Hey Snackers,
This is a question for the CEO of Alphabet. (If you’re not Sundar Pichai, keep scrolling.) As chart enthusiasts, we desperately needed to know why, when we search the web for a stock and use Google Finance’s “year to date” return function on its interactive module, the calculation is always, bafflingly, wrong. For example, the feature shows that Dollar Tree is down 1.5% year to date, but by our calculations, it’s actually up 0.5% year to date. So we pulled out our calculators and figured out what Google Finance is doing wrong.Â
Yesterday saw a volatile but positive session for stocks on Liberation Day Eve. The S&P 500 gained 0.4%, the Nasdaq 100 rose 0.8%, and the Russell 2000 erased a loss of 1.2% to finish in the green. Healthcare was the worst-performing S&P 500 sector ETF, while consumer discretionary and tech led the way higher. All members of the Magnificent 7 rallied.
Today Tesla announces its quarterly sales — even if you might want to reconsider those consensus sales estimates — and if that’s not enough excitement for you, at 4 p.m. ET, the White House will announce what’s actually happening on those tariffs.
Hims & Hers gets a win in its weight-loss journey
Shares of Hims & Hers finished up 5% yesterday after jumping on news that the company would, after a number of twists and turns, actually be able to offer Eli Lilly’s blockbuster weight-loss drug, Zepbound, to its customers.
The direct-to-consumer pharmacy app built its business on generic versions of the kinds of drugs that get emails sent to spam, if you catch our drift, but now that it’s won over customers, the company has been focused on getting in on the biggest and most lucrative trend in pharmaceuticals: GLP-1s.Â
That said, Hims & Hers has had a rocky weight-loss journey. Here’s the tape:
Last year, Eli Lilly and Novo Nordisk sold more than $40 billion in GLP-1 drugs.Â
Numbers like that get a pharmacy app very, very hungry, provided they themselves are not taking appetite-restricting drugs. Hims & Hers got in on the game and made $230 million selling compounded versions of semaglutide, the active ingredient in Ozempic and Wegovy, last year.
When the FDA announced in February that semaglutide was no longer in a shortage, that caused problems for telepharmacies like Hims & Hers, as without a shortage they no longer could sell compounded semaglutide. This sent the stock down 20%.
That was a problem because the ability to sell those drugs was the cornerstone of a marketing push that culminated in a Super Bowl ad. A lot of effort, and no weight-loss drug!
Those weeks of frustration came to a head yesterday when Hims & Hers said it’ll sell just Zepbound on its platform, which at least for now means it gives up on making its own in-house version of compounded semaglutide and will just prescribe patients Eli Lilly’s branded drugs.Â
The Takeaway
All things considered, this is probably not the outcome that investors hoped for, given that despite the 5% one-day jump, the stock is still down 24% over the past month. A company that produces an incredibly desirable drug still has a leg up on the retailer that sells it, and in this case, Hims & Hers is far from the only game in town. Eli Lilly has already cut a deal with Hims & Hers rivals Ro and Amazon Pharmacy to move the drug.
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AI is going to cost a whole lot of money
The fundraising news on Monday out of OpenAI articulated just how interested investors are in not missing out on the AI boom, with $10 billion from a group that includes Microsoft, Coatue, Altimeter, and Thrive Capital, and then a strings-attached $30 billion from SoftBank.Â
That said, it may be better to reframe that: one investor in particular is interested in not missing out on the AI boom, and that’s Masayoshi Son, CEO of SoftBank. Even with all the caveats to the deal, including the high hurdle of OpenAI becoming a for-profit company before all that cash is unlocked, that’s a whole lot of money.Â
So much money, it turns out, that SoftBank is looking for a $16.5 billion bridge loan to help pay for it all. This kind of rocking is causing some issues for the whole boat. Two ratings agencies issued warnings for SoftBank that the company’s huge AI bets are putting the company at risk.
The Takeaway
Owning the AI future is very, very expensive, and even some of the deepest pockets in the world are having trouble processing the bill.
The Best Thing We Read Today
Those consensus estimates for Tesla sales are based on a whole lot of out-of-date information
But those estimates themselves should be taken with a grain of salt.
Yesterday’s Big Daily Movers
Pro-Trump media company Newsmax is having a meme stock moment
Johnson & Johnson had its worst day in years after a federal judge rejected its third attempt to settle cancer litigation in bankruptcy court
Airline stocks sputtered as Jefferies slapped downgrades on Delta, Southwest, and American
Zillow's co-founder wishes he did this before their IPO
Spencer Rascoff co-founded Zillow and scaled it to a $8.9B valuation. But individual investors couldn’t get in until the IPO, missing early gains. So he’s opening his latest private venture — Pacaso — to investors like you.Â
Pacaso introduced co-ownership to the luxury vacation home market, earning them $100M+ in adjusted gross profits in four years.1 Invest for $2.80/share.2
What Else We're Snackin'
Through a partnership with Google Ad Manager, Roblox players will be able to watch ads in exchange for in-game rewards
Mercedes is considering pulling its lowest-priced cars from US lots over tariffs
Buying now and paying later? It might appear on your credit report
A $562,500 check for a home that was destroyed in Los Angeles wildfires got lost in the mail
Amazon seems to be replicating the industry it’s trying to disrupt?
Snack Fact of the Day
Crypto hacks have stolen $1.63 billion in 2025 so far.
Wednesday's Events
March ADP employment change
Earnings expected from Restoration Hardware and BlackBerry
1 We calculate Adjusted Gross Profit as gross profit under GAAP adjusted for amortization of developed technology, inventory valuation adjustment in the current period, inventory valuation adjustment in prior periods and share-based compensation. Please see management discussion of the financial condition section of the offering circular for more details.
2 The minimum investment is $1001.70. 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.
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