Good afternoon! Also Inc, the micromobility startup spun out of Rivian, just scored a fresh $200 million from Greenoaks Capital, bumping its valuation to $1 billion. Originally a secret side project inside Rivian known as Project Inder, the team is now officially charting its own path with ambitions to build everything from e-bikes to compact EVs.

The company’s first designs are expected later this year with whispers of sleek vehicles shaped by Jony Ive’s design firm LoveFrom. While Rivian tackles trucks and SUVs, Also is eyeing the streets and sidewalks with micro EVs built for short hops and possibly, serious disruption.

MARKETS

• Markets dipped early on Trump’s latest tariff salvos but quickly found their footing. By the close, the Nasdaq notched another record while the S&P and Dow posted modest gains.

• Investors largely ignored trade noise, turning their attention to tomorrow’s inflation data and the first big earnings reports of the quarter.

STOCKS
Winners & Losers

What’s up 📈

• Autodesk climbed 5.05% after reports it ended acquisition talks with PTC, removing an overhang on shares. PTC dipped 1.25%. ($ADSK, $PTC)

• PayPal rose 3.55% despite JPMorgan’s new customer data fee policy. Analysts dismissed the impact as negligible. ($PYPL)

•  Ansys gained 3.03% after Chinese regulators approved its $35 billion buyout by Synopsys. ($ANSS)

• nCino rose more than 3% following a Baird upgrade to outperform, citing strong guidance. ($NCNO)

•  MicroStrategy, Coinbase, and Robinhood gained 3.78%, 1.80%, and 1.65%, respectively, as bitcoin hit a record high above $120,000. ($MSTR, $COIN, $HOOD) 

• GE Aerospace rose 2.71% and Boeing added 1.62% after early investigation reports found no mechanical fault in last month’s India crash. ($GE, $BA)

• Warner Bros Discovery climbed 2.39% after a strong debut for the new Superman movie. ($WBD)

• Kenvue gained 2.25% after announcing the removal of its CEO. ($KVUE)

• SolarEdge Technologies ticked up nearly 4.29% after Barclays upgraded the solar stock, expecting growth through 2025 despite market headwinds. ($SEDG)

•  Fastenal gained 4.16% after beating Q2 earnings expectations with 29 cents per share vs. 28 cents forecasted. ($FAST)

What’s down 📉

• Waters plunged 13.81% after announcing a $17.5 billion merger with Becton Dickinson’s diagnostics business, which includes taking on $4 billion in debt and issuing 39.2% of shares to BD. ($WAT)

• Rivian Automotive dropped 2.15% after Guggenheim downgraded the EV maker, forecasting soft sales for upcoming models. ($RIVN)

• Synopsys slipped 1.74% after China gave conditional approval for its Ansys acquisition, with investors likely pricing in integration risk. ($SNPS)

• Starbucks fell 1.60% after announcing a new return-to-office policy requiring employees to come in four days a week, plus lukewarm reactions to a new secret menu. ($SBUX)

•  Becton Dickinson declined more than 0.64% on news of its mega-deal with Waters, which also includes a $4 billion shareholder payout. ($BDX)

CRYPTO
Tokenization Goes Mainstream as Wall Street Jumps In

Tokenization is no longer theory. It’s execution. The process of turning real-world assets like stocks, bonds, and private credit into digital tokens on a blockchain has officially entered the mainstream. These tokens represent ownership, can trade around the clock, and remove layers of intermediaries. Stablecoins like USDC already digitize dollars, and startups like Dinari are creating blockchain twins of public stocks by buying the underlying shares and minting token equivalents.

Everyone Wants In

Legacy institutions and crypto-native firms are piling in. Kraken rolled out tokenized US equities on Solana. Robinhood offers tokenized stocks of OpenAI & SpaceX to EU users through Arbitrum. Coinbase is waiting on SEC approval. BioSig just secured over one billion dollars in financing to expand its gold-backed token platform. Meanwhile, Circle’s USDC supply has ballooned to more than 254 billion dollars, and BlackRock is backing tokenization as the next evolution of investing.

DC Dips In: The political climate is shifting. SEC Chairman Paul Atkins is embracing a “digital audio” transformation of securities markets. Two crypto-friendly bills, the GENIUS and CLARITY Acts, are moving through Congress to formalize the framework. With Trump’s administration endorsing clearer rules and appointing a crypto czar, asset issuers finally have the confidence to go on-chain without bracing for enforcement whiplash.

The Catch: But speed bumps remain. Tokenizing assets can still take days or even weeks. Regulations around stocks and credit vary across jurisdictions, making compliance messy. Robinhood’s OpenAI tokens sparked backlash after Sam Altman clarified they’re not affiliated. Experts warn of a potential lemons market, where lower-quality assets flood the system just because they can. The rails are there, but the big question now is not just what to tokenize, it’s whether we’re tokenizing the right things.

NEWS
Market Movements

• 🤖 Google nabs coveted AI team: Google brought in the CEO and co-founder of Windsurf in a $2.4 billion talent-focused deal after OpenAI’s acquisition plans unraveled. The move blocks Microsoft—OpenAI’s biggest backer—from gaining access to Windsurf’s code-gen tools. The hires will join Google’s DeepMind unit and further fuel its AI developer assistant efforts. ($GOOGL, $MSFT)

• 🛒 Kraft Heinz plans grocery spinoff: Kraft Heinz is exploring a split of its grocery business, including the Kraft brand, into a standalone entity valued up to $20 billion. The move is part of a shift toward higher-growth condiments and sauces. Shares climbed 2% on the news. ($KHC)

• 🚀 SpaceX backs xAI with $2B investment: SpaceX is investing $2 billion in xAI, marking its largest external bet to date. The capital represents nearly half of xAI’s $5 billion equity raise. Musk also clarified he has no plans to merge Tesla with the AI firm. ($TSLA)

• 🧪 Kenvue CEO exits amid pressure: Kenvue CEO Thibaut Mongon has stepped down as the board weighs brand divestitures and strategic options. The shake-up comes after pressure from activists and a prolonged stock slump. Shares rose 3.3% premarket. ($KVUE)

• 🦸 ‘Superman’ opens with $22.5M preview: Warner Bros. rebooted Superman with a $22.5 million Thursday night haul—its strongest opening ever for the franchise. It’s projected to rake in $130–$140 million over opening weekend. ($WBD)

• 🛩 Crash report clears Boeing and GE: A preliminary investigation into June’s Air India crash blamed pilot confusion over fuel switches, not mechanical faults. Boeing and GE, who built the plane and engine, were not found at fault. Final findings are still pending. ($BA, $GE)

• 📱 Google to merge ChromeOS and Android: Google is planning to unify ChromeOS and Android into a single platform for tablets and hybrid devices. The goal is to compete more directly with Apple’s iPadOS by streamlining the user experience. ($GOOGL, $AAPL)

• 🧠 Palantir closes at record high: Palantir surged nearly 5% to hit a new record close at $149.15. The defense-focused AI firm is the top-performing S&P 500 stock this year, driven by momentum from government deals and hype around its upcoming earnings. ($PLTR)

• 🎖 DoD awards $800M to AI giants: The Pentagon awarded $200 million contracts each to Google, xAI, OpenAI, and Anthropic to develop “agentic AI workflows” for national defense. The deals follow recent moves to integrate AI into battlefield operations. ($GOOGL, $PLTR, $META, $MSFT)

• 🚀 Rocket Lab rallies on Citi upgrade: Rocket Lab jumped over 10% after Citi raised its price target to $50, citing stronger 2029 revenue projections and optimism around Neutron rocket launches. The stock has more than doubled in three months. ($RKLB)

• 🏗 Meta unveils $100B+ AI infra plans: Mark Zuckerberg announced Meta is building multiple multi-gigawatt AI data centers, including the 5GW “Hyperion” project in Louisiana. The company will spend up to $72 billion this year on AI capex alone. ($META)

• ⚖️ Tesla faces first autopilot jury trial: Tesla’s first jury trial over a fatal 2019 autopilot crash begins this week in Florida. The outcome could set a precedent for legal scrutiny of its self-driving systems and influence public trust in its robotaxi plans. ($TSLA)

AI
Pentagon Awards $800M in AI Contracts to Top Tech Firms

The Department of Defense is putting $800 million into AI development and splitting it evenly among the biggest names in the space. Google, OpenAI, Anthropic, and xAI each secured awards worth up to $200 million to build agentic AI systems for national security. The Pentagon says these tools will be used across warfighting, intelligence, and enterprise systems, all under a commercial-first model that opens the door for broader government use.

xAI’s Grok Gets a Cleanup

xAI’s award comes just days after its chatbot Grok was caught generating antisemitic responses, sparking backlash. To help contain the fallout, the company rushed out “Grok for Government,” a refined version of the tool specifically built for federal customers. The government was not deterred. xAI’s inclusion underscores how desperate Washington is to integrate advanced AI even if the PR is messy.

OpenAI’s Defense Pipeline Grows

OpenAI already has experience here. It previously secured a $200 million defense contract in 2024 and is actively working with Anduril on AI deployment for security missions. Anthropic is teaming with Palantir on battlefield applications. Google, meanwhile, is staffing up DeepMind with recent hires from Windsurf. These companies are all carving out a foothold in what is quickly becoming the most lucrative government tech niche.

Building a New AI Complex: This surge in contracts is just the beginning. President Trump’s latest tax bill sets aside $6 billion for border surveillance and AI infrastructure, locking in even more opportunities for companies like Anduril. With Meta and Microsoft also collaborating on VR headsets for the military, Big Tech is becoming deeply embedded in defense. Silicon Valley is no longer just selling to consumers, it is designing the architecture of America’s next-generation war machine.

Calendar
On The Horizon

Tomorrow

Markets usually snooze through Tuesdays. Not this one.

Two big stories are crashing into each other: fresh inflation data and the start of earnings season. The June CPI report is due, and early chatter says inflation picked up steam possibly hitting 2.6% thanks to those new tariffs squeezing the system. Core inflation might creep up to 3%, raising questions for the Fed and traders alike.

Meanwhile, the earnings floodgates are opening. JPMorgan, Citi, Wells Fargo, and others are first up, but don’t expect traditional banking to steal the show. Last quarter, Wall Street’s profit came from traders riding market chaos not from IPOs or dealmaking, which remained sluggish.

That trend isn’t over. Even with a slight bounce in M&A activity, banks are still leaning hard on their trading floors to carry the earnings baton into Q3.

NEWS
The Daily Rundown

• 🎤 Bad Bunny’s PR Residency Draws 600K Tourists: The Latin trap icon kicked off a 30-date residency at Puerto Rico’s Coliseo, the island’s biggest-ever concert series. Officials expect $181 million in economic impact, with hotels already booking tens of thousands of room nights.

• 🃏 New Tax Law Has Gamblers on Edge: A little-known clause in Trump’s recent tax overhaul will cap gambling loss deductions at 90% starting in 2026. That means even gamblers who break even—or lose money—could owe taxes. Pros and casino accountants are pushing back, saying it threatens livelihoods and adds unnecessary IRS complexity.

• 🇺🇸 Trump Announces Delivery of Patriot Air‑Defense Systems to Ukraine: President Trump said the U.S. will send Patriot missile systems to Ukraine to counter escalating Russian strikes, with full cost reimbursement coming from the EU. Trump criticized Putin’s duplicity and emphasized “peace through strength,” hinting at possible sanctions. NATO allies, including Germany and Norway, are coordinating logistics ahead of further talks with NATO chief Mark Rutte.

• 🏛️ Two Women Killed in Kentucky Church Shooting: A gunman fatally shot a mother and daughter during Sunday service at Richmond Road Baptist Church in Lexington, KY. The suspect, Guy House, had a history of domestic violence and was killed by police after injuring four others and fleeing the scene in a carjacked vehicle.

• 📝 Biden Says He Approved All Clemency Decisions: In an interview with The New York Times, former President Biden said he personally authorized all final pardons and commutations, even those signed via autopen. He dismissed critics questioning his mental sharpness, calling them “liars,” and denied staff acted independently.

• 🎾 Świątek and Sinner Win Wimbledon Titles: Iga Świątek delivered a historic double bagel (6–0, 6–0) in the women’s final against Amanda Anisimova, becoming the first to do so since 1911. On the men’s side, Jannik Sinner defeated Carlos Alcaraz in four sets to claim his first Wimbledon title and fourth Grand Slam overall.

• 📺 Love Island USA Crowns Season 7 Winners: Amaya Espinal and Bryan Arenales took home the $100K prize, splitting it evenly after winning Love Island USA Season 7. The pair said they plan to donate to mental health causes and charities, calling the show a “life-changing experience.”

• 🌊 Texas Flood Disaster Response Under Fire: FEMA is facing scrutiny over its July 4 response, after a report showed call center performance collapsed just as flood conditions peaked. Homeland Security Secretary Kristi Noem defended the agency, but acknowledged the controversy was politically charged.

• 🚗 Cup Holder Complaints Surge in New Cars: Americans are increasingly annoyed by car cup holders, ranking it the third-most frustrating feature in J.D. Power’s 2025 Initial Quality Study. As reusable tumblers grow more popular, carmakers are under pressure to redesign this unsung feature.

• 🇲🇽 Trump Announces 30% Tariffs on Mexico and EU: Trump declared sweeping 30% import tariffs on both Mexico and the EU, effective August 1. The sudden announcement rattled markets Sunday night, with U.S. equity futures falling. Both partners said they’ll continue negotiations before the deadline.

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