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   Daily 2025-12-16
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               Tue, Dec 16 | 3:15 read time
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                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          S&amp;P 500
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.16% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          6,816
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          GOLD
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.11% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $4,333
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          BITCOIN*
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          2.36% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $86,090
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *24-hour change
                         </td>
                        </tr>
                       </tbody>
                      </table>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
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                      <div style="font-family:Inter,sans-serif;font-size:1px;line-height:1.5;text-align:left;color:#000000;">
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                   <tbody>
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                     <td align="left" style="font-size:0px;padding:0;word-break:break-word;">
                      <table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
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                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          FTSE 100
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          1.06% ▲
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          9,751
                         </td>
                        </tr>
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                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          BRENT OIL
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          1.28% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          $60.34
                         </td>
                        </tr>
                        <tr>
                         <td style="font-size:12px;font-weight:700;width:40%;vertical-align:baseline;padding:10px 0 0 0">
                          US BONDS*
                         </td>
                         <td style="font-size:12px;color:#16B166;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          0.01% ▼
                         </td>
                         <td style="font-size:12px;width:30%;vertical-align:baseline;text-align:right;padding:10px 0 0 0;font-family:Trispace,monospace">
                          4.18%
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
                        </tr>
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                 </td>
                </tr>
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</td></tr></table>
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                 <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
                  WALL STREET FEAR GAUGE INDEX 
(
                  <a style="font-weight:400;font-family:Trispace,monospace">
                   VIX
                  </a>
                  )
                 </div>
                </td>
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                    <td style="width:536px;">
                     <img alt="Wall Street Fear Gauge Index" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F119%252F636%252F878%252FJWBKNELpyQ2vlZXPQPvbX5R93%252F72fa9833adebf20e5a9a0ab2a0b67cfbd94f2242.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D32c5ecdc3fe3f94edbedd55ae0e09ed9/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjU4NzIzMzUuMDgzMDYwNX0:1vVQ3r:pwMoPKgab7NO9owcWMJvpCX89JhCO6XbEc6RSfYXC3Q" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="536"/>
                    </td>
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                      <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                       <p data-block-key="10zqs">
                        🇨🇳 China posted the worst retail sales growth on record (excluding the pandemic), adding to the country’s string of disappointing data.
                       </p>
                       <p data-block-key="5kmlg">
                        🌊 Plus, La Niña returned for the fifth time in six years, creating a storm in the air… and potentially, the world’s markets.
                       </p>
                       <p data-block-key="cdu24">
                        ➕ An AI super forecast: will it boom or bust?
                       </p>
                       <p data-block-key="btgdv">
                        <b>
                         👇 Keep reading to find out more
                        </b>
                       </p>
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                     👀
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                     Today's headlines
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                     Hushed Money
                    </span>
                   </mj-raw>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <p data-block-key="bz2r0">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="e8jp1">
                    China’s retail sales were only 1.3% higher this November than last – the weakest pace on record if you ignore the pandemic years – as shoppers left the stores concerningly quiet.
                   </p>
                   <p data-block-key="8p2gu">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="ark1b">
                    This is just the latest in a run of weak Chinese data releases, with consumer spending and investment slowing for months. That suggests China isn’t just dealing with a rough patch, but rather a broader loss of momentum across the economy. Just look at the country’s “fixed asset” investment (into things like land, buildings, and equipment): it’s fallen by 2.6% this year, a symptom of the ongoing property slump.
                   </p>
                   <p data-block-key="b7mr1">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="33kbc">
                    <b>
                     <i>
                      Zooming out:
                     </i>
                    </b>
                    <i>
                     China’s making – but not buying.
                    </i>
                   </p>
                   <p data-block-key="b39sg">
                    Chinese factories ramped up production by almost 5% compared to last November. You’d
                    <i>
                     think
                    </i>
                    that would be a rare bright spot. But it only widened the gap between how much China produces and how little households buy. So with supply outstripping demand, prices are still falling across the country – and that
“deflation” drags on the overall economy.
                   </p>
                   <p data-block-key="8olvg">
                    ▶ Policymakers had previously pledged to bolster that domestic demand. But with the housing downturn weighing on folks’ financial confidence, that’s easier said than done.
                   </p>
                   <p data-block-key="fj3lp">
                    ▶ So for now, China’s relying on exports to keep its economic growth on track. That’s risky: the floods of cheap Chinese goods are pushing trade partners to consider new tariffs, as local producers struggle to compete.
                   </p>
                   <p data-block-key="8qrbv">
                    <b>
                     <i>
                      The bigger picture:
                     </i>
                    </b>
                    <i>
                     Houses of cards.
                    </i>
                   </p>
                   <p data-block-key="3f5oi">
                    It’s clear that the property slump is having consequences far beyond the housing market. Recent missed payments at a “shadow bank” (an in-between financial service that
                    <i>
                     doesn’t
                    </i>
                    have to abide by normal banking rules) show property-linked debt spilling over into lower-risk areas. We’re talking wealth management products or investment platforms: you know, places you’d think would be
relatively safe to store money. That’ll only make China’s consumers more nervous – and that means even less spending.
                   </p>
                  </div>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <p data-block-key="pr7ai">
                    “
                    <a>
                     Superforecasters
                    </a>
                    ” are called that for a
reason.
                   </p>
                   <p data-block-key="8h619">
                    They’re – as the name suggests – exceptional at predicting the future.
                   </p>
                   <p data-block-key="apvjo">
                    And not because they have crystal balls or premium AI chatbots: they understand how to
                    <a>
                     study the past, spot patterns, and make accurate adjustments
                    </a>
                    .
                   </p>
                   <p data-block-key="f24en">
                    So today, I’m borrowing their technique and applying it to the theme everyone wants to call a bubble:
                    <a>
                     AI
                    </a>
                    .
                   </p>
                   <p data-block-key="6vise">
                    That’s today’s Insight:
                    <a>
                     a super forecast to decide whether AI will boom or bust
                    </a>
                    .
                   </p>
                   <p data-block-key="b9uai">
                    <a>
                     <b>
                      Read or listen to the
Insight here
                     </b>
                    </a>
                   </p>
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                        <a style="color:#4C5469;font-weight:400">
                         Stéphane
Renevier, CFA
                        </a>
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                    <span style="font-style:italic">
                     SPONSORED BY SURF AIR MOBILITY
                    </span>
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                       <img alt="Surf Air Mobility" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FFINIMIZE_1000x500px_2.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D05e4b260ab734c5c579a0d90016ee321/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjU4NzIzMzUuMDg0MzUxNX0:1vVQ3r:Slh_QxBAFXCAsCAq0HE-RL8tok_CFmfRNCNc3wSs3oc" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <h3 data-block-key="7pmjy">
                    <b>
                     Tesla transformed EVs. Amazon changed e-commerce. Now this company has set its sights on overhauling air mobility.
                    </b>
                   </h3>
                   <p data-block-key="1vb7j">
                    Earlier this year,
                    <a>
                     Surf Air Mobility ($SRFM)
                    </a>
                    unveiled a brand-new SurfOS AI-enabled operating system,
                    <a>
                     powered by Palantir Technologies
                    </a>
                    .
                   </p>
                   <p data-block-key="5fvrj">
                    And it’s busy developing even more tools to cut costs and improve efficiency for regional air travel. In other words, it’s set to disrupt the air mobility market.
                   </p>
                   <p data-block-key="arlm9">
                    Bear in
mind, this isn’t some startup: Surf Air Mobility is already one of the biggest commuter airlines in the US,
                    <a>
                     bringing in $100 million-plus in yearly revenue
                    </a>
                    from its air mobility business.
                   </p>
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25px;mso-padding-alt:0px;border-radius:1000rem;" target="_blank">
                       <span style="color:#FFFFFF">
                        Learn More
                       </span>
                      </a>
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                   Please see important disclosures below*
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                   <mj-raw>
                    <span style="font-style:normal">
                     👀
                    </span>
                    <span style="font-style:italic">
                     Today's headlines
                    </span>
                   </mj-raw>
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                  <div style="font-family:Inter,sans-serif;font-size:22px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
                   <mj-raw>
                    <span style="background-color:#EFFF0D;display:inline">
                     Storm Warning
                    </span>
                   </mj-raw>
                  </div>
                 </td>
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                      <a target="_blank">
                       <img alt="Storm Warning" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-151225-LaNina.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D8593cb9b2c7f8eb9f3206f0d9332306d/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjU4NzIzMzUuMDg0NTU5Mn0:1vVQ3r:3aB7BJy5qht78_RxNqUtlkasApWLPpf8fVjyYrTvyGY" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <p data-block-key="wcqmd">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="7pb9b">
                    Climate phenomenon
                    <a>
                     La Niña
                    </a>
                    returned for the fifth time in six years, putting crops – and the
commodity markets tied to them – back in the danger zone.
                   </p>
                   <p data-block-key="2uq9s">
                    <b>
                     What does this mean?
                    </b>
                    <br/>
                    When parts of the Pacific Ocean cool down more than usual, you get La Niña. And the climate pattern can hugely impact ecosystems and economies all over the world.
                   </p>
                   <p data-block-key="cq8kr">
                    ▶ You can think of La Niña as amplifying existing weather patterns. Dry regions like California and parts of South America get drier, while wetter areas like Southeast Asia see heavier
rains – and storms (including Atlantic hurricanes) tend to pack more punch.
                   </p>
                   <p data-block-key="a0q7k">
                    ▶ While the current episode is likely peaking now, its effects on crops, energy, and supply chains can linger for months.
                   </p>
                   <p data-block-key="c8mod">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="8mmh3">
                    <b>
                     <i>
                      For markets:
                     </i>
                    </b>
                    <i>
                     Opportunities are sprouting.
                    </i>
                   </p>
                   <p data-block-key="15f7q">
                    Cooler, wetter weather in Asia and South America has historically harmed corn, rice, and wheat
crops – tightening supply and pushing their prices up. What’s more, traders tend to factor in possible supply disruptions, further increasing those crop prices.
                   </p>
                   <p data-block-key="6g0dl">
                    ▶ That can get interesting. See, those spikes often fade once conditions calm down, creating short-term swings that investors can play both ways – including through broad funds like the Invesco DB Agriculture ETF.
                   </p>
                   <p data-block-key="5icmg">
                    <b>
                     <i>
                      The bigger picture:
                     </i>
                    </b>
                    <i>
                     Speaking of all the
weather…
                    </i>
                   </p>
                   <p data-block-key="d3vtf">
                    “All-weather” portfolios are designed – unlike crops – to survive many different climates. They’re generally centered around commodities, which can perform well when both stocks and bonds struggle. Mind you, that’s
                    <i>
                     not
                    </i>
                    what’s driving the latest wave of hedge fund interest in the assets.
                   </p>
                   <p data-block-key="4lbib">
                    ▶ Major firms (including Balyasny, Jain Global, Citadel, and Qube) are buying into physical commodities to gain… information. See, by
trading everything from gas pipelines and power contracts to storage and batteries, these hedge funds can see supply, demand, and bottlenecks forming in real time. And that’s often well before they show up in prices or economic data, helping the funds stay ahead of the curve.
                   </p>
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                   You might also like ⇢
                   <a>
                    El Niño Is Back, And
You Just Might Want To Weatherize Your Portfolio
                   </a>
                  </div>
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                   <mj-raw>
                    <span style="font-style:normal">
                     ✨
                    </span>
                    <span style="font-style:italic">
                     ​​​​​​​​​​​​​​​​​​​​​​​​​Sarah's Digest
                    </span>
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                   What others like you are reading today...
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                   💥
                   <a>
                    Nvidia Rolls Out Faster, Cheaper Open-Source AI
Models
                   </a>
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="left" style="font-size:0px;padding:10px 25px;padding-right:0;padding-left:0;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#5E6984;">
                   Nvidia’s latest Nemotron models promise more efficient AI and lower costs, stepping up as US demand grows for transparent, homegrown alternatives to overseas options.
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="left" style="font-size:0px;padding:10px 25px;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
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                   📉
                   <a>
                    Hugo Boss Braces For Strategic Shift And Lower
2026 Earnings
                   </a>
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="left" style="font-size:0px;padding:10px 25px;padding-right:0;padding-left:0;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#5E6984;">
                   Analysts see Hugo Boss investing in brand upgrades and distribution at the expense of near-term earnings, but expect long-term progress in margins and cash flow.
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="left" style="font-size:0px;padding:10px 25px;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   💰
                   <a>
                    AI Spending Frenzy Puts Big Tech On Shaky Ground
                   </a>
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                 </td>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#5E6984;">
                   Bridgewater warns that tech giants' heavy borrowing for AI may create a bubble, with investor worries growing as cash burn outpaces returns.
                  </div>
                 </td>
                </tr>
                <tr>
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                   🚗
                   <a>
                    Tesla Maps Out Big Moves For Autonomous
Vehicles And Robotics
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                   Wedbush sees Tesla rolling out robotaxi services in 30 US cities and pushing deeper into AI, with bold market cap forecasts tied to leaps in self-driving technology.
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             <!--[if mso | IE]>
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
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                 <td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0px;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#030303;">
                   <mj-raw>
                    <span style="font-style:normal">
                     🖋️
                    </span>
                    <span style="font-style:italic">
                     Quote
of the day
                    </span>
                   </mj-raw>
                  </div>
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               </tbody>
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             <!--[if mso | IE]>
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                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <strong>
                    "No snowflake in an avalanche ever feels responsible."
                   </strong>
                   — Stanislaw Jerzy Lec (a Polish poet)
                  </div>
                 </td>
                </tr>
               </tbody>
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   <div style="margin:0px auto;max-width:600px;">
    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
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                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#030303;">
                   <mj-raw>
                    <span style="font-style:italic">
                     IN PARTNERSHIP WITH TICKUP
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
               <tbody>
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                 <td align="center" style="font-size:0px;padding:0;padding-bottom:16px;word-break:break-word;">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-spacing:0px;">
                   <tbody>
                    <tr>
                     <td style="width:568px;">
                      <a target="_blank">
                       <img alt="Tickup" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FTickup_for_Finimize-min.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D96416344558e3df9839d73e0f92d4d66/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjU4NzIzMzUuMDg0NzQ0NX0:1vVQ3r:HcBgVZq3fvXQ_iGSl12wlp4ifVl9gW8KUqAgpjsxet8" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="568"/>
                      </a>
                     </td>
                    </tr>
                   </tbody>
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                 </td>
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                 <td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:16px;padding-left:0;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                   <p data-block-key="52pyd">
                    Tickup integrates education for new and experienced investors through videos, embedded AI, and daily exercises. Learn on a stock discovery and research platform that grows with you on your investing journey. Tickup also features live
move alerts, congress and insider activity tracking, and social post and sentiment analysis across Reddit and X.
                    <br/>
                   </p>
                   <p data-block-key="3rv1n">
                    <a>
                     Sign up today
                    </a>
                    ahead of the full launch in 2026 to start exploring.
                   </p>
                  </div>
                 </td>
                </tr>
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                 <td align="left" style="font-size:0px;padding:16px 0;word-break:break-word;">
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25px;mso-padding-alt:0px;border-radius:1000rem;" target="_blank">
                       <span style="color:#FFFFFF">
                        Learn More
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                     </td>
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                 </td>
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    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
     <tbody>
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       <td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:24px;padding-left:16px;padding-right:16px;padding-top:0;text-align:center;">
        <!--[if mso | IE]>
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<![endif]-->
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         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
          <tbody>
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            <td style="border-top:2px solid #204CE9;direction:ltr;font-size:0px;padding:20px 0;padding-bottom:0;padding-top:8px;text-align:center;">
             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
             <div class="mj-column-per-100 mj-outlook-group-fix" style="font-size:0px;text-align:left;direction:ltr;display:inline-block;vertical-align:top;width:100%;">
              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
               <tbody>
                <tr>
                 <td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0px;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#030303;">
                   <mj-raw>
                    <span style="font-style:normal">
                     🎯
                    </span>
                    <span style="font-style:italic">
                     On Our
Radar
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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</td></tr><tr><td class="" width="600px">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
        <div style="margin:0px auto;max-width:568px;">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
          <tbody>
           <tr>
            <td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:32px;padding-top:8px;text-align:center;">
             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
               <tbody>
                <tr>
                 <td style="vertical-align:top;padding:0;">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
                   <tbody>
                    <tr>
                     <td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
                      <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
                       <p data-block-key="aaghi">
                        1.
                        <b>
                         AI understands you – whether you want it to or not.
                        </b>
                        Large language models reached
                        <a>
                         expert-level intuition
                        </a>
                        .
                       </p>
                       <p data-block-key="cgeim">
                        2.
                        <b>
                         What a lovely year to be outside.
                        </b>
                        <a>
                         Discover the trailblazers
                        </a>
                        (literally) who made headlines in 2025.
                       </p>
                       <p data-block-key="cm28t">
                        3.
                        <b>
                         You can’t swing a cat, but you can cook a feast.
                        </b>
                        Here’s how to
                        <a>
                         make your tiny kitchen feel like home
                        </a>
                        .
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
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    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
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          <tbody>
           <tr>
            <td align="left" style="font-size:0px;padding:10px 25px;padding-right:0;padding-left:0;word-break:break-word;">
             <div style="font-family:Inter,sans-serif;font-size:14px;line-height:1.5;text-align:left;color:#000000;">
              Stay classy,
              <mj-raw>
               Sarah
              </mj-raw>
              😉 This issue of the Daily Brief was curated by
              <a style="color:inherit;font-weight:inherit">
               Naomi
              </a>
              and
              <a style="color:inherit;font-weight:inherit">
               Stéphane
              </a>
              . Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
             </div>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
   <div style="margin:0px auto;max-width:600px;">
    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
     <tbody>
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       <td style="direction:ltr;font-size:0px;padding:0 16px;text-align:center;">
        <!--[if mso | IE]>
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        <div style="margin:0px auto;max-width:568px;">
         <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
          <tbody>
           <tr>
            <td style="border-top:2px solid #204CE9;direction:ltr;font-size:0px;padding:20px 0;padding-bottom:0;padding-top:8px;text-align:center;">
             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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              <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
               <tbody>
                <tr>
                 <td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0px;word-break:break-word;">
                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#030303;">
                   <mj-raw>
                    <span style="font-style:normal">
                     💌
                    </span>
                    <span style="font-style:italic">
                     THAT
WAS GREAT FOR US... HOW WAS IT FOR YOU?
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
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        <!--[if mso | IE]>
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<![endif]-->
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      </tr>
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    </table>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
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    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="width:100%;">
     <tbody>
      <tr>
       <td style="direction:ltr;font-size:0px;padding:20px 0;padding-left:16px;padding-right:16px;padding-top:0;text-align:center;">
        <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:189.33333333333337px;">
<![endif]-->
        <div class="mj-column-per-33-333333333333336 mj-outlook-group-fix" style="font-size:0px;text-align:left;direction:ltr;display:inline-block;vertical-align:top;width:100%;">
         <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
          <tbody>
           <tr>
            <td align="center" style="font-size:0px;padding:12px 5px;word-break:break-word;">
             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;width:100%;line-height:100%;">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" role="presentation" style="border:none;border-radius:4px;cursor:auto;mso-padding-alt:10px 25px;background:#f8f9ff;" valign="middle">
                 <a style="display:inline-block;background:#f8f9ff;color:#030303;font-family:Inter,sans-serif;font-size:13px;font-weight:normal;line-height:120%;margin:0;text-decoration:none;text-transform:none;padding:10px 25px;mso-padding-alt:0px;border-radius:4px;" target="_blank">
                  <span aria-hidden="true" role="img">
                   🔥
                  </span>
                  Hot
stuff
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td><td class="" style="vertical-align:top;width:189.33333333333337px;">
<![endif]-->
        <div class="mj-column-per-33-333333333333336 mj-outlook-group-fix" style="font-size:0px;text-align:left;direction:ltr;display:inline-block;vertical-align:top;width:100%;">
         <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
          <tbody>
           <tr>
            <td align="center" style="font-size:0px;padding:12px 5px;word-break:break-word;">
             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;width:100%;line-height:100%;">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" role="presentation" style="border:none;border-radius:4px;cursor:auto;mso-padding-alt:10px 25px;background:#f8f9ff;" valign="middle">
                 <a style="display:inline-block;background:#f8f9ff;color:#030303;font-family:Inter,sans-serif;font-size:13px;font-weight:normal;line-height:120%;margin:0;text-decoration:none;text-transform:none;padding:10px 25px;mso-padding-alt:0px;border-radius:4px;" target="_blank">
                  <span aria-hidden="true" role="img">
                   👍
                  </span>
                  Just
alright
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td><td class="" style="vertical-align:top;width:189.33333333333337px;">
<![endif]-->
        <div class="mj-column-per-33-333333333333336 mj-outlook-group-fix" style="font-size:0px;text-align:left;direction:ltr;display:inline-block;vertical-align:top;width:100%;">
         <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
          <tbody>
           <tr>
            <td align="center" style="font-size:0px;padding:12px 5px;word-break:break-word;">
             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;width:100%;line-height:100%;">
              <tbody>
               <tr>
                <td align="center" bgcolor="#f8f9ff" role="presentation" style="border:none;border-radius:4px;cursor:auto;mso-padding-alt:10px 25px;background:#f8f9ff;" valign="middle">
                 <a style="display:inline-block;background:#f8f9ff;color:#030303;font-family:Inter,sans-serif;font-size:13px;font-weight:normal;line-height:120%;margin:0;text-decoration:none;text-transform:none;padding:10px 25px;mso-padding-alt:0px;border-radius:4px;" target="_blank">
                  <span aria-hidden="true" role="img">
                   😒
                  </span>
                  ...Meh
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
</td></tr></table>
<![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
   </div>
   <!--[if mso | IE]>
</td></tr></table>
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600" bgcolor="#f8f9ff"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
   <div style="background:#f8f9ff;background-color:#f8f9ff;margin:0px auto;max-width:600px;">
    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="background:#f8f9ff;background-color:#f8f9ff;width:100%;">
     <tbody>
      <tr>
       <td style="direction:ltr;font-size:0px;padding:20px 0;padding-left:16px;padding-right:16px;text-align:center;">
        <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
        <div class="mj-column-per-100 mj-outlook-group-fix" style="font-size:0px;text-align:left;direction:ltr;display:inline-block;vertical-align:top;width:100%;">
         <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
          <tbody>
           <tr>
            <td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
             <div style="font-family:Inter,sans-serif;font-size:12px;line-height:1.5;text-align:left;color:#5E6984;">
              <p data-block-key="kyk30">
               <b>
                *Surf Air Mobility’s Disclosures
               </b>
              </p>
              <p data-block-key="8aj4i">
               Pursuant to an agreement between the Issuer’s Agency of
Record and (Finimize), (Finimize) has been hired for a period beginning on 09/05/2025 and ending on 12/16/2025 to publicly disseminate information about (SRFM:US) via digital communications.
              </p>
              <p data-block-key="b5k70">
               Under this agreement, (Finimize) has been paid $40,000 USD (“Funds”). To date, including under the previously described agreement, (Finimize) has been paid $40,000 USD (“Funds”).
              </p>
              <p data-block-key="3vhi">
               These Funds were part of the funds that (Finimize) received from the
Issuer’s Agency of Record as approved by the Issuer. (Finimize) does not own securities or stock in the Issuer directly or indirectly.
              </p>
             </div>
            </td>
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    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="background:#f8f9ff;background-color:#f8f9ff;width:100%;">
     <tbody>
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        <!--[if mso | IE]>
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         <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="vertical-align:top;" width="100%">
          <tbody>
           <tr>
            <td align="center" style="font-size:0px;padding:10px 25px;word-break:break-word;">
             <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;border-spacing:0px;">
              <tbody>
               <tr>
                <td style="width:140px;">
                 <a target="_blank">
                  <img alt="Finimize logo" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3.eu-west-1.amazonaws.com%252Fstatic%252Fdaily-email%252Ffinimize-logo-outline.png%253Fixlib%253Dpython-3.1.2%2526s%253D5a5a7586391632ac0a5d5037142fa1ca/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NjU4NzIzMzUuMDg0OTEzNX0:1vVQ3r:8_TDZzulr3-fd8VLhugd8ITV9IYbXjs6TzBO7gyOmvY" style="border:0;display:block;outline:none;text-decoration:none;height:auto;width:100%;font-size:13px;" width="140"/>
                 </a>
                </td>
               </tr>
              </tbody>
             </table>
            </td>
           </tr>
          </tbody>
         </table>
        </div>
        <!--[if mso | IE]>
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<![endif]-->
       </td>
      </tr>
     </tbody>
    </table>
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    <table align="center" border="0" cellpadding="0" cellspacing="0" role="presentation" style="background:#f8f9ff;background-color:#f8f9ff;width:100%;">
     <tbody>
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              <tbody>
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                 <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-radius:3px;width:24px;">
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