Philip Morris USA parent Altria Group is poised to re-enter the vaping space as the tobacco industry looks to e-cigarettes for much-needed revenue growth, Nathan writes.

• Marlboro seller Altria disclosed Friday that it had ended its noncompete agreement with Juul.
• The value of its investment in the vaping company previously imploded when federal regulators moved against Juul’s products.

Why it matters: The cigarette industry, facing decades of declines in smoking rates, needs to identify a new route to growth — and e-cigarettes present opportunity even as they face increased oversight.

Yes but: Like smoking, vaping is addictive, as e-cigarettes contain nicotine, the same addictive ingredient that’s in cigarettes. And the Biden administration’s FDA has been cracking down on the industry.

• Juul was forced to remove its products from U.S. shelves this summer when the FDA ruled it failed to provide adequate data on its chemicals.
• This followed scrutiny from watchdogs related to the company's marketing of its products to kids.

The other side: Vaping proponents point to arguments that it is less harmful than smoking and can serve as an off-ramp for tobacco addicts.

What they're saying: Altria is well-suited to make a major play in the vaping market.

• “The larger companies have a lot of experience, they have the legal expertise and just a long history of dealing with regulators, so they’re ... well-positioned” to succeed in e-cigarettes, CFRA Research analyst Garrett Nelson tells Axios.

What to watch for: Altria will want to move quickly since it’s trailing tobacco competitors like Reynolds American and smaller vaping companies.

The bottom line: Health issues aside, vaping poses the prospect of a financial windfall for Altria, which has few other plausible routes for growth.

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ExxonMobil's market cap has been converging with Meta's, Hope writes.

Why it matters: It's symbolic of the rising costs and demand for energy and the fleeing from tech stocks after their outsized performance during the pandemic.

By the numbers: Energy stocks have spiked 32% so far this year, while tech stocks have plummeted over 30%.

• Exxon, specifically, has seen its share price soar about 40%, while Meta's has sunk 60%.

The big picture: Oil giants have been clashing with the Biden administration over limits of fuel exports, with ExxonMobil CEO Darren Woods writing this week to the Energy Department that restrictions would only drive prices higher.

🍺 "Cheers" turned 40 today. (Axios)

🤲 Social Capital is seeking to raise billions in outside capital, four years after controversially shunning longtime investors. (Axios)

The world's getting a glimpse into Elon Musk's private relationships, Axios' Herb Scribner reports.

• A court filing for the pre-trial discovery process in the court battle between Musk and Twitter shows who wanted to help and who wanted intel.

Details: CBS anchor Gayle King asked Musk on April 6 if he would sit for an interview with her about the deal.

• "Have you missed me. Are you ready to do a proper sit down with me? so much to discuss! Especially with your Twitter play... what do I need to do???"
• Joe Lonsdale, a venture capitalist, texted Musk on April 16 that Florida Gov. Ron DeSantis "just called me just now with ideas how to help you. Let me know if you or somebody on your side wants to chat [with] him.”

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"The Jetsons" gets a lot of credit for predicting future technologies way back in 1963. But how about "Rocky IV"?

Details: Tesla is poised to debut a prototype of its humanoid robot Optimus tonight at its AI Day event, Nathan writes.

• Musk has described the technology as potentially useful in performing household chores, serving as a companion or helping out in the factory.
• He's undoubtedly hoping it's more impressive than Paulie's bizarre roaming helper from "Rocky IV."

What to watch for: How many details Musk provides.

• He said on Twitter that the event — which is scheduled for 8pm ET and will be streamed on Tesla's YouTube channel — will be "highly technical" and geared toward recruiting.

"This is about saving people’s lives, homes and businesses."