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Victoria's Secret sauce
To:Brew Readers
Plus, why today's market feels so dumb.

Good afternoon. Investors once thought a trillion-dollar company was rare. Now, they’re bracing for three of them to hit the market at once.

SpaceX is reportedly seeking a $1.75 trillion valuation, while OpenAI and Anthropic were recently valued at $852 billion and $965 billion, respectively. Combined, the trio is worth more than every IPO launched during the dot-com boom from 1995 through 2000—put together.

But hey, there’s nothing to worry about this time. Right? Right??

Lucy Brewster, Sissy Yan, Alex Carr & Mark Reeth

In today’s newsletter:

  • Marvell is the latest YOLO stock
  • Cashing in on casinos
  • Victoria’s got a secret

MARKETS

Nasdaq

27,093.90

S&P

7,609.78

Dow

51,307.79

10-Year

4.455%

Oil

$93.61

Bitcoin

$67,136.94

Data is provided by

*Stock data as of market close, cryptocurrency data as of 4:00pm ET. Here's what these numbers mean.

  • Stocks: The S&P 500 and the Dow both closed at new record highs, with the S&P 500 ending the day above 7,600 for the first time ever.
  • Commodities: Oil prices rose as investors waited for an update on US negotiations with Iran. Both the international and domestic crude benchmarks closed at their highest levels since May 26.
  • Crypto: Bitcoin fell below $70,000 for the first time since April 8 as the digital asset faced a slew of headwinds, including spot bitcoin ETF outflows.
  • Economy: Job openings climbed last month to reach their highest level since May 2024, according to today’s JOLTS report.
 

✢ A Note From iShares by BlackRock

1. Bloomberg, as of 12/31/25. Based on assets under management and 20-day average trading volumes across all spot bitcoin ETPs, since the commencement of trading on 1/11/24 through 12/31/25.

This information must be accompanied or preceded by a current iShares Bitcoin Trust ETF prospectus, which may be obtained by clicking here. Please read the prospectus carefully before investing. The iShares Bitcoin Trust ETF is not a commodity pool for purposes of the Commodity Exchange Act. Before making an investment decision, you should carefully consider the risk factors and other information included in the prospectus.

Investing involves a high degree of risk, including possible loss of principal. An investment in the Trust is not suitable for all investors, may be deemed speculative and is not intended as a complete investment program. An investment in Shares should be considered only by persons who can bear the risk of total loss associated with an investment in the Trust.

Investing in digital assets involves significant risks due to their extreme price volatility and the potential for loss, theft, or compromise of private keys. The value of the shares is closely tied to acceptance, industry developments, and governance changes, making them susceptible to market sentiment. Digital assets represent a new and rapidly evolving industry, and the value of the Shares depends on their acceptance. Changes in the governance of a digital asset network may not receive sufficient support from users and miners, which may negatively affect that digital asset network’s ability to grow and respond to challenges Investing in the Trust comes with risks that could impact the Trust's share value, including large-scale sales by major investors, security threats like breaches and hacking, negative sentiment among speculators, and competition from central bank digital currencies and financial initiatives using blockchain technology. A disruption of the internet or a digital asset network would affect the ability to transfer digital assets and, consequently, would impact their value. There can be no assurance that security procedures designed to protect the Trust’s assets will actually work as designed or prove to be successful in safeguarding the Trust’s assets against all possible sources of theft, loss or damage.

This information should not be relied upon as research, investment advice, or a recommendation regarding any products, strategies, or any security in particular. This material is strictly for illustrative, educational, or informational purposes and is subject to change. Buying and selling shares of ETPs may result in brokerage commissions.

Shares of the Trust are not deposits or other obligations of or guaranteed by BlackRock, Inc., and its affiliates, and are not insured by the Federal Deposit Insurance Corporation or any other governmental agency. The sponsor of the Trust is iShares Delaware Trust Sponsor LLC (the “Sponsor”). BlackRock Investments, LLC ("BRIL"), assists in the promotion of the Trust. The Sponsor and BRIL are affiliates of BlackRock, Inc.

BlackRock is not affiliated with Morning Brew.

BLACKROCK and iSHARES are trademarks of BlackRock, Inc. or its affiliates. All other trademarks are those of their respective owners.

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