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   Could Cloudflare’s “pay per crawl” save news from AI? And the one Wall Street analyst with a sell rating on Nvidia
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                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Hey Snackers,
                  </span>
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                  <p style="margin:0">
                   As
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     we’ve flagged
                    </strong>
                   </a>
                   , tariffs, in the eyes of the stock market, are a solved problem. In the eyes of US executives, they’re creating massive challenges. Case in point: after receiving a surprise tariff bill, the CEO of Keeley Electronics, a guitar pedal company, had to use an unconventional approach to foot the bill. Try to guess his method of payment. Was it:
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                  <ol start="1" style="margin-top:0;margin-bottom:0;list-style-type:upper-alpha">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    1.83 million American Express rewards points
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    $14,304 in cash from liquidating four gold bars he’d purchased at Costco
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    66,271 dogecoin
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Four $3,750 payments via the buy now, pay later service Klarna
                   </li>
                  </ol>
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                  <p style="margin:0;margin-bottom:16px">
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Check your answer.
                    </strong>
                   </a>
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   The S&amp;P 500 dipped as traders ditched high-flying stocks and
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     went bargain hunting
                    </strong>
                   </a>
                   . The start of the third quarter was marked by an intense rotation from the market’s winners into value stocks. Alas, since value stocks often get that title from underperformance, making them smaller members of a benchmark, this shift in allocations saw the S&amp;P 500 end 0.1% lower despite advancers outnumbering decliners by 255. Until today, the S&amp;P 500 hadn’t declined during a session in which this many of its constituents rose in all of 2025. The Nasdaq 100 fell 0.9%, while the Russell 2000 rose 0.9%.
                  </p>
                  <p style="margin:0">
                   🇺🇸 P.S. US stock markets close at 1 p.m. tomorrow, and on Friday, markets are closed for Independence Day, so we’ll be back in your inbox on Monday.
                  </p>
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                     CRAWL SPACE
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                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    Could Cloudflare’s “pay per crawl” save news from AI?
                   </strong>
                  </a>
                 </h1>
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                  <p style="margin:0;margin-bottom:16px">
                   Even if you don’t work in the news business, you’ve probably heard the worries of journalists and digital creators everywhere that AI is slurping up all our hard work and giving us nothing in return — not money or even clicks that lead to money — as we see Google Search traffic fall off a cliff amid the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     rise of AI overviews
                    </strong>
                   </a>
                   . Yes,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     some companies paid to use material
                    </strong>
                   </a>
                   to train their AI, but many other models have been trained on
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     pirated content
                    </strong>
                   </a>
                   .
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   Well, possibly good news! An unlikely company, Cloudflare, is stepping in with a novel solution to this problem:
                   <strong>
                    “
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     pay per crawl
                    </strong>
                   </a>
                   <strong>
                    .”
                   </strong>
                   Basically, Cloudflare is the content delivery wizard behind the internet curtain that ensures its customers’ websites, images, and videos are accessible quickly around the world. That gives Cloudflare the unique ability to control who gets to see the content that it’s distributing. While individual website owners can
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     try to block AI bots
                    </strong>
                   </a>
                   from scraping their sites, Cloudflare can do it for billions of web pages at a time across 125 countries. The company says it serves about
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     20% of the web
                    </strong>
                   </a>
                   .
                  </p>
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Here’s how pay per crawl works
                    </strong>
                   </a>
                   <strong>
                    :
                   </strong>
                  </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-bottom:15px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Cloudflare detects traffic that’s from an AI crawler.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Based on the publisher’s choice, the AI bot can be allowed to access the site for free, it can pay to access the site, or it can be blocked altogether.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    If chosen, Cloudflare collects a micropayment from the AI bot, which it passes along to the publisher.
                   </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">
                   And voila! Sort of. There are a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     few hurdles to overcome
                    </strong>
                   </a>
                   before it gets out of private beta testing, but we’re cautiously optimistic.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                <td class="pad" style="padding-bottom:8px;padding-top:24px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   While the word “micropayments” initially sent up a red flag, unlike the many failed micropayment plans for content creators in the past, this one doesn’t rely on individuals “tipping” or have the high transaction costs that made previous efforts unfeasible. Cloudflare will aggregate the charges and payments, making it more scalable, and the fact that it’s already embedded in so much of the web means there’s a lower barrier to adoption. That said, the scale and size of these payments is very much TBD.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="10" cellspacing="0" class="button_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad">
                 <div align="center" class="alignment">
                  <a style="color:#ffffff;text-decoration:none;" target="_blank">
                   <!--[if mso]>
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<![endif]-->
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                    <span style="word-break: break-word; line-height: 36px;">
                     <strong>
                      Read more
                     </strong>
                    </span>
                   </span>
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                  </a>
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                     </span>
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                  </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-6" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
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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%">
              <table border="0" cellpadding="0" cellspacing="0" class="button_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                 <div align="left" class="alignment">
                  <!--[if mso]>
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<![endif]-->
                  <span class="button" style="background-color: #5869ff; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-radius: 7px; border-right: 2px solid #000000; border-top: 2px solid #000000; color: #ffffff; display: inline-block; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 2px; padding-top: 2px; padding-left: 11px; padding-right: 11px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;">
                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     CONTRARIAN VIEW
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                 </div>
                </td>
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              </table>
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                <td class="pad" style="padding-bottom:10px;padding-top:10px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:26px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:31px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    The one Wall Street analyst with a sell rating on Nvidia
                   </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%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   Nvidia, the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     center of the AI boom
                    </strong>
                   </a>
                   , is nearing a $4 trillion market cap, and most Wall Street analysts still think there’s room for more upside. Except one.
                  </p>
                  <p style="margin:0">
                   Jay Goldberg of Seaport Global Securities is not just the only analyst in the herd suggesting traders sell Nvidia, but has a price target of merely $100 — implying a roughly 35% downside to yesterday’s closing price. His thesis is predicated on a few key pillars:
                  </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-bottom:15px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Nvidia is one of the leading beneficiaries of the
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      AI spending boom
                     </strong>
                    </a>
                    , but its prospects are well understood and largely priced into the stock.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Growing questions about how useful fAI actually is could lead to a slowing of budgets in 2026.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Nvidia systems are more complex than traditional data centers and face potential challenges throughout the supply chain to deploy.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Currently, Nvidia has a near monopoly position in the industry. But as Amazon and other tech giants build on efforts to
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      make their own chips
                     </strong>
                    </a>
                    , Nvidia could lose key customers.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    In the nearer term, cyclical issues, including production limitations for its much sought-after
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Blackwell line
                     </strong>
                    </a>
                    , could raise further concerns.
                   </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">
                   All that said, there are reasons most other analysts are pretty positive on this stock. While most aren’t as bullish as
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Loop Capital analysts
                    </strong>
                   </a>
                   , who have the highest price target on the Street,
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     as our chart shows
                    </strong>
                   </a>
                   , the general consensus is that there’s
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     plenty more upside in the AI trade
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-7" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:8px;padding-top:24px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0">
                   While the largest contributor to Nvidia’s bottom line is the one that gets the most press, let’s not forget that Nvidia made
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     $3.8 billion from its gaming division
                    </strong>
                   </a>
                   alone last quarter, which propelled it to an earnings beat despite a loss of $8 billion in potential revenue due to the ban of H20 exports to China. As for the future, reports indicate the company is working on an
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     AI chip tailor-made for the Chinese market
                    </strong>
                   </a>
                   , and international demand for
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     sovereign AI
                    </strong>
                   </a>
                   , which Nvidia is happy to help with, keeps growing as well.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="10" cellspacing="0" class="button_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                      Read more
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                 <div align="left" class="alignment">
                  <!--[if mso]>
<v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word"   style="height:20px;width:258px;v-text-anchor:middle;" arcsize="27%" fillcolor="#5869ff">
<v:stroke dashstyle="Solid" weight="2px" color="#000000"/>
<w:anchorlock/>
<v:textbox inset="0px,0px,0px,0px">
<center dir="false" style="color:#ffffff;font-family:Arial, sans-serif;font-size:14px">
<![endif]-->
                  <span class="button" style="background-color: #5869ff; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-radius: 7px; border-right: 2px solid #000000; border-top: 2px solid #000000; color: #ffffff; display: inline-block; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 2px; padding-top: 2px; padding-left: 11px; padding-right: 11px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;">
                   <span style="word-break: break-word;">
                    <span class="" data-mce-style="" style="word-break: break-word; line-height: 16.8px;">
                     <strong>
                      THE BEST THING WE READ TODAY
                     </strong>
                    </span>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;padding-top:10px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    The end of a (flop) era
                   </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%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   In the last 32 years of
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     this sport
                    </strong>
                   </a>
                   , there’s never been a collection of four such productive players who performed this well in the regular season, played together for so long, and
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     achieved less
                    </strong>
                   </a>
                   .
                  </p>
                  <p style="margin:0">
                   See our
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     crushed hopes charted
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <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>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-9" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="button_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;text-align:left">
                 <div align="left" class="alignment">
                  <!--[if mso]>
<v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word"   style="height:20px;width:142px;v-text-anchor:middle;" arcsize="27%" fillcolor="#5869ff">
<v:stroke dashstyle="Solid" weight="2px" color="#000000"/>
<w:anchorlock/>
<v:textbox inset="0px,0px,0px,0px">
<center dir="false" style="color:#ffffff;font-family:Arial, sans-serif;font-size:14px">
<![endif]-->
                  <span class="button" style="background-color: #5869ff; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-radius: 7px; border-right: 2px solid #000000; border-top: 2px solid #000000; color: #ffffff; display: inline-block; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 2px; padding-top: 2px; padding-left: 11px; padding-right: 11px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;">
                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     OFF THE CHARTS
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                 </div>
                </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">
                   Which countries have the highest number of millionaires who are emigrating elsewhere? (Answer below.)
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="image_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="width:100%">
                 <div align="center" class="alignment">
                  <div style="max-width:550px">
                   <a target="_blank">
                    <img alt="" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Fmedia.sailthru.com%252Fcomposer%252Fimages%252Fbazh%252F6su869qw%252Ft1r%252Fua4%252Fm9n%252F2025-06-27-millionaire-migration-min%2520%25282%2529.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtZWRpYS5zYWlsdCIsInRpbWUiOjE3NTE0NTM1MjguOTc0NjcyfQ:1uWv4S:wchDK4ZP4moLzIBv8tiCB0KkQl8KeDw9M68G198cGbg" style="display:block;height:auto;border:0;width:100%" title="" width="550"/>
                   </a>
                  </div>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;padding-top: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">
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Answer here.
                    </strong>
                   </a>
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-5" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <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>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-10" 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="button_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="text-align:left">
                 <div align="left" class="alignment">
                  <!--[if mso]>
<v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word"   style="height:20px;width:72px;v-text-anchor:middle;" arcsize="27%" fillcolor="#5869ff">
<v:stroke dashstyle="Solid" weight="2px" color="#000000"/>
<w:anchorlock/>
<v:textbox inset="0px,0px,0px,0px">
<center dir="false" style="color:#ffffff;font-family:Arial, sans-serif;font-size:14px">
<![endif]-->
                  <span class="button" style="background-color: #5869ff; border-bottom: 2px solid #000000; border-left: 2px solid #000000; border-radius: 7px; border-right: 2px solid #000000; border-top: 2px solid #000000; color: #ffffff; display: inline-block; font-family: 'Helvetica Neue', Helvetica, Arial, sans-serif; font-size: 14px; font-weight: 400; mso-border-alt: none; padding-bottom: 2px; padding-top: 2px; padding-left: 11px; padding-right: 11px; text-align: center; width: auto; word-break: keep-all; letter-spacing: normal;">
                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     MOVES
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px;padding-top:10px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <strong>
                   Yesterday’s Big Daily Movers
                  </strong>
                 </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">
                    Macau’s gaming revenue
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      surged
                     </strong>
                    </a>
                    in June, boosting
                    <strong>
                     Wynn
                    </strong>
                    ,
                    <strong>
                     Las Vegas Sands
                    </strong>
                    , and
                    <strong>
                     Melco
                    </strong>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     AMC
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      tanked
                     </strong>
                    </a>
                    after finalizing a debt-for-equity swap and settling litigation with some of its creditors
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Wolfspeed
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      surged
                     </strong>
                    </a>
                    over 100% as the embattled chipmaker files for bankruptcy, marking a major move to restructure its hefty debt load amid weakening demand
                   </li>
                   <li style="Margin:0 0 8px 0">
                    <strong>
                     Warner Bros. Discovery
                    </strong>
                    slumped after the Condé Nast family
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      offloaded $1 billion in shares
                     </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-11" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
            <tr>
             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <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="padding-bottom:10px;text-align:center;width:100%">
                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   What else we're Snackin'
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    The stock vibe shift is here and
                    <strong>
                     Target
                    </strong>
                    is
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      its poster child
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Tesla
                    </strong>
                    sank after President Trump
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      threatened
                     </strong>
                    </a>
                    to have “DOGE take a good, hard, look” at the subsidies given to
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Elon Musk’s companies
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Lululemon
                    </strong>
                    is accusing
                    <strong>
                     Costco
                    </strong>
                    of selling bargain dupes of its luxury athleisure.
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      See Lululemon’s $118 Scuba hoodie versus Costco’s $8 dupe
                     </strong>
                    </a>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Yesterday,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Figma filed for its initial public offering
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    on the NYSE under the ticker symbol FIG
                   </li>
                   <li style="Margin:0 0 8px 0">
                    The
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      wild tale
                     </strong>
                    </a>
                    of the man who founded Rainforest Cafe — he built the first prototype in
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      his house
                     </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-12" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <tbody>
        <tr>
         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;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-bottom:5px;padding-left:25px;padding-right:25px;padding-top:5px;vertical-align:top" width="100%">
              <table border="0" cellpadding="0" cellspacing="0" class="divider_block block-1" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
               <tr>
                <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>
             </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;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%">
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