Happy Thursday Zingernation! One thing the media loves to do is sensationalize headlines, turning small issues into big stories. The saying goes that newspapers will make molehills out of mountains and mountains out of molehills.

A recent example has been coverage of Caitlin Clark’s WNBA salary, which is dwarfed by the salary of NBA players. And while the issue is legitimate, the headlines don’t tell you that she is already a multimillionaire and set to continue to make millions of dollars per year despite her roughly $80k starting salary in the WNBA. There are even reports that she is signing a 10-figure deal with Nike. Hey, would it be weird if I started playing in my rec league in some Caitlin Clark shoes? I’m willing to try whatever it takes to shoot like her.

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MARKET SNAPSHOT

Yesterday: Another clobbering in the market, with the Nasdaq closing down more than 1%. But there were some bright spots, like airlines which outperformed despite clear headwinds in the space. Pun intended.

On Our Radar: I know what I’ll be streaming after the close — Netflix’s earnings call, which will come out this afternoon. Ok, let’s get to the news, I’m finished with the bad puns.

TOP STORY

Cathie Wood's Ark Invest Swoops In To Buy $10.3M Worth Of Tesla Shares Amid Downturn In Price

Briefly: Cathie Wood is pulling an Eminem and said “I’m not afraid.” Despite Tesla’s recent struggles and stock decline, Wood is buying the dip.

Zooming In: Yesterday, Wood-led Ark Invest continued its buying spree of Tesla shares, despite the electric vehicle maker’s stock facing a fourth consecutive session of losses.

The Numbers: Ark Invest, through its ARK Innovation ETF, ARK Autonomous Technology & Robotics ETF, and ARK Next Generation Internet ETF, purchased a total of 66,504 shares of Tesla.

Singled Out: This move comes amidst concerns over Tesla’s potentially disappointing quarter and rumors of a shift in its product pipeline plans. The value of the trade, based on the closing price of $155.45, is approximately $10.34 million. Tesla was the only trade made yesterday by Ark Invest.

Click here for the full scoop.

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FIVE ZINGERS

Cramer’s Call: In an episode of CNBC’s ‘Mad Money’ Jim Cramer highlighted the market downturn and said now might not be the best time to sell.

Red Light, Green Light: The crypto market has been stop-and-go the past few months, but one analyst is saying we could be stuck for a while.

Oil Slip: Oil prices have continued to slide despite tension in the Middle East as U.S. inventories are on the rise.

Aluminum Spoils: Alcoa’s stock is bouncing back this morning after trading lower following the aluminum supplier’s earnings call yesterday afternoon.

Divvy Up: Analysts expect this dividend aristocrat stock to increase more than 20% amid economic uncertainty.

ONE FOR THE ROAD

Strong AI Chip Demand Propels Key Apple, Nvidia Supplier Past Q1 Expectations

What Happened: Chipmaking giant Taiwan Semiconductor Manufacturing Company on Thursday reported first-quarter results that beat market expectations, thanks to strong demand from companies involved in artificial intelligence.

What Happened: TSMC’s revenue rose 16.5% to NT$592.64 billion ($18.87 billion), exceeding the consensus estimate of $18.40 billion.

-Net income jumped 8.9% to NT$225.49 billion ($6.97 billion), exceeding the expected NT$213.59 billion.

-Diluted earnings per share (EPS) came at $1.38 compared to expectations of $1.32.

But: However, TSMC experienced a slight decline from the fourth quarter of 2023, with revenue and net income decreasing by 5.3% and 5.5%, respectively.

Click here to read more.

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