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   Wedbush Securities analyst Dan Ives is still very bullish on the outlook for AI stocks as we creep closer to the start of another new year. But he’s switching up his roster of potential stock market beneficiaries from the ongoing boom.
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                   Presented by
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                   Hey Snackers,
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                   What’s furry, funny, and a
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     surprise hit in China
                    </strong>
                   </a>
                   ? If you guessed
                   <strong>
                    “Zootopia 2,”
                   </strong>
                   give yourself a prize. While the sequel to the popular Disney hit did really well in the US, its fluffy, buddy cop appeal was a global smash, netting over
                   <strong>
                    half a billion dollars
                   </strong>
                   globally to make it the
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     highest-grossing debut in 2025
                    </strong>
                   </a>
                   as well as a
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     rare win
                    </strong>
                   </a>
                   for a US-made movie in China.
                  </p>
                  <p style="margin:0">
                   The S&amp;P 500, Nasdaq 100, and Russell 2000 all traded lower on Monday as investors
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     eschewed riskier assets
                    </strong>
                   </a>
                   . Hopes for a December rate cut remained high, with
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Bank of America analysts joining the bandwagon
                    </strong>
                   </a>
                   of hopefuls anticipating a rate cut at the conclusion of the Fed’s two-day meeting next Wednesday.
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                     PICKS AND SHOVELS
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                   <strong>
                    Tech stock kingmaker Dan Ives shuffles his list of the top AI stocks
                   </strong>
                  </a>
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              <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">
                   Wedbush Securities analyst Dan Ives is still very bullish on the outlook for AI stocks as we creep closer to the start of another new year.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   “In a nutshell, this AI Revolution is just beginning today and we believe tech stocks and the AI winners should be bought given our view this is Year 3 of what will be a 10-year cycle of this AI Revolution buildout,” he wrote.
                  </p>
                  <p style="margin:0">
                   But
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     he’s switching up his roster of potential stock market beneficiaries
                    </strong>
                   </a>
                   from the ongoing boom.
                  </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">
                    Ives added neocloud
                    <strong>
                     CoreWeave
                    </strong>
                    , bitcoin miner turned data center company
                    <strong>
                     IREN
                    </strong>
                    , and
                    <strong>
                     Shopify
                    </strong>
                    to his list of top 30 AI winners (which are held in the Dan Ives Wedbush AI Revolution ETF).
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    The thinking? For CoreWeave, he expects demand for AI compute will exceed supply in the near term. For Shopify, he’s optimistic on how
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      aggressively the company is integrating AI
                     </strong>
                    </a>
                    into its business. And for IREN, he’s a fan of its “differentiated approach to providing significant power supply necessary to fuel the AI Revolution,” given its aims to
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      vertically integrate power infrastructure
                     </strong>
                    </a>
                    into its data center business.
                   </li>
                   <li style="Margin:0 0 8px 0">
                    To make room for the trio, he axed
                    <strong>
                     SoundHound AI
                    </strong>
                    (“facing a difficult competitive landscape”),
                    <strong>
                     ServiceNow
                    </strong>
                    (“choppy path to monetize on its increased usage”), and
                    <strong>
                     Salesforce
                    </strong>
                    (AI monetization has been slower than anticipated) from the list.
                   </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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                  <p style="margin:0">
                   Let’s read between the lines here, because there’s something super interesting going on.
                  </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-6" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0" width="100%">
       <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>
            <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%">
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                 <h1 style="margin:0;color:#5869ff;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:23px;font-weight:700;letter-spacing:normal;line-height:1.2;text-align:left;margin-top:0;margin-bottom:0;mso-line-height-alt:28px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   THE TAKEAWAY
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-2" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
               <tr>
                <td class="pad" style="padding-bottom:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.5;text-align:left;mso-line-height-alt:27px">
                  <p style="margin:0;margin-bottom:16px">
                   The analyst is leaning a little more into the
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     upstream parts of the AI supply chain
                    </strong>
                   </a>
                   , rebalancing his ETF toward the facilitators rather than the names that are closer to end consumers. He's swapping out three downstream companies for one downstream and two upstream companies. One would think that by now, the beneficiaries of the AI boom ought to be the businesses applying the tech, you know, like ServiceNow and SoundHound. Instead, Ives is rallying behind the picks and shovels of the gold rush.
                  </p>
                  <p style="margin:0">
                   Jensen Huang is talking about robots.
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Masayoshi Son
                    </strong>
                   </a>
                   is talking about AI being 10,000x to 100,000x smarter than a human. Dan Ives is like, yeah, buy the fundamental nuts and bolts. Worth a thought!
                  </p>
                 </div>
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                     Presented by Janus Henderson Investors
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                   A smarter way to give — with potential for powerful tax advantages.
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                     Janus Henderson Investors
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                   has launched Charitable Investment Accounts to help everyday Americans amplify their charitable impact — using the same tools sophisticated investors rely on.
                  </p>
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                   A
                   <strong>
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                     Janus Henderson Charitable Investment Account
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                   can offer:
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                    Tax deductions now for future charitable grants
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                    Tax-free growth of donated assets
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                    Flat 0.3% fee
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                    — half the cost of leading donor-advised fund providers
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                    No account or contribution minimums
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                    Access to over 2.1 million charities globally
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                  <p style="margin:0;margin-bottom:16px">
                   U.S. tax law changes in 2026 may limit charitable deductions.
                   <sup>
                    4
                   </sup>
                   Now is the time to act.
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                   Whether you're giving $50 or $50,000, Janus Henderson makes it easier to invest in a brighter future — for your community and your legacy.
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                     Maximize your impact: learn more about opening your account today
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                   .
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                    5
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                    <strong>
                     DECIMATEDEMBER
                    </strong>
                   </span>
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                   <strong>
                    Bitcoin off to a “violent” December, dragging down everything adjacent
                   </strong>
                  </a>
                 </h1>
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                  <p style="margin:0;margin-bottom:16px">
                   On the final night of November, a month many in the crypto community dubbed
                   <strong>
                    “
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     Painvember
                    </strong>
                   </a>
                   <strong>
                    ,”
                   </strong>
                   things didn’t look so bad for
                   <strong>
                    bitcoin
                   </strong>
                   : as of 7 p.m. ET on Sunday, the price was hovering around $90,000, where it had pretty much been since just before Thanksgiving. Maybe the worst was over, investors hoped.
                  </p>
                  <p style="margin:0">
                   But by the time the East Coast woke up on Monday, December 1, things looked markedly worse, with bitcoin
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     plummeting to below $85,000
                    </strong>
                   </a>
                   and taking its friends along for the ride:
                  </p>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="list_block block-7" 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">
                    <strong>
                     Ethereum
                    </strong>
                    , the second-largest crypto by market cap, also
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      gave up its Thanksgiving gains
                     </strong>
                    </a>
                    and ended November with the
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      largest monthly outflow ever
                     </strong>
                    </a>
                    from spot ethereum ETFs.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    About $200 billion
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      was wiped out
                     </strong>
                    </a>
                    from the total crypto market cap, which now stands at under $3 trillion.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    Goldman Sachs’ basket of
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      bitcoin-sensitive stocks
                     </strong>
                    </a>
                    — heavily weighted toward
                    <strong>
                     Coinbase
                    </strong>
                    and treasury companies like
                    <strong>
                     MARA Holdings
                    </strong>
                    — sank on Monday.
                   </li>
                   <li style="Margin:0 0 8px 0">
                    <strong>
                     Strategy
                    </strong>
                    ,
                    <strong>
                    </strong>
                    the largest corporate bitcoin holder, was especially hammered, and the bleeding continued after the company announced it has established a
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      US dollar reserve of $1.44 billion
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    to avoid selling any of its bitcoin to cover its debt payments.
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
              <table border="0" cellpadding="0" cellspacing="0" class="paragraph_block block-8" role="presentation" style="mso-table-lspace:0;mso-table-rspace:0;word-break:break-word" width="100%">
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                  <p style="margin:0">
                   All of this is why Timothy Misir, head of research at Blockhead Research Network, called bitcoin’s drop “violent.” He added that the washout is a “classic liquidity and positioning event, painful, fast, and crowd-creating.”
                  </p>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
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       </tbody>
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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">
                   It’s just one day, but bitcoin is off to its worst December since 2022, and experts say bitcoin is still facing several macro headwinds that could put further pressure on the asset. One factor causing a sense of déjà vu was a surge in the Japanese yen once again playing havoc with markets, according to Nic Puckrin, cofounder of Coin Bureau. The last time the yen carry trade unwound, in August 2024, bitcoin plunged from over $66,000 to around $54,000 in just a few days, an 18% drop, he said. So prepare for
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     more volatility
                    </strong>
                   </a>
                   .
                  </p>
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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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                   <strong>
                    JPMorgan Asset Management’s top strategist on the outlook for 2026
                   </strong>
                  </a>
                 </h1>
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                  <p style="margin:0">
                   Sherwood News’ Matt Phillips nabbed a call with David Kelly, chief global strategist at JPMorgan Asset Management, and he pointed us to the reason “
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     why we are very reluctant to call for recession
                    </strong>
                   </a>
                   , even though we can see some weakness in economic data right now,” as well as his predictions on rate cuts and why
                   <strong>
                   </strong>
                   <a style="text-decoration: underline; color: #5869ff;">
                    <strong>
                     it may be time
                    </strong>
                   </a>
                   to add more foreign market exposure to portfolios.
                  </p>
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                  <strong>
                   Snacks Shots
                  </strong>
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                    🏈
                    <strong>
                     College Football:
                    </strong>
                    We’re officially in Championship Week for college football. For the SEC Championship this Saturday, the market* is giving favorite Georgia 56% odds over Alabama; for the Big Ten Championship, Ohio State is the favorite over Indiana with a 66% chance of victory; and the Big 12 sees Texas Tech as huge 81% favorites over BYU.
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    📊
                    <strong>
                     Fed:
                    </strong>
                    Bank of America joined the rest of the market in
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      calling a quarter-point cut
                     </strong>
                    </a>
                    at the Fed meeting next week. Prediction markets
                    <strong>
                    </strong>
                    are putting the odds at 89%, and the Fed funds futures market is pricing in a nearly 88% probability of such a snip.
                   </li>
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                  <p style="margin:0;margin-bottom:16px">
                   *Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
                  </p>
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                   What else we're Snackin'
                  </span>
                 </h1>
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               </tr>
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                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px">
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                  <ul start="1" style="margin-top:0;margin-bottom:0;list-style-type:revert">
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Tesla
                    </strong>
                    sold more cars in Norway this year than
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      any automaker ever
                     </strong>
                    </a>
                    , but that’s probably not going to change
                    <strong>
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      Michael Burry’s mind about the company
                     </strong>
                    </a>
                    <strong>
                    </strong>
                   </li>
                   <li aria-level="1" style="Margin:0 0 8px 0">
                    <strong>
                     Eli Lilly
                    </strong>
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      slashed Zepbound prices
                     </strong>
                    </a>
                    <strong>
                    </strong>
                    on its direct-to-consumer platform
                   </li>
                   <li style="Margin:0 0 8px 0">
                    <strong>
                     Amazon
                    </strong>
                    AWS is due to roll out its own
                    <a style="text-decoration: underline; color: #5869ff;">
                     <strong>
                      updated AI models
                     </strong>
                    </a>
                    this week
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
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              <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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                 <h1 style="margin:0;color:#fff;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:center;margin-top:0;margin-bottom:0;mso-line-height-alt:30px">
                  <span class="tinyMce-placeholder" style="word-break: break-word;">
                   Snack Fact of the Day
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
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                <td class="pad" style="padding-bottom:10px;padding-left:40px;padding-right:40px;padding-top:10px">
                 <div style="color:#000;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:18px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:center;mso-line-height-alt:22px">
                  <p style="margin:0">
                   <a style="text-decoration: underline; color: #ffffff;">
                    <strong>
                     Americans spent a record $11.8 billion online on Black Friday alone, up 9% from last year.
                    </strong>
                   </a>
                  </p>
                 </div>
                </td>
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              </table>
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              </table>
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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;">
                   Tuesday
                  </span>
                 </h1>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
      <table align="center" border="0" cellpadding="0" cellspacing="0" class="row row-16" 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="list_block block-1" 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:5px;padding-left:10px;padding-right:10px;padding-top:5px">
                 <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">
                    Earnings expected from:
                    <strong>
                     Marvell Technology
                    </strong>
                    ,
                    <strong>
                     CrowdStrike
                    </strong>
                    ,
                    <strong>
                     American
                    </strong>
                    <strong>
                     Eagle Outfitters
                    </strong>
                    ,
                    <strong>
                     Signet
                    </strong>
                    <strong>
                     Jewelers
                    </strong>
                    ,
                    <strong>
                     GitLab
                    </strong>
                    ,
                    <strong>
                     Okta
                    </strong>
                    , and
                    <strong>
                     Box
                    </strong>
                   </li>
                  </ul>
                 </div>
                </td>
               </tr>
              </table>
             </td>
            </tr>
           </tbody>
          </table>
         </td>
        </tr>
       </tbody>
      </table>
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         <td>
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           <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%">
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               <tr>
                <td class="pad" style="padding-bottom:5px;padding-left:10px;padding-right:10px;padding-top:10px">
                 <div style="color:#1d1d1d;direction:ltr;font-family:'Helvetica Neue',Helvetica,Arial,sans-serif;font-size:11px;font-weight:400;letter-spacing:0;line-height:1.2;text-align:left;mso-line-height-alt:13px">
                  <p style="margin:0;margin-bottom:16px">
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <strong>
                    Advertiser's disclosures:
                    <br/>
                   </strong>
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <sup>
                    1
                   </sup>
                   You receive a tax deduction in the year you contribute, not when the funds are granted to nonprofits.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <sup>
                    2
                   </sup>
                   The account invests in funds that have additional fees.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <sup>
                    3
                   </sup>
                   Referring to top five donor-advised fund providers by AUM. See
                   <a style="text-decoration: underline; color: #1d1d1d;">
                    <strong>
                     this article
                    </strong>
                   </a>
                   for more information
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <sup>
                    4
                   </sup>
                   See
                   <a style="text-decoration: underline; color: #1d1d1d;">
                    <strong>
                     this article
                    </strong>
                   </a>
                   for more information.
                  </p>
                  <p style="margin:0;margin-bottom:16px">
                   <em>
                    Please consider the charges, risks, expenses and investment objectives carefully before investing. For a prospectus or, if available, a summary prospectus containing this and other information, please call Janus Henderson at 800.525.3713 or download the file from
                   </em>
                   <a style="text-decoration: underline; color: #1d1d1d;">
                    <em>
                     janushenderson.com/reports
                    </em>
                   </a>
                   <em>
                    . Read it carefully before you invest or send money.
                   </em>
                  </p>
                  <p style="margin:0">
                   <sup>
                    5
                   </sup>
                   Intended for US Investors. Investing involves risk, including the possible loss of principal and fluctuation of value. Consult your tax advisor as tax deductions are dependent upon an individual’s tax situation.
                  </p>
                 </div>
                </td>
               </tr>
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