Good Morning! Robinhood rival eToro had a blockbuster debut, jumping ~30% in an upsized IPO. Qatar Airways put in a massive $96 billion order for planes and engines from Boeing and GE Aerospace.

AbbVie scored FDA approval for its lung cancer drug, Wall Street analysts are walking back recession calls, and Dick’s Sporting Goods is closing in on a $2.3 billion deal to acquire Foot Locker.

Plus: Perplexity launched in-chat commerce, letting users shop directly within the chatbot, the ultra-wealthy are struggling to find people to manage their money, and tips on working with a colleague who doesn’t like you.

Inspired by the efficiency of Tesla and Ford, BOXABL is bringing assembly-line automation to the trillion-dollar construction industry. Learn more about their current raise here.

SQUEEZ OF THE DAY

Private Equity 🤝 Main Street

Private equity has been eyeing your 401(k) for a while, and some industry experts speculated that 2025 would finally be the year these firms pull the trigger.

And now it looks like it’s finally happening. Empower, a retirement plan administrator that manages $1.8 trillion for 19 million people, announced that by the end of the year, it’ll offer private assets such as private equity, credit, and real estate in its portfolios.

Empower will partner with firms like Apollo Global Management, Goldman Sachs, and Franklin Templeton. These private asset investments will be available to employees via company 401(k) plans. Empower is pitching it as a way to diversify portfolios and boost returns for everyday savers.

Firms like KKR and State Street are also planning on entering the defined-contribution market, and some experts predict that 401(k) plans could allocate 10%-15% to private assets within the next decade. Historically, private equity has outperformed stocks, and exposure to private assets could give ordinary retail investors a chance to tap into high-return assets previously out of reach.

But of course, alternative assets come with risks, and there are concerns over higher fees. And valuations have often been a little more complex and subjective than public markets. Some employers also fear that alternatives could expose them to lawsuits over fiduciary duty.

Takeaway: If your 401(k) is with Empower, you might be able to invest in private equity as soon as this year. Sure, the fees might sting and the risks are real but this is a major shift. Retirement plans are going institutional, and your portfolio might start looking more like Steve Schwarzman’s than your dad’s.

HEADLINES

Top Reads

• Stock trading app eToro pops 29% in Nasdaq debut (CNBC)

• Boeing, GE Aerospace get Qatar Airways order after Saudi AI deals (WSJ)

• Nvidia stock extends gains as Saudi Arabia set to spend billions on AI chips (YF)

• ​​AbbVie's lung cancer drug approved (YF)

• Apple preps eye-scrolling tech (BB)

• The China tariff pause has Wall Street scaling back recession calls (YF)

• Trump claims victory on squishy Saudi investment promises (Axios)

• CoreWeave beats on revenue, reports more than 400% growth in Q1 earnings (CNBC)

• Warren Buffett finally reveals why he stepped down (WSJ)

• Tesla committee to mull Musk pay (YF)

• Trump tariffs will produce 'at least a temporary' rise in inflation (YF)

• Bluebird bio receives higher upfront offer from PE firms Carlyle, SK Capital (YF)

• Perplexity partners with PayPal for in-chat shopping as AI race heats up (CNBC)

• Dick's Sporting Goods nears $2.3B deal to buy Foot Locker (WSJ)

• The wealthy can't find enough people to manage their money (CNBC)

PRESENTED BY BOXABL

The Stick-Built House Officially Outdated

What if building a house could be as simple as building a car? Where a car rolls off the assembly line every few minutes. 

BOXABL is inspired by Ford and Tesla’s manufacturing process. Their mission is to make upscale, low-cost housing available globally by bringing assembly line automation to the housing industry.

BOXABL’s patented technology allows them to create modular, prefabricated homes that are designed to fold up for transport which significantly decreases the cost of shipping & the complexity of installation. 

BOXABL has raised over $170M from over 40,000 investors since 2020. They recently achieved a significant milestone: raising over 50% of their Reg A+ funding limit! BOXABL is now only accepting investment on their website until the Reg A+ is full. 

If you want to join over 40,000 existing investors and be a part of the story, click below to explore investing in BOXABL.

Invest in BOXABL today!

CAPITAL PULSE

Markets Rundown

Market Update

• U.S. stocks finished mostly higher Wednesday, with the Nasdaq gaining 0.7% and the S&P 500 edging up 0.1% in a quiet session for economic data.

• After a sharp decline earlier this year, the S&P 500 has rallied in 14 of the last 17 sessions and is now flat year-to-date, just 4% below its February high.

• Technology stocks led the market, while defensive sectors like health care lagged.

• Asian equities posted gains, while European markets slipped, ahead of key U.S. economic data.

• Bond yields moved higher, with the 10-year Treasury at 4.53% and the 2-year at 4.06%, as investors looked toward upcoming inflation and retail sales data.

Economic Data Highlights

• April PPI (expected): Headline +0.2% MoM / +2.4% YoY; Core +0.3% MoM / +3.0% YoY

• Retail sales (expected): Headline +0.2% MoM; Control group +0.4% – expected to show softening after March’s strength

• Tariff impact: Expected to show up in upcoming months through higher prices and slower spending

• GDP outlook: Growth seen slowing from 2.8% in 2024 to ~1.5% in 2025

• Consumer resilience: Healthy balance sheets and low unemployment should help offset price pressures

Reported Earnings

• Sony Group (SONY) – Reported May 14: Results were mixed, with strong gaming revenue offset by softness in imaging and sensors; investors watching for updates on AI hardware strategy.

• Cisco Systems (CSCO) – Reported May 14: Earnings topped expectations with strong demand in AI infrastructure and security; guidance was held steady, which reassured investors.

• Red Cat Holdings (RCAT) – Reported May 14: Met forecasts; highlighted defense contract growth and new drone platform adoption.

Earnings Today

• Walmart (WMT) – Reporting May 15 (Before Market Open): Analysts expect continued strength in grocery and essentials, with a focus on consumer trade-down trends.

• Alibaba (BABA) – Reporting May 15 (Before Market Open): Investors watching for cloud business growth and recovery in Chinese e-commerce demand.

• John Deere (DE) – Reporting May 15 (Before Market Open): Focus on equipment demand, margins, and any commentary on tariff-related input costs.

Movers & Shakers

• (+) SuperMicro Computer ($SMCI) +16% after announcing a $20B Saudi deal.

• (+) Nvidia ($NVDA) +4% because the chipmaker is securing deals as Trump tours the Gulf states.

• (–) American Eagle ($AEO) -6% after the retailer withdrew its guidance.

Private Dealmaking

• AI21 Labs, an enterprise AI business, raised $300 million

• Azafaros, a Dutch biotech, raised $150 million

• Owner.com, a digital platform for restaurant owners, raised $120 million

• Bestow, a life insurtech, raised $120 million

• TensorWave, a data center provider, raised $100 million

• Zeno Power, a radioisotope power systems developer, raised $50 million

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

BOOK OF THE DAY

Rocket Dreams

Moon landings and space walks once captivated the public’s attention. But, in recent decades, the U.S. space enterprise has felt moribund. Now, that’s finally about to change.

A fleet of powerful new rockets is poised to take humans into the cosmos more than ever before. A lunar land rush has sparked a geopolitical competition among nations.

And the world’s two richest men have engaged in escalating brinkmanship, as NASA and the U.S. government embraces Silicon Valley innovation to jump-start the nation’s ambitions.

Space has entered a golden age, and this is just the beginning. In this gripping work, award-winning Washington Post writer Christian Davenport chronicles the mad scramble to shape humanity’s off-planet future.

He takes readers behind the scenes at NASA and the Pentagon as China’s aggressive moon mining plans raise alarms, onto the sprawling Cape Canaveral factory where Blue Origin is working toward Amazon-style lunar deliveries, and onto SpaceX launch pads as Musk’s engineers log 100-hour weeks—leaving veteran astronauts marveling that they’re now operating “flying iPhones.”

What will happen as human ambition outpaces governmental regulation? Which country will win the race back to the moon?

Was Donald Trump’s much-derided creation of the Space Force a surprising act of foresight, and will the U.S. finally make a real push to the moon and eventually toward Mars?

Masterfully paced, rigorously reported, and vividly told, Rocket Dreams offers a riveting, fly-on-the-wall account of the grit-fueled global battle to push humankind further into the cosmos—revealing that the science fiction dreams of the last century may soon become our reality.

“Musk versus Bezos. China versus the United States. The government versus the private sector. Welcome to the rivalries and alliances defining the New Space Age.”

DAILY VISUAL

X Marks the Spot

PRESENTED BY RYSE

Google Purchased Nest ($3.2B), Amazon Acquired Ring ($1.2B)…

And now, this tech startup is aiming to be the next big smart home acquisition.

With 10 granted patents, $10M+ in revenue, and 200% YoY growth, this company is transforming window shades from a manual chore to a seamless smart home upgrade.

Now in 127 Best Buy stores and Home Depot in 2025, this tech startup is positioning itself as a top acquisition target but there's only 15 days left before they close their round.

Learn more and earn up to 25% bonus shares.

DAILY ACUMEN

Legends Series: Philip Fisher

Philip Fisher didn’t chase momentum—he studied greatness.

His 1958 book Common Stocks and Uncommon Profits became a blueprint for generations of growth investors, including Warren Buffett.

Fisher focused on companies with visionary leadership, deep innovation, and long-term expansion potential. 

His approach was investigative.

He spoke to suppliers, customers, employees—even competitors—to understand a company’s soul.

His early bet on Motorola, a firm that revolutionized communications, was just one example. Over 40 years, he averaged 20% annual returns.

Today, as Apple, Amazon, and Microsoft report earnings and the market debates the value of AI spending, Fisher’s framework stands out.

He would ask: Is this company a fad—or a force? Are they building for the quarter—or the decade?

In 2025, with GDP slowing and inflation at 2.2%, the short-term view feels tempting. But Fisher would argue that the market still rewards quality—and that conviction should last longer than a news cycle.

Look for vision. Look for execution. And then hold.

ENLIGHTENMENT

Short Squeez Picks

• How to work well with a colleague who dislikes you

• 3 signs your workplace is suffering from bad leadership

• The sweet spot for optimal muscle growth

• A scientific formula for the perfect day

• Lucid dreaming is a new state of consciousness

MEME-A-PALOOZA

Memes of the Day

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