Hey Snackers,
With food prices rising, we find ourselves hearing the voice of our parents when we think about eating out: we have food at home. And according to Cambell’s CEO Mick Beekhuizen, we’re not alone. Beekhuizen said consumers are “cooking at home at the highest levels since early 2020,” aka the start of the Covid pandemic. It makes sense that after a dip in confidence and with concerns about the future, Americans are trying to resist the siren call of Chili’s. That said, the data shows we’re still spending more eating out than in, but fast-food chains are looking to get their growth from outside the US and that’s a challenge, too.A big rally in chip stocks amid continued optimism on the AI boom coupled with smaller advances in most stocks made for another strong session on Wall Street. The S&P 500 rose 0.6%, the Nasdaq 100 ended up 0.8%, and the Russell 2000 led the way with a 1.6% gain on Tuesday.Tech was the best-performing S&P 500 sector ETF, but unlike Monday, gains were more widespread, with advancers in the S&P 500 outnumbering decliners by 218. Real estate, communication services, and consumer staples were the lone sectors to end negative.
Hectocorns multiplying
Unicorns have become just so common, with data from CB Insights revealing that some 1,283 startups have reached the billion-dollar valuation that gets a startup the vaunted “unicorn” status. Of those, 705 are from the United States, more than the rest of the world combined. Check out this immersive chart of where unicorns can be found.Â
With unicorns so lousy around the place like they’re pigeons in Central Park, it’s time to consider a new class of company: let’s talk hectocorns, or private companies worth at least $100 billion. Right now, there are three of them:
SpaceX, the American rocket ship company, currently valued at $350 billion;Â
OpenAI, the closest that the emerging AI industry has to a blue chip, valued at $300 billion per CB Insights;
ByteDance, the TikTok owner, a Chinese company also valued at $300 billion;Â
And potentially joining the club, as the Financial Times reports it’s looking to fundraise with eyes toward a $113 billion market cap, is xAI, Elon Musk’s AI venture.Â
Possessing a rare feature extending far beyond the “mere” unicorn, these companies are in a whole class of their own and it’s time we get them some recognition. Let’s give it up for the hectocorn, the newest and rarest of the mythical beasts, most of which make a habitat in the US.Â
Sure, your first instinct might of course be, “There’s no such thing as a hectocorn,” to which the obvious retort is, "Well, buddy, I got bad news about unicorns if that’s how you’re judging things.”
The Takeaway
Heck, if we play our cards right, maybe we can get a hectocorn in the next version of the “Dungeons & Dragons” Monster Manual — that is, as long as at least one of them manages to go public.Â
Limited Space Left to Invest in One of History’s Most Profitable Character IPs
$45.2B in global revenue—that’s what IP for princesses like Cinderella & Snow White have generated for companies.1 Now, Elf Labs is aiming for an even bigger piece of the $2T global media & entertainment market.2
After 100+ historic trademark victories at the US Patent & Trademark office, Elf Labs is bringing legends like Cinderella, Snow White, & Rapunzel to life like never before, through augmented reality, AI, and advanced, multi-patented technology.Â
Backed by a team with $6B+ in licensing transactions,3 they’re about to announce a game-changing new deal—and their share price is set to increase.
Plus, they just opened their round to the public & are already over 80% subscribed with 1,800+ new investors across all offerings.
Tomorrow is your last chance to invest4 and get 5% bonus shares.5
Wall Street thinks the “pain trade” is for AI stocks to keep soaring
As US stocks continue to make their near bear market in April look like a distant memory, the new leaders are the old leaders: all AI, all the time.
And we’re seeing it in spades (and picks and shovels):
Broadcom hit an all-time high after starting shipments of new AI hardware.
Speaking of all-time highs, AI software vendor Palantir closed Tuesday at a fresh high after notching another record close the day before.
Applied Digital and AI cloud company CoreWeave surged on Monday after announcing a 15-year data center deal, and CoreWeave kept the party going on Tuesday.
And, of course, at the center of the AI universe, Nvidia continues to enjoy a steady post-earnings rise. As Morgan Stanley put it, “Everything should get better from here.”
This resurgence in AI data center stocks comes even as private US construction spending on data centers appears to be well off the boil.
Why does the Street think AI stocks are a “pain trade”? Well, to take a step back, what that phrase means is that it’s painful to watch a stock’s movement, either because you don’t own the equities that are soaring to the stratosphere or because you do own stocks that are sinking below sea level. In the case of AI, it’s obvious the pain trade applies to all of us who wish we’d listened to our friend/adviser/psychic when they told us to pick up some stocks from the basket marked “AI” — or that we hadn’t been so quick to take profits on those names!
The Takeaway
As traders, it’s always painful to watch those trades you considered but didn’t commit to pick up steam, but it’s equally rough when you pile on the bandwagon at what turns out to be the peak. With so many companies hitting all-time highs, it may seem like we have to be near the top, right? Well, 22V Research’s chief market strategist wrote that “the current trends keep working, and investors get increasingly frustrated waiting for Growth, Momentum, and Quality to correct (we lean this way).” In other words, they think there’s more upside. Backing that up more directly, Bank of America strategist Benjamin Bowler wrote, “With many remaining skeptical of the return of US exceptionalism, US tech outperforming is still a pain trade.”
MARA Holdings has record-breaking bitcoin month
In the race to stockpile bitcoin, it’s really a race to second place, as it would take well over $55 billion for any company in the running to buy enough of the asset to displace Strategy. But MARA Holdings is doing its best to maintain its No. 2 position, producing 950 bitcoin as a new bitcoin-holding company nips at its heels.
Together with State Street Global Advisors
Where do you want to go next? Wherever you’re heading — building wealth, planning for the future, or just making smarter money moves — get the power of the S&P 500® with SPY.
From record liquidity to a 30+ year track record, find out why SPY is the world’s most traded ETF.6
Advertiser’s Disclosures:Â
6 Bloomberg Finance, L.P., as of April 30, 2025.
Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.ssga.com. Read it carefully. Investing involves risk. ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent).
Not FDIC Insured – No Bank Guarantee – May Lose Value
Yesterday’s Big Daily Movers
Kenvue, which owns brands like Tylenol, Neutrogena, Band-Aid, and Listerine, sank after CEO Thibaut Mongon flagged weaker-than-expected sales for allergy and sun care products
Bumble tumbled after JPMorgan downgraded the women-first dating app
Joby Aviation shares took off on reports of a potential $1 billion deal with a Saudi Arabian investor
Dollar General soared after an earnings beat and boosted outlook
What else we’re Snackin’
Ford posted its third consecutive month of double-digit sales bumps as consumers rush to beat tariff price hikes
Hims & Hers is expanding its global footprint with a new acquisition, which initially excited investors until they read the fine print
$TRUMP meme coin whales got a lasting memento of their dinner with the president: new Trump NFTs, one of which has already resold for $16,000
What anonymous social network Blind reveals about the mood in the tech industry these days
Snack Fact of the Day
Between January and April, 860 CEOs left their jobs.
Thursday
May ISM Services PMIÂ
Earnings expected from Dollar Tree, MongoDB, Five Below, and PVH Corp
Advertiser’s disclosures:
1 See article for further details.
3 Past performance is not indicative of future performance.
4 Please read the offering circular and related risks at https://elflabs.com. This is a paid advertisement for Elf Labs’s Regulation CF Offering.
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.
DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck.
5 The early investor 5% bonus shares require a minimum investment of $974.25 made by June 5, 2025.
6 Bloomberg Finance, L.P., as of April 30, 2025.
Before investing, consider the funds' investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit www.ssga.com. Read it carefully. Investing involves risk. ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent).
Not FDIC Insured – No Bank Guarantee – May Lose Value