HOOD260501P77000.US

📢 𝐉𝐔𝐒𝐓 𝐈𝐍: $Robinhood(HOOD.US) Robinhood Plans First Asset-Backed Bond Tied to Credit Card Receivables

👉 𝐊𝐞𝐲 𝐇𝐢𝐠𝐡𝐥𝐢𝐠𝐡𝐭𝐬:

➤ 𝐑𝐨𝐛𝐢𝐧𝐡𝐨𝐨𝐝 is gauging demand for its first 𝐚𝐬𝐬𝐞𝐭-𝐛𝐚𝐜𝐤𝐞𝐝 𝐛𝐨𝐧𝐝.

➤ Offering is backed by 𝐜𝐨𝐧𝐬𝐮𝐦𝐞𝐫 𝐜𝐫𝐞𝐝𝐢𝐭 𝐜𝐚𝐫𝐝 receivables.

➤ Initial deal size targets at least 𝐒𝟒𝟎𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧.

➤ Total issuance could increase to 𝐒𝟓𝟎𝟎 𝐦𝐢𝐥𝐥𝐢𝐨𝐧.

➤ Securities will be split into 𝐟𝐨𝐮𝐫 𝐭𝐫𝐚𝐧𝐜𝐡𝐞𝐬.

➤ Top-rated tranche is priced at about 𝐨.𝟖 𝐩𝐞𝐫𝐜𝐞𝐧𝐭𝐚𝐠𝐞 𝐩𝐨𝐢𝐧𝐭 over benchmark.

➤ Deal supports Robinhood's expansion into the 𝐜𝐫𝐞𝐝𝐢𝐭 𝐜𝐚𝐫𝐝 market.

➤ Robinhood introduced a 𝐒𝟔𝟗𝟓 𝐩𝐥𝐚𝐭𝐢𝐧𝐮𝐦 credit card in March.

➤ 𝐖𝐞𝐥𝐥𝐬 𝐅𝐚𝐫𝐠𝐨 and 𝐁𝐚𝐫𝐜𝐥𝐚𝐲𝐬 are managing the offering.

➤ 𝐂𝐨𝐚𝐬𝐭𝐚𝐥 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐭𝐲 𝐁𝐚𝐧𝐤 owns Robinhood's branded credit card accounts.

$Robinhood(HOOD.US)

I have covered Robinhood for the past 3 years, and it is fair to say that something really different has happened in the past 2 weeks since their Crypto event in the UK.

Why? Well...

Just over one week after launch of the Robinhood Chain:

- 17M+ transactions

- Nearly 350K total addresses

- Nearly $250M in protocol TVL

- More than $1B in DEX trading volume

And three days ago, Robinhood Chain flipped Hyperliquid in 24-hour DEX volume, according to DefiLlama:

Robinhood Chain: $433.19M

Hyperliquid: $296.23M

The implications for $Robinhood(HOOD.US) are significant and really cannot be ignored by the market.

Robinhood is evolving from a brokerage that earns from customer trading activity into a vertically integrated financial ecosystem with its own blockchain, exchange infrastructure, tokenized assets and on-chain liquidity.

This along with the Trump accounts is why I think the stock has finally decoupled from $Grayscale Bitcoin Mini Trust ETF(BTC.US) and is now trading at 80% above its lows in May. Bitcoin could go up or down, the market has moved on with pegging HOOD's stock to random BTC fluctuations, because HOOD is so, so much more important than what happens with any individual coin.

If Robinhood Chain continues gaining adoption, Robinhood could capture economics from:

- Blockchain transaction fees

- DEX trading and liquidity activity

- Tokenized stocks and real-world assets (something Vlad really wants to push heavily as he sees the entire world is moving on chain)

- Stablecoin payments and settlement

- Third-party applications built on its network

- Increased customer deposits and engagement

The bigger opportunity is that Robinhood may no longer need to simply route transactions through financial infrastructure owned by other companies.

It could increasingly own the infrastructure itself...which has always been the bull case for them in crypto. It's not just about making fees off people trading coins, but owning the entire stack when it comes to the broader crypto ecosystem.

That gives Robinhood more control over the customer experience, potentially stronger margins and several new recurring revenue streams.

It is still early, and some of the initial volume may be driven by launch incentives, but Robinhood Chain is already showing that the company could become far more than a retail brokerage. The main assets being traded on it right now are meme coins, which some people may think are a joke, but to me this is showing the willingness of so many native crypto investors to accept Robinhood Chain as a legitimate platform to be able to trade on and eventually, millions of other assets with real world utility will come on chain.

$Robinhood(HOOD.US) is building toward becoming a global, crypto-native financial platform and that level of innovation and speed is what has helped the stock recover this year but is also getting the street excited for the future, diversified streams of revenue which will continue to compound earnings over the coming years.

LFG.

Source: amit

Was a sad few months for $Reddit(RDDT.US). But glad it's finally back above $200.

Reddit was doing:

- $663M revenue w/ 91.5% gross margins

- $204M GAAP net income

- 45%+ fwd Y/Y growth after 69%+ growth.

- Net profit is ~30.7% of revenue

Felt very weird to see a profitable company get dragged down after earnings.

But in hindsight, given the increase hyperscaler capex, the drop felt more like it's more relative opportunity cost more than fundamentals?

Since a lot of inflow poured into $Micron Tech(MU.US) / Sk Hynix that are bottlenecked into 2029. Or with laser bottlenecks like $Lumentum(LITE.US) that last into 2029 as well.

Same thing happens in reverse after selloffs ig, even if fundamentals didn't change.

Been seeing a lot of noise with memory optimization or Chinese players... but don't quite think you sign 16T+ LTAs if memory was getting flooded or not used anytime soon.

Same with optical players... if in earnings, they state anything they make gets bought, I don't quite think a lot of the noise has material effect on their fundamentals.

Regardless, nice to see some recovery with familiar faces like $Robinhood(HOOD.US), $Hims & Hers Health(HIMS.US), and $Reddit(RDDT.US) though.

• Tech futures are rising; key stocks to watch include Sandisk, Apple, SpaceX, and Robinhood.

• The U.S. innovation sector remains strong, but China is emerging as a competitor.

• Everus Construction is nearing a new buy point in the AI sector. $Everus Construction(ECG.US)

• Analysts favor seven stocks for earnings growth, with Comfort Systems leading. $Comfort Systems USA(FIX.US)

• Robinhood shares regained a significant price level after new tool announcements. $Robinhood(HOOD.US)

• Delta stock is gaining traction amidst falling oil prices and market volatility. $Delta Air Lines(DAL.US)

$Robinhood(HOOD.US)

ROBINHOOD WORLD IS FLAT EVENT ANNOUNCEMENTS:

- 1M+ funded customers outside the US

- Launching Robinhood Crypto in the UK

- Maker orders for Crypto launching for US customers

- Robinhood Crypto officially launching in Canada with 0% trading fees for 90 days

- Granted license to expand brokerage services in Singapore

- Launching Agentic Trading for Crypto

- Robinhood Chain officially launches with AI native features to swap tokens, find liquidity pools, and adapt to tokenized real world assets

- New perpetual futures for commodities, ETFs, and FX with up to 10x leverage rolling out in the EU

- Robinhood Cortex with advanced reasoning launching to Gold Subscribers

- Robinhood Earn is rolling out to eligible US customers which allows users to lend USDG onchain through a self-custody wallet and earn an estimated 7% APY

Multiple events per year with multiple products/launches per event.

Robinhood. Does. Not. Stop.

Source: amit

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Palantir $Palantir Tech(PLTR.US) and Nvidia $NVIDIA(NVDA.US) expanded their partnership to deliver sovereign AI for the U.S. government and critical infrastructure. The partnership combines Nvidia AI infrastructure and Nemotron models with Palantir’s platforms, allowing agencies to deploy models on proprietary data. Palantir CEO Alex Karp said: “Combining Palantir infrastructure with NVIDIA’s AI and Nemotron models will allow the U.S. government to unleash the full power of LLMs while removing the underlying security risks and rational concerns around proprietary insights migrating into the weights of closed models."

2. Rocket Lab $Rocket Lab(RKLB.US) announced a definitive agreement to acquire Iridium $Iridium Comm(IRDM.US) for $54/share in a cash-and-stock deal, implying an enterprise value of roughly $8B. This is a major move because it pushes Rocket Lab beyond space infrastructure and deeper into vertically integrated space communications with recurring, high-margin subscription revenue. Iridium adds a global satellite network, accelerates direct-to-device and space connectivity, and gives Rocket Lab the ability to design, build, launch, operate, and now monetize satellites through long-term communications services.

3. Robinhood $Robinhood(HOOD.US) continues to show strong product momentum. Vlad Tenev, CEO, shared that Robinhood Banking has surpassed $3B in deposits and 200K customers, up from $1.6B and 110K at the end of March. Agentic trading has also seen 50K+ customers open accounts in its first few weeks, with millions of dollars traded daily across equities and options. Robinhood now has 50K+ funded custodial accounts just three months after launch, while 855K+ customers received allocation in the SpaceX IPO through IPO Access.

4. Hedge funds sold the most U.S. information technology equities in the week ending June 25 since Goldman’s data began in 2016, even more than during the August 2024 Nasdaq correction. Overall, hedge funds sold the most U.S. equities since the April 2025 “Liberation Day” selloff. Magnificent 7 exposure has also fallen to 14.5% of total U.S. hedge fund exposure, near a 3-year low, after dropping 7 percentage points since the start of 2026, the biggest six-month decline since the 2022 bear market.

5. Agility Robotics is going public via Churchill Capital Corp XI $Churchill Capital XI(CCXI.US) in a deal valuing the humanoid robotics company at $2.5B pre-money. The transaction is expected to raise $620M+, including a $200M PIPE led by Foxconn, with the combined company set to trade as $AGLT. Agility says it has $300M+ in multi-year orders for its Digit v5 robot, with backers including Nvidia, Amazon, SoftBank, and Foxconn.

6. Google $Alphabet(GOOGL.US) has reportedly capped Meta’s $Meta Platforms(META.US) use of Gemini AI models due to computing capacity constraints, per Financial Times. The limits have affected some of Meta’s internal projects, with staff told to use AI tokens more efficiently. Meta had been using Gemini to automate safety workflows, but is now leaning more on its own Muse Spark model to reduce reliance on external AI models.

7. Micron $Micron Tech(MU.US) is now a top 10 holding in the S&P 500 with a 1.9% weighting, reflecting just how important memory has become in the AI trade. Meanwhile, Nvidia $NVIDIA(NVDA.US) has fallen from closer to 8.5% of the index to 6.99%, while Apple $Apple(AAPL.US) has dropped from around 7.5% to 6.18%.

8. Anthropic reportedly renegotiated part of its Amazon deal, shifting Claude pricing from compute hours to token-based usage starting next year, per The Information. The change could raise $Amazon(AMZN.US)’s costs for using Claude across products like Alexa for Shopping, Kiro, and Quick. Amazon is now reportedly evaluating OpenAI and its own Nova models to reduce reliance on Anthropic.

9. The top 10 most active options today by contracts traded were $Tesla(TSLA.US) with 3.8M contracts, $NVIDIA(NVDA.US) with 2.9M contracts, $Amazon(AMZN.US) with 1.4M contracts, $Apple(AAPL.US) with 1.1M contracts, $Microsoft(MSFT.US) with 931K contracts, $Micron Tech(MU.US) with 767K contracts, $SpaceX(SPCX.US) with 617K contracts, $Intel(INTC.US) with 598K contracts, $Strategy(MSTR.US) with 533K contracts, and $Alphabet(GOOGL.US) with 489K contracts.

10. ByteDance is targeting early next year to finalize the design of its next-gen in-house CPU for AI infrastructure, per SCMP. Mass production and broader deployment are expected in H2 2027, as ByteDance looks to support AI workloads across Doubao, Seedance, and other internal platforms. Qualcomm $Qualcomm(QCOM.US) is reportedly helping with development and foundry capacity.

11. South Korea unveiled a massive $576B+ AI and chip investment push, with Samsung and SK Hynix expected to invest around $518B. Suppliers will build two new chip fab sites each in southwest Korea, while the broader plan includes a $52.7B chip packaging cluster and a goal to double DRAM output within five years.

12. U.S. online spending across all retailers hit $26.4B during Amazon $Amazon(AMZN.US) Prime Day, topping Adobe’s $26.3B estimate. Spending rose 9.3% YoY, while BNPL accounted for 6.6% of orders. However, Numerator said average household spending on Amazon fell 8.3% to $143.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit