Butterfly Network: Don't Chase The Midjourney Pop

Butterfly Network shares jumped 56% to $8.90 after Midjourney unveiled a full-body ultrasound scanner using Butterfly's chip. The bull case sees a licensing business, but payments are small and back-loaded to 2028, and Midjourney plans custom silicon by gen-three. The core business supports a $5.50-$6.00 floor, making the stock a Hold.