Hey Snackers,
The US honey industry is in a bit of a sticky spot, as bee colony losses mount but demand for honey just keeps on rising. Americans bought $1.6 billion worth of honey in the 12 months through March 2026, up 10% from the same period a year earlier, but while many enthusiasts proselytize the health benefits of local honey, most of that sweet nectar came from far away.Â
Stocks wavered on Wednesday as traders digested peace progress, with President Trump saying that the US is “not satisfied” with the deal with Iran. The S&P 500 managed to eke out a new record closing high by an incredibly thin margin, while the Nasdaq 100 and Russell 2000 closed just below record highs.
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As we covered in yesterday’s newsletter, Micron ripped after an analyst tripled his price target on the stock.Â
The dirty little secret of most analyst calls, however, is that they’re mainly following price:
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Meta jumps after announcing paid subscriptions for Instagram, WhatsApp, Facebook, and AI
On Wednesday, Meta announced that it’s rolling out Meta One, a suite of paid versions of its most popular apps that offer extra features like profile customization, super reactions, and story insights.Â
Instagram Plus and Facebook Plus will cost $3.99 a month, while WhatsApp Plus is going for $2.99, according to TechCrunch.
The company is also launching two AI subscription tiers — one for $7.99 and another for $19.99 for more advanced users. People can continue using the Meta AI chatbot for free, but will now run into limits.
Together, these represent Meta’s first large-scale attempt to monetize everyday consumer use of its flagship apps through subscriptions rather than relying solely on advertising.
The stock finished up 3.7% on the day.Â
The Takeaway
Meta’s head of product, Naomi Gleit, said in an Instagram post that the company has “more plans on the way for creators, businesses, and Meta AI power users.”
Meta has struggled to justify its enormous AI capital expenditure to investors since it lacks the recurring cloud revenue of its peers. New subscription revenue streams could help reassure investors that Meta has additional ways to monetize its AI investments beyond advertising.
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Tesla is recovering in Europe. BYD is still beating it. Ferrari is… doing something else?
Tesla’s recovery across Europe continued last month, but it still lags BYD, according to new data from the European Automobile Manufacturers’ Association.
In April, BYD registered more than twice as many cars as Tesla in the EU, UK, and the European Free Trade Association.Â
It’s also growing faster, with BYD up 115% compared with April 2025, while Tesla grew 47% in that time. Year-to-date registration data tells a similar story.
Tesla recently received approval for a version of its supervised Full Self-Driving tech in the Netherlands, its first European market, and expects “EU-wide” approval in the second or third quarter of this year.
Meanwhile, in other European electric car news, Ferrari unveiled its highly anticipated first electric vehicle, the Ferrari Luce, which looks different than pretty much every Ferrari to come before it. Shareholders panned the debut, sending the stock down 5.3% in the US and 8.4% in Milan on Tuesday.
The Takeaway
Tesla thinks upcoming approval of supervised FSD is integral to its success on the continent.
“It’s worth noting that we do not actually yet have approval for supervised FSD in Europe,” CEO Elon Musk said during an earnings call last year. “So our sales in Europe, we think, will improve significantly once we are able to give customers the same experience that they have in the US.”
Teens aren’t getting summer jobs like they used to — this year could be worse than ever
According to a new report, US workers aged 16 to 19 are projected to gain just 790,000 jobs from May through July this year, the lowest summer hiring total since the Bureau of Labor Statistics began tracking the data in 1948. Meanwhile, older workers are now more likely to be employed than teens.
Snacks Shots
📺 Paramount: On the heels of the news that it appears federal antitrust officials will give the go-ahead to Paramount’s acquisition of Warner Bros. Discovery, markets have begun to give up on their skepticism that the acquisition would go through; as recently as last week, prediction markets* were pricing the chance of no acquisition for Warner as high as 20%, a figure that has since slipped to 14%.
🎬 Disclosure Day: Hype is building for “Disclosure Day,” the new science fiction movie from promising young filmmaker Steven Spielberg. Early buzz is hot, and markets are pricing in a 38% chance of a 90% or higher Rotten Tomatoes score.Â
*Event contracts are offered through Robinhood Derivatives, LLC — probabilities referenced or sourced from KalshiEx LLC or ForecastEx LLC.
What else we're Snackin'
Google DeepMind’s CEO shortened his prediction for when artificial general intelligence will arrive
Temu quietly recovered its US web traffic from last year’s tariff blow, even as PDD Holdings, its parent company’s stock, remains under pressure
Opendoor surged yesterday on news it’s being re-added to the Russell indexesÂ
Mindstream turns complex AI into clear, human language with checklists, prompts, and patterns you can apply immediately. Subscribe todayÂ
Snack Fact of the Day
Anthropic is close to $45 billion in annualized recurring revenue, shooting past OpenAI’s estimated $33 billion ARR.
Thursday
Premarket earnings: Best Buy, Dollar Tree, XPeng, Kohl’s, and BurlingtonÂ
April’s PCE inflation report (the Fed’s preferred inflation gauge)Â
Postmarket earnings: Dell, Costco, American Eagle, Okta, MongoDB, Autodesk and GapÂ