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Daily 2026-04-17
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Plus, China's economy grew faster than expected | Your Daily Brief is ready |
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All metrics are as of the latest market close.
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="s16" role="presentation">
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<td class="s23">
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<![endif]-->
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
<tbody>
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<td class="s22">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
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<td align="left" class="s8">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
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<td class="s24">
S&P 500
</td>
<td class="s25">
0.23% ▲
</td>
<td class="s26">
7,039
</td>
</tr>
<tr>
<td class="s24">
GOLD
</td>
<td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
0.22% ▼
</td>
<td class="s26">
$4,813
</td>
</tr>
<tr>
<td class="s24">
BITCOIN*
</td>
<td class="s25">
0.53% ▲
</td>
<td class="s26">
$75,212
</td>
</tr>
<tr>
<td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
*24-hour change
</td>
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</tbody>
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<td class="s22">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
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<td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
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</td>
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</td>
</tr>
</tbody>
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<td class="s22">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" class="s8">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
<tbody>
<tr>
<td class="s24">
FTSE 100
</td>
<td class="s25">
0.27% ▲
</td>
<td class="s26">
10,588
</td>
</tr>
<tr>
<td class="s24">
BRENT OIL
</td>
<td class="s25">
3.43% ▲
</td>
<td class="s26">
$98.19
</td>
</tr>
<tr>
<td class="s24">
US BONDS*
</td>
<td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
0.03% ▲
</td>
<td class="s26">
4.32%
</td>
</tr>
<tr>
<td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
*10-year government yield
</td>
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<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
WALL STREET FEAR GAUGE INDEX
(
<a style="font-weight:400;font-family:Trispace,monospace">
VIX
</a>
)
</div>
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<img alt="Wall Street Fear Gauge Index" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F141%252F348%252F040%252F5R7NlW8nEzjPMglkQmvbxgLyP%252F18ddbf2dfea6046ad5346bcd6f95d45d9e2f02ed.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253Dd6790ee8daed9a16e6843acc2ec12c83/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzYzNzkxNDUuMzY2MDU3OX0:1wDVMX:L-VjSa_jq3rRLLEedor3HFCMa0m8QtsN8dTrKCSHXOk" width="536"/>
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<div class="s32">
<p data-block-key="10zqs">
📈 AI chip demand drove TSMC’s profit to a new record
</p>
<p data-block-key="2ah8t">
🏭 China’s economy grew by a peppy 5% in the first quarter
</p>
<p data-block-key="ao9oo">
🫧 $650 billion, and only one question matters
</p>
<p data-block-key="bvg40">
<b>
👇 Keep reading to find out more
</b>
</p>
</div>
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<mj-raw>
<span class="s20">
👀
</span>
<span class="s21">
Today's headlines
</span>
</mj-raw>
</div>
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<div class="s34">
<mj-raw>
<span class="s35">
All Chip, No Dip
</span>
</mj-raw>
</div>
</td>
</tr>
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<td align="center" class="s5">
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<a target="_blank">
<img alt="All Chip, No Dip" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-140426-TSMC.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Dd1d7efd28c898af9ccd0daff0559f47c/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzYzNzkxNDUuMzY2MjQ2N30:1wDVMX:J3MSOvCMaXHrOx2Xd0RpAD8LU2-C0dm74mxv6tepQ7k" width="568"/>
</a>
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<td align="left" class="s5">
<div class="s32">
<p data-block-key="6nfba">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="cf0df">
<b>
TSMC
</b>
just delivered its fourth record-setting quarter in a row – swatting down concerns that the AI boom is flagging.
</p>
<p data-block-key="ecf51">
<b>
What does this mean?
</b>
</p>
<p data-block-key="6e8lf">
The Taiwan-based chipmaker is
<a>
now
</a>
the sixth-biggest company in
the world by market value. Last quarter, it pulled in $35.9 billion in revenue and profit that was 58% higher than the year before. With those expectation-beating figures, the firm also nudged up its revenue projections for the full year.
</p>
<p data-block-key="4c5fq">
🔺 That lift was thanks to demand from customers like
<b>
Nvidia
</b>
and
<b>
Apple
</b>
, which TSMC is sure leaning into. It’s planning to spend up to $56 billion this year on factories and equipment just to keep up.
</p>
<p data-block-key="8rhu5">
⚠️ The firm did acknowledge that the war in the Middle East is a real risk: higher energy costs and shipping disruptions can mess with anyone’s margins, after all. But that hasn’t knocked it off course yet.
</p>
<p data-block-key="1ionb">
<b>
Why should I care?
</b>
</p>
<p data-block-key="etj90">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
In it to win it.
</i>
</p>
<p data-block-key="a6e8e">
TSMC makes up 45% of Taiwan’s $4.13 trillion stock exchange – so where the chipmaker goes, the
market follows. And right now, that’s up. On Thursday, Taiwan’s exchange hit a record high, overtaking the London Stock Exchange to become the seventh-biggest globally. Makes sense: as a key chipmaking hub, Taiwan is seeing money pour in, while the UK – heavy with mining companies and banks – is just holding steady.
</p>
<p data-block-key="ckkq6">
<b>
<i>
For markets:
</i>
</b>
<i>
Everyone in the pool.
</i>
</p>
<p data-block-key="6qenq">
TSMC’s stock is up 144% over the past year, and that rally is no
longer being driven exclusively by big-money investors and major tech firms. Since the end of February, the number of everyday folks trading the firm’s shares has jumped by 30%.
</p>
<p data-block-key="eui34">
► In fact, when overseas funds were offloading TSMC’s shares as they cut risk at the start of the Middle East war, retail investors were snapping them up. That helped cushion the stock’s fall – and showed that smaller investors are increasingly using the chipmaker to buy into the AI boom.
</p>
</div>
</td>
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<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
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<img alt="CoinShares Ethereum Guide 3" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FCoinShares_Guide_3_Banner_-_Ethereums_Growing_R.original.png%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D673271359cbf1ac3221d790b73f7a7c0/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzYzNzkxNDUuMzY2NTIyNn0:1wDVMX:mf9MyX8fCGBlMJfF2M_2-GSbKNO3wkLakOYq1eNryeE" width="568"/>
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<div class="s32">
<h2 data-block-key="xnoxs">
<b>
You’ve seen the charts, the hype, the crashes.
</b>
</h2>
<p data-block-key="d5jmn">
What you probably haven’t seen is how quietly
<a>
<b>
Ethereum
</b>
</a>
is being used to move actual dollars, store value, and run
financial apps in the background.
</p>
<p data-block-key="3qgl0">
<a>
<b>
This
guide
</b>
</a>
pulls back the curtain so you can judge for yourself: is ether just another coin to flip, or a way to get exposure to the infrastructure of digital money?
</p>
<p data-block-key="elc81">
If you’re even slightly curious what you’re missing beyond the ticker,
<a>
<b>
this is where you start
</b>
</a>
.
</p>
</div>
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<span style="color:#FFFFFF">
Read the guide
</span>
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<mj-raw>
<span class="s20">
👀
</span>
<span class="s21">
Today's Research
</span>
</mj-raw>
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<div class="s34">
<mj-raw>
<span class="s35">
$650 Billion, And Only One Question Matters: Bubble Or No Bubble?
</span>
</mj-raw>
</div>
</td>
</tr>
<tr>
<td align="center" class="s36">
<table border="0" cellpadding="0" cellspacing="0" class="s9" role="presentation">
<tbody>
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<td style="width:536px;">
<a target="_blank">
<img alt="Insight" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FInsight---Bubble---130426-2.original.jpg%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253Dd4065e9dd262f6b1b03b9e6ddb499884/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzYzNzkxNDUuMzY2Nzc5Nn0:1wDVMX:xywWU2uPVshdcQ_uR6u5ZK39VneAvjE_nKnfziRtY28" width="536"/>
</a>
</td>
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</td>
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<tr>
<td align="left" class="s31">
<div class="s32">
<p data-block-key="pr7ai">
People can’t stop arguing about whether AI is just a
<a>
big, inflating bubble
</a>
.
</p>
<p data-block-key="2gn8r">
But
<b>
Amazon's
</b>
CEO is solidly
<a>
on the “no” side
</a>
.
</p>
<p data-block-key="8b2rc">
In his
<a>
annual letter
</a>
, he says AI
is a once-in-a-lifetime opportunity – with the growth so far unprecedented and the next growth phase poised to be even bigger. That’s also why he’s spending billions of Amazon’s dollars on AI infrastructure.
</p>
<p data-block-key="6ki1t">
And since tech’s massive AI spending is on investors’ minds, I dove into his key points, sized up what they mean for valuations, and pulled out some potential
<a>
investment opportunities
</a>
.
</p>
<p data-block-key="1555d">
That’s today’s Insight:
<a>
$650
Billion, And Only One Question Matters: Bubble Or No Bubble?
</a>
</p>
<p data-block-key="dct07">
<a>
<b>
Read or listen to the Insight here
</b>
</a>
</p>
</div>
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<a style="color:#4C5469;font-weight:400">
Russell Burns
</a>
</div>
</td>
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<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#204CE9;">
<mj-raw>
<span class="s20">
👀
</span>
<span class="s21">
Today's headlines
</span>
</mj-raw>
</div>
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<tbody>
<tr>
<td align="left" class="s14">
<div class="s34">
<mj-raw>
<span class="s35">
High 5(%)
</span>
</mj-raw>
</div>
</td>
</tr>
<tr>
<td align="center" class="s5">
<table border="0" cellpadding="0" cellspacing="0" class="s9" role="presentation">
<tbody>
<tr>
<td class="s10">
<a target="_blank">
<img alt="High 5(%)" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-140426-China-2.original.jpg%253Ffit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Dcd2b3b1a095dd1237f10e6827d575cea/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzYzNzkxNDUuMzY3MDI4fQ:1wDVMX:TbK1TRolJ3zcIQvaH14C8mkoInRTPsE4VGihKDcOa24" width="568"/>
</a>
</td>
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</table>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s32">
<p data-block-key="r56d9">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="2fq8j">
Fresh data on Thursday showed that China’s economy grew a better-than-expected 5% last quarter.
</p>
<p data-block-key="cl8tq">
<b>
What does this mean?
</b>
</p>
<p data-block-key="tv3k">
China’s exports were up 14.7% from a year ago, hitting $977 billion. And the country’s factories stayed busy too, with industrial output rising 5.7% in March alone.
</p>
<p data-block-key="amurn">
▶ That helped power the economic growth – because at home, things still looked sluggish. Retail sales were slower than expected, home prices kept falling, and households and private businesses held back on spending.
</p>
<p data-block-key="fakul">
▶ China’s leaders set a yearly economic growth goal of between 4.5% and 5%. And so far, the country has managed to stay on track, even with the war in Iran affecting energy costs.
</p>
<p data-block-key="6497n">
⚠️ But the conflict’s
starting to sting: oil refiners have cut output to conserve supplies, and producer prices have
<a>
turned
</a>
positive for the first time in years. Now, China’s policymakers face a trickier mix of weaker growth and higher cost pressures.
</p>
<p data-block-key="400oh">
<b>
Why should I care?
</b>
</p>
<p data-block-key="aonmb">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
AI of the tiger.
</i>
</p>
<p data-block-key="1ralu">
China’s upbeat – though uneven – economic picture has helped its stock market hold up through supply disruptions, tariff increases… the works. But it’s not the only Asian economy flexing muscle – and the ones heaviest in tech look the most ripped.
</p>
<p data-block-key="f0a1h">
🔺 Japan’s main index hit a record high on Thursday. Investors like the country’s investment in AI, defense, and
energy, its new heavy metal and growth-loving prime minister, and her commitment to shareholder-friendly reforms.
</p>
<p data-block-key="21nn2">
🔺 South Korea’s big index is up nearly 50% this year, making it one of the world’s best performers. And superstar memory chipmakers
<b>
Samsung
</b>
and
<b>
SK Hynix
</b>
are largely to thank.
</p>
<p data-block-key="82dvp">
🔺 Meanwhile, indispensable chipmaker
<b>
TSMC’s
</b>
been boosting Taiwan’s stock index. It’s up 17% so far this year, hitting a fresh high
on Thursday.
</p>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
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<p data-block-key="3ta09">
"For a young person, I would put everything in emerging markets, because that's where the growth is gonna be. And they can take a long view, you know, they don't have to worry about, you know, the short term."
</p>
<p data-block-key="2asjq">
<i>
– Legendary investor Mark Mobius, who made his name at Franklin Templeton before
venturing out on his own with Mobius Capital Partners, has died at age 89. We spoke with him in 2021 and learned that
</i>
<a>
<i>
everything we know about inflation is wrong
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</a>
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Finimize Awards
</span>
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<a target="_blank">
<img alt="Finimize Awards Prize Draw" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FApp_Ad_-_April_2026_-_Awards_Prize_-_NL_5.original.jpg%253Ffit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D768%2526s%253D3b051ed74dc4481664a1a80ba5d0e3b1/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3NzYzNzkxNDUuMzY3MTYzN30:1wDVMX:_h4gv36Q6DVdUsya7jHTtZei8kM-b-VzhkPpOLewADI" width="568"/>
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🖋️
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Quote of the day
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<td align="left" class="s5">
<div class="s32">
<strong>
"To maximize your impact, it sometimes helps to concentrate your efforts. If you’re focused on everything, you’re focused on nothing."
</strong>
– Melinda French Gates (an American philanthropist)
</div>
</td>
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<td align="left" class="s33">
<div class="s19">
<mj-raw>
<span class="s20">
🎯
</span>
<span class="s21">
On Our Radar
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
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<![endif]-->
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<tbody>
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" class="s31">
<div class="s32">
<p data-block-key="aaghi">
<b>
1. Believe what you see.
</b>
Or see
<a>
what you believe
</a>
?
</p>
<p data-block-key="b2dvk">
<b>
2. Copycat to top cat.
</b>
China is more ahead in the AI game
<a>
than the US thinks
</a>
.
</p>
<p data-block-key="6u5to">
<b>
3. The decade ahead.
</b>
Leopold Aschenbrenner grew $225 million to $5.5 billion in one year – so when he says here’s the future,
<a>
it’s worth listening
</a>
.
</p>
</div>
</td>
</tr>
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</td>
</tr>
</tbody>
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<td align="left" class="s5">
<div class="s32">
Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
<a style="color:inherit;font-weight:inherit">
Russell
</a>
and
<a style="color:inherit;font-weight:inherit">
Linda
</a>
. Got an idea? A question?
<a>
Get in touch
</a>
.
</div>
</td>
</tr>
</tbody>
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