After 15 years, Apple (AAPL) CEO Tim Cook—credited with taking the company from near-bankruptcy to a $4 trillion behemoth—will step down on Sept. 1. Longtime hardware chief John Ternus is stepping up.

Tim Apple out, John Appleseed in.

— Brooks & Cas

Defense Secretary Pete Hegseth is feuding publicly with Army Secretary Dan Driscoll, and he's already fired a four-star general during a war while Driscoll was on vacation. Over on Kalshi, traders are pricing the odds of who gets voted off the island next. Hegseth’s equity just edged up to a coin flip.

Prediction market volatility may now be more stable than the Pentagon's org chart.

📈 | Amazon (AMZN) climbed on an expanded agreement to invest up to $25B in Anthropic.

📉 | GE Aerospace (GE) fell after lowering its flight departure outlook, overshadowing a Q1 beat.

📈 | D.R. Horton (DHI) rose on a fiscal Q2 earnings beat, though revenue came up short.

📉 | 3M (MMM) slipped on lackluster full-year guidance and mixed Q1 results.

📈 | Quest Diagnostics (DGX) popped on a Q1 earnings and revenue beat.

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D.A. Davidson has turned bullish on Reddit. Analyst Wyatt Swanson assigned a Buy rating, arguing the human-first platform remains incredibly under-monetized relative to its social media peers.

The thesis hinges on Reddit's lucrative content-licensing deals with Google (GOOGL) and OpenAI. Swanson's base case assumes renewals at 15-30% higher rates than the existing contracts, a direct lift to the bottom line.

A settlement with Anthropic, which Reddit sued last year for scraping user data to train Claude, also looks increasingly likely as the AI firm preps for its public debut.

Shares are deep in the red year-to-date, weighed down by decelerating traffic growth and macro jitters. Still, 19 of 29 analysts rate the stock a Buy or Strong Buy. Swanson thinks most catalysts play out in late 2026 and 2027.

🛫 | Trump said he opposes a potential merger between United (UAL) and American (AAL), while floating federal help for bankrupt Spirit Airlines (SAVE).

🏛️ | Fed chair nominee Kevin Warsh testified before the Senate that President Trump has never personally demanded rate cuts.

⛽ | US retail sales rose 1.7% in March, the fastest monthly gain in over three years, driven largely by a 15.5% surge at gas stations tied to the Iran war.

✈️ | Alaska Air Group (ALK) said it is currently recovering only about one-third of its fuel cost increase despite hiking fares more than 20% year-over-year.

🤖 | Jeff Bezos's secretive physical-AI startup Project Prometheus is raising roughly $10B at a $38B valuation.

Do you own any shares of Alphabet (GOOGL)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested

And, in response, you said: