goldman’s baskets and are down more than 2% as of 10:24 a.m. ET.

All of these groups have been handily outperforming the S&P 500 for an extended period of time despite by their very nature having more hype than actual track records — in terms of producing profits for shareholders — to speak of. Gold, obviously, generates no income. Nonprofitable tech stocks aren’t really in a position to spin off cash they don’t have to their owners. And, as mentioned, high-beta momentum and nonprofitable tech stocks have pretty much traded the same!

It’s difficult to pinpoint a fundamental catalyst for why speculative momentum trades suddenly turn on a dime, just as it’s often tricky to identify why they went on such a mammoth run in the first place. Perhaps the onset of earnings season — which gives us the opportunity to assess fundamental progress — means that right now, there’s more attention being paid to “line go up” when it comes to revenues and profits, and that’s taking away from the mindshare on “line go up” with respect to recent share price performance.

Matt Phillips7h

Gold slumps, GLD and miners take lumps

The record-breaking rise in gold stalled Tuesday, with prices tumbling.

The sudden downdraft hammered popular plays on the price such as the SPDR Gold Shares ETF, the largest gold ETF, which is poised for its biggest daily drop since April 2013 as of 11:52 a.m. ET.

Miners like Newmont Corp., Agnico Eagle, Wheaton Precious Metals, and Anglogold Ashanti are similarly getting whacked along with a host of speculative, high-beta momentum trades.

While there’s no clear reason for the slump, theories and contributing factors may include:

Social media chatter about gold — which coincided with a spike in options activity — cooling off considerably, according to data provided by SwaggyStocks. JPMorgan strategist Arun Jain notes that retail demand for commodity ETFs has reversed course: after routinely registering in the upper 90th percentiles much of last week, it’s in just the 2nd percentile relative to its one-year average as of 11:00 a.m. ET, with retail having pulled more than $50 million from these products.
Less safe haven demand now amid a seeming reduction in China-US tensions.
A seasonal drop in demand out of India — the world’s second-largest gold market after China — that typically follows Diwali.
Jitters about the fact that weekly CFTC positioning data on the futures market, one of the best sources of hard data on the gold market, continues to be unavailable as a result of the US government shutdown.

But even after today’s slump, gold prices, as measured by New York futures prices, are up about 60% in 2025.

Gold Slumps Most in Four Years as Record-Breaking Rally Cools

While there’s no clear reason for the slump, theories and contributing factors may include:

Social media chatter about gold — which coincided with a spike in options activity — cooling off considerably, according to data provided by SwaggyStocks. JPMorgan strategist Arun Jain notes that retail demand for commodity ETFs has reversed course: after routinely registering in the upper 90th percentiles much of last week, it’s in just the 2nd percentile relative to its one-year average as of 11:00 a.m. ET, with retail having pulled more than $50 million from these products.
Less safe haven demand now amid a seeming reduction in China-US tensions.
A seasonal drop in demand out of India — the world’s second-largest gold market after China — that typically follows Diwali.
Jitters about the fact that weekly CFTC positioning data on the futures market, one of the best sources of hard data on the gold market, continues to be unavailable as a result of the US government shutdown.

But even after today’s slump, gold prices, as measured by New York futures prices, are up about 60% in 2025.

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