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   Apple’s stock is behaving differently from the rest of BATMMAAN because its AI strategy is nowhere.
  </div>
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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">
                   If we said the phrase “after dark,” you’d probably think of late-night bars and risqué shows, but what if we told you there was a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     new “AfterDark” fund
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   coming that goes risk-on every night and returns to safe havens each morning? Well, it’s true: the Nicholas Bitcoin and Treasuries AfterDark ETF will trade
                   <strong>
                    bitcoin
                   </strong>
                   and its derivatives from US market close to open, when it will close all its positions and convert them to
                   <strong>
                    US Treasurys
                   </strong>
                   . It seems silly at first, but it turns out there’s a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     pretty solid financial thesis
                    </strong>
                   </a>
                   for the structure.
                  </p>
                  <p style="margin:0">
                   Stocks
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     wavered
                    </strong>
                   </a>
                   ahead of the Federal Reserve’s interest rate decision today. While the market is
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     anticipating
                    </strong>
                   </a>
                   a quarter-point rate cut, Fed Chair Jerome Powell’s commentary will offer crucial insight into the central bank’s approach to easing in 2026.
                  </p>
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                    <strong>
                     CORR VALUES
                    </strong>
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                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    Apple’s stock is behaving differently from the rest of BATMMAAN because its AI strategy is nowhere
                   </strong>
                  </a>
                 </h1>
                </td>
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                  <p style="margin:0;margin-bottom:16px">
                   Hey Siri: why is
                   <strong>
                    Apple
                   </strong>
                   ’s stock behaving differently from the rest of Big Tech?
                  </p>
                  <p style="margin:0">
                   Siri, of course, will have absolutely no clue — because Apple’s AI strategy
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     is borderline nonexistent
                    </strong>
                   </a>
                   .
                  </p>
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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">
                    <strong>
                     Google
                    </strong>
                    ’s AI efforts have gone from strength to strength. ChatGPT has grown its weekly active users to nearly
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      900 million
                     </strong>
                    </a>
                    .
                    <strong>
                     Nvidia
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      briefly crossed
                     </strong>
                    </a>
                    a $5 trillion market cap. Apple, uh, released some
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      underwhelming updates
                     </strong>
                    </a>
                    to its flagship Apple Intelligence product?
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    That said, its lack of AI progress is increasingly affecting how the stock is trading, as Apple becomes a sort of
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      “anti-AI” vehicle for investors
                     </strong>
                    </a>
                    .
                   </li>
                   <li style="Margin:0 0 8px 0">
                    Indeed, its correlation with the rest of the
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      BATMMAAN
                     </strong>
                    </a>
                    group has dropped precipitously: when ChatGPT was released at the end of November 2022, Apple’s average pairwise correlation (based on daily returns over 90-day rolling periods) to its Big Tech peers was 0.71 — recently it has dropped to as low as 0.2.
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
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                  <p style="margin:0">
                   This is a pretty steep drop-off, and it’s been most pronounced in the stocks that are closest to the AI trade (notably Nvidia,
                   <strong>
                    Microsoft
                   </strong>
                   , and
                   <strong>
                    Broadcom
                   </strong>
                   ). Apple and Microsoft used to trade nearly in tandem, with a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     correlation
                    </strong>
                   </a>
                   coefficient between the two north of 0.8. That has all but collapsed, with the last 90 trading sessions barely showing a positive correlation.
                  </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-5" 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%">
               <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;margin-bottom:16px">
                   Perhaps what’s most remarkable from mining the correlation stats is that Apple’s average correlation with the rest of its peer group is now the lowest of any BATMMAAN stock. People used to say that
                   <strong>
                    Tesla
                   </strong>
                   was the odd one out of the Big Tech giants — but the trading data suggests, fairly strongly,
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     it’s Apple right now.
                    </strong>
                   </a>
                  </p>
                  <p style="margin:0">
                   Last week, Apple
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     retired its AI chief
                    </strong>
                   </a>
                   , potentially suggesting a renewed focus on the nascent technology under new leadership.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     AI AI AI
                    </strong>
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                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    Accenture is the new “AI training your replacements” play in the market
                   </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%">
               <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;margin-bottom:16px">
                   <strong>
                    Accenture
                   </strong>
                   rose after the consulting giant
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     announced
                    </strong>
                   </a>
                   a multiyear partnership with
                   <strong>
                    Anthropic
                   </strong>
                   to become “a premier AI partner for coding with Claude Code.” This includes a joint offering for AI-enabled software development with a focus on regulated industries including finance, healthcare, life sciences, and the public sector.
                  </p>
                  <p style="margin:0">
                   It’s worth considering that consulting is
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     perhaps one of the most interesting niches
                    </strong>
                   </a>
                   of the economy when it comes to AI’s impact on jobs.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-5" 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">
                    As Sherwood News’ Hyunsoo Rim recently flagged, the consulting business
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      has hit an AI-shaped wall
                     </strong>
                    </a>
                    , with employment in the industry peaking shortly after the launch of ChatGPT.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    It comes on the heels of Accenture’s
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      partnership
                     </strong>
                    </a>
                    with
                    <strong>
                     OpenAI
                    </strong>
                    earlier this month to utilize ChatGPT Enterprise in its consulting work.
                   </li>
                   <li style="Margin:0 0 8px 0">
                    It’s also recently
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      invested
                     </strong>
                    </a>
                    in AI-powered customer research platform WEVO and expanded its collaboration with cloud-based data company
                    <strong>
                     Snowflake
                    </strong>
                    to better utilize data using AI tools.
                   </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%">
               <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">
                   Charitably, Accenture’s management is eagerly embracing how the consulting business may be radically altered in a world where corporate AI adoption is ubiquitous, and reacting accordingly. Uncharitably, it’s
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     the best “training your replacements” company out there
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
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           <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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                 <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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                <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">
                   One must consider that the ultimate service provided by a lot of consultants is to affirm, supplement, or execute management decisions made by their clients. This is a necessary service — shareholders enjoy enlisting third parties to affirm the decisions of management — but ultimately we’re confronting the possibility that instead of hiring, say, a kid fresh out of an MBA program to do that,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     you can probably just use an upgraded Clippy
                    </strong>
                   </a>
                   .
                  </p>
                  <p style="margin:0">
                   Can Accenture make enough deals to stave off this fate? Can LLMs actually supplant consultants? Who wins and who loses is going to be one of the more interesting early answers to the key employment questions of the AI transition.
                  </p>
                 </div>
                </td>
               </tr>
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                     THE BEST THING WE READ TODAY
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                    Where Morgan Stanley thinks autonomous taxis will be in 2032
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                  <p style="margin:0">
                   Recently Sherwood laid out the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     current autonomous ride-share landscape
                    </strong>
                   </a>
                   , which is mostly a battle between
                   <strong>
                    Google
                   </strong>
                   ’s Waymo and
                   <strong>
                    Tesla
                   </strong>
                   . According to a new report from Morgan Stanley’s research team that looks forward to the next half decade, robotaxis’ future — while expected to
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     grow rapidly
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   — might not be so different.
                  </p>
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                     Presented by Nasdaq
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                  <p style="margin:0;margin-bottom:16px">
                   Nasdaq indexes aren’t just informative. They’re innovative.
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                   Whatever your strategy, Nasdaq Global Indexes powers access to the world’s most exciting companies, from AI leaders to dividend growers. See how Nasdaq is providing investors with a framework for smarter, future-ready portfolios.
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                  <strong>
                   Snacks Shots
                  </strong>
                 </h1>
                </td>
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              <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%">
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                 <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>
                     📊 Fed:
                    </strong>
                    It’s the big day! Markets* are pricing in a 96% chance of a 25-basis point rate cut from the Fed meeting later today. That call won’t be uncontroversial: markets are pretty sure this decision won’t be made without incurring at least one dissent from the Fed’s members.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     📺 Netflix:
                    </strong>
                    The blockbuster deal of
                    <strong>
                     Netflix
                    </strong>
                    acquiring
                    <strong>
                     Warner Bros. Discovery
                    </strong>
                    has ticked off rival bidders, specifically
                    <strong>
                     Paramount
                    </strong>
                    ’s David Ellision, who announced plans to carry out a hostile takeover, not to mention some of Netflix’s own shareholders. It’s still early days, but there’s skepticism that the Netflix deal will go through, at least
                    <em>
                     quickly:
                    </em>
                    traders at Polymarket are giving the deal just
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      a 26% chance of closing next year
                     </strong>
                    </a>
                    .
                   </li>
                   <li style="Margin:0 0 8px 0">
                    ⚽️
                    <strong>
                     World Cup:
                    </strong>
                    With the groups drawn,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Spain remains the favorite to win the 2026 Men’s World Cup
                     </strong>
                    </a>
                    , followed by France (implied 13% chance), England (13% chance), Brazil (10% chance), and Argentina (10% chance).
                   </li>
                  </ul>
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                  <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>
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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%">
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                  <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%">
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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">
                    <strong>
                     Tesla
                    </strong>
                    is making even fewer Cybertrucks now than
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      when it first started
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Retail’s share of US trading volume passed
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      20% in 2025
                     </strong>
                    </a>
                    , Jefferies said
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Boeing
                    </strong>
                    delivered 44 jets in November, down 17% from October and
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      trailing Airbus
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    JPMorgan
                    <strong>
                    </strong>
                    said
                    <strong>
                     Marvell
                    </strong>
                    ’s management
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      told them
                     </strong>
                    </a>
                    their
                    <strong>
                     Microsoft
                    </strong>
                    and
                    <strong>
                     Amazon
                    </strong>
                    custom chip business is on track, contradicting
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      other
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      reports
                     </strong>
                    </a>
                   </li>
                   <li style="Margin:0 0 8px 0">
                    <strong>
                     GameStop
                    </strong>
                    reported lackluster hardware sales, driving year-over-year quarterly revenue down, but its
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      collectible business is booming
                     </strong>
                    </a>
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </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;border-radius:0;color:#000;width:600px;margin:0 auto" width="600">
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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-bottom:5px;padding-left:25px;padding-right:25px;padding-top:5px;vertical-align:top" width="100%">
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                    FOMC interest rate decision and Fed chair press conference
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                    Earnings expected from
                    <strong>
                     Chewy
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                    ,
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                     Vail Resorts
                    </strong>
                    ,
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                     Oracle
                    </strong>
                    ,
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                    ,
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                    and
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