The idea for Netflix was inspired in part by Reed Hastings receiving a $40 late fee from Blockbuster.
Hastings has said the fee made him think about a better way to rent movies, recognizing the potential combining DVDs with a subscription model and data-driven recommendations. The late fee anecdote became a way to explain the company’s mission to customers and investors.
It’s a reminder that origin stories are often simplified—but the real magic lies in how a founder sees opportunity in changing technology.
Market Wrap
Stocks Rebound on Peace Prospects and Policy Pivots
U.S. Strikes on Iranian Nuclear Sites:
Over the weekend, the U.S. bombed Iran’s Fordow, Natanz, and Isfahan nuclear facilities using B 2 bombers and bunker-buster bombs. The attack was largely seen as contained—no U.S. casualties occurred, and Iran retaliated by targeting a U.S. base in Qatar, not tankers—muting safe haven flows.
Iran Threatens Strait of Hormuz Closure:
Iran’s parliament voted to close the Strait of Hormuz, crucial for ~25% of global oil supply, in retaliation for the U.S. strikes. Though the route remains open and no disruptions occurred, markets remain sensitive—analysts warn any actual closure could send Brent crude above $100/barrel.
Trump announces Israel–Iran ceasefire:
Former President Trump—via Truth Social—announced a supposed ceasefire between Israel and Iran, saying it would take effect within 12 hours. This helped ease investor concerns over Middle East escalation, prompting U.S. futures to rise, pushing down oil prices by about 4–7% and lifting equities.
Fed Officials Turn More Dovish:
Multiple Federal Reserve officials, including Vice Chair Michelle Bowman, Governor Christopher Waller, and Chicago Fed President Austan Goolsbee, signaled growing support for interest rate cuts as early as July. They highlighted that inflation remains subdued, recent tariffs are not adding meaningful price pressure, and signs of a weakening labor market are emerging—creating conditions that may justify near-term monetary easing.
Tesla Inc. shares surged 8.2% after the company revealed its long‑anticipated robotaxi over the weekend, boosting investor enthusiasm in autonomous vehicle prospects.
Exxon Mobil Corp. shares fell about 2.6% as energy stocks declined sharply following Iran’s missile retaliation that avoided targeting oil infrastructure, easing concerns about supply disruptions.
Super Micro Computer Inc. shares dropped about 9.8% after the company announced a $2 billion convertible note offering, diluting equity and spooking investors with potential capital raising concerns.
Northern Trust Corp. shares surged around 8% amid reports that Bank of New York Mellon has approached the firm about a potential merger, sparking speculative takeover interest.
Hims & Hers Health Inc. shares plummeted roughly 35% following Novo Nordisk’s decision to terminate their weight‑loss partnership, citing legal and marketing concerns and triggering a sharp investor sell‑off.
Wolfspeed Inc. shares plunged approximately 32% after the company disclosed plans to file for bankruptcy as part of a debt‑reduction restructuring strategy, slashing balance‑sheet financing burdens.
Unlock Exclusive Insights - For Free!
Create a free account to view data on 1000s of other stocks
You can preview data without registering for the Magnificent Seven now :
