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Photo illustration by Greg Ruben / Axios

Data provided to Axios by Robinhood, a stock trading app that is popular with millennials, provides insight into how younger investors reacted to Snap's IPO:

  • 43% of Robinhood users who traded today bought Snap stock (note that only 25% of the app's users are ages 18-24, meaning that older investors were also feeling the Snap appeal on Thursday).
  • The median age of a Robinhood user who purchased Snap stock is 26—the same age as Snap CEO Evan Spiegel.
  • Snap rose to the third most popular stock, only behind Apple and AMD. Facebook is at No. 9 and it only took Snap 90 minutes to overtake the social network in terms of ownership.
  • On Wednesday, there were 54% more sales of Facebook stock than the previous day, implying investors were offloading their Facebook stock to make room for Snap.
  • Robinhood's overall trading volume on Thursday broke records, jumping 50% compared to the day before. It also signed up 250% more new users on Thursday than on an average day last week.

What to watch: Snap had a huge stock price pop on its first day, but the many are skeptical as to whether the company will be able to sustain this investor enthusiasm, especially as the pressure of quarterly earnings and growth begins to set in. It's also facing stiff competition from Instagram and Korean clone Snow.

Go deeper

5 mins ago - Health

Moderna to file for FDA emergency use authorization for COVID-19 vaccine

Photo illustration by STR/NurPhoto via Getty Images

Moderna announced that it plans to file with the FDA Monday for an emergency use authorization for its coronavirus vaccine, which the company said has an efficacy rate of 94.1%.

Why it matters: Moderna will become the second company to file for a vaccine EUA after Pfizer did the same earlier this month, potentially paving the way for the U.S. to have two COVID-19 vaccines in distribution by the end of the year. The company said its vaccine has a 100% efficacy rate against severe COVID cases.

The social media addiction bubble

Illustration: Annelise Capossela/Axios

Right now, everyone from Senate leaders to the makers of Netflix's popular "Social Dilemma" is promoting the idea that Facebook is addictive.

Yes, but: Human beings have raised fears about the addictive nature of every new media technology since the 18th century brought us the novel, yet the species has always seemed to recover its balance once the initial infatuation wears off.

Young people's next big COVID test

Illustration: Eniola Odetunde/Axios

Young, healthy people will be at the back of the line for coronavirus vaccines, and they'll have to maintain their sense of urgency as they wait their turn — otherwise, vaccinations won't be as effective in bringing the pandemic to a close.

The big picture: "It’s great young people are anticipating the vaccine," said Jewel Mullen, associate dean for health equity at the University of Texas. But the prospect of that enthusiasm waning is "a cause for concern," she said.