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Tom Jones11/4/25

Spotify notches another quarter of strong active user growth and improved profitability

Spotify shares are up 3.25% as of 6:45 a.m. ET as investors digest the streaming giant’s Q3 earnings, in which the company reported that it added more than 70 million monthly active users, posted revenues that were up 7% from last year, and improved profitability.

Total revenues climbed to €4.27 billion, or around $4.91 billion, for the quarter, while net income came in at €899 million ($1.03 billion), which translated into adjusted earnings per share of €3.28 — ahead of the ~€1.96 that analysts had expected, per FactSet figures cited by The Wall Street Journal. Spotify now counts a whopping 713 million monthly active users, including 281 million Premium subscribers, compared to 640 million and 252 million, respectively, on the same quarter last year.

The boosted figures come on the back of a host of new features that the streaming platform’s introduced, such as “lossless listening,” playlist mixing controls, and direct messages. The company is now forecasting that its total monthly active users will climb to 745 million by the end of the fourth quarter.

With the latest gains today, Spotify is now up ~48% year to date, even as cofounder Daniel Ek announced in September that he’d be stepping down as CEO at the end of the year, almost 20 years on from the company’s inception.

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Matt Phillips32m

Palantir pops as its Maven AI targeting system made “official program” for DOD

Palantir jumped Monday following reports that the US military is making official its long-term commitment to buying and using Palantir’s AI-powered data analysis and targeting program.

Reuters’ David Jeans reported over the weekend:

“Palantir’s Maven artificial intelligence system will become an official program of record, Deputy Secretary of Defense Steve Feinberg said in a letter to Pentagon leaders, a move that locks in long-term use of Palantir’s weapons-targeting technology across ‌the U.S. military.

In the March 9 letter to senior Pentagon leaders and U.S. military commanders, Feinberg said embedding Palantir’s Maven Smart System would provide warfighters ‘with the latest tools necessary to detect, deter, and dominate our adversaries in all domains.’”

Key benefits of being named an “official program of record” include eligibility for permanent funding from the Department of Defense. The designation also implies a long-term commitment to a technology, which significantly decreases competitive threats from alternate military contractors and vendors.

In other words, being a “program of record” implies significant long-term cash flow in the future from the US Treasury to Palantir, and thus the market reaction.

Exclusive: Pentagon to adopt Palantir AI as core US military system, memo says

Exclusive: Pentagon to adopt Palantir AI as core US military system, memo says

“Palantir’s Maven artificial intelligence system will become an official program of record, Deputy Secretary of Defense Steve Feinberg said in a letter to Pentagon leaders, a move that locks in long-term use of Palantir’s weapons-targeting technology across ‌the U.S. military.

In the March 9 letter to senior Pentagon leaders and U.S. military commanders, Feinberg said embedding Palantir’s Maven Smart System would provide warfighters ‘with the latest tools necessary to detect, deter, and dominate our adversaries in all domains.’”

Key benefits of being named an “official program of record” include eligibility for permanent funding from the Department of Defense. The designation also implies a long-term commitment to a technology, which significantly decreases competitive threats from alternate military contractors and vendors.

In other words, being a “program of record” implies significant long-term cash flow in the future from the US Treasury to Palantir, and thus the market reaction.

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J. Edward Moreno3h

Lawmakers to introduce bill banning sports contracts on prediction markets: WSJ

Sports-betting stocks rose after The Wall Street Journal reported that a bipartisan pair of lawmakers are seeking to ban Commodity Futures Trading Commission-regulated companies from offering sports-related contracts on prediction markets.

Reportedly sponsored by Sens. Adam Schiff, D-Calif., and John Curtis, R-Utah, the bill would prevent companies like Kalshi or Polymarket’s US arm from posting event contracts related to the outcome of sporting events, a market that accounts for a sizable chunk of their volumes.

Prediction markets have emerged as competitors to sports-betting platforms, which are primarily regulated at the state level, and companies like DraftKings and Flutter Entertainment have risen on the news in premarket trading.

Meanwhile, Robinhood Markets and Interactive Brokers, which both offer prediction markets covering sports and other contracts, ticked down on the news before President Trump’s latest Iran announcement sent much of the stock market jolting higher, with futures on the S&P 500 rising more than 3% in a matter of minutes.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions. I own Robinhood stock as part of my compensation. Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Exclusive | Lawmakers to Introduce Bipartisan Bill Banning Sports Bets on Prediction Markets

Exclusive | Lawmakers to Introduce Bipartisan Bill Banning Sports Bets on Prediction Markets

Prediction markets have emerged as competitors to sports-betting platforms, which are primarily regulated at the state level, and companies like DraftKings and Flutter Entertainment have risen on the news in premarket trading.

Meanwhile, Robinhood Markets and Interactive Brokers, which both offer prediction markets covering sports and other contracts, ticked down on the news before President Trump’s latest Iran announcement sent much of the stock market jolting higher, with futures on the S&P 500 rising more than 3% in a matter of minutes.

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions. I own Robinhood stock as part of my compensation. Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.)

Stocks jolt higher after Trump says US will postpone Iran energy strikes for a “five day period”

Global equity markets were sharply in the red once again until President Trump posted on Truth Social, detailing a five-day break from strikes on Iranian energy infrastructure after “productive” talks.

Donald Trump Social Media Illustrations

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Claire Yubin Oh4h

Synopsys rises on WSJ report of Elliott’s new multibillion-dollar stake

Software company Synopsys is up 3% in premarket trading on Monday after The Wall Street Journal reported that Elliott Investment Management, a well-known activist fund, has taken a multibillion-dollar stake in the company.

Elliott Managing Partner Jesse Cohn told the WSJ that “Synopsys is essential to the global chip industry,” and that it is “uniquely positioned to benefit” as the AI industry continues to require more capital, more complex chips, and therefore, more software to design them.

The firm’s investment is predicated on a “clear opportunity for Synopsys’ financial performance to more fully reflect the value it delivers.” While memory stocks like Micron have been on a tear recently, Synopsys has dropped 8% over the past year, lagging behind its biggest rival, Cadence Design Systems, which is up 6% in the same period.

Citing people familiar with the investment in Synopsys, the Journal reports that Elliott sees room for the company to boost sales and improve its margins to be more in line with that of Cadence. In its fiscal year 2025, Cadence notched an adjusted operating margin of nearly 45%, while Synopsys eked out only 37%.

Exclusive | Activist Elliott Builds Big Stake in Chip-Design Software Maker Synopsys

Exclusive | Activist Elliott Builds Big Stake in Chip-Design Software Maker Synopsys

Elliott Managing Partner Jesse Cohn told the WSJ that “Synopsys is essential to the global chip industry,” and that it is “uniquely positioned to benefit” as the AI industry continues to require more capital, more complex chips, and therefore, more software to design them.

The firm’s investment is predicated on a “clear opportunity for Synopsys’ financial performance to more fully reflect the value it delivers.” While memory stocks like Micron have been on a tear recently, Synopsys has dropped 8% over the past year, lagging behind its biggest rival, Cadence Design Systems, which is up 6% in the same period.

Citing people familiar with the investment in Synopsys, the Journal reports that Elliott sees room for the company to boost sales and improve its margins to be more in line with that of Cadence. In its fiscal year 2025, Cadence notched an adjusted operating margin of nearly 45%, while Synopsys eked out only 37%.

Matt Phillips, Tasha Matsumoto

Stocks sink as the war escalates; Russell 2000 enters correction territory

The S&P 500 closed lower for the fourth consecutive week as the US deployed more troops and warships to the Middle East.

Alaskan Brown Bears (Ursus horribilis) fighting in a river

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