🎲 Kalshi threatens sportsbooks

Good evening. The U.S. government is still on the brink of shutting down if lawmakers don’t reach a deal by Wednesday at midnight. Meanwhile, Trump is piling on new tariffs covering lumber, furniture, and even foreign movies.

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Market data: today’s market close

WINNERS

⬆︎11.70% CoreWeave

Meta signed a $14 billion deal with CoreWeave, a fast-growing cloud and data center provider, to secure access to Nvidia’s latest chips through 2031. For Meta, the move ensures it has the computing muscle to fuel products like its Ray-Ban smart glasses and future AI tools. It’s another mega-contract following deals with Microsoft and OpenAI. [Read more]

⬆︎6.83% Pfizer

Trump just cut a deal with Big Pharma. The drugmaker agreed to lower U.S. prices on many of its medicines, offering discounts of up to 85% through a new site called TrumpRx.gov. In exchange, the company gets a three-year break from tariffs as long as it invests heavily in U.S. manufacturing, with $70 billion already pledged. [Read more]

⬆︎3.68% EchoStar

The satellite and wireless spectrum holder is reportedly in talks to sell its AWS-3 licenses to Verizon, after already striking huge deals with AT&T and SpaceX worth $40 billion combined. Regulators still need to approve any sale, but analysts think it’s unlikely the government will block EchoStar from offloading spectrum to one of the Big Three carriers. [Read more]

MORE WINNERS

⬆︎29.41% Wolfspeed
⬆︎6.81% Merck & Co.
⬆︎2.59% Nvidia

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Market data: today’s market close

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LOSERS

⬇︎1.29% Exxon

America’s largest oil producer is cutting 2,000 jobs worldwide, as part of a restructuring plan to streamline operations. Most of the layoffs will hit Canada and Europe, where the company is also consolidating offices and building a new technology hub in Belgium. The move comes as falling oil prices and tougher EU regulations have forced Exxon to reduce costs and rethink how they operate globally. [Read more]

⬇︎4.18% Spotify

Founder Daniel Ek is stepping aside as CEO to become executive chairman, while longtime executives Gustav Söderström and Alex Norström will take over as co-CEOs starting January 1. Ek said he has already handed much of the day-to-day management to the pair. [Read more]

⬇︎10.33% FanDuel
⬇︎11.59% DraftKings

Kalshi is starting to look like a serious threat to sportsbooks. The prediction market platform set back-to-back trading records over the weekend, with more than $275 million in bets placed Sunday, most of it on college and NFL football. Because Kalshi is legal in states where traditional sports betting isn’t, like California and Texas, it’s pulling market share from giants like DraftKings, FanDuel, and BetMGM. [Read more]

⬇︎20.67% Firefly

Rocket launches don’t always go as planned. Firefly Aerospace, a young space tech company that builds rockets, space tugs, and lunar landers, saw its Alpha Flight 7 rocket explode during a test in Texas. No one was hurt, and the company says it’s reviewing the damage and lessons learned. Firefly competes with SpaceX for government and commercial deals. [Read more]

MORE LOSERS

⬇︎4.10% SoFi
⬇︎10.02% Hubspot
⬇︎10.69% Etsy
⬇︎12.24% DocuSign

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Market data: today’s market close

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