April 22, 2026 | Read online

Can Apple be the biggest winner?

Elon Musk is the Steve Jobs of our time.

Musk is simultaneously leading Tesla and SpaceX. By the end of June – he’ll be the CEO of two publicly companies valued at over $1 trillion.

Here’s how to buy SpaceX Pre-IPO shares – at a huge discount to the IPO price.

Apple (NADAQ: AAPL) announced that Tim Cook is stepping down as CEO on September 1.

He'll stay on as executive chairman. John Ternus, the head of hardware engineering, takes over as chief executive.

Shares dipped slightly after-hours. That's understandable. Cook has been one of the great CEOs of his generation. Investors don't like uncertainty.

But let me make the case for staying patient.

First, let's talk about what Cook actually built.

When he took over from Steve Jobs in 2011, Apple had a market cap of around $350 billion. Today it's $4 trillion. That's a gain of more than 1,000% — roughly double the S&P 500 over the same period.

But the stock price is only part of the story.

Cook ran Apple with unusual financial discipline. While Amazon, Microsoft, Google and Meta have spent hundreds of billions building out AI infrastructure, Cook kept his foot off the gas. He didn't chase every trend. He focused on what Apple does best — premium hardware, a sticky ecosystem, and services with high margins.

That restraint showed up in the cash returns to shareholders.

Apple returned over $1.1 trillion to shareholders through buybacks and dividends under Cook’s tenure. That is not a typo. More than one trillion dollars returned directly to investors — one of the largest capital return programs in the history of public markets.

Want to buy Pre-IPO shares of the biggest IPO of 2026? Go here for important instructions.

Now investors are asking what comes next.

That's a fair question. It always is when a great CEO leaves.

But we've been here before.

When Steve Jobs passed away in October 2011, the concern was even more acute. Jobs wasn't just a CEO — he was considered the irreplaceable creative genius behind everything Apple stood for. The eulogies for the company came quickly. Many investors expected Apple to slowly fade without him.

Instead, it became the most valuable company in the world.

And Apple isn't the only example.

Jeff Bezos stepped back from Amazon in 2021. Andy Jassy took over. Amazon stock has more than doubled since then. The business kept growing — AWS, advertising, Prime — because Bezos had built systems and culture that didn't depend on him showing up every day.

Steve Ballmer left Microsoft in 2014. His tenure had been widely criticized. Satya Nadella took over and transformed the company into a cloud and AI powerhouse. Microsoft's market cap went from roughly $300 billion to over $3 trillion under Nadella.

The pattern is consistent. Great companies are bigger than any single leader.

Apple has 2.5 billion active devices. A services business doing over $100 billion a year. The most loyal customer base in consumer technology. A product pipeline that includes a foldable iPhone and a significant AI push in Siri. And now a new CEO in Ternus who has spent 25 years inside the company building its most important products.

This is not a crisis. It's a transition.

Apple is my largest single stock holding. It has been for years. IMO the company is the most durable of the Magnificent 7 stocks – even after Tim Cook retires.

Right now, investors have a chance to invest in Elon Musk’s SpaceX before it starts trading on Nasdaq.

The $1.75 trillion IPO is planned for June or July. Yet today you can secure a stake far below the IPO valuation.

Go here now for details.

Ian Wyatt
Editor, Daily Profit

© Wyatt Investment Research. All rights reserved. Wyatt Investment Research is not a broker dealer of financial advisor. This content is for informational purposes. Nothing in this email should be considered investment advice. Every investment has risk and you could lose your investment. You can review terms of use and disclosures by clicking here.

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April 22, 2026 | Listen online | Read online

Bearly Bullish 🙂

A late-day selloff on Iran headlines... followed by a ceasefire extension after the close.

The market closed the book…. Then another chapter was written just after the close.

Yesterday’s session was fairly straightforward.

Stocks drifted lower through the afternoon as headlines out of the Middle East moved in the wrong direction. Iran pushed back on negotiations, uncertainty picked up again, and by the close all three major indexes were down roughly 0.6%.

Oil moved higher. Yields followed. The dollar strengthened.

It was a clean reversal of the setup that had supported risk just days earlier.

Then, after the bell, the narrative shifted.

⚡ Closing Bell:
→ Dow Jones: ▼ −0.59% to 49,149.60 › Slipped into the close as geopolitical uncertainty picked up
→ S&P 500: ▼ −0.63% to 7,064.02 › Pulled back after early stability faded
→ Nasdaq: ▼ −0.59% to 24,259.96 › Gave back ground as rates moved higher
→ Russell 2000: ▼ ~0.6% › Broader risk followed large caps lower

Energy was the only sector that finished higher, tracking the rebound in crude.
Real estate and utilities lagged as yields pushed higher, tightening financial conditions again.

Macro Moves:
→ 10-Year Treasury Yield: ▲ ~4.31% › Moved higher as strong retail sales reinforced a “no rush to cut” rate outlook
→ 2-Year Treasury Yield: ▲ ~3.80% › Followed higher as policy expectations firmed
→ U.S. Dollar (DXY): ▲ ~98.5 › Strengthened as risk appetite softened
→ Bitcoin: ▼ ~$75K › Pulled back as macro turned less supportive

❗❗❗ Looking Ahead:
The temporary extension keeps the door open, but it doesn’t answer the underlying question of what a longer-term agreement looks like — or if one materializes at all.

At the same time, earnings begin to take over.

Tesla, Boeing, and AT&T report next, and those results will start to matter more as macro signals remain mixed.

Because right now, the market isn’t lacking catalysts. 🙂

#TRUTH:
❗❗❗ ❝ We are too quick to believe that the present is permanent. ❞
~ Nassim Nicholas Taleb

Just a quick question…👇

Poll of the day:

Is the market too optimistic about the ceasefire?

→ Yes

→ No

Timeline Shifted

After a weak session that pushed all three major indexes lower, the market got a late update: the U.S. extended the current ceasefire with Iran.

That was enough to change the tone.

S&P 500 and Nasdaq futures rose about 0.4%, with Dow futures up roughly 0.3% in after-hours trading.

It’s a modest move. But the direction matters.

Because the setup hasn’t actually improved - the extension buys time, not certainty.

What changed is the immediate risk.

$60 Billion… and a Disclaimer

SpaceX made two very different statements on Tuesday.

One about where it’s going. The other about what might not work.

On one side, the company said it has secured an option to acquire AI coding startup Cursor for $60 billion, or alternatively commit $10 billion to a strategic partnership.

That’s not a small move.

It’s a direct push into one of the few areas in AI that’s already generating real demand — tools that automate software development. The logic is straightforward: combine Cursor’s developer reach with xAI’s compute infrastructure and compete more directly with OpenAI and Anthropic.

It’s a scale bet.

On the other side, buried in its pre-IPO filing, SpaceX outlined a very different reality.

Some of its most ambitious projects — including space-based AI data centers and broader in-orbit industrial systems — rely on technologies that are still unproven and may not become commercially viable.

That’s standard language for a filing.

But the contrast stands out.

Fuel Changed the Math.

United’s first Q1 came in ahead of expectations.

The outlook didn’t.

The airline reported $1.19 in adjusted EPS on $14.6 billion in revenue, both above consensus.

On the surface, that’s a clean result. But the reaction wasn’t about the quarter.

It was about fuel costs.

United’s fuel expense rose 12.6% year-over-year to $3.04 billion, and the company lowered its full-year profit guidance to a range of $7 to $11 per share, down from $12 to $14.

That’s a meaningful reset.

Q2 expectations also came in below estimates, with guidance implying that higher fuel costs will only be partially offset in the near term.

The assumption is that pricing catches up over time.

→ 40–50% of fuel costs recovered in Q2
→ 70–80% in Q3
→ Up to full recovery by Q4

That’s the plan. The gap is what happens until then.

So, demand isn’t the issue. Costs are.

Gains & Pains:

Gains:

➝ Energy: Exxon (XOM ▲), Chevron (CVX ▲) › Moved higher as crude pushed back above $90, reintroducing the supply risk narrative

➝ Healthcare: UnitedHealth (UNH ▲ +7.01%) › Gained after beating expectations and raising full-year guidance

➝ Speculative / High Beta: POET Technologies (POET ▲ +19.44%), Avis (CAR ▲ +17.28%) › Continued to attract momentum flows, with volume driving outsized moves

➝ EV / Strategic: Lucid (LCID ▲ +5.63%) › Climbed after a filing showed Uber increasing its stake

😬 Pains:

➝ Mega Cap Tech: Apple (AAPL ▼ −2.50%) › Slipped following leadership transition news, adding to broader tech weakness

➝ Industrials: GE Aerospace (GE ▼ −5.55%) › Fell after leaving guidance unchanged, highlighting how elevated expectations have become

➝ Airlines: Frontier (ULCC ▼ −12.27%), Alaska (ALK ▼ −4.80%) › Dropped as higher oil reversed the tailwind seen last week

➝ Consumer / Analysts: Cava (CAVA ▼ −1.14%) › Declined after receiving its first “sell” rating, introducing a shift in sentiment

➝ Capital Markets: AXT (AXTI ▼ −4.96%) › Fell following a $550M stock offering

Escapes:

White Sands National Park 📍 New Mexico 🇺🇸

Commodities Check : ✔️

→ WTI Crude (CL): ▲ +2.81% to ~$92.13/bbl › Rebounded as Iran rejected talks, bringing supply risk back into pricing

→ Brent Crude (BRN): ▲ +3.14% to ~$98.48/bbl › Pushed higher as geopolitical uncertainty resurfaced

→ Gold (Spot): ▼ −2.95% to ~$4,677/oz › Dropped as the dollar strengthened and yields moved higher

→ Corn (CBOT): ▲ +0.33% › Moved higher as export demand picked up, with confirmed sales and rising barge bids supporting prices

→ Soybeans (CBOT): ▲ +0.63% › Firmed alongside corn as Gulf demand improved and farmer selling remained limited

The stinger:

Disclaimer

This letter is not offering investment, trading, or investment advice nor is based on any individual portfolio or business operation. We are not a registered investment, stock nor commodity advisor. One should consult with their own registered advisor to discuss investment strategies that are appropriate for their business or personal goals, risk tolerance and financial situation. Information in this report and on any website is derived from a variety of source believed to be reliable however no representation is made that the information is accurate, complete or correct. These lessons, newsletter and site content is not intended nor shall not constitute or be construed as an offer or recommendation to “buy”, “sell”, “trade” or invest in any securities, commodities, futures, options or other asset referred to in said lessons, reports or newsletters. Rather, this research is intended to identify situations and circumstances that those in the trading community should be aware of to better help assess and improve their own risk management skills.

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