TLDR

MARKET RECAP → Stocks saw mixed results on Thursday as investors were unable to shake off concerns on President Trumps tariffs. Notably, the Dow Jones Industrial Index closed lower after turning and losing its gains from earlier in the day.

TEXAS’S POLITICAL PUZZLE PLAY → Texas Republicans are redrawing their congressional map again, this time targeting a safe Democratic seat in Dallas instead of addressing the Supreme Court’s concerns about Latino representation. Democratic strongholds like California, New York, and Illinois are also scrambling to redraw lines to hold off GOP gains, as redistricting wars shift from the ballot box to the courthouse.

FIREFLY ENTERS ORBIT PUBLICLY → Firefly Aerospace soared in its NYSE debut, skipping a traditional IPO in favor of a direct listing. With government contracts and a practical satellite delivery focus, investor enthusiasm is high, but profitability and competition remain grounded risks.

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Politics

Texas’s Political Puzzle Play

Texas is shaking up the congressional map again: A new Republican redistricting plan would eliminate a safe Democratic seat in the Dallas area and tweak boundaries across the state, potentially securing GOP dominance for the next decade. The move comes after the Supreme Court struck down a previous map that diluted Latino voting power, forcing Texas to redraw. But this new version sidesteps the core issue by reshaping a different district entirely.

California, New York, and Illinois are also playing defense: With the GOP aiming to retake the House, Democratic states are racing to shore up their own turf. In California, Democrats want to flip back districts lost in 2022. New York’s redistricting panel may revise its lines again. Illinois Democrats are focused on defending tight seats, especially after losing two downstate swing districts.

Expect more legal showdowns: The Texas proposal is almost certain to be challenged, with critics accusing lawmakers of ignoring the spirit of the Supreme Court ruling. Meanwhile, national groups on both sides are gearing up for a wave of law

Tech

Firefly Enters Orbit Publicly

Firefly heads to public markets: Firefly Aerospace, the small rocket maker backed by AE Industrial Partners and co-founded by ex-Blackstone (BX) exec Max Polyakov, is going public through a direct listing under the ticker FLY on the NYSE. The move comes amid increasing interest in space investments and follows Firefly’s recent $1.1 billion contract with the U.S. Space Force.

Not your average moonshot: Unlike many space startups, Firefly already generates revenue from launches and government contracts. Its Alpha rocket has completed several missions, and its Blue Ghost lunar lander is set for a NASA moon delivery. The company says it’s one of only a few in the U.S. capable of vertical integration in spacecraft manufacturing.

A stealthy liftoff strategy: Rather than using a traditional IPO or SPAC, Firefly is choosing a direct listing, letting existing shareholders sell their stock while avoiding lock-up periods or raising fresh capital. This suggests confidence in its existing business model, though it also means the market will set the price.

BULL VS. BEAR

KEEP READING

OpenAI launches new GPT-5 model for all ChatGPT users (CNBC)

California jury rules Meta violated privacy law in case involving period-tracking app (CNBC)

SpaceX is building a water pipeline to Starbase — but access comes with some conditions (TechCrunch)

Trump's planned 100% computer chip tariff sparks confusion among businesses and trading partners (Yahoo Finance)

Ripple to Buy Stablecoin Payments Firm Rail for $200M to Boost RLUSD (CoinDesk)

How to Change Your Money Mindset: 9 Tips for Abundance Thinking (ML)

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