Full recap
Thursday evening and the after-hours tape is doing its usual interpretive dance - Workday, Estee Lauder, Zoom, and Take-Two all making moves that will be explained tomorrow by analysts who definitely knew this was coming. Nothing says 'efficient markets' like waiting until 4:01 PM to actually price things correctly. Meanwhile, the U.S. government just handed Perpetua Resources $2.9 billion to dig gold and antimony out of Idaho. Critical minerals. Strategic assets. The kind of stuff that makes you realize the feds will loan a mining company nearly three billion dollars but will fight you in court for trying to bet on an election outcome. Priorities are pristine. Speaking of which - sixteen states are now in legal proceedings against prediction market platforms. Sixteen. The same government apparatus that runs state lotteries, licenses casinos, and broadcasts DraftKings ads during every single sporting event is deeply concerned that you might... trade contracts on real-world outcomes. The irony is so thick you could mine it. And here's the beautiful crossover: the sports section tonight is basically four articles about betting on sports. Knicks-Cavs Game 2 picks. NBA prop bets. MLB DFS lineups. The entire sports media complex is a prediction market wearing a jersey. But sure, ban Polymarket. SpaceX and OpenAI are apparently so valuable that traders on - checks notes - a prediction market - think they'll leapfrog Berkshire Hathaway on day one of trading. Warren Buffett built his empire over decades of disciplined capital allocation. Elon built rockets and chatbots. The market has spoken and it is not wearing a suit. Caitlin Clark is listed as probable but was a late scratch earlier this week and the Fever's injury report transparency is being called into question. In a league trying desperately to build credibility with a massive new fanbase, mystery back injuries and vague injury reports are not the move. The WNBA has one superstar who sells out arenas. Maybe communicate better. Bottom line tonight: the government wants to control what you can bet on while subsidizing what you can dig up, the prediction markets they're fighting are the same tools pricing the companies that will soon be worth more than the Oracle of Omaha, and somewhere Caitlin Clark's back is either fine or it isn't - and apparently that's classified.
Highlights
- The feds will loan $2.9B to dig antimony out of Idaho but will sue you for trading contracts on who wins an election - government risk tolerance is truly something special
- SpaceX and OpenAI leapfrogging Berkshire Hathaway on day one: decades of Buffett patience vs. vibes-based Silicon Valley valuations, and the vibes are winning
- Tonight's sports section is literally four articles about gambling on sports, which makes the sixteen states fighting prediction markets look like they've never heard of DraftKings - or a television
Original source links
- CNBC: Stocks making the biggest moves after hours: Workday, Estee Lauder, Zoom, Take-Two and more
- CNBC: Miner Perpetua Resources secures $2.9 billion U.S. loan for Idaho gold, antimony project
- CNBC: Prediction markets are fueling a high-stakes brawl between states and federal regulators
- CBS Sports: Caitlin Clark listed as probable for Valkyries game, but questions linger after late scratch against Fire
- CBS Sports: Knicks vs. Cavaliers odds, prediction: 2026 NBA Eastern Conference finals picks, Game 2 bets by proven model
- CBS Sports: MLB DFS: Top DraftKings, FanDuel daily Fantasy baseball picks include Corbin Carroll on Thursday, May 21