Hey Snackers,
With over 300 million subscribers, Netflix has led the streaming world order. But the platform with the second-largest subscriber base isn’t Amazon Prime, Disney+, or HBO Max. Though it was launched only four months ago, JioHotstar has skyrocketed to the second-largest streaming platform by broadcasting this sport.Â
A listless day for US stocks turned into a bit of a sell-off late in the session after a report that the White House told chip software companies to halt sales to clients in China. The S&P 500 closed down 0.6%, the Nasdaq 100 gave back 0.5%, and the Russell 2000 fell 1.1%. Every S&P 500 sector fell outside of real estate, which was flat. Materials and energy were the worst performers.
Nvidia earnings show that there’s still life in the AI party
Nvidia, the market leader in leading the market, reported an earnings beat yesterday, assuring the world that despite new export curbs, the chip business remains robust, the AI trade is most definitely still going strong, the music is still playing, and everyone can keep on dancing.Â
Adjusted earnings per share were $0.96, which includes an additional adjustment in light of a $4.5 billion impairment charge linked to the export ban.
The short message is: sales weren’t a problem, but profitability was temporarily challenged thanks to the ban on H20 exports to China.
“The 2Q outlook of about $45 billion in revenue is just $3 billion short of where consensus was prior to the rules on shipments to China, despite a loss of $8 billion in potential revenue,” Bloomberg Intelligence reported. Nvidia is finding the sales where it can get them.Â
One fascinating nugget? That earnings beat was on the back of overperformance not in AI, but in video games. Data center revenue actually missed expectations by only about $100 million. Meanwhile, gaming chips crushed expectations, with $3.8 billion surpassing estimates that averaged $2.8 billion.
So, what does that mean for the future? Guidance from the chip designer calls for revenues of $45 billion plus or minus 2% in the current quarter with adjusted gross margins of 72%. The former is a touch light, while the latter is a bit better than expected compared to what Wall Street was looking for.Â
The Takeaway
Everybody gets to keep dancing and the music hasn’t stopped. The reality is, though, that Nvidia isn’t entirely in control of its own destiny here. Wall Street analysts were somewhat confused as to how much, or whether, their peers were adjusting for potential lost sales in China.
As Private Markets Grow, StartEngine Just Saw Its Biggest Quarter Yet
Amidst public market uncertainty, private markets are expected to continue growing, and are projected to hit $18T+ by 2027.¹ But historically, the big players have been the ones reaping the rewards of these opportunities — leaving everyday investors out of the market.
StartEngine is the investing platform connecting accredited individuals to pre-IPO companies like OpenAI, Perplexity, and Databricks.2
After 2x-ing their revenues YoY in 2024 ($23M to $48M)3, StartEngine’s now tripled first quarter revenue YoY to a record $30M, based on its unaudited Q1 2025 financials.4Â
So far, 45K+ shareholders have invested across all StartEngine offerings. The current round will close next month — but there’s still time to join.
1 of every 8 clothing items bought in America comes from... Amazon?
When you think of Amazon, you probably don’t think of clothing. You certainly don’t think of fashion. But the famed “everything store” includes everything we wear, too.Â
Even Jeff Bezos, Amazon’s founder and one of the richest men on the face of the earth, seems into Amazon’s fits: he was virally panned for wearing what appeared to be a $12 butterfly print shirt from his own company to Coachella in 2023. But regular folk seem to be fans of Amazon Essentials items like camisoles and underwear, two items which have over 195,000 reviews combined (and a rating of 4.4 stars, for all you review-crazed readers).Â
The e-commerce platform sold more than double the amount of apparel of any other retailer in 2023 and made more than double the revenue of retail giant Walmart, as this chart shows.
How did we get here? Well, part of it has to do with our collective idea of “fashion,” which might bring to mind an expensive boutique or department store. But as one expert told us, that’s not necessarily true. He said, “Most clothes in general are these kind of cheaper, day-to-day use items. And Amazon just happens to sell a lot of them.”Â
The retailer also got a big boost from the way the pandemic changed shopping habits and the striking generational trends around shopping online vs. in-person.
The Takeaway
It shouldn’t be surprising that an increasing number of people are buying clothing from Amazon, a company that not only has enviable brand recognition in America but also has managed to be the online site where more consumers both start and complete their shopping journey than ever before.Â
The Best Thing We Read Today
Just because Silicon Valley is pumped to make this junk doesn’t mean people will buy it
For all its innovation, it can sometimes feel like all of Big Tech coalesces along a single idea, which right now is “an AI-powered device that isn’t a phone.” Most have settled on AI-powered smart glasses, though OpenAI is going in a mysterious different direction. There’s also a big question Silicon Valley has to answer:
Everyday Investors — It’s Time To Swim With The Sharks
StartEngine connects accredited individuals with pre-IPO companies like OpenAI, Perplexity, and Databricks2 — a route traditionally reserved for institutions and VCs.
And while uncertainty reigns, StartEngine just posted recent financials.
🌴 Record Q1 2025 revenue of $30M4
🌴 Revenue doubled 2024 YoY ($23M to $48M)3
Net loss also increased to $16.5 million.Â
Now, you can invest in StartEngine itself. Join the raise here.5
Image Note: Kevin O’Leary is StartEngine’s Strategic Advisor and Spokesman.6
Off The Charts
YouTube accounted for 12.4% of American TV usage in April, but which media companies took the next-highest slots?
Yesterday’s Big Daily Movers
GameStop’s big gains turned to big losses after a bitcoin purchase announcement
Air taxi maker Joby Aviation spiked 28% following a $250 million investment from Toyota
Tempus AI was hammered by a short seller’s warning of “suspicious revenue-generating partnerships”
Abercrombie & Fitch soared after racking up record Q1 results, though its profit forecast is cloudy
What Else We're Snackin'
Despite what CEO Elon Musk has been saying lately, Tesla’s US sales are down 5% this year, while overall EV sales rose 17%
Before you grab the $1.50 hotdog, Costco wants you do to one other thing
After a nearly six-month search, Stellantis finally named its new CEO
LVMH warned that Chinese luxury shoppers are hitting the brakes
StartEngine reported Q1 2025 revenues of $30M, their biggest quarter on record.4 The platform connects accredited individuals with some of the world’s most exciting pre-IPO companies2 — and you can share in their growth.5
Snack Fact
Just one company accounts for roughly 40% of Saudi Arabia’s GDP.
Today's Events
Earnings expected from Costco, Gap, American Eagle, Kohl’s, Ulta, Dell, Best Buy, Foot Locker, and Marvell Technology
1. Source: S&P Global, “Private Markets – A Growing, Alternative Asset Class,” Accessed April 30, 2024
2. The underlying companies held by StartEngine Private Funds LLC, and StartEngine Private LLC (together, “StartEngine Private”) are not participating or involved in the offering. The availability of company information does not indicate that the company has endorsed, supports or otherwise participates with StartEngine Private or any of its affiliates. StartEngine Crowdfunding LLC purchases shares from current and former employees, early investors, and advisors of the companies and sells the shares to StartEngine Private for each offering. When you make an investment in a company on StartEngine Private, you are purchasing an interest in a series of StartEngine Private Funds LLC or StartEngine Private LLC, each a Delaware limited liability company (together the “Series LLCs”), which were created to hold shares of privately held companies. An investor will not directly own or hold shares of the private company but instead will own member interests in a series of the Series LLCs, which either directly or indirectly, will hold shares in the company. There may not be a one-to-one economic parity on the value of the Series LLCs interests and the underlying shares.
3. Based on our 2024 Form 10-K. This revenue growth has been driven by StartEngine Private, a new product line that offers funds in late stage companies. This product line has driven over $28 million of the $48 million in revenue from 2024. Net loss also increased to $16.5 million. To understand the impact on margins, see financials.
4. Based on our Q1 2025 Form 10-Q. This revenue growth has been driven by StartEngine Private, a new product line that offers funds in late stage companies. This product line has driven over $24.6 million of the $30 million in revenue from Q1 2025. To understand the impact on margins, see financials.
5. This is a paid advertisement for StartEngine’s Regulation A offering. For more information, please see the most recent Offering Circular and Supplements and Risks related to this offering.Â
This Reg A+ offering is made available through StartEngine Crowdfunding, Inc. No broker-dealer or intermediary is involved in offering. In addition, as described in the Offering Circular, the Company retains the right to continue the offering beyond the Termination Date, in its sole discretion.
Investing in private company securities is not suitable for all investors. This investment is highly speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment. It should only be considered a long-term investment. There is no guarantee that a market will develop for such securities.
6.  Kevin O’Leary is a paid spokesperson for StartEngine. See his 17(b) disclosure, here.