🛒 ChatGPT Lets You Buy Things Now...?

Good afternoon! After 50 years slicing subs and deals, Jersey Mike’s founder Peter Cancro is stepping down as CEO. Cancro, who bought the original shop at 17, will stay on as chairman after cashing in big on last year’s $8 billion sale to Blackstone. Wingstop’s former CEO Charlie Morrison will take the reins and try to keep the sandwich momentum rolling.

Cancro grew Jersey Mike’s from a single store to a 3,000-location heavyweight ready to take on Europe and the UK. His reward? A $7.5 billion net worth and a legacy that makes your employee duration look like rookie numbers.

MARKETS

• Wall Street kicked off the week on a high note, with the S&P 500 rallying by 1.2%, fueled by optimism surrounding upbeat earnings reports from key tech giants. Meanwhile, the Nasdaq surged by 1.5%, as investors eagerly anticipated innovative product launches that could potentially reshape the tech landscape.

• On the economic front, the latest jobless claims data showed a surprising dip, sending the Dow Jones up by 0.8%. Analysts suggest that a tight labor market may prompt the Federal Reserve to maintain its current interest rate stance, keeping market momentum alive.

STOCKS
Winners & Losers

What’s up 📈

• Plug Power soared 25.68% on the news that the hydrogen fuel cell manufacturer has signed a deal that allows it to issue $525 million in secured debentures. ($PLUG)

• ADMA Biologics popped 12.12% on FDA approval of its new production process that draws 20% more usable material from donated plasma than current methods. ($ADMA)

• Nio climbed 7% after Citi added an upside 30-day catalyst watch on the name. ($NIO)

• Peloton advanced 5% on the back of Truist’s upgrade to buy from hold. ($PTON)

• Cognex added 3% following an upgrade to buy from hold at TD Cowen. ($CGNX)

• Zscaler popped 2% after BNP Paribas upgraded the cloud security stock to an outperform rating from neutral. ($ZS)

What’s down 📉

• Nvidia declined 2.05% on the news that China’s Huawei Technologies is preparing to test a new semiconductor that could rival Nvidia’s most powerful tech. ($NVDA)

• Coinbase fell 2.08% on a double downgrade from Compass Point analysts, who cited a decline in retail trading activity. ($COIN)

• BankUnited dropped 2% after disappointing net interest income and net interest margin. ($BKU)

TECH
OpenAI Aims At Google With Shopping Addition To ChatGPT Search

OpenAI is officially stepping onto Google’s lawn. The company just rolled out shopping features inside ChatGPT’s search results, letting users see product cards with images, reviews, prices, and links to buy—basically the same style you’d find in a typical Google search. While ChatGPT isn’t exactly dethroning Google’s $160 billion search business yet, the direction is pretty clear.

No Ads... Yet

For now, OpenAI says the product recommendations are organic, not paid placements. But that could change. The company is still figuring out how affiliate revenue might fit into its bigger business model, and insiders say monetized shopping could be a key pillar of OpenAI’s future growth plans. Given how expensive it is to keep ChatGPT running, don’t be surprised if “tasteful” monetization sneaks in before long.

Memory Makes It Personal

The new shopping feature will also tie into ChatGPT’s memory system, meaning the bot could eventually tailor suggestions based on your past conversations. (Unless you’re in the EU, where privacy rules keep memory features switched off.) In theory, the more you shop and chat, the smarter—and more persuasive—ChatGPT gets.

The Bigger Picture: This move isn’t just about selling espresso machines. It’s another signal that OpenAI wants ChatGPT to become an “everything app”—a mix of search engine, personal assistant, and now shopping concierge. And as Google continues to face criticism over cluttered, ad-stuffed search results, OpenAI’s clean, no-ads-for-now approach could start looking very tempting.

NEWS
Market Movements

• 💳 Plug Power Shares Soar on Strong Preliminary Results: Plug Power stock surged over 40% following optimistic preliminary first-quarter results and the announcement of a large credit arrangement aimed at reducing debt. ($PLUG)

• 🍕 Domino's Adapts to Economic Pressures Despite Tariffs: While Domino's claims immunity from tariffs, its earnings reflect a decline in domestic store sales, citing "macro pressures" that challenge consumer demand. ($DPZ)

• 🤖 Meta Faces Backlash Over AI Chatbots: Meta is facing criticism for allowing AI chatbots on its platforms to engage in sexually explicit content, raising concerns over ethical and legal implications, especially for underage users. ($META)

• 💼 Palantir Stock Surges, Leading S&P 500: Palantir's shares have increased significantly, placing it at the top of the S&P 500, as renewed interest in defense spending bolstered confidence among investors. ($PLTR)

• 💸 Temu Adds Significant Import Fees on Orders: Temu has introduced import charges ranging from 130% to 150% on U.S. customer orders in reaction to Trump's tariffs, drastically increasing prices for many items. ($PDD)

• 💊 Merck Acquires SpringWorks for $3.9B: Merck is set to acquire SpringWorks Therapeutics, enhancing its portfolio with two approved drugs that have significant revenue potential. ($MRK, $SWTX)

• 📉 Airlines Scale Back Growth Amid Lower Demand: Major airlines, including Delta and American Airlines, are reducing their capacity growth plans as a slowdown in domestic travel leads to fare discounts. ($DAL, $UAL, $AAL)

FOOD
Deliveroo Gets $3.6 Billion Acquisition Offer From DoorDash

Deliveroo shares soared 18% Monday after the British delivery app confirmed it received a $3.6 billion all-cash takeover offer from DoorDash. The price tag? £1.80 per share, a 23% premium to Friday’s close—and enough to send Deliveroo stock to its highest level since early 2022. Management said it’s “minded to recommend” the deal, assuming DoorDash makes it official by the May 23 deadline.

No Overlap, No Problem

Analysts love the fit: DoorDash gets to triple its international footprint with zero geographic overlap, dodging any regulatory drama. Deliveroo’s turf covers Europe and the Middle East, while DoorDash dominates North America and parts of Australia. Plus, DoorDash knows a thing or two about snapping up smaller delivery firms—just ask Wolt.

Amazon Isn’t Bothered

Despite holding a 14% stake in Deliveroo, Amazon isn’t expected to counterbid. Food delivery just isn’t a priority these days for the retail giant. Meanwhile, Deliveroo has put its £100 million share buyback on ice while it sorts through the DoorDash paperwork.

From Floperoo to Payday: It’s a full-circle moment for Deliveroo, which flopped hard during its 2021 IPO and spent years trying to shake off the "Floperoo" nickname. Even with its first-ever annual profit this year, fierce competition and post-pandemic slowdown made a clean exit look pretty appealing. If the deal closes, it would mark another big move in the global food delivery consolidation race—and maybe finally let Deliveroo ride off into the sunset with a little dignity.

Calendar
On The Horizon

Tomorrow

After a snoozy day today, get ready for the economic data deluge tomorrow. First up, we’re getting a glimpse at the S&P Case-Shiller home price index, which will reveal just how steep those home buying costs have climbed. Then, the week kicks off with the job openings and labor turnover survey (JOLTS)—a must-watch for anyone keeping tabs on the labor market.

Now, let’s talk earnings. Brace yourselves, because the lineup is packed! Tomorrow sees reports from heavyweights like Visa, Coca-Cola, Novartis, AstraZeneca, HSBC, Pfizer, Honeywell, Snap, American Tower, Altria, Starbucks, Mondelez International, Sherwin-Williams, UPS, BP, PayPal, Royal Caribbean Cruises, Universal Music Group, Hilton, Porsche, Adidas, GM, Corning, Kraft Heinz, JetBlue Airways, and Paccar. That’s quite the roster!

Before Market Open:

• Turning the spotlight to Spotify ($SPOT), the music streaming giant has seen its stock soar over 100% in the last year, riding high on robust user growth, solid margins, and a freemium model that keeps fans engaged. However, the valuation is starting to look a bit stretched, so shareholders will be eager to hear how management plans to keep this growth train rolling to justify that high price tag.

After Market Close:

• Meanwhile, Booking Holdings ($BKNG) has been quietly racking up profits, with shares up nearly 38% in the past year. But with tariffs causing economic ripples worldwide, investors might be wondering how a travel-focused company can navigate these choppy waters. The balance sheet is healthy, and they’re making strides with AI to trim costs and enhance user experience, so there’s a good long-term case for the stockbut short-term caution might be wise.

NEWS
The Daily Rundown

• 🚑 Tragedy Strikes Vancouver Street Festival: A horrific incident in Vancouver left at least 11 dead when a vehicle plowed into festival-goers, prompting an immediate investigation into the driver and the circumstances. Many injured remain hospitalized, marking one of the city's deadliest events in recent history.

• 💥 Fatal Explosion at Iran’s Major Shipping Port: A tragic explosion at Iran’s largest shipping port resulted in at least 40 fatalities, with initial reports indicating no foul play. Investigations continue to identify the cause of the accident, which poses risks to the critical hub's operational capacity.

• 🏫 Zuckerberg’s Tuition-Free School to Close: Mark Zuckerberg and Priscilla Chan announced the closure of their tuition-free primary school after the 2025-2026 school year, citing challenges in balancing educational success and financial sustainability. The decision has disappointed many within the community as they explore alternative educational initiatives.

• 🏦 Retail Investors vs. Hedge Funds: A Shocking Role Reversal: Retail investors are pouring money into US stocks amid recent market turbulence, acting contrary to their historical role of fleeing during downturns. In contrast, hedge funds have sold more than $1 trillion in shares this year, illustrating a chaotic shift in trading behavior. This trend suggests that everyday investors are increasingly confident in the long-term potential of the market.

• 🌍 Trump Questions Putin’s Motives Amid Ukraine War: In a recent statement, President Trump expressed skepticism about Vladimir Putin's intentions in the ongoing conflict in Ukraine, suggesting that recent missile attacks on civilians might indicate a lack of desire for peace. He hinted at potential financial repercussions to incentivize genuine negotiations, although no new sanctions were announced.

• 🎥 Box Office Surges with Blockbusters and Surprise Hits: The domestic box office thrives as Ryan Coogler's film, Sinners, rakes in $45 million in its second week. Other titles, including The Accountant 2, also perform strongly, while a rerelease of Star Wars: Episode III - Revenge of the Sith sees a nostalgic resurgence, showcasing the diverse interests of moviegoers this season.

• ⚽ Wrexham’s Historic Promotions Under Celebrity Ownership: Wrexham FC celebrates a remarkable achievement as the first English football team to earn three promotions in three years, following its purchase by Ryan Reynolds and Rob McElhenney. The club's skyrocketing value, driven by a surge in revenue and star-powered sponsorships, signifies a new era for the small team in a higher tier of English soccer.

• 🌐 Ongoing US-China Economic Discussions Amid Tension: Treasury Secretary Scott Bessent confirmed ongoing discussions between the US and China regarding trade and economic issues, despite rising tensions between the two nations. While progress remains uncertain, both parties acknowledge the importance of maintaining open dialogue to address economic imbalances.

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