Why does it seem to take longer to adjust to "springing forward" than "falling back"? We don't know the answer, but our sleep is still suffering and we count ourselves firmly in the 54% of Americans who want to end daylight saving time. 

The markets also woke up on the wrong side of bed yesterday. The S&P 500 sank 2.7% for its worst day of the year and the Nasdaq 100 tumbled 3.8% in its worst session since 2022. The rout in momentum stocks continues to be at the heart of the market's struggles, though increasing fears about a US economic downturn are causing broader pain.

Tech, consumer discretionary, communication services, and financials were the worst-performing sectors — financials erased all their year-to-date gains with Monday's retreat. 

Listen, there's no way around it — yesterday was a brutal day for the market. The drop was the worst day of 2025, as concerns about the overall health of the economy became an increasing concern for investors. 

Let's run back the tape, shall we?

So, where do we go from here?

Take the semiconductor performance stat from the other day. Since the launch of the ETF in late 2011, it's been rare for semis to lag the benchmark US stock index by much more than this over a one-year period, which may hint at a relative bottom. On the other hand, we've seldom seen the degree of colossal outperformance that a handful of chip stocks have been able to deliver in recent years.

As our good friend Sam Ro of TKer is fond of pointing out, usually stocks go up. But this sell-off isn't exactly unique: one-day sell-offs of 3% or more aren't that unusual. 

Meet Future Cardia, a bold and scrappy innovator redefining implantable cardiac monitoring — taking on billion-dollar giants in the $5B+ estimated annual market.1

How's It Going?

 ✅ 39 successful human implants — evidencing its breakthrough technology in real-world patients.

✅ 60,000+ hours of real-world cardiac data collected — delivering exceptional insights for early disease detection.

✅ Accelerated by Stanford StartX and Incubated by Johnson & Johnson's JLABS

The Even More Exciting News?

Future Cardia has already raised $14M across all offerings, and now, investors have the chance to own a stake in the next big innovation in heart health.

This is the future of cardiac care — invest today.2 ♥️

After arriving suddenly on the AI scene in January, DeepSeek upended a lot of preexisting assumptions about AI. Namely, it subverted the idea that to get better models, companies would have to spend more. In a survey of business leaders, more than half said they believe DeepSeek offers comparable performance to better-known models from OpenAI, Meta, Google, and Alibaba. But because leaders lack trust in DeepSeek's data privacy measures, ultimately, DeepSeek won't influence their AI spending plans.

The main effect DeepSeek has had on AI expectations? Businesses expect AI to be cheaper. 

How can AI become cheaper? Say less: 

This new chain of draft approach is faster, cheaper, and sometimes better than chain of reasoning. Chain of draft is also notable for its ease of use: users can simply change the prompts they enter to see this benefit. After DeepSeek reset businesses' expectations for cheaper AI, chain of draft is one possible way to cut costs by 90%.

Last Friday's inaugural White House Crypto Summit was a tale of great expectations that ultimately fell flat and dragged the whole crypto market down with it. 

What went wrong?

What's a Best Picture win worth at the box office? For "Anora" it was $2.5 million.