Hi! You can’t spell self-driving without SF… Uber will offer driverless cabs in San Francisco next year, as the city’s robotaxi race heats up with entries (or planned entries) from Alphabet’s Waymo, Amazon’s Zoox, and Tesla. Today we’re exploring:

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Nvidia crosses $5 trillion market cap, as BATMMAAN stocks dominate the market

Yesterday, Nvidia CEO Jensen Huang told an audience at the company’s GTC conference that orders for their Blackwell and early Rubin chips were above $500 billion through 2026, as well as announcing a bevy of new partnerships with top companies like Palantir, CrowdStrike, and Uber — pushing the company’s market cap to $4.9 trillion at yesterday’s close. 

Things haven’t slowed down today: following a barrage of positive analyst coverage, the chip designer just became the first company to be valued at more than $5 trillion in intraday trading, as Nvidia's stock continues its mind-boggling rally into the end of 2025. 

Nvidia’s ascent has been truly remarkable, primarily owing to the 2018 decision from Jensen Huang and co. to “bet the farm” on AI. As data center revenues exploded, the company found itself with the right product, in the right place, at the right time. Its staggering market position saw it post financial results that defied belief: triple-digit percentage growth, margins north of 50%, and all with a workforce the size of a small Ohio town, many of whom are now millionaires. 

Even being shut out of China due to simmering trade tensions hasn’t stopped the stock from soaring, leaving its big tech peers in the dust.

While Nvidia is undoubtedly the talisman of the AI trade, it’s hardly alone in profiting from it. With semiconductor giant Broadcom now worth more than $1.75 trillion itself, and given that it has a more direct contribution to the AI ecosystem than Tesla (for now), the Magnificent 7 moniker looks more and more like it needs updating to BATMMAAN — a collection of stocks (Mag 7 + Broadcom) that are now worth an eye-watering ~$24 trillion combined.

That’s a level of market dominance that investors haven’t seen before. Indeed, if you’re buying a sensible market tracking index like SPY or VOO (as sages like Warren Buffett might have previously advised you to do), you are now, implicitly, making a large bet that America’s technology complex will continue dominating in the field of AI, with BATMMAAN now accounting for nearly 40% of the S&P 500’s ~$61 trillion market cap.

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The US obesity rate keeps declining, but diabetes cases have hit a new high

Weight-loss drugs like Ozempic have long had a significant impact on pharma companies’ financials. Now, we’re starting to see GLP-1s affecting America’s health statistics in real time.

On Tuesday, Gallup published updated 2025 figures for obesity and diabetes rates, as part of its ongoing National Health and Well-Being Index. According to the study, the obesity rate among US adults has fallen to 37% in 2025 — down from the record high seen in 2022, when the share sat at 39.9%.

For context, this is the equivalent of there being approximately 7.6 million fewer obese adults (measured by the federal standard of having a BMI of 30 or higher) in America over the course of just three years.

This tracks with another finding: per Gallup, the share of US adults reporting using weight-loss injectable drugs, including semaglutide, has more than doubled to 12.4% since 2024. Underscoring the influence of these drugs, a higher proportion of women taking weight-loss injectables translated to the obesity rate for females falling faster than that seen for male counterparts.

Mixed signaling

However, the study also found that the rate of diabetes cases for both Type 1 and Type 2 diabetes hit an all-time high of 13.8% of US adults, up from the 11.4% recorded only a decade before.

Because obesity rates typically correspond with diabetes diagnoses, the discrepancy observed between these indicators could exemplify the shortfalls of GLP-1s. While weight-loss drugs have lowered BMI scores, they “should not be considered a cure-all for overall health,” as Gallup states. Still, despite the continued decline, America’s obesity levels remain among the most severe in the world.

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Could this be the commute of the future?

There’s an untapped transportation network in the US: small and medium airports. With just 31 airports serving ~70% of American travelers in 2024,¹ underutilized hubs could be the foundation for the next big shift in regional transport. 

That’s due to innovations in advanced air mobility, one of the fastest-growing segments within the aviation market where Surf Air Mobility (NYSE: SRFM) is making strides. The company is building SurfOS: its all-in-one, AI-enabled software for the air mobility industry. 

By aggregating data from multiple sources, Surf Air Mobility is building the digital infrastructure to optimize the air mobility ecosystem, from today’s turboprops to tomorrow’s electrified aircraft.

Already the owner of one of the largest commuter airlines in the US, Surf Air Mobility is ready to combine its scale, experience, and next-gen tech to enable the future of air mobility. 

The average American family is worth more than a million bucks

Aided by a soaring stock market, the private assets boom, AI enthusiasm, and a still elevated — if a little frozen — housing market, America’s rich just keep getting richer.

Per data from the Federal Reserve, America’s households now possess a whopping $167 trillion in wealth as of the end of the second quarter. Given the Census Bureau estimates that there are about 132 million households in America, that means the average US family is worth more than a million bucks. So, why doesn’t it feel that way for the average American?

Of course, the way that the current level of wealth is actually distributed is a huge factor, with America’s top 1% owning $52 trillion as of Q2, or nearly one-third of the nation’s total wealth. 

Put simply, the mean average might not be the best way to think about statistics when discussing populations that include very large outliers, such as the half-trillionaire Elon Musk. The median — if we lined every American household up in order of wealth and took the middle value — might better reflect the reality of the nation’s riches.

In 2022, Fed data put US median household wealth at around $193,000. Though that’s probably risen since, it suggests the true “typical” American household, at the 50th percentile of America’s wealth ladder, is likely closer to $200,000 than over a million. And, for families further down the ladder, wealth tends to build via their home equity, which is normally more illiquid and less likely to make them feel “richer,” even if it has appreciated.

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In 2024, just 31 airports served ~70% of American travelers.¹ Underutilized hubs could be the foundation for the next big shift in regional transport — and Surf Air Mobility is innovating the technology needed to get it off the ground.²

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Off the charts: Which retailer is partnering with Eli Lilly to offer discounted vials of Zepbound, the drugmaker’s weight-loss shot, as its pharmacy business cashes in on the GLP-1 craze? [Answer below].

Answer here.

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1 See article for further details. 

2 Stock markets are volatile and can fluctuate significantly in response to company, industry, political, regulatory, market, or economic developments. Investing in stock involves risks, including the loss of principal. Before investing, carefully assess whether a particular stock aligns with your investment objectives, risk tolerance, and financial situation.

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