Microsoft (MSFT) is updating its Copilot terms of use after a viral slew of users flagged fine print describing the AI tool as "for entertainment purposes only." The phrasing dates back to Copilot's Bing era, well before Microsoft spent billions positioning the product as a must-have enterprise tool.

Say what you will, but it’s serving its purpose…

— Brooks & Cas

Dan Hurley has won two national titles in three years. The market says he won't make it three. Michigan has outscored every tournament opponent by double figures, and prediction market odds reflect the consensus.

Tonight in Indianapolis, UConn will need something close to a miracle. The Huskies have pulled a few of those lately. But with alumni on staff, this is one time we’re betting on the overdogs. Go Blue!

📈 | Boot Barn (BOOT) jumped after Jefferies (JEF) upgraded the stock to Buy with a $195 price target.

📉 | Lucid Group (LCID) fell after reporting Q3 deliveries of 3,093 vehicles, disrupted by a supplier quality issue.

📈 | Soleno Therapeutics (SLNO) popped 30% after Neurocrine Biosciences (NBIX) agreed to acquire the company for $53 per share.

📉 | Dow (DOW) slid after Bank of America (BAC) downgraded the stock to Underperform.

📈 | Kratos Defense & Security (KTOS) rallied after Jefferies upgraded the stock to Buy.

Tesla’s lot is filling up. JPMorgan’s Ryan Brinkman held his Underweight rating this week, citing a record buildup of unsold inventory and a first-quarter delivery miss.

The analyst also cut his 2026 earnings per share estimate to $1.80, below consensus, after the company reported roughly 12,000 fewer deliveries than expected.

The analyst stops short of dismissing the bull case. The company has a differentiated business model, an appealing product lineup, and leading-edge technology. Those attributes are real, per the analyst.

But they are, in Brinkman’s view, easily offset by execution risk, rising competition, growing brand controversy, and a valuation that is pricing in a great deal.

The call is a lonely one. Of the 54 analysts covering the stock, just 10 rate it Underperform or Sell.

But there was a time not too long ago when betting on Tesla was the outlier call. JPMorgan’s stance demands conviction, but it could be ahead of the curve.

🛢️ | Research firm Citrini Research claims a field analyst reached the Strait of Hormuz by boat and found roughly 15 ships per day still transiting with transponders disabled, challenging the narrative that the waterway is fully closed.

🕊️ | President Trump called a proposed 45-day ceasefire with Iran "not good enough" and reiterated his demand to reopen the Strait of Hormuz tomorrow.

🤖 | A New Yorker profile of OpenAI CEO’s Sam Altman reported internal rifts and doubts in his leadership ahead of the AI firm’s presumed IPO later this year.

🏦 | JPMorgan CEO Jamie Dimon took aim at banking regulations in his latest letter to shareholders, calling aspects of Basel 3 Endgame "frankly nonsensical".

💰 | The Treasury Department named Bank of New York Mellon (BK) as financial agent for Trump accounts, with Robinhood (HOOD) set to build the app.

Do you own any shares of Rocket Companies (RKT)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested