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According to Bank of America, there is a looming threat of a global battery supply shortage by as early as 2025. It should then intensify between 2026 ans 2030 because of an increasing EV penetration in the market. While the shortage would be an issue, it is also a great sign for EV adoption in the market. By 2040, 67% of vehicles should be hybrid or electric. Source: BofA, Yahoo Finance

Money transfer company Wise Plc on Tuesday said revenue reached 123.5 million pounds ($168.66 million) in the first quarter of its financial year, up 43% from a year earlier. The London-based firm processed 16.4 billion pounds in cross border payments, up 54% year on year, it said in its first trading update as a public company. Wise, which made its debut on the London Stock Exchange earlier this month, said 3.7 million customers transacted using its platform over the period. Personal customers grew 28% from a year earlier to reach 3.4 million, while the number of business customers rose 56%. Source: Yahoo

While Squarespace has slower revenue growth than peers we note that the company’s gross margins are higher than peers’ average of 62%. Squarespace’s higher than average gross margins reflect the company’s quality high margin software revenue which somewhat redeems the company’s slower than average revenue growth. The company has also improved gross margins by 200bps over the past three years, from 82% in 2018 to 84% 2020, which positively signals to us management’s capability of cost management. Source: BoA

Decentralized giant Aave's founder Stani Kulechov said that he would build a Twitter alternative based on the Ethereum network. Users will be able to post and monetize their content as well as govern the environment's rules. While this seems great, we ought not to forget than many such projects are being created: it remains to be seen which one will gain the necessary traction for success. Source: Decrypt

A closer look at performance shows more weakness among tech (and the market as a whole) when one removes the mega cap stocks. Indeed, "Expensive Software" underperformed the S&P by >5% over the past 5 days and High Growth also underperformed by over 3%. However, it’s not just expensive stocks that are being sold…Mega Cap Tech continues to see profit taking MTD, after having been bought in the prior two months. Chinese ADRs also saw a second week of net selling, despite them bouncing back. Source: The Market Ear