Good morning! Eli Lilly agreed to acquire three vaccine developers for nearly $4 billion, reinvesting its GLP-1 proceeds. First Brands was hit with a $286 million tariff fraud claim following its notorious private credit collapse. And ex-JPMorgan banker Chirayu Rana was dealt another legal blow in his ‘sex slave’ lawsuit after his attorney abruptly resigned.

Investment bankers' love for Claude is getting expensive, with compute and implementation costs soaring. Piper Sandler says the Strait of Hormuz will stay closed for months and oil will hit new highs. And the Pope called for AI to be "disarmed" in a message detectors flagged as up to 46% AI-written.

Plus: American Airlines picked SpaceX's Starlink for in-flight Wi-Fi on more than 500 planes. And the average guy outsmarting Wall Street on prediction markets.

Request a demo to see how Daloopa, the deepest and most complete fundamental data API, can help you build AI agents for finance.

SQUEEZ OF THE DAY

Micron Joins Trillion Dollar Club

Micron just punched its ticket into the $1 trillion club, joining Apple, Microsoft, Nvidia, Alphabet, Amazon, Meta, and a handful of others in the most exclusive valuation club on Earth.

The stock ripped 18% on Tuesday after UBS analyst Timothy Arcuri more than tripled his price target to $1,625, implying another 80% of upside from here. Micron is now up 185% year-to-date and roughly 700% over the past 12 months.

The driver is AI memory, specifically High-Bandwidth Memory (HBM). Hyperscalers need it. Nvidia needs it. AMD needs it. Micron's entire 2026 HBM supply is already sold out, and 2027 is filling up fast.

Revenue guidance is now $33.5 billion for fiscal 2026, 60% YoY growth, in a business that historically grew at single digits with violent boom-and-bust cycles.

UBS's thesis is that the memory business has structurally changed. For decades, Micron lived and died by short-cycle, volume-based offtake deals that left it brutally exposed to memory price swings.

Now the business is shifting to long-term, contract-driven supply, more like a utility, less like a commodity. If that holds, the trillion-dollar valuation isn't a peak. It's a floor.

Takeaway: Memory used to be the worst real estate on the semiconductor map. Cyclical, commoditized, allergic to margin expansion. Then AI showed up and turned it into the bottleneck. Micron didn't reinvent itself, AI did. The interesting question now isn't whether Micron belongs in the trillion-dollar club. It's whether the rest of the memory complex (SK Hynix, Samsung Memory, SanDisk) gets re-rated the same way. If AI keeps eating bandwidth at this pace, the answer is probably yes.

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HEADLINES

Top Reads

• Lilly to acquire three vaccine developers for nearly $4 billion (Yahoo Finance)

• First Brands hit with $286 million claim for alleged tariffs fraud (BB)

• Ex-JPMorgan banker Chirayu Rana dealt second major legal blow in explosive sex slave lawsuit (NY Post)

• AI boom: bankers' love of Claude carries a heavy price (BB)

• Piper Sandler says Strait of Hormuz to remain closed for months and oil to hit new highs (CNBC)

• Barnes & Noble's private equity owners pulled off a rare retail comeback (BB)

• Pope Leo says AI must be 'disarmed' in first major teaching (BBC)

• Analyses flag parts of encyclical as AI-written (LDS)

• American Airlines picks SpaceX's Starlink for in-flight Wi-Fi on more than 500 planes 

• (CNBC)

• New Zealand's housing boom is now a cautionary tale for the rest of the world (BB)

• BP removes chairman Albert Manifold over 'serious' conduct and governance concerns (CNBC)

• SpaceX-Tesla merger chatter reignites as Musk's rocket company nears IPO (CNBC)

• The average guys outsmarting Wall Street on prediction markets (NYT)

• Strategy's Michael Saylor is buying bonds now instead of bitcoin (Yahoo Finance)

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. equities finished higher on Tuesday, with the S&P 500 and Nasdaq reaching new record highs

• Lower bond yields and declining oil prices helped support investor sentiment

• The 10-year Treasury yield fell to 4.49%, extending its recent pullback

• Asian markets finished mostly lower overnight, while European equities also traded down

• WTI crude oil moved lower as investors monitored ongoing U.S.-Iran diplomatic talks

• The U.S. dollar weakened modestly against major currencies but remained largely rangebound

Bond Yields Pull Back as Inflation Concerns Ease

• The benchmark 10-year Treasury yield has declined roughly 20 basis points from last week’s peak

• Market-implied 10-year inflation expectations eased to around 2.35%, helping reduce pressure on long-term yields

• Investors appear increasingly confident that inflation pressures may become more contained over time

• Markets still largely expect the Fed’s next move to potentially be a rate hike rather than a cut sometime next year

• We continue to expect the Federal Reserve to remain on hold near term, with core PCE inflation still running at 3.2%

Consumer Confidence Dips Less Than Expected

• The Conference Board Consumer Confidence Index declined to 93.1 in May, slightly better than expectations for 91.9

• Consumers cited concerns around inflation, oil prices, and broader geopolitical risks

• The decline marked the index’s first pullback in four months, though confidence remains near historical averages

• The report contrasted with the weaker University of Michigan Consumer Sentiment Index, which recently fell to record lows

• Despite softer sentiment readings, consumer spending has remained resilient, supported by a stable labor market and healthy household balance sheets

Movers & Shakers

• (+) Micron ($MU) +19% after UBS analyst Timothy Arcuri tripled his price target to $1,625, reframing Micron as an "AI-native infrastructure giant" with Nvidia-like earnings visibility.

• (+) AST SpaceMobile ($ASTS) +13% because management endorsed a new AT&T–T-Mobile–Verizon direct-to-device JV positioning ASTS as the core technology enabler.

• (–) AutoZone ($AZO) -9% after Q3 revenue of $4.84B missed the $4.88B consensus.

Prediction Markets

• Watch Wednesday: Rolex Datejust 41 “Wimbledon”

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• Stord, a logistics startup serving midmarket e-commerce brands, raised $250 million

• OpenRouter, an AI model marketplace, raised $113 million

• WIRobotics, a Seoul-based robotics company, raised $68 million 

• Scapia, an Indian travel booking startup, raised $63 million

• Variational, a decentralized derivatives trading protocol, raised $50 million

• Pivot, an enterprise procurement management platform, raised $40 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

Unsingle

Description:
A modern, psychology-driven guide from Amy Chan on building healthier relationships and approaching dating with greater self-awareness and intention. The book explores attachment styles, emotional patterns, and communication habits that often sabotage connection, while offering practical frameworks for creating more meaningful and lasting relationships. It focuses on dating smarter rather than harder, emphasizing emotional growth alongside romantic success.

Book Length: 272 pages
Release Date: April 28, 2026

Ideal For:
Anyone looking to improve their relationships, understand their dating patterns, and build stronger long-term emotional connections.

The healthiest relationships begin when you stop chasing validation and start choosing connection intentionally.

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Survivor’s Lens

Almost every business book you have ever read is a story told from the perspective of the people who made it. The graveyard of companies that did the exact same things and failed does not get a book deal.

This produces a systematically distorted view of what works, where any quality the survivor happened to have gets credited as the cause of the survival, regardless of whether it actually contributed.

The implication is uncomfortable. The grit, the vision, the contrarian bet, the all-in commitment that the founder credits for their success may have been present in equal measure in a hundred founders whose companies no longer exist. You are not reading a guide to success. You are reading one data point with confident causal claims attached.

The most reliable lessons usually come from studying the failures, which is exactly why almost nobody does it.

ENLIGHTENMENT

Short Squeez Picks

• How to say no without making things awkward

• The secret to success is monotasking

• Why sometimes it’s better for a company to fail

• 3 ways overthinking traps you

• The career question too few people ask

• The finance bro’s focus tool*

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Memes of the Day

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