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   Google gets to keep Chrome, Apple gets to keep getting paid to shill Chrome: In after-hours trading yesterday, Google soared after a court ruling avoided some of the worst-case antitrust scenarios the company faced in relation to its dominant position in search.
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                   Presented by
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                   Hey Snackers,
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                  <p style="margin:0;margin-bottom:16px">
                   When
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     charting
                    </strong>
                   </a>
                   the usage of ChatGPT, we noticed an
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     interesting pattern
                    </strong>
                   </a>
                   : traffic plummeted by 70% during the week of June 4-11, remaining low through the summer months. In late August, ChatGPT usage
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     picked up again
                    </strong>
                   </a>
                   . If you’ve correctly guessed what’s driving the uptick, then you can understand the timing of OpenAI’s announcement of a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     parental control system
                    </strong>
                   </a>
                   that will allow parents to monitor and control how ChatGPT responds to minors’ queries.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   The
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     global sell-off in long-term government bonds
                    </strong>
                   </a>
                   weighed on risk assets on Tuesday, accentuating the pullback in the AI trade seen in the final trading day of August. However, stocks did manage to
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     close at session highs
                    </strong>
                   </a>
                   after facing steep losses during the morning.
                  </p>
                  <p style="margin:0">
                   The S&amp;P 500 ended down 0.7%, the Nasdaq 100 gave back 0.8%, and the Russell 2000 fell 0.6%.
                  </p>
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              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;padding-top:10px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:26px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:31px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    Google gets to keep Chrome, Apple gets to keep getting paid to shill Chrome
                   </strong>
                  </a>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   In after-hours trading yesterday,
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Google was soaring
                    </strong>
                   </a>
                   after a court ruling avoided some of the worst-case antitrust scenarios the company faced in relation to its dominant position in search. A year ago, a federal judge
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     ruled
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   that Google broke antitrust laws to maintain its monopoly in search. On Tuesday that same judge told Google how it must fix that illegal monopoly.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:15px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    US District Court Judge Amit Mehta
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      ruled
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    that Google could no longer engage in exclusive search deals like its one with Apple, but the search giant isn’t being broken up or forced to divest Chrome.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Google has $26 billion in deals with companies like Samsung and Apple — the latter alone
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      worth $20 billion
                     </strong>
                    </a>
                    a year — to be the default search engine on their products.
                   </li>
                   <li style="Margin:0 0 8px 0">
                    However, Apple shares also moved higher in postmarket trading, as the judge said nonexclusive payments to preload Google products, which help
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      drive its lucrative Services segment
                     </strong>
                    </a>
                    revenues, can continue.
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   “Google will not be required to divest Chrome; nor will the court include a contingent divestiture of the Android operating system in the final judgment,” the decision read. “Plaintiffs overreached in seeking forced divesture of these key assets, which Google did not use to effect any illegal restraints.”
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-7" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   The decision “strengthens the company’s position in gen-AI agent deployments, given the importance of integrating large language models natively within the browser,” Bloomberg Intelligence analysts Mandeep Singh and Robert Biggar wrote.
                  </p>
                  <p style="margin:0">
                   Google Search is the default search engine in Chrome, the world’s most popular browser,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     ensuring plenty of traffic to Google’s advertising ecosystem
                    </strong>
                   </a>
                   . Recently, both
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     OpenAI
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   and
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Perplexity
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   expressed interest in buying Chrome. The DOJ also floated making Google share its valuable search and user data with competitors. Google still faces remedies for a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     separate monopoly case
                    </strong>
                   </a>
                   involving ad tech, with that phase of the case set to begin
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     next month
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
                </td>
               </tr>
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                     <strong>
                      Read more
                     </strong>
                    </span>
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     Presented by Global X
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                 </div>
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                  <strong>
                   Introducing the Global X Bitcoin Covered Call ETF.
                  </strong>
                 </h1>
                </td>
               </tr>
              </table>
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                  <div style="max-width:550px">
                   <a target="_blank">
                    <img alt="" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Ffss%252Ffvl7w8%252F0b9cdae9-11a3-4f4a-8602-ac5deef0c092%252FBCCC-A_New_Way-1200x800.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCIsInRpbWUiOjE3NTY4OTYwNDguNjQzOTkwOH0:1utkv2:M22-1HC6qRc_CiCfe2Xmf8D6LntWlnUsFGkbzbq8Km4" style="display:block;height:auto;border:0;width:100%" title="" width="550"/>
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                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   Bitcoin’s trajectory has turned heads all over the investment landscape. And for investors that don’t
                   <em>
                    actively
                   </em>
                   trade crypto, there are ways to get Bitcoin exposure without buying the coin.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   One of those is the new
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Bitcoin Covered Call ETF (BCCC) from Global X
                    </strong>
                   </a>
                   . The actively-managed fund offers exposure to the world’s largest cryptocurrency via synthetic exposure to  Bitcoin Exchange-Traded Products , instead of holding Bitcoin directly, while employing a partial covered call strategy.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   Why use a
                   <em>
                    partial covered call strategy
                   </em>
                   ? It allows investors to capture a portion of bitcoin’s capital appreciation while also seeking to manage its volatility, since the fund writes weekly call options on Bitcoin ETPs. This covered call strategy also seeks to generate income for investors to potentially buffer against downside movements of Bitcoin itself.
                  </p>
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Check out BCCC at Global X
                    </strong>
                   </a>
                   for income potential (weekly distributions) and hedged exposure to Bitcoin’s growth — all in an
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     efficient ETF wrapper
                    </strong>
                   </a>
                   .
                   <sup>
                    2
                   </sup>
                  </p>
                 </div>
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     THE DATA CENTER HICCUP
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:26px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:31px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    The stocks at the center of the AI trade and data center boom look rattled
                   </strong>
                  </a>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                  <p style="margin:0;margin-bottom:16px">
                   Stocks hitched to the data center boom were key contributors to the market slump Tuesday, with Nvidia and the so-called hyperscalers — Amazon, Microsoft, Meta, and Alphabet — among the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     biggest contributors to the downturn
                    </strong>
                   </a>
                   in the S&amp;P 500 (at least before the closing bell sent Google and Apple up because of that unrelated legal decision).
                  </p>
                  <p style="margin:0">
                   But that aftermarket action doesn’t change the appearance that the weakness in the AI trade goes beyond those companies writing the sizable checks needed for AI data centers, instead
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     stretching up and down the data center value chain
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
                </td>
               </tr>
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                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Shares of semiconductor equipment manufacturers like ASML were down, as were chip foundries like TSMC and chip stocks like AMD, Lam Research, and Qualcomm, not to mention AI energy plays like Talen Energy, NRG, and GE Vernova.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    The Trump administration’s decision
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      to strip TSMC
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    of its ability to ship gear to its manufacturing base on the Chinese mainland has injected some uncertainty into the global tech sector. But TSMC is holding up better than most of those aforementioned stocks.
                   </li>
                   <li style="Margin:0 0 8px 0">
                    The breadth of the sell-off seems more along the lines of a momentary (and understandable)
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      crack in confidence
                     </strong>
                    </a>
                    that sometimes emerges in even the most unanimous bets on Wall Street. That would include the staunch belief among investors, traders, and companies that AI is going to fundamentally reshape the US economy, creating untold riches for companies in the industry.
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-6" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   Moments of doubt make some sense. After all, while AI has shown a lot of promise, for the moment it remains
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     more of a market phenomenon than an economic one
                    </strong>
                   </a>
                   . That is, despite its outsized role in the stock market, we haven’t seen the explosion of profits and productivity that would be needed to justify all this investment.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-10" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                <td class="pad" style="padding-bottom:8px;padding-top:24px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   Hedge fund manager and market-making maven Ken Griffin seems to agree, telling Barron’s recently, “There is one salient issue in the equity market now: how much of the hype of AI will translate into the reality of a more productive, more prosperous future?” Nobody, not even Ken Griffin, knows. But in the meantime, the bet continues to build. The latest data on US construction spending, released on Tuesday,
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     shows it’s still very much alive
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="10" cellspacing="0" class="button_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                 <div align="center" class="alignment">
                  <a style="color:#ffffff;text-decoration:none;" target="_blank">
                   <!--[if mso]>
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                    <span style="word-break: break-word; line-height: 36px;">
                     <strong>
                      Read more
                     </strong>
                    </span>
                   </span>
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                  </a>
                 </div>
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      </table>
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          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
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             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="button_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:left">
                 <div align="left" class="alignment">
                  <!--[if mso]>
<v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word"   style="height:20px;width:258px;v-text-anchor:middle;" arcsize="27%" fillcolor="#5869ff">
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<![endif]-->
                  <span class="button" style="background-color: #5869ff; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-radius: 7px; border-right: 2px solid #000000; border-top: 2px solid #000000; color: #ffffff; display: inline-block; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 2px; padding-top: 2px; padding-left: 11px; padding-right: 11px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;">
                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     THE BEST THING WE READ TODAY
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    Investors are paying record prices for every dollar of future S&amp;P 500 revenue
                   </strong>
                  </a>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   The current market is a Rorschach test: do you see a golden age of corporate profitability ushered in by AI, or irrational exuberance gone mad?
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="10" cellspacing="0" class="button_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                  <a style="color:#ffffff;text-decoration:none;" target="_blank">
                   <!--[if mso]>
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<![endif]-->
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                    <span style="word-break: break-word; line-height: 36px;">
                     <strong>
                      BATMAAN forever?
                     </strong>
                    </span>
                   </span>
                   <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                  </a>
                 </div>
                </td>
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              </table>
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               <tr>
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                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-12" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
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             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
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               <tr>
                <td class="pad" style="text-align:left">
                 <div align="left" class="alignment">
                  <!--[if mso]>
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     MOVES
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;padding-top:10px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <strong>
                   Yesterday’s Big Daily Movers
                  </strong>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Canadian cannabis company
                    <strong>
                     Canopy Growth
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      tumbled
                     </strong>
                    </a>
                    after announcing a $200 million equity raise
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Constellation Brands
                    </strong>
                    sank after slashing its full-year outlook as
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      beer demand fizzles
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     CoreWeave
                    </strong>
                    fell after a top shareholder entered a massive
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      collar trade
                     </strong>
                    </a>
                    to protect against losses
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Frontier
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      took flight
                     </strong>
                    </a>
                    in the wake of
                    <strong>
                     Spirit
                    </strong>
                    ’s second
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      bankruptcy
                     </strong>
                    </a>
                    filing
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Investors jeered
                    <strong>
                     Lucid
                    </strong>
                    ’s reverse stock split, sending shares to a (split-adjusted)
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      all-time low
                     </strong>
                    </a>
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-13" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:25px;padding-top:25px">
                 <div align="center" class="alignment">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                   <tr>
                    <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   What else we're Snackin'
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    According an X post from CEO Elon Musk,
                    <strong>
                     “
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      ~80% of Tesla’s value will be Optimus
                     </strong>
                    </a>
                    <strong>
                     ”
                    </strong>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Meanwhile, Google’s
                    <strong>
                     Waymo
                    </strong>
                    now has 2,000 autonomous cars in service, while
                    <strong>
                     Tesla
                    </strong>
                    has…
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      about 30
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Paramount
                    </strong>
                    and
                    <strong>
                     Microsoft
                    </strong>
                    ’s Activision are partnering on a
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      “Call of Duty” movie
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     McDonald’s
                    </strong>
                    is bringing the value back to value meals with
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      eight options
                     </strong>
                    </a>
                   </li>
                   <li style="Margin:0 0 8px 0">
                    <strong>
                     Ethereum
                    </strong>
                    spot ETFs notched their fifth straight month of
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      positive inflows
                     </strong>
                    </a>
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-14" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-radius:0;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;padding-left:25px;padding-right:25px;padding-top:5px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:25px;padding-top:25px">
                 <div align="center" class="alignment">
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                   <tr>
                    <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-15" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto;background-color:#5869ff;border-bottom:30px solid #fff;border-left:30px solid #fff;border-radius:10px;border-right:30px solid #fff;border-top:30px solid #fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;border-bottom:4px solid #5869ff;border-left:4px solid #5869ff;border-right:4px solid #5869ff;border-top:4px solid #5869ff;padding-bottom:15px;padding-left:25px;padding-right:25px;padding-top:15px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:center;width:100%">
                 <h1 style="margin:0;color:#fff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:center;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Snack Fact of the Day
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;padding-left:40px;padding-right:40px;padding-top:10px">
                 <div style="color:#000;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:center;mso-line-height-alt:22px">
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #ffffff;">
                    <strong>
                     There are now more ETFs than stocks in the US.
                    </strong>
                   </a>
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-16" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-radius:0;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:25px;padding-top:25px">
                 <div align="center" class="alignment">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                   <tr>
                    <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Wednesday
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-17" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px;padding-top:5px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:disc">
                   <li style="Margin:0 0 8px 0">
                    July Job Openings and Labor Turnover Survey (JOLTS)
                   </li>
                   <li style="Margin:0 0 8px 0">
                    Earnings expected from
                    <strong>
                     Salesforce, Hewlett Packard Enterprise, Figma, Dollar Tree, Macy’s, Campbell Soup,
                    </strong>
                    and
                    <strong>
                     American Eagle Outfitters
                    </strong>
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:11px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:left;mso-line-height-alt:13px">
                  <p style="margin:0;margin-bottom:16px">
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <strong>
                    Important Information:
                   </strong>
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   1 The Fund does not invest directly in Bitcoin.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   2
                   <strong>
                    Bitcoin and bitcoin futures are a relatively new asset class. They are subject to unique and substantial risks, and historically, have been subject to significant price volatility. The value of an investment in the Fund could decline significantly and without warning, including to zero. You should be prepared to lose your entire investment.
                   </strong>
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   Investing involves risk, including the possible loss of principal. BCCC is actively managed and invests in options contracts on one or more bitcoin exchange-traded product (ETP) that invests principally in bitcoin futures contracts or invests directly in bitcoin. BCCC does not invest directly in or hold bitcoin. The price and performance of bitcoin futures should be expected to differ from the current “spot” price of bitcoin. These differences could be significant. Bitcoin futures are subject to margin requirements, collateral requirements and other limits that may prevent the ETF from achieving its objective. Margin requirements for futures and costs associated with rolling (buying and selling) futures may have a negative impact on the fund's performance and its ability to achieve its investment objective.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   Bitcoin is largely unregulated and bitcoin investments may be more susceptible to fraud and manipulation than more regulated investments. Bitcoin and bitcoin futures are subject to rapid price swings, including as a result of actions and statements by influencers and the media, changes in the supply of and demand for bitcoin and bitcoin futures contracts and other factors.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   BCCC's concentration will subject it to loss due to adverse occurrences that may affect that sector. Investors in BCCC should be willing to accept a high degree of volatility in the price of the fund’s shares and the possibility of significant losses. BCCC engages in options trading. An option is a contract sold by one party to another that gives the buyer the right, but not the obligation, to buy (call) or sell (put) a stock at an agreed upon price within a certain period or on a specific date. A covered call option involves holding a long position in a particular asset and writing a call option on that same asset with the goal of realizing additional income from the option premium. BCCC establishes its "long" position through the combination of purchasing call options and selling put options on the Bitcoin ETPs. As a buyer of call options, the Fund pays a premium to the seller of the options. The fund then also sells call options to establish the "covered call". By selling covered call options, the fund limits its opportunity to profit from an increase in the price of the underlying asset above the exercise price, but continues to bear the risk of a decline in the asset. A liquid market may not exist for options held by the fund. While the fund receives premiums for writing the call options, the price it realizes from the exercise of an option could be substantially below the asset's current market price. BCCC is non-diversified.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <em>
                    Carefully consider the Fund’s investment objectives, risks, and charges and expenses before investing. This and other information can be found in the Fund’s summary or full prospectuses, which is available at globalxetfs.com. Please read the prospectus carefully before investing.
                   </em>
                  </p>
                  <p style="margin:0">
                   Global X Management Company LLC serves as an advisor to Global X Funds. The Funds are distributed by SEI Investments Distribution Co. (SIDCO), which is not affiliated with Global X Management Company LLC or Mirae Asset Global Investments.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
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      </table>
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                   SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025
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