Good afternoon! Lab-grown salmon is officially on the menu, with Wildtype’s FDA-approved fillets debuting at top spots in Portland and Austin. Backed by $123M from names like DiCaprio and Bezos, the company is betting big on sustainable seafood.

While marketed as clean and ocean-safe, the salmon also includes ingredients like canola oil and “natural flavors.” And with no long-term health data yet, some diners are raising eyebrows between bites.

MARKETS

• The S&P 500 and Nasdaq 100 both closed at record highs Thursday, lifted by strong Q2 earnings and upbeat June retail sales. Weekly jobless claims also dropped again, adding to the economic cheer.

• The Russell 2000 led the charge with a 1.2% jump, while the Dow added 230 points. It marked the Nasdaq’s 10th record close of 2025—and the S&P’s ninth—as investor momentum shows no signs of cooling.

STOCKS
Winners & Losers

What’s up 📈

• Lucid Group surged 36.24% after announcing that 20,000 of its EVs will be deployed with Nuro’s self-driving tech through Uber over the next six years. ($LCID)

• Sarepta Therapeutics soared 19.53% after laying off 36% of its workforce as part of a restructuring plan expected to save $120 million annually. ($SRPT)

• QuantumScape jumped 19.82% as excitement continued to build over the EV battery company’s recent technological breakthrough. ($QS)

• Monarch Casino & Resort rose 20% after reporting a 19% increase in Q2 net income, with EPS and casino revenue both beating estimates. ($MCRI)

• OpenDoor Technologies climbed 10.74% as retail investors piled into the real estate tech stock, fueling meme-like momentum. ($OPEN)

• Albemarle popped 7.57% after lithium prices surged following China’s order for Zangge Mining to halt production. ($ALB)

• Steven Madden gained more than 6.31% after Citi upgraded the stock to buy, citing undervalued synergies from its Kurt Geiger acquisition and a return to dress shoes. ($SHOO)

• PepsiCo rose 7.45% after posting Q2 earnings and revenue beats, with investors encouraged by its turnaround plan. ($PEP)

• Taiwan Semiconductor Manufacturing added 3.38% after reporting record Q2 profit, up 61% year over year and ahead of estimates. ($TSM)

• Cars.com gained 5.27% following a JPMorgan upgrade to overweight, citing rising new car inventory and easing tariff concerns. ($CARS)

• United Airlines climbed 3.11% after beating Q2 earnings forecasts, despite issuing cautious full-year guidance. ($UAL) 

What’s down 📉

• Elevance Health tumbled 12.22% after missing Q2 EPS expectations despite a revenue beat. ($ELV)

• Abbott Laboratories slid 8.52% after issuing Q3 guidance below Wall Street expectations, despite topping Q2 estimates. ($ABT)

• Sonic Automotive and Group 1 Automotive declined 10.41% and 8.64%, respectively, after JPMorgan downgraded both, citing valuation concerns. ($SAH, $GPI)

STOCK
Palantir Surges to $350B Market Cap as S&P 500’s Top Performer

Palantir has pulled off the kind of stock market glow-up most companies only dream of. It’s the top-performing name in the S&P 500 for two years running, up over 400% in the past 12 months alone. But that meteoric rise has pushed its valuation into a stratosphere few public companies have ever reached $350 billion with fundamentals that don’t quite justify the altitude.

The Math Isn’t Lying

Palantir is now the most “expensive” stock in the S&P 500 by both price-to-earnings and price-to-sales ratios. That’s not necessarily a red flag for younger companies with explosive growth—but even by those standards, Palantir is in rarefied air. Its price-to-sales ratio sits at Yahoo-era levels (78x), and it would need to grow net income nearly 40% a year for the next nine years just to normalize its multiple with the broader market. For comparison, even dot-com darlings like Cisco and Oracle never carried valuations this rich at their peaks.

Yes, It’s Growing. But So Is Everyone Else

To be fair, Palantir isn’t just riding hype. The AI and defense software firm posted 40% revenue growth last quarter and operates with ~80% gross margins. Analysts expect it to remain in the top 1% of S&P 500 growers through 2026. Still, companies like Nvidia are also growing at a torrid pace—and they aren’t trading at these nosebleed valuations. That’s what has some analysts worried: the stock has moved far faster than the business.

The History Lesson: There’s a roadmap here, and it splits two ways. Cisco in 2000 was a world-beating innovator with breakneck growth—and its stock cratered 90% during the dot-com bust. Oracle also suffered, but eventually delivered solid returns by boosting growth and buying back stock. In both cases, investors who bought at peak valuations faced years underwater. Which path Palantir follows depends on whether its current growth rates are sustainable—or if euphoria has simply gotten ahead of reality.

Investors Beware (or Be Patient)

Palantir could absolutely become the Oracle of the AI era. Or it could become the next Yahoo. The question is less about whether the company is good, it clearly is and more about whether investors are paying too much, too soon. When valuations get this stretched, even great execution might not be enough to protect you from a painful correction.

NEWS
Market Movements

• 📺 Netflix beats on earnings but slips after hours: The company posted record revenue and raised its sales forecast, but warned of a margin squeeze later this year ($NFLX).

• 🚘 Lucid soars on Uber robotaxi deal: Uber plans to invest hundreds of millions into Lucid and Nuro, aiming to deploy over 20,000 autonomous EVs across its platform ($LCID).

• 🚂 Union Pacific explores Norfolk Southern acquisition: The rail giant is working with Morgan Stanley to explore a deal that could reshape U.S. freight routes, sending Norfolk Southern shares up after hours ($NSC).

• 🥾 Steve Madden jumps as Citi turns bullish: Analysts upgraded the Y2K-era brand to “Buy” citing renewed fashion buzz, rising dress shoe demand, and lower tariff exposure ($SHOO).

• 🧪 Albemarle rallies on Chinese lithium halt: Lithium prices jumped after China’s Zangge Mining was ordered to halt production, lifting shares of global producers ($ALB).

• 🧃 Juul gets green light from FDA to market products: After years in regulatory limbo, Juul can now legally promote its vaporizers again, potentially reclaiming market share ($PM).

• 🪙 House passes GENIUS Act to regulate stablecoins: The bill establishes a framework for digital dollar alternatives, and President Trump is expected to sign it into law ($CRCL).

• 🐶 Bit Origin builds corporate treasury with Dogecoin: The company raised $500M to launch a treasury based on the memecoin, citing speed, community, and Elon Musk’s support ($BTOG).

• 🔬 Nvidia unveils UK’s most powerful AI supercomputer: The Isambard-AI, with over 5,000 Grace Hopper chips, surpasses the combined power of all other UK supercomputers ($NVDA).

• 📉 Amazon cuts jobs at AWS cloud unit: The company says the layoffs follow a review of priorities and are part of optimizing resources amid continued innovation efforts ($AMZN).

• 🚫 Wells Fargo MD blocked from leaving China: Shanghai-born Chenyue Mao was barred from exiting the country, prompting the bank to suspend all business travel to China ($WFC).

• 🏥 Bristol-Myers and Pfizer to sell Eliquis at discount: The companies will offer the blood thinner directly to patients at a lower cash price, bypassing traditional insurance markups ($PFE).

• 🏗 TSMC accelerates U.S. expansion to meet AI demand: Taiwan Semiconductor said it's fast-tracking construction in Arizona by several quarters to support surging AI chip needs ($TSM).

FOOD & BEV
The Sugar Crash Begins: Pepsi Climbs, ADM Drops

President Trump’s sweet surprise sent ripples through the food and ag markets. On Truth Social, he claimed Coca-Cola agreed to replace high-fructose corn syrup with “REAL Cane Sugar” in its U.S. sodas—a move Coke hasn’t confirmed. The company simply thanked the president for his enthusiasm and teased “innovative offerings” coming soon. Still, investors took it seriously: Coca-Cola edged up nearly 2%, while sweetener supplier Archer-Daniels-Midland dipped 0.8%.

ADM’s Sticky Situation

ADM might have more than just a sugar headache. Its starches and sweeteners division which includes corn syrup already saw operating profit drop 21% in Q1. With tariffs making Brazilian sugar pricier and consumers leaning toward “cleaner” ingredients, ADM’s decades-long grip on processed sweeteners is under pressure. The Corn Refiners Association called Trump’s announcement “nonsensical,” warning that a switch could kill U.S. jobs. But health officials, like RFK Jr., are backing the move as part of a broader push to “Make America Healthy Again.”

Meanwhile at Pepsi: Over in Purchase, NY, PepsiCo is leaning into that health trend too and it’s paying off. Shares surged over 7% Thursday after Q2 earnings beat expectations. Pepsi’s Zero Sugar lineup posted double-digit volume growth, and revamped snack brands like Lay’s and Tostitos helped offset sluggish North American demand. Cost-cutting didn’t hurt either: Pepsi shut down two food plants last quarter and improved in-store visibility to maintain momentum.

Less Corn, More Cane?

The ingredient drama could reshape how food giants source and market their products. Sugar futures spiked on the Trump post, and with Pepsi’s leadership openly saying they’ll “follow the consumer” toward more natural ingredients, the writing may be on the wall for corn syrup-heavy formulations. Add in Ozempic-era diet shifts and global trade turbulence, and ADM may find itself needing a new recipe for growth.

Bottom Line: Trump’s cane sugar crusade may or may not stick, but it’s already shaking up investor expectations and signaling a turning point for how Big Food sweetens the deal.

Calendar
On The Horizon

Today

Friday caps the week with fresh reads on how Americans are feeling and building. Early consumer sentiment data drops in the morning, paired with an update on housing starts to show whether the construction pace is holding up or hitting pause.

The earnings parade isn’t slowing down either. On deck: results from American Express, Charles Schwab, 3M, Unilever, Schlumberger, and Ally Financial. From credit cards to consumer goods, we’ll get a better sense of how different corners of the economy are holding up.

NEWS
The Daily Rundown

• 👨‍⚖️ Zuckerberg to testify in privacy trial: A shareholder lawsuit over the Cambridge Analytica scandal is targeting Meta’s leadership. Mark Zuckerberg, Sheryl Sandberg, and other board members are expected to testify. The case could redefine board liability for tech giants.

• 💰 Goldman Sachs profits from tariff chaos: Goldman crushed earnings forecasts thanks to tariff-driven market volatility. The firm made $4.3B in trading fees and saw a big M&A rebound. It’s another sign Wall Street is thriving on uncertainty.

• 🧸 Pop Mart stock drops despite huge forecast: Pop Mart projected 350% profit growth, driven by global Labubu doll sales. But investors doubted the hype, sending the stock down 6%. Analysts warn the toy’s popularity may have peaked.

• 🐶 Superdog movie boosts pet adoptions: DC’s Superman film featuring Krypto led to a 500%+ spike in dog adoption searches. “Adopt a schnauzer” trended thanks to the animated pup’s popularity. Warner Bros. even covered shelter fees to help real dogs find homes.

• ✈️ United Airlines issues new forecast: United expects $9–$11 in full-year EPS after suspending guidance earlier this year. The airline cited strong July demand and improved operations. CEO Scott Kirby said uncertainty has eased since early 2025.

• 🤖 Scale AI cuts 14% of staff: After CEO Alexandr Wang joined Meta, Scale laid off 200 staff and 500 contractors. The company blamed GenAI bloat and internal inefficiencies. It now plans to focus on enterprise and government AI.

• 🌍 U.S. deports migrants to Eswatini: Five violent migrants were expelled to Eswatini, a nation where they aren’t citizens. The Trump-era policy enabling third-country deportations is under legal review. Critics say it may violate international norms.

• ⚖️ Maurene Comey removed from prosecutor role: The daughter of ex-FBI Director James Comey was dismissed after her role in high-profile cases like Epstein and Diddy. The DOJ has not disclosed an official reason. Her removal follows growing scrutiny and political pressure.

• 🚗 Emma Watson banned from driving: The actress received a six-month driving ban for a speeding violation in the U.K. She avoided more serious penalties and hasn’t commented publicly. The court ruling drew widespread media attention.

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