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What3words is a completely free-to-use platform that’s literally saved lives, but it may have the worst business model we’ve ever seen. The app, which maps every 3-by-3-meter square in the world onto a unique address made up of three random words (you might find New York City’s mayor at order.most.limes, for example), is just one of those very good, very simple, and therefore very rare ideas. But right now the three words pinned to it are needs.more.money.

Stocks fell from record highs on Thursday as investors digested a report that Iranian Parliament Speaker Mohammad Bagher Ghalibaf has resigned from Iran’s peace talks team. 

❓ Can you ace our Snacks Seven Quiz? Here’s a sample question: 

Why do investors like software stocks? Because they have high recurring revenues and extremely high margins.

Why are investors worried about the impact of AI on software stocks? At the most basic level, AI tools reduce the barriers to entry and the cost of creating software.

Nothing shows traders’ willingness to shoot first and ask questions later (or not bother to ask questions at all!) when the crux of the case for owning software seemingly shows cracks more than the reaction to ServiceNow’s Q1 results and updated outlook.

In early February, Nvidia CEO Jensen Huang called the idea that the software industry would be replaced by AI the “most illogical thing in the world,” arguing that AI agents will leverage existing software tools rather than reinvent them.

The bear case for software is that AI tools render many established giants obsolete. But going the way of the woolly mammoth isn’t something that happens overnight. You won’t be able to find any of them to ask, obviously, but I’m told it was a 10,000- to 16,000-year process.

Well before obsolescence comes the threat of incremental substitution. And margin pressure would be one way you’d expect competitive pressures to be absorbed. At the surface level, ServiceNow is affirming a base case for software stocks that traders have spent months fearing, which still apparently hasn’t taken the industry to levels where it’s viewed as attractively valued.

Central banks are getting hotter on gold. In a recent World Gold Council and YouGov survey, a record 95% of representatives expected global central bank gold reserves to increase from 2025 to 2026. Persistent central bank buying is just one factor indicating long-term, structural momentum behind gold’s price — but most investors haven’t considered all the options for capitalizing on it.

With a royalties-based model like Versamet’s (NASDAQ: VMET), investors get a stake in the ownership portion of gold mining. By helping to provide capital to world-class mining projects around the world, Versamet stakeholders receive a percentage of their gold production typically for the life of the mine.

The upside? Versamet's cut remains inflation-protected and generates consistent cash flow. Having executed nearly $750 million in acquisitions, the Versamet portfolio is anchored by high-growth assets across all stages of the business cycle. By prioritizing returns and diversification over rigid structures, Versamet offers a high-margin gateway to gold’s new era.

Get a prime cut of gold’s new growth, with Versamet.

A lack of rental cars was a big issue for American travelers in 2021.

A fresh supply of rental car company shares may become a big issue for fans of the Avis short squeeze.

It’s impossible to tell if Avis pulled forward the date of its earnings in order to capitalize on its elevated stock price. But we’d be remiss not to note that Avis has not released its Q1 results in the month of April since 2006.

Share offerings are what companies that benefit from big spikes out of nowhere tend to do (ask AMC!), unless they can’t. And if they can’t, they aim to find a way around that (ask GameStop!).

About two years ago, during the return of Roaring Kitty meme mania 2.0, the video games and collectibles retailer was seemingly constrained from offering shares because it was in a “blackout period” ahead of earnings (which had been scheduled for June 7). As such, management released preliminary results on May 17 along with plans to sell up to 45 million shares on the open market.

Investor excitement over Tesla’s surprisingly good earnings report Wednesday quickly faded as it became clear that the financial pain they’d been bracing for is still ahead — and likely worse than expected. On the earning’s call, CEO Elon Musk brought expectations further down to earth — a real change from someone better known for promising the stars.

What he said