@spreads_fi

Meta led the entire Spreads leaderboard this week. +11.1%. Best weekly move for META since early 2024. Four things are happening. 1. Muse Spark and Muse Image • New AI models. Muse Spark is aimed at agentic and coding workloads • Zuck pitched it as "a strong agentic and coding model at a very low price" • Direct shot at Anthropic and OpenAI on price 2. Superintelligence Labs • Meta Superintelligence Labs, led by Alexandr Wang (former Scale AI CEO) • Independent research firm gave Meta high marks on their frontier roadmap • The 2025 pivot is starting to produce results 3. The Iris chip goes to mass production • Meta's custom AI chip codenamed Iris enters production in September • Targeting 14 gigawatts of compute next year • Cuts Nvidia dependency and long term inference cost 4. A cloud business • Meta will lease out its excess AI compute capacity • Directly competes with AWS, Azure, GCP • The biggest capex line on the tape just turned into a revenue business The read: $META was priced as an ad company with a giant AI capex problem. This week they turned the problem into a business. @Meta on Spreads.

Heads up to early Spreads v1 users We're winding down the original yield and points vaults. Users can redeem and get back USDC. Points will be kept for future airdrops across all the protocols farmed. Please withdraw in the next month as we wind down the operations for managing these vaults. Tokenised stocks in Spreads v2 continues as usual!

The dips are here... Will the stocks keep ripping back to highs again? What will you do anon? Buy now on Spreads. https://t.co/YeKSOc2iDH

Robinhood is back above $100. On March 30, $HOOD traded at $65.16. That was the 52 week low. 11 weeks later: $107. Up 65%. One of the best performing US stocks since the start of Q2. Why HOOD turned: • Crypto rally pulled trading volume back. Equity and options volumes followed • Bitstamp acquisition closed and integrated. Robinhood now runs one of the oldest crypto exchanges in Europe • Prediction markets product launched and scaled into the election cycle • Robinhood Gold subscribers passed 3 million, recurring revenue keeps growing • Tokenized stocks launched in the EU. Same architecture that powers Spreads xStocks • Q1 earnings beat on revenue and EPS. Margin expansion came earlier than the street modeled • Wealth management and futures rolling out for retirement accounts Why it matters: Robinhood is becoming a full retail financial stack. Spot crypto, equities, options, futures, prediction markets, retirement, debit, savings. The model the market priced as a meme stock business in 2021 has quietly turned into one of the highest growth fintechs on the tape. The comeback isn't priced in yet. The 52 week high is still $152. That's where it was last October. HOOD is on Spreads.

Pharma led this week. Six of the top twelve movers on Spreads were healthcare names. Here's the deeper read on five biotech names worth knowing. $NVO Novo Nordisk. The GLP1 incumbent. • Wegovy and Ozempic franchise • SELECT trial: 20% lower heart attack and stroke risk in non diabetic patients • Oral semaglutide moving to higher doses • CagriSema combination drug as the next gen weight loss candidate • $1T global obesity market, under 5% penetrated • Stock sits well off highs while LLY took the headlines • Classic value rerate setup inside a growth sector $HIMS Hims & Hers. The AI native pharmacy. • Subscription pharma model growing 40 to 50% year over year • AI prescribing flow handles millions of consults at a tenth of clinic cost • Started with ED, now covers weight loss, mental health, hair, derm, hormones, longevity • Compounded GLP1 business proved the unit economics • Becoming the DTC pharma front door for a whole generation $LLY Eli Lilly. The obesity leader. • Mounjaro and Zepbound (tirzepatide) took the lead from NVO • Retatrutide: triple agonist, over 24% weight loss in trials • Orforglipron: oral GLP1 with late stage data coming • Donanemab already approved for Alzheimer's • Largest pharma by market cap • Closest thing to a category killer the sector has $ABBV AbbVie. The post Humira success story. • Replaced Humira revenue with Rinvoq and Skyrizi (rare in pharma) • Deep immunology and oncology pipeline • Allergan aesthetics business adds optionality • Dividend yield north of 3% gives you carry while you wait • Reasonable multiple in a sector finally getting a tailwind $MRK Merck. The oncology king with a setup. • Keytruda is the highest revenue oncology drug ever sold ($30B plus annually) • 2028 patent cliff worry largely priced in • Subcutaneous Keytruda coming for easier dosing • MK1084: KRAS inhibitor for hard to treat cancers • AI designed candidates in early stage trials • Weak stock in 2025 and 2026 with real long term catalysts Five names. One thesis. Rate cuts. AI. Proven GLP1 economics. NVO, HIMS, LLY, ABBV, MRK. All on Spreads.