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AgTech, Rocket Companies Surge Amid SPAC Mergers

🚜 A few months ago, we wrote about the Appalachia-based agtech company AppHarvest after it announced it was going public in a SPAC arrangement. The company is building massive indoor greenhouses in eastern Kentucky, capitalizing on proximity to most Eastern and Midwest markets. The company has a hyper-sustainable bent, looking to use “90% less water” and get “40 times more yield per acre.” Since over 68% of America’s vine crop is imported from other countries, AppHarvest has an opportunity to disrupt the import market with cheaper, non-GMO and organic food. $APPH jumped 48% since Monday.

🚀 California-based rocket startup Astra is going public in a SPAC through Holicity, capitalizing on robust demand for space companies and forthcoming space ETFs like $ARKX. Once the merger is complete, $HOL will be renamed and get a new ticker. Astra is a small-payloads delivery company, which is capable of delivering small satellites to orbit. Investors are obviously interested. $HOL is up 57% in trading today.

🔎 In after hours, Alphabet (parent company of Google) reported record profits for the second straight quarter. It’s remarkably timely, considering there’s still a pandemic going on. $GOOG’s annual revenue increased by 23% year-over-year. As imagined, advertising is still the lion’s share of their income, and it’s growing thanks to increased use of YouTube and Search amidst the pandemic. Google’s Cloud division, which loses money and lags the competition, beat analyst expectations. $GOOG is up 7.2% today.

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