HAPPY FRIDAY TO THE STREET
Nintendo (NTDOY) has officially caved on prices. The Switch 2 will cost $50 more starting September 1 in the US, with the company citing tariffs and the global memory shortage. Nintendo was the last holdout among major console-makers, joining Microsoft (MSFT) and Sony (SONY) in hiking prices.
Once the cheap seat of entertainment, console gaming is quietly leveling up into a luxury good.
🟩 | US stocks reclaimed record highs today, with the S&P 500 cementing its 6th straight winning week, on more earnings momentum and promising jobs data.
📈 | One Notable Gainer: Akamai Technologies (AKAM) surged on a $1.8B, seven-year cloud infrastructure commitment from a top US AI lab.
📉 | One Notable Decliner: CoreWeave (CRWV) slumped on disappointing Q2 revenue guidance.
— Brooks & Cas
MARKET SNAPSHOT
S&P 500 Heatmap. Credit: Unusual Whales
MEN’S WORLD CUP WINNER?
The 2026 World Cup is shaping up to be the biggest ever, with 6.5 million fans, $80B in global output, and tickets going for as much as $11.5M each.
France has emerged as the betting favorite, per a Bank of America (BAC) poll and prediction market odds. But Microsoft's (MSFT) Copilot looked at the data and picked Spain instead.
Which do you buy: the eye test, or the AI test?
Market Movers
FLUENCE, CLOUDFLARE, ROCKET LAB
📈 | Fluence Energy (FLNC) exploded upward on twin upgrades, following a fiscal Q2 EBITDA beat.
📉 | Cloudflare (NET) plunged after announcing plans to cut roughly 1,100 jobs.
📈 | Rocket Lab (RKLB) jumped on a record $2.2B backlog and a Motiv Space Systems acquisition.
📉 | Upwork (UPWK) tumbled after announcing a 24% workforce reduction.
📈 | Texas Roadhouse (TXRH) climbed after a Q1 EPS beat and strong same-store sales growth.
Tomorrow's Trade Idea, Today
FULL CRCL
Stock Spotlight
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Stable State
Wells Fargo thinks Circle is the quiet winner of crypto's grown-up era.
Analyst Cassie Chan frames the stablecoin issuer as connective tissue between traditional finance, payments, and crypto. Less casino, more clearinghouse.
USDC Effect
The argument: USDC has outgrown its crypto-native sandbox. Per Chan, stablecoins offer a cheaper, more transparent way to move money at scale, and legacy financial infrastructure is finally taking notice.
Interest earned on USDC reserves still drives most of Circle's revenue. But Wells Fargo believes the platform has evolved into a foundational rail for moving value across networks.
Risk Squared
Circle's income remains tethered to interest rates, and the recently compromised CLARITY Act could cut either way for stablecoin issuers. Shares pulled back this week after a sharp rally on the bill's passage.
Wells Fargo, however, believes Circle's edge is anything but round.
Do you own any shares of Circle (CRCL)?
OVERHEARD ON THE STREET
💼 | The US added 115,000 jobs in April, more than double the 55,000 consensus, with unemployment steady at 4.3%.
Kalshi Odds: “Job numbers in May?”
Above 60,000: 58%
Above 70,000: 38%
Above 80,000: 45%
🕊️ | Secretary of State Marco Rubio said the US expects Iran's response to its 14-point peace proposal today.
🥩 | The Trump administration settled an antitrust case requiring meatpacking data firm Agri Stats to share its pricing data with US buyers.
🍎 | Apple (AAPL) and Intel (INTC) reached a preliminary deal for Intel to manufacture chips for Apple devices.
💾 | Roundhill's Memory ETF (DRAM) has pulled in more than $5B since its April 2 launch, including $1.1B in a single day.
THURSDAY’S POLL RESULTS
Do you own any shares of Alcoa Corp (AA)?
▇▇▇▇▇▇ 🐂 Yup, I’m holding
▇▇▇▇▇▇ 🐻 Nope, not interested
▇▇▇▇▇▇ 👀 No, but I’m interested
And, in response, you said:
🐻 Nope, not interested — “Based on running data centers? No, thank you, not today.”
