Alternative Investing Report - May 4, 2026

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*as of 5/3, Sources: S&P, BTC, FTSE, DJRE, GOLD

Based on the health of its real estate market, its economic health and quality of life, South Bend, IN ranks as the top housing market in the U.S. according to the new rankings from Realtor.com and the Wall Street Journal. Midwest and East Coast metros dominate the rankings, taking all of the top 20 spots, with Appleton, WI, Canton, OH, Lancaster, PA, and Springfield, MA rounding out the top five. Florida and Texas markets continue to fall, with oversupply and climate-related risks scaring off buyers. In the separate luxury housing rankings, Santa Fe, NM, Pittsfield, MA and Charlottesville, VA topped the rankings, as smaller lifestyle-focused markets saw the biggest improvements.

➨ TAKEAWAY: Smaller and mid-sized metros fared the best in the housing rankings, largely due to relative affordability leading to steady buyer demand. Even high-end luxury buyers are prioritizing smaller markets that have higher quality of life rankings. Climate risk has started to become a real factor, particularly in Florida, where flood risks have made insurance prices soar, giving buyers concerns about the long-term proposition of owning property there. Investors looking for stability and long-term growth are flocking to the Midwest, as the U.S. real estate market becomes increasingly region-specific.

In the newest episode of Smart Humans, Vincent's Slava Rubin and Sacra's Jan-Erik Asplund take an in-depth look at the Healthtech sector, and key startups Oura, Abridge, and OpenEvidence, as well as OpenAI's impact on the industry.

🪙 Kraken launches tokenized bundles: The crypto exchange, which is eyeing an upcoming IPO, is leaning further into tokenization by offering crypto and equities together in a single investment. Their “Crypto + xStocks” bundles are not available yet in the U.S., but feel like the first step towards entire diversified portfolios being offered on-chain in one token.

🤖 U.S. military’s AI deal: The Pentagon reached a deal with seven major tech companies to use their AI products - Google, Microsoft, Amazon, Nvidia, OpenAI, Reflection, and SpaceX. One notable exception was Anthropic, who has been battling with the defense department this year.

🚀 Biopharma deals decline: VC deal value and deal count in the biopharma sector each fell by 29% in Q1. VC-backed exit value increased for the third straight quarter, but remains well below its peak from 2021.

🎨 Major London auction: An auction at Sotheby’s in June is expected to set the record for the most valuable single collection ever sold in London, with works from Lucian Freud, Gustav Klimt, Henri Matisse, and others.

🤖 Legora fundraise: The Swedish legal AI startup Legora raised fresh funds at a $5.6 billion valuation, more than triple its valuation from last October, and around 8x its valuation from this time last year. The legal AI sector continues to boom following Legora’s main rival Harvey’s $11 billion valuation last month.

💵 Private credit tries to reassure: Ares, Blackstone, and Blue Owl all released reports last week about the risks AI poses to their software company borrowers and - not surprisingly - downplayed those risks. These internal findings may not mollify investors, however, as private credit as gotten off to a rough start in 2026.

Tuesday: Cinco de Mayo; New home sales report released.

Wednesday: ADP private employment report released.

Friday: U.S. April jobs report released; Heritage’s Comic Books Signature auction, featuring copies of both Superman’s debut and Batman’s debut, each expected to sell for more than $1 million.

Saturday: Goldin’s April Elite Auction, headlined by a one-of-one Nikola Jokic rookie card that has already surpassed $500,000 in price.

Sunday: Mother’s Day - don’t forget to send flowers and a card!