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  <div class="sailthru-emco-preheader" style="display: none; max-height: 0px; overflow: hidden;">
   Psychedelic biotechs inch toward commercialization with Trump’s blessing
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                   Presented by
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                   Hey Snackers,
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                   A Halley’s Comet-level event in the world of subscriptions is occurring at
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Microsoft
                    </strong>
                   </a>
                   : the company announced it will
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     <em>
                      lower
                     </em>
                    </strong>
                   </a>
                   the price of its Game Pass Ultimate from $29.99 to $22.99. But with the price drop, Game Pass is also getting nerfed — new
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                    <strong>
                     “Call of Duty” titles will no longer be added to the service at launch
                    </strong>
                   </a>
                   , instead joining the library about a year later during the following holiday season.
                  </p>
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                   The S&amp;P 500, Russell 2000, and Nasdaq 100 closed lower on Tuesday. Stocks erased modest early gains and
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     fell further on negative news reports
                    </strong>
                   </a>
                   about the status of peace talks between the US and Iran, which culminated in reports shortly before markets closed that Vice President Vance’s trip to Pakistan for those talks had been canceled. Postmarket, President Trump seemed to give the market some hope with a Truth Social post
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     extending the ceasefire indefinitely
                    </strong>
                   </a>
                   .
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                     TURN ON, TUNE IN, GO LONG
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                   <strong>
                    Psychedelic biotechs inch toward commercialization with Trump’s blessing
                   </strong>
                  </a>
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                  <p style="margin:0">
                   Biotechs working on psychedelic-based treatments have long been a staple in retail investors’ portfolios. Now, several are poised to gain federal approval, potentially
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     turning them from cash-burning to money-printing
                    </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">
                    Saturday, Trump signed an executive order that would expedite approvals of psychedelic substances to treat mental illness, specifically calling out ibogaine, a plant-derived substance used in other countries to treat post-traumatic stress disorder.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Food and Drug Administration Commissioner Marty Makary said priority review vouchers, which allow for a fast-tracked review process, would be given to three psychedelic treatments this week. Shares of psychedelic biotechs — such as
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Psyence Biomedical
                     </strong>
                    </a>
                    ,
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Compass Pathways
                     </strong>
                    </a>
                    ,
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Definium Therapeutics
                     </strong>
                    </a>
                    , and
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      GH Research
                     </strong>
                    </a>
                    — rallied on the news.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Their treatments use psychedelic compounds derived from plants, mushrooms, and toads to treat a range of mental health conditions. The drugs are administered at specialized clinics where patients remain under observation for several hours after a dose is given.
                   </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%">
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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">
                   Dan Ahrens, manager of the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     AdvisorShares Psychedelics ETF
                    </strong>
                   </a>
                   , said
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     institutional money is starting to enter a space
                    </strong>
                   </a>
                   that has been historically dominated by retail investors. Large banks like Deutsche Bank and Morgan Stanley have initiated coverage of psychedelic biotechs, which are predominantly covered by boutique research firms.
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
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       <tbody>
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         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   Companies developing psychedelic treatments
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     face several hurdles
                    </strong>
                   </a>
                   , including the logistics of testing substances that are often considered dangerous drugs by the federal government, and at times an unfriendly FDA.
                  </p>
                  <p style="margin:0">
                   The FDA has already approved a form of ketamine (which is technically not considered a psychedelic, though
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     that’s a subject of debate
                    </strong>
                   </a>
                   ) for treatment-resistant depression, called Spravato, which is a nasal spray sold by
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Johnson &amp; Johnson
                    </strong>
                   </a>
                   . It’s expected to sell
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     $2 billion
                    </strong>
                   </a>
                   worth this year. The active compound is esketamine, a component of the anesthetic and party drug ketamine.
                  </p>
                 </div>
                </td>
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                     <strong>
                      Read more
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     Presented by Global X ETFs
                    </strong>
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                  <strong>
                   Tap into modern technology exposure
                  </strong>
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                  <p style="margin:0;margin-bottom:16px">
                   The companies that are participating in the technology-enabled economy aren’t limited to the tech sector or a single exchange. A traditional tech sector ETF may not include companies like the so-called “Magnificent 7”, and other companies with technology-related business activities due to sector classification frameworks
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   That’s why
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     NYSX
                    </strong>
                   </a>
                   is designed to provide exposure beyond traditional sector classifications to give investors access to leading companies across today’s technology ecosystem.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   The Global X NYSE
                   <sup>
                    ®
                   </sup>
                   100 ETF (NYSX) seeks to track the NYSE
                   <sup>
                    ®
                   </sup>
                   100 Index, a rules-based index of
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     100 companies shaping modern economy
                    </strong>
                   </a>
                   , including businesses with exposure to cloud computing, digital media, payments, e-commerce, and artificial intelligence.
                  </p>
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Learn more about NYSX and its investing approach
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                   .
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                  <!--[if mso]>
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     THE MAGNIFICENT 7 RIDE AGAIN
                    </strong>
                   </span>
                  </span>
                  <!--[if mso]></center></v:textbox></v:roundrect><![endif]-->
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                 <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>
                    Hedge funds are following retail traders into the Magnificent 7
                   </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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                <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">
                   Hedge funds
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     are following retail traders
                    </strong>
                   </a>
                   into the stocks the masses never stopped buying.
                  </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%">
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                <td class="pad" style="padding-bottom:15px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    “As we kick off earnings for megacap tech stocks, this stood out: [hedge funds] have started buying Mag7 stocks again this month though positioning remains well below the peak levels seen in early 2016,” wrote Goldman Sachs’ Cullen Morgan.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    In early April, JPMorgan strategist Arun Jain noted that retail investors had
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      basically been selling everything but the Magnificent 7
                     </strong>
                    </a>
                    stocks as part of
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      a more cautious stance due to the Iran war
                     </strong>
                    </a>
                    .
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Apple
                     </strong>
                    </a>
                    has been a long-standing exception to this trend, presumably because retail traders aren’t fond of its hands-off approach to AI.
                   </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%">
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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">
                   Last August, Jain discussed how retail activity tended to
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     “crowd in” institutional buyers
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   in meme stocks, while Goldman’s John Marshall advised clients to piggyback on stocks
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     beloved by retail traders
                    </strong>
                   </a>
                   .
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
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       <tbody>
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         <td>
          <table align="center" border="0" cellpadding="0" cellspacing="0" class="row-content stack" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;background-color:#fff;color:#000;width:600px;margin:0 auto" width="600">
           <tbody>
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             <td class="column column-1" style="mso-table-lspace:0;mso-table-rspace:0;font-weight:400;text-align:left;padding-left:25px;padding-right:25px;vertical-align:top" width="100%">
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                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
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                  <p style="margin:0">
                   Speculative, retail-geared assets proceeded to go on a tremendous run that soured in October. But there are some
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     early indications
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   that a similar
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     bout of speculative fervor
                    </strong>
                   </a>
                   <strong>
                   </strong>
                   is bubbling up once more.
                  </p>
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                      Read more
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                   <span style="word-break: break-word; line-height: 16.8px;">
                    <strong>
                     THE BEST THING WE READ TODAY
                    </strong>
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:25px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <a style="text-decoration: underline; color: #5869ff;">
                   <strong>
                    What analysts want from Apple’s new CEO
                   </strong>
                  </a>
                 </h1>
                </td>
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                  <p style="margin:0">
                   During Tim Cook’s 15-year tenure as CEO, he oversaw
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Apple
                    </strong>
                   </a>
                   stock gains of 1,933%, nearly quadrupling the S&amp;P 500’s return in that time. When John Ternus takes over the role, Wall Street has some big expectations — as well as recommendations — for what he needs to do to
                   <strong>
                   </strong>
                   “
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     define his own path and the future success of Apple
                    </strong>
                   </a>
                   .”
                  </p>
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                      Read more
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                  <strong>
                   Snacks Shots
                  </strong>
                 </h1>
                </td>
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              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-3" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word;color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px" width="100%">
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                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li style="Margin:0 0 8px 0">
                    <strong>
                     📊 Fed:
                    </strong>
                    It appears that the administration’s nominee to serve as chairman of the Federal Reserve, Kevin Warsh, had a rough time in his confirmation hearing, as the market-implied odds* of his confirmation happening before May 15 dropped 5 percentage points
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      to 25% over the course of the day
                     </strong>
                    </a>
                    on Tuesday.
                   </li>
                   <li style="Margin:0 0 8px 0">
                    ⚾️
                    <strong>
                     MLB:
                    </strong>
                    Earlier this week, the speed of light in a vacuum was just under 299.8 million meters per second, pi was slightly more than 3.14, and Euler’s number came in at just under 2.72. One additional constant that remained the same was the New York Mets completely blowing their season despite a roster overhaul and the highest cash payroll in the league; that losing streak sent their chances of making the playoffs from 71% in March to
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      36% as of last night
                     </strong>
                    </a>
                    .
                   </li>
                  </ul>
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              <table border="0" cellpadding="10" cellspacing="0" class="paragraph_block block-4" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                  <p aria-setsize="-1" id="message-list_1761932419.092419" role="listitem" style="margin:0;margin-bottom:16px" tabindex="0">
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   *Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
                  </p>
                  <p aria-label="Start of unread messages." aria-roledescription="separator" aria-setsize="-1" id="message-list_unreadDivider" role="listitem" style="margin:0" tabindex="-1">
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              <table border="0" cellpadding="0" cellspacing="0" class="heading_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
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                 <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>
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                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px">
                 <div style="margin-left:-20px">
                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li style="Margin:0 0 8px 0">
                    Trump said he doesn’t like the potential
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      United
                     </strong>
                    </a>
                    -
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      American
                     </strong>
                    </a>
                    merger but would “
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      love somebody to buy Spirit
                     </strong>
                    </a>
                    ”
                   </li>
                   <li style="Margin:0 0 8px 0">
                    Ahead of today’s earnings,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Tesla
                     </strong>
                    </a>
                    ’s delivery miss put
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      margins and cash flow
                     </strong>
                    </a>
                    in focus
                   </li>
                   <li style="Margin:0 0 8px 0">
                    <strong>
                     OpenAI
                    </strong>
                    released a new image generation model with
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      impressive and complex
                     </strong>
                    </a>
                    capabilities
                   </li>
                   <li style="Margin:0 0 8px 0">
                    The parabolic surge in
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Avis
                     </strong>
                    </a>
                    reached new heights on Tuesday, with shares
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      halted for volatility
                     </strong>
                    </a>
                   </li>
                   <li style="Margin:0 0 8px 0">
                    It was poetry in motion for
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      POET
                     </strong>
                    </a>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Technologies
                     </strong>
                    </a>
                    , which surged
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      above $10
                     </strong>
                    </a>
                    for the first time in four years
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
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         </td>
        </tr>
       </tbody>
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                   Snack Fact of the Day
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                     Elon Musk bought $1.4 billion in SpaceX shares from current and former employees last year.
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                   Wednesday
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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">
                    Earnings expected from
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Tesla
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      GE Vernova
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Boeing
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      AT&amp;T
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      CME Group
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Vertiv
                     </strong>
                    </a>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Holdings
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Texas Instruments
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Philip Morris International
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Lam
                     </strong>
                     <strong>
                      Research
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      ServiceNow
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Southwest
                     </strong>
                    </a>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Airlines
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      IBM
                     </strong>
                    </a>
                    ,
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Crown Castle
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                    </a>
                    , and
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                      Las Vegas Sands
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                   SHERWOOD MEDIA, LLC, 85 Willow Road, Menlo Park, CA 94025
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