Hey there weekday warriors,

Today we’re breaking down Amazon’s big day. And Nvidia continues to disappoint.

Enjoy the next 4 minutes and 19 seconds of blue-chip news and commentary.

Keep on snapping necks and cashing checks,

- tyler

+ US stocks “edged higher Wednesday as Amazon (AMZN) led a tech jump that saw the company cross $2 trillion in market cap for the first time ever.” (Yahoo! Finance)

+ The 10-year Treasury yield was “higher on Wednesday as investors considered the latest comments from Federal Reserve officials about monetary policy and awaited key economic data." (CNBC)

+ Oil “settled slightly higher on Wednesday despite a surprise jump in U.S. gasoline supplies, as investors worried that a potential expansion of the Gaza war could disrupt crude supplies from the Middle East.” (Reuters)

+ Bitcoin “was nursing steep losses over the past week as fears of selling pressure from distributions by defunct crypto exchange Mt. Gox weighed on sentiment.” (Investing.com)

+ The three most talked about stocks on WallStreetBets in the past 24 hours were: 1) Nvidia +0.2% 2) Micron +0.8% // -7.9% after hours 3) Tesla +4.8%

The market moves you need to know about…

+ The only thing better than actually getting an investment from Volkswagen? Getting a bump because someone else did. Shares of Faraday Future Intelligent Electric popped 73.0% mostly because Rivian’s stock did…

– Levi got crushed after hours. Shares plummeted 12.2% after a slight miss on top-line expectations. Tough crowd.

+ I owe you an apology. I wasn’t really familiar with your game. Grindr is on an absolute heater. Shares rose 15.3% after the dating app said that it now expects revenue growth of 25%… up from 23%. Oh, and it believes it will maintain 20% to 25% top-line growth through 2027.

+ Ever wish you could invest in ‘Lockheed Martin… but for the ocean’? Meet Ocean Power. The company mooned 34.9% on news that it inked a deal with the US government to sell some of its aquatic death machines (read: unmanned naval drones).

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Amazon Sub-prime

Have you ever wished you could buy stuff on Amazon that’s even lower quality and is filled with even more microplastics?

You’re in luck.

Amazon (+3.9%) has decided it’s about damn time it reminds Temu and Shein who invented e-commerce.

Sure, it lowered its seller fees for some products to better compete with the low-cost e-comm players. But with its latest effort, Amazon appears ready to make the Chinese discount retailers its b*tch.

The Information is reporting that Amazon is about to launch a separate store for ultra-low-priced apparel and home goods.

How does it plan to keep prices down?

Inventory will ship directly from China. Currently, Amazon requires Chinese shippers get merch to the US before distributing it. That extra step is expensive and the reason Temu is eating its lunch.

According to the leak, Amazon is planning a launch event on July 5th in China.

+ “I take dumps worth more than $2T” - Jensen Huang, probably

Amazon has joined the $2T club… which is kinda like the mile-high club but for f*cking short sellers. Yesterday, Jeff Sanchez’s company topped a $2T market cap, joining Nvidia, Apple, Amazon, and Microsoft as the only companies to ever do so.

+ Wealth management interning is a dying art…

And Morgan Stanley (-0.9%) is to blame. MS is rolling out an AI tool to its 15k advisors that is expected to save them thousands of hours. It will take notes and summarize email responses (… that lazy advisors won’t bother to proofread causing all sorts of headaches for legal). The product called Debrief is built on top of ChatGPT and will roll out in July.

+ Nvidia’s (+0.2%) shareholder meeting probably could have been an email…

You see, Jensen Huang and Co. are suffering from success. Given NVDA’s massive run-up, anything short of announcing an AI-powered s*x bot in collaboration with OnlyF*ns was sure to be a letdown.

During a Q&A Jensen Huang pointed out its chips have the “lowest total cost of ownership” (… not to be confused with being the cheapest). He also claimed that NVDA had achieved “virtuous cycle” status. Translation? It has a f*ck ton of users, which allows it to invest in improvements… which attracts more customers.

The Silicon Valley buzzwords weren’t enough to stop the recent bleeding, though. Shares are down nearly 10% this week…

+ Webtoon Entertainment, an online comics platform (yes, comics), is set to IPO at a $2.6B valuation. The company will sell 15M shares at the top of its range today. What a time to be alive…

+ The ‘funflation’ effect: Why Americans are spending so much on travel and entertainment this summer (Read)

+ Chipotle's 50-for-1 stock split just went into effect. Here's what it means for investors. (Read)

+ Forget to-do lists. Here are 4 tips on how to stop procrastinating (Read)

⏪ Yesterday we got earnings from Levi Strauss and Micron. Plus, Chipotle began trading on a split-adjusted basis.

+ Micron (+0.8% // -7.9% after hours) disappointed shareholders despite beating the Street’s expectations on both the top and bottom lines. Micron’s outlook failed to impress.

+ Check out full details on Levi’s earnings above…

⏩ Today we’re keeping an eye on…

+ Walgreens Boots Alliance reports before the bell

+ Nike earnings drop this evening

Yesterday, I asked, “What's the better use of $5? (McDonald’s $5 meal OR Subway’s $5 Footlong circa 2015)”

And McDonald’s has been dethroned. 68.8% of you are using your $5 on a Subway $5 Footlong circa 2015.

Here’s today’s question…

Before you go…

If this is the only thing that AI gives the human race, I will die a happy man…

MLB beer prices are getting out of hand… (Check out prices at each ballpark)

Does this look like the face of a guy you should take financial advice from?

No, it’s the face of an individual who is financially irresponsible/dumb enough to be talked into spending money on a family photo shoot that he could have just done with his iPhone. So, act accordingly...

This is not financial advice. Nothing in this newsletter is an investment recommendation. All content is created for entertainment, educational, or informational purposes only. Do your own research, or do yourself a favor and hire a professional.