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   Software stocks crater as independent research piece details potential AI dystopian scenario.
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                  This is what you get when you search ‘dystopia’ in Getty Images. (Getty Images)
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                   Presented by
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                   Hey Snackers,
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                   The Winter Olympics are over, with Norway winning a historic
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                     18 gold medals
                    </strong>
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                   , more than any other country in Winter Olympics history. What’s even more impressive is that Norway’s total population is under 5.7 million, slightly less than the state of Colorado. This brings Norway’s number of medals per 10 million inhabitants to a massive 73.6.
                   <a style="text-decoration: underline; color: #5869ff;">
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                     See how its medals per population stack up compared to larger countries
                    </strong>
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                   .
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                   If you’re, like us, feeling Olympics withdrawal, may we suggest the cure can be found in our sports-focused newsletter,
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                     Scoreboard
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                   ?
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                   The S&amp;P 500, Nasdaq 100, and Russell 2000
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                     all sank on Monday
                    </strong>
                   </a>
                   as stocks slumped amid AI anxiety and tariff turmoil. Consumer staples and healthcare were the best performers as investors rotated into defensive stocks.
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                    Software stocks crater as independent research piece details potential AI dystopian scenario
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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">
                   Software stocks got shellacked yesterday as
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     a post published by Citrini Research
                    </strong>
                   </a>
                   and Lotus Technology Management managing partner Alap Shah sharpened attention on the magnitude and breadth of losers from the AI boom.
                  </p>
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                </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">
                    The piece, titled
                    <strong>
                     “
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      The 2028 Global Intelligence Crisis
                     </strong>
                    </a>
                    <strong>
                     ,”
                    </strong>
                    is a hypothetical scenario analysis exploring the left-tail risks in two years’ time in a world where there’s an aggressive AI build-out and adoption of AI agents.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    “What follows is a scenario, not a prediction,” the authors wrote. “Hopefully, reading this leaves you more prepared for potential left tail risks as AI makes the economy increasingly weird.”
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    The hypothetical pain points for the
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      software industry
                     </strong>
                    </a>
                    include software-as-a-service companies forced to offer steep discounts to customers for 2027 renewals to avoid being displaced by new AI tools, and “systems of record” like
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      ServiceNow
                     </strong>
                    </a>
                    issuing dire results and job cuts as the potential for in-house builds weighs on growth and pricing.
                   </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">
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                  <p style="margin:0">
                   “What if our AI bullishness continues to be right... and what if that’s actually bearish?” the authors added. Stocks that finished between 8% and 12% down on the day included
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     CrowdStrike
                    </strong>
                   </a>
                   ,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     AppLovin
                    </strong>
                   </a>
                   ,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Atlassian
                    </strong>
                   </a>
                   ,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     GitLab
                    </strong>
                   </a>
                   ,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Datadog
                    </strong>
                   </a>
                   , and
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Asana
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
                </td>
               </tr>
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             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
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                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
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              <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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                  <p style="margin:0;margin-bottom:16px">
                   Anyway, the market
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     seemed genuinely spooked
                    </strong>
                   </a>
                   by the “scenario.”
                  </p>
                  <p style="margin:0">
                   The original
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     tweet
                    </strong>
                   </a>
                   with a link to the piece from Citrini Research, which was founded by James van Geelen, has received 6.5 million views, been retweeted over 2,600 times, and bookmarked 15,000 times just after market close on Monday, per X, and van Geelen’s profile was among the most viewed on the Bloomberg Terminal.
                  </p>
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                   Actively trading the gold market?
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                   provide the capital efficiency you need to deploy your cash more strategically.
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                   To control $40,000 of gold, an ETF investor must deploy the full $40,000 in cash—or $20,000 if using standard Reg T margin. Meanwhile, a
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                   can access that same exposure by putting up roughly $2,000 in margin.
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                   By utilizing futures, you unlock 20x the capital efficiency of a cash-backed ETF. This allows you to diversify your portfolio or allocate capital to other opportunities without sacrificing market exposure.
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                    <strong>
                     WHAT GOES UP
                    </strong>
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                    Tech winners haven’t crushed tech losers by this much since the dot-com bubble was bursting
                   </strong>
                  </a>
                 </h1>
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                   The performance gap between the tech sector’s winners and losers
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     has reached the 100th percentile
                    </strong>
                   </a>
                   , widening to levels not seen since 2000.
                  </p>
                  <p style="margin:0">
                   That’s according to Jeff deGraaf, head of technical research at Renaissance Macro Research, who flagged in a note to clients the magnitude of this divergence in fortunes within the industry.
                  </p>
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                    The story of the technology trade in 2026 was made clear on the first trading day of the year, with a
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      record outperformance of semiconductor stocks versus their software counterparts
                     </strong>
                    </a>
                    .
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Since then, software has
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      continued to flounder
                     </strong>
                    </a>
                    as
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      new AI tools
                     </strong>
                    </a>
                    pull the timetable for potential disruption forward and threaten to
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      undermine the perceived safety
                     </strong>
                    </a>
                    of the software industry’s recurring revenue streams and margins.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Within the hardware space, the list of winners has become even narrower, with investors focused on data center capex beneficiaries,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      particularly in memory
                     </strong>
                    </a>
                    and semicap equipment.
                   </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">
                   Year to date, the best performers in the Russell 1000 Technology Index (and presumably the best charts) include
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Sandisk
                    </strong>
                   </a>
                   ,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Western Digital
                    </strong>
                   </a>
                   ,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Corning
                    </strong>
                   </a>
                   ,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Vertiv Holdings
                    </strong>
                   </a>
                   ,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Micron
                    </strong>
                   </a>
                   , and
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Applied Materials
                    </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-9" 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="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <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">
                   “To see similar levels of performance differential between winners and losers requires a trip back to 2000 as the dot-com bubble was bursting and the semis were holding up relative to the speculative internet related names,” deGraaf wrote. “
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Beware chasing good charts in technology
                    </strong>
                   </a>
                   , and at the margin, reduce exposure.”
                  </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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                  <a style="color:#ffffff;text-decoration:none;" target="_blank">
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                      Read more
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                  <!--[if mso]>
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<![endif]-->
                  <span class="button" style="background-color: #5869ff; mso-shading: transparent; 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>
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                 </div>
                </td>
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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>
                    OpenAI’s planned cash burn was unlike anything we’d ever seen — now they’re doubling it
                   </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;margin-bottom:16px">
                   As
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     we noted last year
                    </strong>
                   </a>
                   , the sheer scale of
                   <strong>
                    OpenAI
                   </strong>
                   ’s cash burn plans have been unlike anything we’ve ever seen. And we now know the company’s cash burn forecasts are actually even more insane than we previously thought. Following a
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     report from The Information that Project Stargate
                    </strong>
                   </a>
                   is a “chaotic mess,” the outlet also reported that OpenAI expects to burn through
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     $218 billion
                    </strong>
                   </a>
                   between 2026 and 2029.
                  </p>
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     See how it compares to Uber, Netflix, and Tesla
                    </strong>
                   </a>
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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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-11" 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="heading_block block-1" 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>
                   Snacks Shots
                  </strong>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-2" 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">
                    <strong>
                     🎬 Best Picture:
                    </strong>
                    “One Battle After Another” saw its chances of winning Best Picture at the British Academy Film Awards
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      rise slightly to 78%
                     </strong>
                    </a>
                    according to prediction markets* after yet another win on Sunday.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     🎬 Best Supporting Acting:
                    </strong>
                    But if the BAFTAs affirmed the narrative in Best Picture, in many of the acting categories things only got more chaotic,
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      especially in Best Actor
                     </strong>
                    </a>
                    . Meanwhile, Wunmi Musaku (“Sinners”) saw her odds shoot up from
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      3% to 26% for a win in Best Supporting Actress
                     </strong>
                    </a>
                    , while Sean Penn (“One Battle After Another”) saw his chances rise from
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      14% to 59% for a win in Best Supporting Actor
                     </strong>
                    </a>
                    , at the expense of Stellan Skarsgard, who saw his chances halve from 66% to 27%.
                   </li>
                   <li style="Margin:0 0 8px 0">
                    <strong>
                     📊 Fed:
                    </strong>
                    After
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      better-than-expected employment numbers
                     </strong>
                    </a>
                    , the chances of a rate cut at the Fed meeting in March have
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      dwindled down to just 5%
                     </strong>
                    </a>
                    , prediction markets show.
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="10" 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">
                 <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 aria-setsize="-1" id="message-list_1761932419.092419" role="listitem" style="margin:0;margin-bottom:16px" tabindex="0">
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   *Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
                  </p>
                  <p aria-label="Start of unread messages." aria-roledescription="separator" aria-setsize="-1" id="message-list_unreadDivider" role="listitem" style="margin:0" tabindex="-1">
                  </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-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>
            <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%">
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                 <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">
                    Chinese EV maker
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Nio
                     </strong>
                    </a>
                    provided
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      a million
                     </strong>
                    </a>
                    battery swaps in China in less than a week
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Analysts
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      slashed their price targets
                     </strong>
                    </a>
                    for
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Salesforce
                     </strong>
                    </a>
                    ahead of tomorrow’s earnings
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    De Beers’ natural stone business is not sparkling, leading its parent company
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      to halve its value
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     <a style="text-decoration: underline; color: #5869ff;">
                      Bitcoin
                     </a>
                    </strong>
                    ’s market pain is growing as ETF outflows continue and
                    <strong>
                     <a style="text-decoration: underline; color: #5869ff;">
                      a miner exits for AI
                     </a>
                    </strong>
                   </li>
                   <li style="Margin:0 0 8px 0">
                    What
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Amazon
                     </strong>
                    </a>
                    ’s latest data center announcement
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      says about AI right now
                     </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>
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         <td>
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                      Alibaba
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                      AMC
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                      Home Depot
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                      Keurig Dr Pepper
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                      Cipher Mining
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                      Axon
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                      American Tower
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                      Tempus
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                      AI
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                      Zeta
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                      Workday
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                      HP
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                   SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025
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