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   Daily 2026-05-21
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                      <div style="font-family:Trispace,monospace;font-size:12px;line-height:1.5;text-align:left;color:#7F879C;">
                       All metrics are as of the latest market close.
                      </div>
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</td></tr><tr><td class="" width="600px">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568" bgcolor="#f8f9ff"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
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                 <td class="s22">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
                   <tbody>
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                     <td align="left" class="s8">
                      <table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
                       <tbody>
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                         <td class="s24">
                          S&amp;P 500
                         </td>
                         <td class="s25">
                          1.08% ▲
                         </td>
                         <td class="s26">
                          7,433
                         </td>
                        </tr>
                        <tr>
                         <td class="s24">
                          GOLD
                         </td>
                         <td class="s25">
                          0.86% ▲
                         </td>
                         <td class="s26">
                          $4,550
                         </td>
                        </tr>
                        <tr>
                         <td class="s24">
                          BITCOIN*
                         </td>
                         <td class="s25">
                          1.12% ▲
                         </td>
                         <td class="s26">
                          $77,619
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *24-hour change
                         </td>
                        </tr>
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                   <tbody>
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                     <td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
                      <div style="font-family:Inter,sans-serif;font-size:1px;line-height:1.5;text-align:left;color:#000000;">
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                 <td class="s22">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
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                     <td align="left" class="s8">
                      <table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
                       <tbody>
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                         <td class="s24">
                          FTSE 100
                         </td>
                         <td class="s25">
                          0.92% ▲
                         </td>
                         <td class="s26">
                          10,426
                         </td>
                        </tr>
                        <tr>
                         <td class="s24">
                          BRENT OIL
                         </td>
                         <td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
                          5.72% ▼
                         </td>
                         <td class="s26">
                          $104.91
                         </td>
                        </tr>
                        <tr>
                         <td class="s24">
                          US BONDS*
                         </td>
                         <td class="s25">
                          0.10% ▼
                         </td>
                         <td class="s26">
                          4.57%
                         </td>
                        </tr>
                        <tr>
                         <td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
                          *10-year government yield
                         </td>
                        </tr>
                       </tbody>
                      </table>
                     </td>
                    </tr>
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               </tbody>
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                      </p>
                      <!--[if mso | IE]>
<table align="center" border="0" cellpadding="0" cellspacing="0" style="border-top:solid 1px #E4E8F3;font-size:1px;margin:0px auto;width:536px;" role="presentation" width="536px"><tr><td style="height:0;line-height:0;"> &nbsp;
</td></tr></table>
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        <!--[if mso | IE]>
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                 <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
                  WALL STREET FEAR GAUGE INDEX 
(
                  <a style="font-weight:400;font-family:Trispace,monospace">
                   VIX
                  </a>
                  )
                 </div>
                </td>
               </tr>
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                 <table border="0" cellpadding="0" cellspacing="0" class="s9" role="presentation">
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                    <td style="width:536px;">
                     <img alt="Wall Street Fear Gauge Index" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F146%252F360%252F719%252FDdWb1LGkNYNGA3Zoz70OKvRAP%252F8c019d710c73143ef3c04ea1e9995eed9840b5b0.png%253Fauto%253Dformat%2526fit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D5c4efd4924b5904fe388db5a0cb43f35/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzkzMTU0MzcuNjY4MzgzNn0:1wPpE5:EAt0-OaDRfGBmBLq0wVxyHHXKJXevfgRlBEOJVHW81k" width="536"/>
                    </td>
                   </tr>
                  </tbody>
                 </table>
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        <!--[if mso | IE]>
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                 <td class="s22">
                  <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
                   <tbody>
                    <tr>
                     <td align="left" class="s31">
                      <div class="s32">
                       <p data-block-key="10zqs">
                        💥 Nvidia beat expectations for the 14th quarter in a row
                       </p>
                       <p data-block-key="d6jhk">
                        <b>
                         ♠️
                        </b>
                        Eight things poker can teach you about investing
                       </p>
                       <p data-block-key="ai5kq">
                        ⬇️ America’s government bonds are plunging – and it’s not alone
                       </p>
                       <p data-block-key="bvg40">
                        <b>
                         👇 Keep reading to find out more
                        </b>
                       </p>
                      </div>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
               </tbody>
              </table>
             </div>
             <!--[if mso | IE]>
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<![endif]-->
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           </tr>
          </tbody>
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        </div>
        <!--[if mso | IE]>
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<![endif]-->
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      </tr>
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    </table>
   </div>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:600px;" width="600"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
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             <!--[if mso | IE]>
<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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                  <div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#204CE9;">
                   <mj-raw>
                    <span class="s20">
                     👀
                    </span>
                    <span class="s21">
                     Today's headlines
                    </span>
                   </mj-raw>
                  </div>
                 </td>
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                <tr>
                 <td align="left" class="s14">
                  <div class="s34">
                   <mj-raw>
                    <span class="s35">
                     Oops, Nvidia Did It Again
                    </span>
                   </mj-raw>
                  </div>
                 </td>
                </tr>
                <tr>
                 <td align="center" class="s5">
                  <table border="0" cellpadding="0" cellspacing="0" class="s9" role="presentation">
                   <tbody>
                    <tr>
                     <td class="s10">
                      <a target="_blank">
                       <img alt="Oops, Nvidia Did It Again" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-200526-Nvidia.original.jpg%253Fauto%253Dformat%2526fit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Da5a4664b4d61ba028b5bb7d361c2cfb4/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzkzMTU0MzcuNjY4NTA4OH0:1wPpE5:EQz_-LoeQjww2epID-lYaaM-D_Pv6M7GPIgKqJjNptw" width="568"/>
                      </a>
                     </td>
                    </tr>
                   </tbody>
                  </table>
                 </td>
                </tr>
                <tr>
                 <td align="left" class="s5">
                  <div class="s32">
                   <p data-block-key="3w2uy">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="dp08e">
                    <b>
                     Nvidia
                    </b>
                    made 85% more revenue last quarter than a year ago – and you’ll have to forgive investors for thinking this firm is, ahem,
                    <i>
                     sent from above
                    </i>
                    .
                   </p>
                   <p data-block-key="dj8qi">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="e9t75">
                    Nvidia’s data center division – supplier of its famous AI chips – contributes over
                    <i>
                     90%
                    </i>
                    of the firm’s
total revenue. So it makes sense that all eyes were locked on the segment, and boy did it deliver. Sales there jumped a whopping 92% to $75.2 billion, ahead of forecasts for $73.5 billion. That helped Nvidia more than double its overall “adjusted” profit (which strips out one-off items) to $45.5 billion – beating expectations for the 14th quarter in a row.
                   </p>
                   <p data-block-key="2v4uu">
                    🔺 Throw in a better-than-expected sales outlook for this quarter, a higher dividend, and a fresh $80 billion in
share buybacks, and investors initially sent Nvidia’s stock up.
                   </p>
                   <p data-block-key="4k993">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="eirh7">
                    <b>
                     <i>
                      For markets:
                     </i>
                    </b>
                    <i>
                     The circle goes round and round…
                    </i>
                   </p>
                   <p data-block-key="9cg7a">
                    Nvidia’s results have become a market event in their own right. The company
                    <i>
                     is
                    </i>
                    a $5.3 trillion poster child for the AI boom, after all – the one that's now propping up markets everywhere. Some investors are even dusting off the old “too big to fail”
label from global financial crisis times, given how deeply Nvidia’s embedded throughout the entire AI ecosystem. It’s a supplier, a customer, an investor, and a kingmaker all at once...
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                   <p data-block-key="f59tf">
                    ▶ But there’s a
quieter goal, too – one that looks more like tying the entire industry to Nvidia’s tech. See, a lot of that $90-billion-or-so will boomerang straight back to the company’s coffers through chip orders. And while that might boost some valuations along the way, it’ll only deepen concerns about the AI boom’s sustainability…
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                       <img alt="Yield And Present Danger" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-200526-Bonds.original.jpg%253Fauto%253Dformat%2526fit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D25e5d6c62829ef27a248fbce73616d84/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzkzMTU0MzcuNjY5MTI5Nn0:1wPpE5:dreuGTV3LlB51KI_5I-FL8qfhZc-UETLnbTlrWq3Qoo" width="568"/>
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                <tr>
                 <td align="left" class="s5">
                  <div class="s32">
                   <p data-block-key="pnc78">
                    <b>
                     What’s going on here?
                    </b>
                   </p>
                   <p data-block-key="1smfv">
                    US
                    <a>
                     government bonds
                    </a>
                    are tumbling, and that’s sent the
                    <a>
                     yield
                    </a>
                    on the 30-year US Treasury to its highest level since
                    <i>
                     2007
                    </i>
                    .
                   </p>
                   <p data-block-key="66nm">
                    <b>
                     What does this mean?
                    </b>
                   </p>
                   <p data-block-key="mlkn">
                    Government bonds are loans you make to a country. In return, its government promises to pay you interest – known as “coupons” – and return your money when the bond matures. If you divide the annual coupon payment (a fixed amount) by the bond’s current market price, you get what’s known as the bond’s yield. Because of this basic math, bond prices and yields move in opposite directions: when prices rise, yields fall –
and vice versa.
                   </p>
                   <p data-block-key="3n3i3">
                    🔺 On Tuesday, when America’s closely watched US 30-year government bond price fell, its yield shot up to 5.2% – a high not seen since just before the global financial crisis…
                   </p>
                   <p data-block-key="7fga6">
                    🔺 And it’s not just the US, either: the UK, Japan, and Germany have all recently seen their government bond yields hit multiyear highs.
                   </p>
                   <p data-block-key="8iioj">
                    <b>
                     Why should I care?
                    </b>
                   </p>
                   <p data-block-key="u48q">
                    <b>
                     <i>
                      Zooming in:
                     </i>
                    </b>
                    <i>
                     A
trifecta of downward forces.
                    </i>
                   </p>
                   <p data-block-key="4jmg1">
                    Higher energy prices and inflation jitters have triggered the selloff, but that’s just part of the story. Governments are borrowing record amounts right now – and investors who want better compensation for that additional risk are turning away from those bonds.
                   </p>
                   <p data-block-key="5e7le">
                    ▶ When it comes to the US, investors are also worried that the Federal Reserve will need to hike interest rates – a move that typically pushes
bond prices down.
                   </p>
                   <p data-block-key="bgpul">
                    <b>
                     <i>
                      Zooming out:
                     </i>
                    </b>
                    <i>
                     Bonds versus stocks in a bid for your money.
                    </i>
                   </p>
                   <p data-block-key="b2rtk">
                    Government bonds’ fixed returns are based on interest rates when they’re issued – and for over a decade, rates were so low that bonds paid almost nothing. So investors piled into stocks to earn returns. But these days, you can get 5% a year lending to the US government: historically the safest borrower in the world. That means stocks have to
work harder to look worth it.
                   </p>
                  </div>
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                       <h3 data-block-key="e3niw">
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                         Stocks Are Still Showing Signs Of Upside Optimism
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                       <p data-block-key="d0uhs">
                        Markets had a rough time last week, but investors have mostly stuck around.
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                        <i>
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                      <div class="s32">
                       <p data-block-key="aaghi">
                        <b>
                         1. Perfect 10.
                        </b>
                        240 artists pick their top
                        <a>
                         10 favorite albums
                        </a>
                        .
                       </p>
                       <p data-block-key="26c2p">
                        <b>
                         2. Meme-stock economy
                        </b>
                        . The current markets are…
                        <a>
                         surreal
                        </a>
                        .
                       </p>
                       <p data-block-key="ecevm">
                        <b>
                         3. It’s not the robot apocalypse you should worry about.
                        </b>
                        An Oxford OG on
                        <a>
                         the real dangers
                        </a>
                        – and benefits – of AI.
                       </p>
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             <div class="s32">
              Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
              <a class="s39">
               Theodora
              </a>
              ,
              <a class="s39">
               Reda
              </a>
              , and
              <a class="s39">
               Linda
              </a>
              . Got an idea? A question?
              <a>
               Get in touch
              </a>
              .
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                  <div class="s19">
                   <mj-raw>
                    <span class="s20">
                     💌
                    </span>
                    <span class="s21">
                     THAT WAS GREAT FOR US... HOW WAS IT FOR YOU?
                    </span>
                   </mj-raw>
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                   🔥
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                  Hot stuff
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                   👍
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                  Just alright
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            </td>
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        <!--[if mso | IE]>
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                   😒
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                  ...Meh
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