Apple $AAPL ( ▼ 1.48% ) just announced the iPhone Air. It’s thinner than a pancake, but pricier than the iPhone 17, with worse battery life and camera performance to boot.

What was Tim Cook thinking? Doesn’t he know skinny jeans are out?

Finally, read to the end for Cuban’s argument that premiums matter more than Powell…

— Brooks & Cas

In just days, we’re unveiling something new. It’s not just a feature, not just a redesign — it’s a new foundation for how research reaches you. 

If you’ve ever felt buried under headlines and conflicting opinions, this is your escape hatch. Early access members will be first through the door.

$NBIS ( ▲ 49.42% ) / $MSFT ( ▲ 0.04% ) Nebius Group hits record high as $17.4 billion Microsoft deal affirms expansion strategy (Reuters)

$HUM ( ▼ 12.04% ) Humana Sinks on Report That Medicare Bonuses Now Harder to Get (Bloomberg)

$BHF ( ▲ 12.52% ) Aquarian in final fundraising stage for deal to acquire Brighthouse (FT)

$ALB ( ▼ 11.49% ) China Is Whipsawing the EV Battery Industry. This Time Albemarle Stock Plummets. (Barron’s)

$KC ( ▲ 14.59% ) Kingsoft Cloud stock rating upgraded to Buy by BofA on AI growth (Investing.com)

CNBC: US job growth was revised down by 911K through March, the largest adjustment since 2002, signaling weaker employment.

Forbes: The White House said the revised data proves Biden’s economy was a “disaster” and called the BLS “broken”.

WSJ: Apple unveiled the iPhone 17 lineup featuring a new thinner “iPhone Air,” its biggest design refresh since the iPhone X.

Reuters: Anglo American $ANGPY ( ▼ 3.94% ) and Teck Resources $TECK ( ▲ 11.28% ) agreed to merge in a $150B deal, the second-largest mining merger on record.

AP: US median household income rose 1% to $84K in 2024, roughly matching its 2019 peak after years of inflation strain.

Global financial exchanges and execution services firm Miami International Holdings $MIAX ( ▼ 1.24% ) went public in August at $23 a share. Just a few weeks later, Morgan Stanley $MS ( ▲ 2.31% ) analyst Michael Cyprys set a bull case of $60, which would mark more than 60% gains from today’s close.

Founded in 2007 and based in Princeton, New Jersey, the company is best known for its options business, which generates about 90% of revenue. Morgan Stanley was among the underwriters for Miami’s IPO, alongside JPMorgan $JPM ( ▲ 1.69% ) and Piper Sandler $PIPR ( ▲ 0.18% ).

Cyprys described Miami as a “pure-play options exchange” in a market with both cyclical and structural tailwinds.

He noted that the company has expanded market share by nearly 10 percentage points since 2016, reaching 16.7% of multi-list options trading. That puts it in the top four players in the space, behind more diversified peers like Cboe, Nasdaq, and Intercontinental Exchange.

Morgan Stanley’s base case sees share gains continuing, potentially lifting Miami’s options presence to 18.3%. In that scenario, revenue could rise by nearly 10% annually.

Beyond share gains, Morgan Stanley highlighted potential new “growth levers.” These include offering index options and futures tied to Bloomberg’s proprietary benchmark and exploring opportunities in cryptocurrency trading. A bull case scenario pegs revenue growth closer to 15% annually if those products take hold.

But it’s not like Cyprys can’t imagine a bear case. A slowdown in options trading volume could limit revenue growth to closer to 6% per year, Cyprys cautioned.

Miami shares have already climbed about 21% since their debut, leaving execution and market conditions as key factors in whether the stock can meet Morgan Stanley’s optimistic targets.

Investing rewards first movers.

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The Information: Microsoft will integrate Anthropic AI into Office 365 apps, signaling a shift to diversify beyond OpenAI technology.

WSJ: The Census Bureau said US median household income stayed flat at $84K in 2024 as inflation erased most wage gains.

Bloomberg: Still craving a Succession fix? Here’s how Lachlan won the Murdoch family succession battle.

CNN: Cracker Barrel $CBRL ( ▼ 1.06% ) suspended restaurant renovations after backlash to its logo rebrand.

The Verge: Here are 7 more takeaways from Apple’s “awe-dropping” event.

Healthcare > politics, says Cuban.

While DC argues over subsidies, families face $30k employer costs and $18k out-of-pocket maxes.

Cuban’s verdict: it’s bankrupting households and business alike.

Click through to read the Shark Tank billionaire’s full breakdown.

Are you bullish or bearish on Veeva Systems $VEEV ( ▼ 0.04% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

And, in response, you said: