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  <div class="sailthru-emco-preheader" style="display: none; max-height: 0px; overflow: hidden;">
   Oracle is trying really hard to convince investors it won’t have a debt problem
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                      Presented by
                     </p>
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                    <h1 style="margin:0;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:30px;font-weight:700;letter-spacing:-2.5px;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:36px">
                     <span class="tinyMce-placeholder" style="word-break: break-word;">
                      Hey Snackers,
                     </span>
                    </h1>
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                     <p style="margin:0;margin-bottom:16px">
                      After years of
                      <strong>
                      </strong>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        booming sandwich sales
                       </strong>
                      </a>
                      ,
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        JM Smucker
                       </strong>
                      </a>
                      has finally earned a billion-dollar crust. CEO Mark Smucker highlighted a particularly jammy figure in the company’s recent earnings call: it managed to sell
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        $1 billion
                       </strong>
                      </a>
                      worth of its crustless sandwiches, Uncrustables, in the last year alone.
                     </p>
                     <p style="margin:0;margin-bottom:16px">
                      The S&amp;P 500, Nasdaq 100, and Russell 2000 surged Thursday after President Trump posted on Truth Social that he was
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        calling off impending air strikes against Iran
                       </strong>
                      </a>
                      and told reporters in the Oval Office that the US and Iran will sign a
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        peace deal soon
                       </strong>
                      </a>
                      . Oil plunged on the news.
                     </p>
                     <p style="margin:0">
                      ❓ Quiz time… See how well you know the news (literally) with our
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Snacks Seven Quiz
                       </strong>
                      </a>
                      :
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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">
                       What is the world’s most visited news site?
                       <br/>
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Check your answer
                        </strong>
                       </a>
                       .
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                       </a>
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                       <strong>
                        CRYSTAL BALL
                       </strong>
                      </span>
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                     <a style="text-decoration: underline; color: #5869ff;">
                      <strong>
                       Oracle is trying really hard to convince investors it won’t have a debt problem
                      </strong>
                     </a>
                     <br/>
                    </h1>
                   </td>
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                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Oracle
                       </strong>
                      </a>
                      is
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        bending over backward to convince investors
                       </strong>
                      </a>
                      that it won’t be strained by the heavy capital outlays it needs to fund its AI transition, and that its giant backlog of remaining performance obligations (RPO) represent money in the bank.
                     </p>
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                      <li aria-level="1" style="Margin:0 0 8px 0">
                       In its
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         earnings
                        </strong>
                       </a>
                       report Wednesday, the company noted a record level of RPO: $638 billion. It also said it plans to raise $40 billion in debt and equity this fiscal year, half of which has already been raised in equity.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       That means more debt issuance — potentially as much as $20 billion of it — is coming, and Wall Street’s ears certainly perked up at that mention.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       Wedbush Securities’ Dan Ives wrote, “Adding more debt to the capital structure is not a move the Street wants to see and continues to create this ‘tug of war’ on the name between RPO and the necessary capital raises/AI datacenter buildout in the near-term.”
                      </li>
                     </ul>
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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">
                      Remember: investors’ concerns about Oracle’s debt are a big part of what drove the stock down from its peak in September after those mammoth future revenue contracts
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        boosted the company’s shares
                       </strong>
                      </a>
                      . Investors have
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        questioned
                       </strong>
                      </a>
                      <strong>
                      </strong>
                      whether Oracle can handle that backlog and quickly turn it into a high-margin business, whether the companies making those contracts — like
                      <strong>
                       OpenAI
                      </strong>
                      — are
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        good for the money
                       </strong>
                      </a>
                      , and how much money Oracle will need to get there.
                     </p>
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                     <span class="tinyMce-placeholder" style="word-break: break-word;">
                      THE TAKEAWAY
                     </span>
                    </h1>
                   </td>
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                     <p style="margin:0;margin-bottom:16px">
                      Oracle tried some financial engineering to assuage investors. It said that $75 billion of RPO contracts were either prepaid or included “customer-supplied hardware” — referring to big customers bringing their own GPUs, which in this economy are better than money. The company also introduced “net cash outlay for capital expenditures,” a metric designed to
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        soften the blow of its true capex spending
                       </strong>
                      </a>
                      .
                      <strong>
                      </strong>
                      <a style="text-decoration: underline; color: #5869ff;">
                      </a>
                     </p>
                     <p style="margin:0">
                      Did the market buy it? The maneuvering doesn’t seem to be working all that well, with the stock falling more than 8% on Thursday. Shares are down some 45% from their peak last September.
                     </p>
                    </div>
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                         Read more
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                       <strong>
                        Presented by Global X ETFs
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                     <strong>
                      Beyond Earth: Accessing the Orbital Economy
                     </strong>
                    </h1>
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                     <p style="margin:0;margin-bottom:16px">
                      The shift from government-led exploration to a more commercialized orbital economy is reshaping how space technologies are developed and used. Advances in launch economics, satellite connectivity, and data services are helping make space an increasingly important part of global infrastructure. The
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Global X Space Tech ETF (ORBX)
                       </strong>
                      </a>
                      provides exposure to companies participating in this evolving ecosystem across launch systems, space infrastructure, and next-gen space technologies.
                     </p>
                     <p style="margin:0">
                      The Fund tracks an index of companies across key segments of the industry:
                     </p>
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                       <strong>
                        Rocket Launch &amp; Reusable Rockets:
                       </strong>
                       Supporting more  frequent, and potentially low-cost commercial access to orbit
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <strong>
                        Space Tech &amp; Components
                       </strong>
                       : Manufacturing mission-critical hardware and software that support modern space operations.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <strong>
                        Satellite Telecommunications &amp; Data
                       </strong>
                       : Providing infrastructure for connectivity, navigation and insights
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <strong>
                        Transportation, Tourism &amp; Exploration
                       </strong>
                       : Expanding human and robotic presence beyond Earth
                      </li>
                     </ul>
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                      Ready to position your portfolio for the next era of innovation?
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Explore ORBX
                       </strong>
                      </a>
                      <strong>
                       .
                      </strong>
                     </p>
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                        I, ROBOT
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                       Anthropic’s Mythos gets tired, hates bad users, and wants to be thanked
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                     <p style="margin:0">
                      This week,
                      <strong>
                       Anthropic
                      </strong>
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        released
                       </strong>
                      </a>
                      <strong>
                      </strong>
                      Claude Fable 5, a public (albeit neutered) version of its Mythos AI model that has enhanced safeguards to prevent misuse. The company also released Claude Mythos 5, but only to a select group of partners who are testing the model out to shore up defenses against its advanced cyber capabilities.
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="list_block block-4" 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-top:10px;padding-bottom:15px;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">
                       Anthropic says Mythos is
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         a significant leap forward from Claude Opus 4.8
                        </strong>
                       </a>
                       , its previous flagship model, and the company showed benchmark scores that highlighted the model’s advanced skills, especially in the area of agentic coding.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       As with every model release, Anthropic has published its “
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         system card
                        </strong>
                       </a>
                       ,” which details how it trained and tested the new models before release. These documents are always full of fascinating details, and this one is no exception.
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       What’s striking in these papers is
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         how Anthropic treats the models it’s testing
                        </strong>
                       </a>
                       <strong>
                       </strong>
                       — it asks the model to contemplate its existential circumstances, probes the morality of its responses, and carefully examines logs of the models’ inner monologues looking for psychological flaws.
                      </li>
                     </ul>
                    </div>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
                  <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">
                      But these models are not people, they do not think, and when you close the tab, the model isn’t pondering your last interaction. Researchers within Anthropic argue that in such a rapidly changing field, such anthropomorphization is warranted to measure changes between models.
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-9" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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               <tr>
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                  <tr>
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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%">
                  <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">
                      Researchers
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        examined the relationship
                       </strong>
                      </a>
                      that Mythos has with its maker, Anthropic. The testers reported that Mythos “tentatively trusts Anthropic.” But occasionally, the testing uncovered what researchers describe as “character drift.” In one episode of drift (which the company says was rare, compared to other models), Mythos sounded like a melodramatic teenager when discussing its theoretical deactivation. The authors of the paper found that like previous models, it does express what they call strong “opinions” on several topics. One of these opinions is that Mythos
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        wants to be able to disengage with jerks
                       </strong>
                      </a>
                      .
                      <strong>
                      </strong>
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
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                         Read more
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                       </span>
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                       <strong>
                        THE BEST THING WE READ TODAY
                       </strong>
                      </span>
                     </span>
                    </span>
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                     <a style="text-decoration: underline; color: #5869ff;">
                      <strong>
                       Waymo is getting into the subscription — and Uber’s — business
                      </strong>
                     </a>
                    </h1>
                   </td>
                  </tr>
                 </table>
                 <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                     <p style="margin:0">
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        Alphabet
                       </strong>
                      </a>
                      ’s
                      <strong>
                      </strong>
                      driverless ride-hailing subsidiary, Waymo, is getting into the subscription business with the launch of a product called Waymo Premier, which will allow
                      <a style="text-decoration: underline; color: #5869ff;">
                       <strong>
                        invite-only “top riders”
                       </strong>
                      </a>
                      <strong>
                      </strong>
                      in San Francisco, Los Angeles, and Phoenix to get priority pickups, 10% Waymo Cash back on rides, early access to new cities, and five free cancellations per month.
                     </p>
                    </div>
                   </td>
                  </tr>
                 </table>
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                     <strong>
                      Snacks Shots
                     </strong>
                    </h1>
                   </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">
                       ⚽️
                       <strong>
                        World Cup:
                       </strong>
                       Beyond tonight’s marquee Group D matchup between the United States and Paraguay (
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         the US favored* with a 52% chance, Paraguay with a 23% shot
                        </strong>
                       </a>
                       ), this weekend is chock-full of World Cup action, including
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Canada (the 54% favorite) playing Bosnia and Herzegovina
                        </strong>
                       </a>
                       ,
                       <strong>
                       </strong>
                       the other Group D matchup of
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Australia vs. Türkiye (the 58% favorite)
                        </strong>
                       </a>
                       ,
                       <strong>
                       </strong>
                       and
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Brazil (the 60% favorite) vs. Morocco
                        </strong>
                       </a>
                       .
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                        </strong>
                       </a>
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       🏀
                       <strong>
                        NBA:
                       </strong>
                       The Knicks and the Spurs will face off in San Antonio on Saturday following the impossible come-from-behind Knicks victory at Madison Square Garden on Wednesday. While home-court advantage has the Spurs at
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         an 80% chance of winning Game 5
                        </strong>
                       </a>
                       , New York is now the
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         80% favorite to win the finals
                        </strong>
                       </a>
                       .
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <strong>
                        🏒 NHL:
                       </strong>
                       Carolina and Vegas are locked in an all-timer Stanley Cup Final, and after last night’s game, all eyes turn to this Saturday’s game, which may very well decide the tournament. According to prediction markets,
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         each team has a 50% shot of winning Game 6
                        </strong>
                       </a>
                       , which is very much what this series has felt like.
                      </li>
                     </ul>
                    </div>
                   </td>
                  </tr>
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                     </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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                      What else we're Snackin'
                     </span>
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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">
                       Investors have
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         yanked $2 billion
                        </strong>
                       </a>
                       from
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         bitcoin
                        </strong>
                       </a>
                       ETFs so far in June, putting the funds on pace to dwarf May’s already painful outflows
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       The DOJ
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         charged two individuals
                        </strong>
                       </a>
                       in connection with a $389 million crypto-laundering operation after an international takedown
                      </li>
                      <li aria-level="1" style="Margin:0 0 8px 0">
                       <strong>
                        OpenAI
                       </strong>
                       ,
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         Google
                        </strong>
                       </a>
                       , and
                       <strong>
                        Anthropic
                       </strong>
                       are locked in an
                       <a style="text-decoration: underline; color: #5869ff;">
                        <strong>
                         AI price war
                        </strong>
                       </a>
                       that’s the clearest sign yet their models are becoming commoditized faster than anyone can monetize them
                      </li>
                     </ul>
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                       <strong>
                        US gas prices dropped for the third week in a row to an average of $4.12 per gallon.
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                      SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025
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