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   All is fair in love and war, unless you are a Chinese drone company.
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                     <span class="tinyMce-placeholder" style="word-break: break-word;">
                      Hey Snackers,
                     </span>
                    </h1>
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                     <p style="margin:0;margin-bottom:16px">
                      Trader “AlphaRaccoon” wasn’t just feeling lucky when he took positions on a prediction market site related to last year’s top search results, but using insider information from working at
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Google
                       </strong>
                      </a>
                      , according to a criminal complaint. The case alleges the account made $1.2 million across various trades, including a
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        highly unlikely bet on the No. 1 search for 2025
                       </strong>
                      </a>
                      . As we noted
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        last year
                       </strong>
                      </a>
                      , the stakes involved and the volume of activity around this one specific subject aroused suspicion.
                     </p>
                     <p style="margin:0">
                      The S&amp;P 500, Nasdaq 100, and Russell 2000 all closed at
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        new record highs
                       </strong>
                      </a>
                      following reports that the US and Iran have reached a tentative deal to
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        extend the ceasefire by 60 days
                       </strong>
                      </a>
                      , pending President Trump’s approval.
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                       <strong>
                        IT’S NOT UNUSUAL
                       </strong>
                      </span>
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                     <strong>
                      US drone stocks surge on talks of government deal, while banned Chinese drone giant fights to clear its name
                     </strong>
                    </h1>
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                     <p style="margin:0;margin-bottom:16px">
                      All is fair in love and war,
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        unless you are a Chinese drone company
                       </strong>
                      </a>
                      .
                     </p>
                     <p style="margin:0">
                      The Wall Street Journal
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        reported
                       </strong>
                      </a>
                      yesterday that the US government is in talks to provide funding to a small group of American drone companies, which may include equity and debt positions.
                     </p>
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                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Shares of Florida-based
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Unusual Machines
                        </strong>
                       </a>
                       surged 57%. It’s one of the companies mentioned in the report, and it also happens to have the president’s son Donald Trump Jr. as an
                       <strong>
                       </strong>
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         investor and board member
                        </strong>
                       </a>
                       .
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       While not mentioned as a possible recipient of government funding, other drone-linked stocks like
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Red Cat Holdings
                        </strong>
                       </a>
                       (up 32%),
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Kratos Defense
                        </strong>
                       </a>
                       (up nearly 14%),
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         AIRO Group Holdings
                        </strong>
                       </a>
                       (up 22%), and
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         AeroVironment
                        </strong>
                       </a>
                       (up 18%) also jumped.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Privately held
                       <strong>
                        Neros Technologies
                       </strong>
                       , which is backed by Sequoia Capital, and
                       <strong>
                        Performance Drone Works
                       </strong>
                       were also highlighted as possible recipients of government funds in the report.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       The Trump administration has announced plans for equity or warrant stakes in rare earth companies,
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Intel
                        </strong>
                       </a>
                       , defense contractor
                       <strong>
                        L3Harris
                       </strong>
                       , and most recently, the
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         quantum computing industry
                        </strong>
                       </a>
                       .
                      </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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                    <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">
                      While it seems like a good time to be in the drone business as the US military
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        scrambles to build a domestic supply chain
                       </strong>
                      </a>
                      for the newly crucial battlefield technology,
                      <strong>
                       DJI
                      </strong>
                      , the China-based global leader in nonmilitary, quadcopter-style drones,
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        still finds itself boxed out of the US market
                       </strong>
                      </a>
                      .
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
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           </tbody>
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       </tbody>
      </table>
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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>
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                     <p style="margin:0;margin-bottom:16px">
                      DJI published a
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        report
                       </strong>
                      </a>
                      showing the results of a thorough study it commissioned from US cybersecurity firm OnDefend. After five months of adversarial testing of the DJI Air 3S and DJI Matrice 4E drone platforms, OnDefend found
                      <strong>
                      </strong>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        no evidence of transmitting data back to China
                       </strong>
                      </a>
                      , supply chain tampering, or unauthorized backdoors in the hardware or software.
                     </p>
                     <p style="margin:0">
                      DJI is estimated to have a dominant share of the nonmilitary drone market. Its products are used by first responders, farmers, infrastructure inspection firms, and many other small businesses.
                     </p>
                    </div>
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                       <strong>
                        OH, HI!
                       </strong>
                      </span>
                     </span>
                    </span>
                    <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
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                     <strong>
                      Waymo to launch free robotaxi rides in its new Ojai vans
                     </strong>
                    </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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                   <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">
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Google
                       </strong>
                      </a>
                      ’s Waymo says in June it’s going to begin offering “select riders” in San Francisco, Los Angeles, and Phoenix trips in its
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        new Ojai vans
                       </strong>
                      </a>
                      , pronounced “oh-hi.”
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        At the start, those rides will be free as the company gathers rider feedback.
                       </strong>
                      </a>
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
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                     <ul style="margin-top:0;margin-bottom:0;list-style-type:revert">
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Incorporating an initial 100 Ojai vehicles into its autonomous commercial fleet is a first step toward deploying “tens of thousands of units annually” from Waymo’s Arizona factory. There, working in partnership with vehicle builder Magna, the company takes purpose-built vehicle shells and integrates its proprietary self-driving tech.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       The four-seater Ojai will debut the company’s
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         sixth-generation Waymo Driver
                        </strong>
                       </a>
                       . The tech is both more powerful — it can drive in snowier conditions than the
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         existing fleet
                        </strong>
                       </a>
                       <strong>
                       </strong>
                       — and, importantly, cheaper than the tech powering Waymo’s
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         3,000-plus fleet of Jaguar I-PACEs
                        </strong>
                       </a>
                       in
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         11 markets
                        </strong>
                       </a>
                       .
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       It’s also operating on top of a less expensive vehicle to begin with: the Zeekr-made van likely costs around $38,000 versus $75,000 for the Jaguar.
                      </li>
                     </ul>
                    </div>
                   </td>
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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">
                      Like its existing fleet — and unlike
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Amazon
                       </strong>
                      </a>
                      ’s
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Zoox
                       </strong>
                      </a>
                      <strong>
                      </strong>
                      — the Ojai has a steering wheel and pedals, though it’s being configured to operate without those in the future, according to a Waymo spokesperson. The Ojai seats up to four people and has more legroom than the I-PACE. It also has three screens, a number of charging ports, and is easier to clean.
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
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              </table>
             </td>
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           </tbody>
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       </tbody>
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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>
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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">
                      Waymo wouldn’t provide an estimate for the total cost of the vehicle and its autonomous add-ons, but
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        based on previous Morgan Stanley estimates
                       </strong>
                      </a>
                      , the Ojai could cost around $125,000, whereas the fifth-generation I-PACE was closer to $200,000. Investor and Future Fund managing partner Gary Black has
                      <strong>
                      </strong>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        penciled in
                       </strong>
                      </a>
                      <strong>
                      </strong>
                      the fully equipped Ojai at a breezy $75,000.
                     </p>
                     <p style="margin:0">
                      Faster and cheaper autonomous vehicle assembly is essential for Waymo to expand into its planned
                      <strong>
                      </strong>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        20-plus markets
                       </strong>
                      </a>
                      .
                     </p>
                    </div>
                   </td>
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                      The once asset-light software business has been funneling money toward capital expenditure — now expected to reach an eye-watering $125 billion to $145 billion this year — as it builds out its AI business. And unlike its Big Tech peers doing the same, it
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                        doesn’t have their lucrative cloud and enterprise revenue sources
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                      to soften the blow.
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                      A
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                        series of recent developments
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                      suggests that
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                        Meta
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                      is genuinely trying to change that.
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                      How Pro Investors
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                      Use Options Data
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                      Understanding
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                      is a vital tactic of trading, yet many individual investors are left guessing based on sub-par information.
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                      In collaboration with Nasdaq, we explore how professional-grade options data goes beyond basic put/call ratios — and how traders of all types can use it to go from reactive trading to
                      <em>
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                      proactive positioning.
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                      Snacks Shots
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                       <strong>
                        🎮 Grand Take-Two Arbitrage 6:
                       </strong>
                       The market about which entry will win Game of the Year for 2026 has
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         “Grand Theft Auto VI” as a favorite, with a 61% chance
                        </strong>
                       </a>
                       , followed by “Resident Evil Requiem” at 8% and “Crimson Desert” at 6%. Interestingly, most of the movement in this market appears to be related to the simple question of
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         whether “GTA 6” will actually come out this year
                        </strong>
                       </a>
                       .
                       <strong>
                       </strong>
                       As of the end of April, the “GTA 6” release date market had it at a 77% chance of a 2026 release, which has since risen to 88%. Over that same period, its chances of winning GOTY rose from 48% to 63%. What this pricing would appear to imply is if “GTA 6” does come out in 2026,
                       <em>
                       </em>
                       there’s about a two-in-three chance of pulling off GOTY.
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                      *Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
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                      What else we're Snackin'
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                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Super Micro
                        </strong>
                        <strong>
                         Computer
                        </strong>
                       </a>
                       shares surged yesterday on heavy call volume after management
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         touted the company’s collaboration with Taiwan
                        </strong>
                       </a>
                       to prevent chip smuggling into China, positioning itself as part of the solution rather than the problem
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Drake has officially
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         surpassed Michael Jackson
                        </strong>
                       </a>
                       for the most No. 1 hits by a male solo artist — though neither of them come close to The Beatles’ chart-topping tally
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Retail traders are
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         outperforming the pros
                        </strong>
                       </a>
                       in 2025, making stock picking look deceptively easy amid the AI-fueled boom
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Bitcoin
                        </strong>
                       </a>
                       slid to a
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         six-week low
                        </strong>
                       </a>
                       below $74,000 as an analyst warned that
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Strategy
                        </strong>
                       </a>
                       ’s cash runway to cover its dividends has dwindled to just six months
                      </li>
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