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  <div class="sailthru-emco-preheader" style="display: none; max-height: 0px; overflow: hidden;">
   The chip designer delivered its 13th consecutive bottom-line beat and 14th on the top line.
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                   Nvidia CEO, Jensen Huang, is happy (I-Hwa Cheng/Getty Images)
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                   Presented by
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                   Hey Snackers,
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                  <p style="margin:0;margin-bottom:16px">
                   Based on the number of messages sent per capita, Singapore is the world leader in ChatGPT usage, while the US ranks 25th. But within the US, usage varies by state, not only in terms of how much ChatGPT is used, but also what each state uses it for. The way different states use ChatGPT could tell us a lot about their economies: for example,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Washington, DC, which ranked No. 1 in usage
                    </strong>
                   </a>
                   , mostly leaned on AI for writing. West Virginia, which used ChatGPT the least, relied more heavily on AI for practical guidance.
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     See a full list of how the other states stacked up
                    </strong>
                   </a>
                   .
                  </p>
                  <p style="margin:0">
                   The S&amp;P 500, Nasdaq 100, and Russell 2000 extended Tuesday’s rally as investors resumed a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     risk-on posture on Wednesday
                    </strong>
                   </a>
                   . Every Magnificent 7 stock climbed higher, and tech was the best-performing sector while industrials fared the worst.
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Bitcoin
                    </strong>
                   </a>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     bounced back
                    </strong>
                   </a>
                   following President Trump’s State of the Union address, along with the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     broader crypto market
                    </strong>
                   </a>
                   .
                   <strong>
                   </strong>
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                    <strong>
                     ANOTHER ONE
                    </strong>
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                   <strong>
                    Nvidia earnings: Congrats, we get to keep on having an economy
                   </strong>
                  </a>
                 </h1>
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                  <p style="margin:0">
                   The world’s most valuable company
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     posted better-than-expected Q4 results
                    </strong>
                   </a>
                   and very strong sales guidance for the current quarter.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
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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">
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Nvidia
                     </strong>
                    </a>
                    posted $68.13 billion in revenue (of which $62.31 billion came from data centers) and gave guidance for $78 billion in revenue for this quarter, which blasts past expectations of $72.8 billion.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Nvidia itself rose on the news, as were
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      the other boats riding the tide
                     </strong>
                    </a>
                    : data center stocks
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Applied Digital
                     </strong>
                    </a>
                    ,
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      IREN
                     </strong>
                    </a>
                    ,
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      CoreWeave
                     </strong>
                    </a>
                    , and
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Nebius
                     </strong>
                    </a>
                    , as well as foundry giant
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      TSMC
                     </strong>
                    </a>
                    and optical communications firm
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Corning
                     </strong>
                    </a>
                    , caught a bid in after-hours trading thanks to the
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      strong results
                     </strong>
                    </a>
                    and guidance from Nvidia.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    The chip designer’s massive outlook for Q1 sales — with the midpoint at $78 billion, versus a consensus estimate of $72.8 billion — underscores the magnitude of the near-term demand for AI compute and chips. As if the hyperscalers’
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      massive capex budgets
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    hadn’t already done that!
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
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                  <p style="margin:0">
                   In November, the knee-jerk boost in Nvidia following solid Q3 earnings and Q4 guidance
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     didn’t last long
                    </strong>
                   </a>
                   , with shares ending well in the red the next session.
                  </p>
                 </div>
                </td>
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              </table>
             </td>
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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>
               </tr>
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                  <p style="margin:0">
                   Near-term demand for Nvidia’s chips
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     isn’t really in question
                    </strong>
                   </a>
                   , thanks to the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     gargantuan capex budgets
                    </strong>
                   </a>
                   unveiled by hyperscalers this reporting period. Wall Street will be looking to see if the chip designer can maintain high profitability as it delivers racks, particularly with memory chip prices elevated and its next-gen
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Vera Rubin
                    </strong>
                   </a>
                   offering coming to market.
                  </p>
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                   DIA offers cost-efficient, liquid exposure to
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                     30 US blue-chip stocks
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                   . It is the only ETF tracking the Dow, the oldest and most widely quoted indicator of US stock market activity. The mega-caps that comprise the Dow offer revenue exposure to 177 countries and 152 different industries.
                   <sup>
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                   has been helping investors reach their goals by providing broad exposure to a global market and 30 of the world’s most recognizable companies.
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                   Find out how DIA can help you achieve yours.
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                     ONE PERCENTERS
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                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    Everybody loves to talk about AI on their earnings calls. Not too many are itching to chat about what it means for their profitability.
                   </strong>
                  </a>
                 </h1>
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                   The
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     vast majority of S&amp;P 500 companies
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   are talking about AI this earnings season, at least in broad strokes.
                  </p>
                  <p style="margin:0">
                   But precious few are disclosing hard numbers on how AI makes them more profitable, according to a review of Q4 earnings calls conducted by Goldman Sachs analysts.
                  </p>
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                   <li aria-level="1" style="Margin:0 0 8px 0">
                    In a note published late Tuesday, analysts with the bank found that just 1% of the members of the S&amp;P 500 have “quantified the impact of AI on earnings.”
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    That’s despite 70% of the blue-chip index’s members
                    <strong>
                     “
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      broadly discussing AI
                     </strong>
                    </a>
                    <strong>
                     ”
                    </strong>
                    on earnings calls.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Only
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      two new companies
                     </strong>
                    </a>
                    quantified an AI productivity impact on their current earnings, Goldman found. One was financial analytics and ratings powerhouse
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      S&amp;P Global
                     </strong>
                    </a>
                    . The other was water treatment and commercial cleaning products manufacturer
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Ecolab
                     </strong>
                    </a>
                    .
                   </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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                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   “In earnings calls, many companies have grouped AI with broader automation and productivity initiatives, making it difficult to disentangle the impact of AI specifically,” the analysts wrote. “10% of S&amp;P 500 companies quantified the productivity boost from an AI on a specific use case during their 4Q earnings calls, particularly among developers. Our economists
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     recently highlighted
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   softness in tech employment in recent months.”
                  </p>
                 </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;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
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             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
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                 <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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                  <p style="margin:0">
                   The gap between the share of executives yapping about AI and the dearth of detail on the technology’s bottom-line impact may be part of the reason investors have gotten slightly jittery about AI during the recent flurry of earnings reports, with volatility in baskets of AI-related stocks picking up
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     over the last month
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
                </td>
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                      Read more
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     THE BEST THING WE READ TODAY
                    </strong>
                   </span>
                  </span>
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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>
                    Anthropic doesn’t want Claude controlling autonomous weapons. The Pentagon may not give them a choice.
                   </strong>
                  </a>
                  <strong>
                  </strong>
                  <a style="text-decoration: underline; color: #5869ff;">
                  </a>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   Anthropic faces a difficult decision after a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     tense meeting
                    </strong>
                   </a>
                   between CEO Dario Amodei and Defense Secretary Pete Hegseth at the Pentagon threatened to unravel
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     years
                    </strong>
                   </a>
                   of the company’s work with the government.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
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                    <span style="word-break: break-word; line-height: 36px;">
                     <strong>
                      The timeline
                     </strong>
                    </span>
                   </span>
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                  </a>
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       </tbody>
      </table>
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       <tbody>
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         <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%">
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                  <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%">
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                <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>
                     🚀
                    </strong>
                    <strong>
                     Aliens:
                    </strong>
                    A prediction market regarding a hypothetical confirmation of the existence of aliens from the United States government has seen a surge in activity lately amid
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      candid discussions about the possibility of extraterrestrial life
                     </strong>
                    </a>
                    from former President Barack Obama. As it stands, markets* price in
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      a 23% chance of some form of confirmation before 2027
                     </strong>
                    </a>
                    .
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     🎬 Best Actor:
                    </strong>
                    This Sunday’s Actor Awards presented by the Screen Actors Guild will be one of the last, best insights into what’s become a
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      highly competitive and unpredictable Oscars race
                     </strong>
                    </a>
                    . It’ll offer decisive insight into Best Actor, that much is for sure: right now Timothée Chalamet is priced
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      at having the best shot at the Oscar, at 71%
                     </strong>
                    </a>
                    , but Leonardo DiCaprio (11%) and Michael B. Jordan (10%) still have time to surprise.
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
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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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            </tr>
           </tbody>
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         </td>
        </tr>
       </tbody>
      </table>
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         <td>
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           <tbody>
            <tr>
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                   <tr>
                    <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                     <span style="word-break: break-word;">
                     </span>
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                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <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">
                    How many people can you cram into one gym? For
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Planet Fitness
                     </strong>
                    </a>
                    , the
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      jury’s still out
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    How GLP-1s elevated
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Hims
                     </strong>
                    </a>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      &amp; Hers
                     </strong>
                    </a>
                    — and
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      brought it back down to earth
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Amazon
                     </strong>
                    </a>
                    ,
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Google
                     </strong>
                    </a>
                    ,
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Meta
                     </strong>
                    </a>
                    ,
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Microsoft
                     </strong>
                    </a>
                    ,
                    <strong>
                    </strong>
                    and
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Oracle
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    will agree to
                    <strong>
                     “
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      build, bring, or buy
                     </strong>
                    </a>
                    <strong>
                     ”
                    </strong>
                    power for their AI data centers
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Nvidia
                     </strong>
                    </a>
                    and
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      AMD
                     </strong>
                    </a>
                    ’s different deals show that while AI chatbots may be commoditized,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      the chips aren’t
                     </strong>
                    </a>
                    <strong>
                    </strong>
                   </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%">
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           <tbody>
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             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-bottom:5px;padding-left:25px;padding-right:25px;padding-top:5px;vertical-align:top" width="100%">
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                    <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-14" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-size:auto;background-color:#5869ff;border-bottom:30px solid #fff;border-left:30px solid #fff;border-radius:10px;border-right:30px solid #fff;border-top:30px solid #fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;border-bottom:4px solid #5869ff;border-left:4px solid #5869ff;border-right:4px solid #5869ff;border-top:4px solid #5869ff;padding-bottom:15px;padding-left:25px;padding-right:25px;padding-top:15px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:center;width:100%">
                 <h1 style="margin:0;color:#fff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:center;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Snack Fact of the Day
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                <td class="pad" style="padding-bottom:10px;padding-left:40px;padding-right:40px;padding-top:10px">
                 <div style="color:#000;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:center;mso-line-height-alt:22px">
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #ffffff;">
                    <strong>
                     Trump’s
                    </strong>
                    <strong>
                     108-minute
                    </strong>
                    <strong>
                    </strong>
                    <strong>
                     speech was the longest State of the Union address on record.
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #ffffff;">
                   </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-15" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;border-radius:0;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
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                <td class="pad" style="padding-bottom:25px;padding-top:25px">
                 <div align="center" class="alignment">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
                   <tr>
                    <td class="divider_inner" style="font-size:1px;line-height:1px;border-top:1px solid #5869ff">
                     <span style="word-break: break-word;">
                     </span>
                    </td>
                   </tr>
                  </table>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Thursday
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-16" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:20px;padding-left:10px;padding-right:10px;padding-top:5px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Earnings expected from
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      CoreWeave
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Warner Bros. Discovery
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Baidu
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Duolingo
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Vistra
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      SoundHound AI
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Rocket Lab
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      D-Wave Quantum
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Intuit
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Dell
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Celsius
                     </strong>
                    </a>
                    , and
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Autodesk
                     </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-17" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-1" 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:5px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:16px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:left;mso-line-height-alt:19px">
                  <p style="margin:0;margin-bottom:16px">
                   <sup>
                    1
                   </sup>
                   Factset, as of December 31, 2025 based on revenue streams from portfolio holdings.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <strong>
                    State Street Investment Management Disclosure:
                   </strong>
                   <strong>
                    <br/>
                   </strong>
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <strong>
                    Before investing, consider the funds’ investment objectives, risks, charges, and expenses. To obtain a prospectus or summary prospectus, which contains this and other information, call 1-866-787-2257 or visit
                   </strong>
                   <a style="text-decoration: underline; color: #1d1d1d;">
                    www.statestreet.com/im
                    <strong>
                     .
                    </strong>
                   </a>
                   <strong>
                    Read it carefully.
                   </strong>
                   Investing involves risk. ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent)
                  </p>
                  <p style="margin:0">
                   <strong>
                    <a style="text-decoration: underline; color: #1d1d1d;">
                     State Street Global Advisors (SSGA) is now State Street Investment Management. Please click here for more information
                    </a>
                    .
                    <br/>
                   </strong>
                  </p>
                 </div>
                </td>
               </tr>
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