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25879244 Presented By Sponsor Logo: Fisher Investments Breaking: On this day in 1930, the BBC reported, “There is no news,” and proceeded to play 15 minutes of piano music. May all of your “just catching up” conversations with high school frenemies go the same way. —Sam Klebanov, Brendan Cosgrove, Dave Lozo, Matty Merritt, Abby Rubenstein In today’s newsletter, we’ll look at: The reopening of the Strait of Hormuz Anthropic’s White House meeting Gwyneth Paltrow’s business expansion MARKETS Nasdaq 24,468.48 +1.52% S&P 7,126.06 +1.20% Dow 49,447.43 +1.79% 10-Year 4.246% -6.0 bps Bitcoin $77,425.19 +3.30% Netflix $97.31 -9.72% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: The S&P 500 pulled off a three-peat of record-high days, rising again yesterday after Iran opened the Strait of Hormuz and President Trump suggested a peace deal could come soon (more on that below). But investors were not chill about Netflix, which tanked yesterday amid concerns about the company’s post-Reed Hastings future. GRAND REOPENING Iran declares Hormuz open—for now

Presented By Sponsor Logo: Fisher Investments Breaking: On this day in 1930, the BBC reported, “There is no news,” and proceeded to play 15 minutes of piano music. May all of your “just catching up” conversations with high school frenemies go the same way. —Sam Klebanov, Brendan Cosgrove, Dave Lozo, Matty Merritt, Abby Rubenstein In today’s newsletter, we’ll look at: The reopening of the Strait of Hormuz Anthropic’s White House meeting Gwyneth Paltrow’s business expansion MARKETS Nasdaq 24,468.48 +1.52% S&P 7,126.06 +1.20% Dow 49,447.43 +1.79% 10-Year 4.246% -6.0 bps Bitcoin $77,425.19 +3.30% Netflix $97.31 -9.72% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: The S&P 500 pulled off a three-peat of record-high days, rising again yesterday after Iran opened the Strait of Hormuz and President Trump suggested a peace deal could come soon (more on that below). But investors were not chill about Netflix, which tanked yesterday amid concerns about the company’s post-Reed Hastings future. GRAND REOPENING Iran declares Hormuz open—for now

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Presented By Sponsor Logo: Fisher Investments Breaking: On this day in 1930, the BBC reported, “There is no news,” and proceeded to play 15 minutes of piano music. May all of your “just catching up” conversations with high school frenemies go the same way. —Sam Klebanov, Brendan Cosgrove, Dave Lozo, Matty Merritt, Abby Rubenstein In today’s newsletter, we’ll look at: The reopening of the Strait of Hormuz Anthropic’s White House meeting Gwyneth Paltrow’s business expansion MARKETS Nasdaq 24,468.48 +1.52% S&P 7,126.06 +1.20% Dow 49,447.43 +1.79% 10-Year 4.246% -6.0 bps Bitcoin $77,425.19 +3.30% Netflix $97.31 -9.72% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: The S&P 500 pulled off a three-peat of record-high days, rising again yesterday after Iran opened the Strait of Hormuz and President Trump suggested a peace deal could come soon (more on that below). But investors were not chill about Netflix, which tanked yesterday amid concerns about the company’s post-Reed Hastings future. GRAND REOPENING Iran declares Hormuz open—for now