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Stay up to date on the latest market news with daily analysis of the investing landscape, served up Brew-style.

Brew Markets

Stocks

Mark Reeth

brewmarkets.com

The Magnificent 7 was already a small club. Today, Alphabet entered an even more exclusive group, becoming the fourth publicly traded company to hit 

It's just the latest victory for Alphabet, which has been riding high ever since a judge ruled that the company would not have to be broken up, despite a court deeming its search business an illegal monopoly back in August 2024. Ironically, the recent ruling was due in no small part to rising competition from AI startups like Perplexity and OpenAI—only a company as massive as Alphabet could climb thanks to 

Alphabet looked like it was a step behind its rivals when it first rolled out its AI chatbot Bard in February 2023, only to watch the bot flub questions live on camera and subsequently 

. Since then, Alphabet has beefed up its AI department, spending $67 billion in just the last 12 months to stay a step ahead of its rivals.

It’s clearly working: Over the weekend, the company’s Gemini chatbot overtook ChatGPT as the 

Alphabet shares are up about 71% since the stock hit its April low, and at this rate, it’s only a matter of time until the company enters the $4 trillion club.

Alphabet hit $3 trillion market cap

The search giant's AI chatbot outranks ChatGPT on the Apple app store.

In da clerb, we all fam

Lucy Brewster

Gemini Space Station may sound like a sci-fi franchise that flopped back in the 80’s, but it’s actually the brainchild of Cameron and Tyler Winklevoss (yes, those two again).

Today, Gemini became the latest IPO to hit the public market, with a debut priced at $28 per share, which translates into a valuation 

—far above its originally anticipated range. Gemini raised roughly $425 million by selling 15.2 million shares, according to Barron’s. Shares popped 14.29% this afternoon, ending the day priced at $32 per share.

 Gemini, which was founded by the Winklevoss twins in 2014—and just so happens to be the Zodiac sign symbolized by twins—is a crypto derivatives platform, as well as a crypto exchange that allows people to buy and sell a slew of digital assets like bitcoin. Its competitors include other brokerage firms like Coinbase, Robinhood, Binance, and Interactive Brokers.

While Gemini is soaring today, its actual business is more of a mixed bag. Last year, the company took a net loss of $158.5 million—though its revenue jumped 45% during the same period, according to Barron’s.

 again after years of feeling more like a slow drip. Crypto IPOs in particular are seriously having a moment thanks to a new deregulatory environment and a spike in the price of bitcoin. Just look at stablecoin issuer Circle, which soared on its first day of trading in June. Or Bullish, which popped during its debut last month. Most recently, Figure soared over 40% when it started trading yesterday.

One major difference between this latest IPO boom and previous ones is that retail investors are playing a bigger part. Usually, regular traders don’t have access to IPOs the same way that institutional investors do. But Gemini set aside roughly 

 for the retail crowd, well above the average 6% of shares, according to the WSJ.

Part of Gemini’s appeal is also the fame of its founders. While they kicked off their foray into tech by feuding with Mark Zuckerberg in the early days of Facebook, Tyer and Cameron Winklevoss have moved far beyond Armie Hammer’s portrayal of them as spoiled and arrogant college rowers in 

Now, they’re bringing in some serious cash from Gemini's public debut, raking in 

And hey, maybe they’ll get another chance at a big screen depiction in whatever movie ends up being made about the latest crypto hype cycle.—

Gemini Space Station IPO: First day report

The crypto brokerage backed by the Winklevoss twins popped on its debut.

Will Armie Hammer reprise his role?

Opendoor just got pressured into a serious boardroom renovation—not by an established activist investment firm, but by retail traders who call themselves the “Open Army.”

Shares soared 79.52% today after the company named former Shopify executive Kaz Nejatian as its new CEO. That wasn’t all: Opendoor also announced that original co-founders Keith Rabois and Eric Wu are rejoining the board.

The call is coming from inside the house:

 Usually when a company is under pressure to shake up its board, it's from an influential and moneyed activist shareholder. But this time, the makeover was at the hands of an amorphous army of retail investors who have 

 from roughly $400 million to about $7 billion over the past three months.

Let’s start from the beginning: Opendoor is a digital real estate company that makes money by replacing traditional brokerages with its online platform. It was founded in 2014, but went public via a SPAC in 2020 that valued the company at $3.8 billion. Since then, Opendoor struggled, and was at risk of being delisted from the Nasdaq in May due to its stock price being so low.

But that was all before hedge fund manager Eric Jackson posted his lofty price target and 

 for the company on X, bringing in a huge swath of retail interest that both sent shares soaring and created a pressure campaign for CEO Carrie Wheeler to step down, which she did in August.

For all the boardroom chaos and meme stock shenanigans, 

 don’t think the company is worth anything nearly close to what it’s trading now. Its average price target is $1.02—about 90% lower than shares trade today.

But Jackson told Brew Market’s Ann Berry two days ago that he’s just as bullish as ever, arguing that OpenDoor isn’t just another meme stock—

“Cult stocks are real businesses,” he said. “They’re usually misunderstood by the institutional community and adopted first by the retail-oriented community.” He pointed to Tesla and Palantir as the two similar investments.

Jackson’s distinction is that, unlike meme stocks, OpenDoor has a viable business model revolutionizing the residential housing market with tech. It’s a notion that has yet to be successfully proven, though new CEO Nejatian brings a strong tech pedigree to the table. “With AI, we have the tools to make that experience radically simpler, faster, and more certain,” Nejatian said in a statement. “That’s the future we’re building.”

What lays ahead for OpenDoor remains unknown, but one thing is for sure: Retail investors have once again proven that they’re a force to be reckoned with.—

Is Opendoor a cult stock, or a meme stock?

The iBuyer soared today on news of a new CEO and board members.

Opendoor wants to be more than a meme

 may be on his way out—but the Oracle of Oracle is winning big.

Larry Ellison, the co-founder, chairman, and CTO of Oracle, has 

 to become the richest person in the world after his net worth jumped by $101 billion today. That means Ellison is now worth $393 billion, beating Musk’s measly $385 billion.

The biggest single-day jump in the Bloomberg Billionaires Index ever matches the suddenly frantic hype surrounding Oracle’s stock. Shares exploded 35.91% today after the company released a stellar fiscal forecast—making today its best since 1992 and putting its market cap at nearly 

The reason for the jump, if you haven’t already guessed, is the company’s role in the artificial intelligence revolution. Specifically, its cloud contract demand, which is booming: The firm revealed it has an enormous AI backlog of $455 billion in remaining performance obligations, up 359% from the year prior. On top of that, Oracle now forecasts $18 billion in cloud infrastructure revenue for fiscal 2026, a 77% year over year increase. Even crazier, it said it expects cloud infrastructure sales to hit $114 billion by 2029.

As if all that wasn’t enough, late in the day the 

 with OpenAI to provide the AI startup with up to 4.5 gigawatts of data center capacity—more than two Hoover Dams worth of power, according to the WSJ.

Analysts were left gobsmacked by the stellar numbers. “An extraordinary $332 billion in bookings in Oracle’s Q1 represents not only the biggest bookings number we’ve ever seen in software, but a fundamental shift in the business model toward Data Center Operator,” Morgan Stanley’s Keith Weiss wrote.

Meanwhile, Deutsche Bank analysts called the figures “truly awesome.”

“In our 20 years covering Oracle and for that matter the entire Software industry, there are few quarterly results that match F1Q both in terms of magnitude of revision and clarity of the moment,” wrote Deutsche Bank’s Brad Zelnick. He rates Oracle a buy with a $240 price target.

Founded in 1977, Oracle has gone through its fair share of different eras when it comes to software and hardware development.

Oracle’s rapid transformation into an AI infrastructure giant recalls another fan favorite: Nvidia. But even Nvidia doesn’t predict profits as far out as the next quarter due to the uncertainty of the AI industry, suggesting that perhaps Oracle is getting a little 

 with those hefty forecasts, the WSJ warned.

If there’s anything that Jensen Huang could teach Ellison, it’s that once the bar is raised high enough, investors only want to see you jump higher.—

The new richest man in the world: Oracle CTO Larry Ellison

Ellison, who co-founded the company, saw his fortune soar $101 billion today.

Oracle's unforeseen miracle

How skinny Apple can make the iPhone has become one of the most highly watched metrics of technological progress in the world. But even a smaller bulge in your pocket wasn’t enough to wow investors.

The main character of Apple’s product launch event in Cupertino today was the new 5.6 mm iPhone 17 Air, which is roughly a third narrower than current models and priced at $999—$100 more than last year’s iPhone 16 Plus.

While the super skinny iPhone is certainly striking, the iPhone 17 Pro and and iPhone 17 Pro Max tout even more impressive features, including a totally new camera system and extended battery life. The premium models will be priced at $1,099 and $1,199, respectively.

“We expect this new model to have significant demand as it is the first notable redesign to the iPhone lineup in years,” wrote Wedbush analyst Dan Ives of the new iPhone Air. He estimates that roughly 315 million of the 1.5 billion iPhone users worldwide haven’t upgraded their iPhones in over four years, which he argues could spur on higher demand for its newest models.

But investors still pushed shares of Apple down 1.48%, partially because some were expecting 

 on the new iPhone models to offset the cost of tariffs.

While Apple unveiled a slew of new products and features today, including major upgrades to AirPods and the Apple Watch, investors remain worried that the company doesn’t have the chops when it comes to artificial intelligence.

The company has been slower to roll out impressive AI tech than upstart rivals like OpenAI and even fellow Silicon Valley veterans like Microsoft. Earlier this year, Apple had to 

 on its revamped Siri voice assistant, complete with new Apple Intelligence technology, when it didn’t live up to the company’s technical standards. Meanwhile, competitors like Meta Platforms have poached some of its 

All of that explains why Apple’s stock is down 6.42% this year, despite it beating top- and bottom line earnings expectations for its third quarter back in July.

AI may be a convenient acronym for Apple Intelligence, but the company isn’t synonymous with the new tech just yet. Today was more of what we got at its Worldwide Developers Conference in June—which is to say, not much at all.—

Apple's skinny iPhone reveal: Stock market reaction

Investors largely shrugged at Tim Cook's latest phones, including the thinnest yet.

Even the iPhone is on Ozempic

The S&P 500 club just announced its newest members.

AppLovin, Robinhood, and Emcor Group are replacing Caesars Entertainment, MarketAxess Holdings, and Enphase Energy in the index’s latest rebalancing, which will go into effect on September 22, 

The inclusion was a particularly big moment for retail trader favorite Robinhood, which soared 15.83% today. Robinhood investors felt the stock had been unfairly passed over in the index’s previous rebalancing rounds. For example, fintech company Block (formerly Square) was added to the S&P 500 back in July—even though its market cap was about half the size of Robinhood’s at the time.

 Which firms get added and which get passed over for inclusion in the S&P 500 is a tricky dance. Companies must be US-based, have a market cap above $22.7 billion, and be publicly traded (obviously). Beyond that, the committee at S&P Dow Jones has discretion to 

, looking at factors like how sectors are currently weighted in the index, and what a company's balance sheet looks like.

Being added to the S&P 500 often boosts a company’s share price because it’s a signal that its business is booming. More importantly, it also means that a whole bunch of huge, passive funds that mimic the S&P 500 will now have to buy shares of the company in order to accurately reflect the index.

That’s why investors can often feel frustrated when their favorite is excluded. For example, other potential additions such as Strategy (formerly MicroStrategy) and Pinterest sank into the red today after they got snubbed.

What this pivotal moment means for Robinhood

Robinhood went public in summer 2021, shortly after the meme stock craze surrounding GameStop gripped the market. The company embraced the kind of stock-trading gamification that helped create the modern retail investing craze, and its shares have soared over 225% since its IPO. Robinhood has since parlayed its popularity into a 

, including crypto, sports betting, credit cards, and even a foray into wealth management.

“I’ll share what I told the team today—we don’t stop to celebrate, our single focus remains building exceptional products for our customers,” 

 Robinhood CEO Vlad Tenev in response to the news.

, 14 give it a “buy” rating, four say “overweight”, eight rate it a “hold”, and one says “sell.”—

Robinhood finally enters the S&P 500 

The brokerage app popped today after being snubbed previously.

Robinhood finally made it

Judy Dutton

 with record-setting revenue in Q3, 22% higher than a year earlier. But the even bigger bombshell came when CEO Hock Tan announced a new $10 billion order from a mystery client, which was soon 

 to be OpenAI. This power couple plans to ship their first artificial-intellience accelerator chips in 2026, which could give alpha dog Nvidia a run for its money. Tan also revealed that he’ll stay in his role until “at least” 2030, a sign that everyone’s happy with how he’s positioned Broadcom as a rising power in the AI trade.

Revenue: $15.96 billion, higher than the anticipated $15.83 billion

dropped downward dog-style, sinking 18.58% after the athleisure company reported 

 in US same-store sales, followed by a full-year outlook that looks far worse than expected. Part of the problem was tariffs combined with the end of the 

, which previously allowed Lulu to squeeze smaller shipments into the country levy-free. The other problem is coming from inside its own headquarters: Despite the brand’s holier-than-thou emphasis on fitness, Lulu has gotten lazy with its apparel line. “We have become too predictable within our casual offerings and missed opportunities to create new trends,” admitted CEO Calvin McDonald, adding that the company plans to ramp up new styles from 23% to 35% of its lineup next spring.

EPS: $3.10, higher than the anticipated $2.88

Revenue: $2.53 billion, a near miss on forecasts of $2.54 billion

jumped 4.75% after the electronic signature company 

 for the year amid plans to ramp up its AI offerings for a broader swath of clientele. The firm’s signature tool, Intelligent Agreement Management, was launched last year to help summarize and analyze legal documents for smaller customers. The application has seen strong adoption this year, so the company is now upgrading the tool so it can handle the more complex needs of bigger clients (think Walmart, Toyota, and JPMorgan Chase). After all, doesn’t 

need a friendly chatbot to help them slog through contracts?

EPS: $0.92, higher than the anticipated $0.85

Revenue: $800.6 million, better than analyst estimates of $780.9 million