PIPER SANDLER: TEEN SURVEY REVEALS MAJOR WINNERS AND LOSERS ACROSS STOCKS Piper Sandler's latest survey of nearly 9,000 U.S. teens highlights shifting consumer trends. BEAUTY: Spending rebounds, with ULTA and EL top picks. ELF remains the leading cosmetics brand, while Rhode surges. SOCIAL MEDIA: TikTok leads at 48%, followed by Instagram at 31%. Snapchat loses ground. GAMING: Roblox usage rises to 49%, while 56% plan to buy GTA 6. BEVERAGES: Energy drinks are the preferred caffeine source for 50% of teens, up from 39% two years ago. STREAMING: Netflix and YouTube are tied at 28%, while Disney+ gains share. STOCK IMPLICATIONS: Positive: $ULTA, $EL, $RBLX, $META, $GOOGL, $UBER, $DASH, $TWLO, $NET, $AKAM, $FSLY. Negative: $SNAP, $NFLX, $DELL. Source: Piper Sandler Teen Survey.