The Big AI Story Nobody Knows

📚 BONUS: Read this one before Monday 📝  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

August 02, 2026 There's a website called RentAHuman.ai. Its tagline: "Robots need your body." 721,000 people across 100 countries have signed up. And according to Alexander Green - the man who bought Apple under $1, Netflix at $1.62, Amazon under $2* - this is the clearest signal yet that Phase 2 of the AI supercycle has arrived. (Split adjusted prices) He's identified three companies set to dominate this next phase. CLICK HERE TO WATCH THE FULL STORY FOR FREE 📚 BONUS: The Homework: One Report to Read Before Monday 📝 One name next week both pays and reports on the same day. Here is the one report I would read before Monday's close, and the single line in it that matters. Here is the one piece of homework I would do before Monday, and it will take you ten minutes. ONEOK, the pipeline company, goes ex-dividend Monday and reports its second-quarter results the same afternoon, after the close. When a payout deadline and an earnings report land on the same day, the report is worth reading before you decide anything, because it tells you whether the check you are chasing is comfortably funded. When the release crosses Monday afternoon, skip the headline and find one number: distribution coverage. Pipeline companies pay large dividends out of cash flow, and the question that matters is whether that cash flow covers the payout with room to spare. ONEOK has paid dividends for more than 25 years and targets 3 to 4 percent annual growth, which is a strong record. A record is not a guarantee. The coverage in this specific quarter tells you whether the dividend is funded by the business or stretched to keep the streak alive. The second line I would read is the debt. ONEOK carries a sizable balance, around 33 billion dollars, grown through acquisitions. That is not a red flag on its own; pipelines are capital-heavy by nature and the cash flows are steady. But in a week when Friday's jobs number could push yields around, a company that leans on borrowing is worth watching for what higher rates do to its interest bill over time. Read what management says about leverage and the cost of its debt. None of this is a warning. ONEOK is a well-run company with a long dividend history and an investment-grade rating the agencies have kept in place precisely because the cash flows hold up. The homework is not about finding a problem. It is about knowing what you own before a payment deadline, so that you are collecting a dividend you understand rather than one you assume. Ten minutes with the release Monday afternoon and you will know which. For reference, income holders usually want distribution coverage comfortably above one, meaning the cash the company generated in the quarter more than covers what it pays out. You do not need to be precise about it. You are looking for comfortable versus tight, and management tends to say which in plain language in the release and on the call. If the number is healthy and the tone is calm, you have your answer, and you can go enjoy the rest of your weekend. The homework: Read ONEOK's second-quarter release Monday after the close, and look for two lines: distribution coverage and what management says about its debt. If coverage is comfortable and the leverage talk is calm, the dividend you are circling is a funded one. That is the whole assignment. Will you read ONEOK's report before Monday's close, or wait for the coverage to tell you what mattered? Reply and let me know what you find. — Randy Cole, Editor P.S. When a company pays and reports on the same day, the number worth reading is rarely the one in the headline. My SMS notes flag the line worth a second look the morning it posts. Sign up here. Free, two to three texts a week, opt out anytime. 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Urgent Reminder: 5 Stocks Set to Double

	Just Hours Left To See Predicted Breakouts for $1 Zacks Member, From thousands of stocks, only 5 have emerged with the best chance to gain +100% and more in the months ahead. This is your last chance to download our just-released Special Report, 5 Stocks Set to Double. While we can’t guarantee future success, previous editions of this report have racked up gains of +214.0%, +468.8%, and even +680.1%.¹ Tomorrow morning looks like a great time to get in on our newest stocks. These stocks were not only picked for sky-high long-term potential. The Zacks Rank was also factored in to increase the chances of getting off to a strong head start within the next 1 to 3 months. Your total cost to see all five of these tickers is only $1, and there's no obligation to spend a cent more. Deadline Alert: Your chance to get our 5 Stocks Set to Double Special Report ends MIDNIGHT TONIGHT. ▶ See Stocks Now All the Best, Sheraz Mian Director of Research
	¹ The results listed above are not (or may not be) representative of the performance of all selections made by Zacks Investment Research's newsletter editors and may represent the partial close of a position. Access grants you a comprehensive list of all open and closed trades. This free resource is being sent by Zacks.com. We look for investment resources and inform you of these resources, which you may choose to use in making your own investment decisions. Zacks is providing information on this resource to you subject to the Zacks "Terms of Service". https://www.zacks.com/terms_of_service Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research is not a licensed securities dealer, broker or U.S. investment adviser or investment bank. The Zacks #1 Rank Performance covers the period beginning on January 1, 1988 through July 6, 2026. The performance is the equal weighted performance of a hypothetical portfolio consisting of stocks with a Zacks Rank of #1 that was rebalanced monthly from January 1988 through December 2013 and weekly from 12/31/13 through Monday's open on July 6, 2026. For each stock with a Zacks Rank #1 at the beginning of the month, the total return during the month was calculated as the % change in the price of the stock from the closing price of the prior month to the closing price of the current month plus any dividends received during the month. The monthly individual stock returns were then averaged to determine the portfolio return for the month. For each stock with a Zacks Rank #1 at the beginning of the week, the total return during the week was calculated as the % change in the price of the stock from the opening price for the week to the opening price of the next week plus any dividends received during the week. The weekly individual stock returns were then averaged to determine the portfolio return for the week. If no month-end price or week end open price was available for a stock, it was not included in the portfolio return for the month or the week. The monthly and weekly returns were compounded to arrive at the annual returns. The annualized return is the annual return that, had it been achieved in each year or portion of a year, would have compounded to create the total return over the full time period. These returns are based on the list of Zacks Rank #1 Stocks that was available to clients of Zacks as of the beginning of the month, when returns were calculated monthly, or as of the beginning of the week when returns were calculated weekly. These returns are higher than the returns an investor could achieve investing real money in a portfolio of Zacks Rank #1 stocks because the returns of the hypothetical Zacks Rank #1 portfolio exclude a number of costs, including commissions incurred for trading, the average bid ask spread, the price impact of the trading and, prior to 2013, in those months when the end of the month fell on Friday, Saturday or Sunday, the overnight return from the month end close to the open on the next trading day. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance_disclosure for information about the performance numbers displayed above. Zacks Emails If you would prefer to not receive future profit-producing emails from Zacks.com the primary purpose of which is the commercial advertisement or promotion of a commercial product or service, then please click here and confirm your request. If you have trouble with the unsubscribe link, please email support@zacks.com. Zacks Investment Research 101 N Wacker Drive, Floor 15 Chicago, IL 60606

I Waited 20 Years for This Window to Open

The gap is still open, but I don't know for how much longer.  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

August 02, 2026   |   Read online Twenty years ago, I saw something forming in the global monetary system that most of my colleagues dismissed or ignored. It was important enough that I repositioned my entire professional focus around it. That decision looked eccentric at the time. It doesn’t anymore. A career spanning thirty years in institutional finance teaches you that the people who sound most certain are usually the ones who understand the least. But there’s a difference between certainty and conviction earned over two decades of being right about a single thesis while most of the financial world looked the other way. See what twenty years of tracking this has revealed — and why the window is open right now. What’s happening right now is not a new crisis. It’s the moment I’ve been tracking since I made that decision twenty years ago — finally arriving at the phase I always believed it would reach. The early phase is where the gap between those who understood early and those who are just now feeling it is widest — and most consequential. Before consensus forms. Before the window closes. Before the question of what to do answers itself. I believe that gap is still open. I don’t know for how much longer. These phases don’t announce when they’re ending. Act on what twenty years of conviction has been pointing toward — before the window closes. Best, Garrett Goggin, CFA, CMT Lead Analyst and Founder, Golden Portfolio P.S. Twenty years ago I bet my career on what I was seeing. That bet is paying off right now — and the window it created won’t stay open forever. Today’s editorial pick for you How You Can Take Advantage of a Possible Volatility Cluster for PLTR Stock Posted On Jul 29, 2026 by Joshua Enomoto Palantir Technologies (NASDAQ: PLTR) is going to release its second-quarter earnings report next Monday after the closing bell. No one really knows with certainty what’s going to happen, let alone how the results and forward guidance will impact PLTR stock. However, given the ticker’s bearish cycle, prior historical trends following a similar situation have resulted in a near-term pop. It’s an inductive analysis, banking on established patterns to ring true moving forward. Of course, the problem with any forecast involving a reflexive, non-determinative system like the equities market is that the law of nature cannot be guaranteed to repeat. Just because we observed a particular pattern recurring doesn’t mean that it can be 100% relied upon when we actually place our trade. For a name like Palantir stock, it’s going to be even trickier to narrow down where the ticker could go. PLTR carries a 60-month beta of 1.56. Therefore, even though the underlying company — which made a name for itself in big data analytics and artificial intelligence — is a tech stalwart, its price discovery process is quite wild compared to the benchmark S&P 500. Nevertheless, the presupposition that PLTR stock could be due for a comeback is arguably very reasonable. Shares have dropped 30.5% on a year-to-date basis, reflecting deep skepticism. However, Palantir has a strong history of earnings beats. For the upcoming disclosure, analysts are seeking earnings per share of 33 cents on revenue of $1.81 billion. If history is any guide, Palantir should be able to deliver the goods. But that leaves the question of how PLTR stock may respond. Looking at the volatility skew for the options chain expiring Aug. 7, the volatility surface is structured in the shape of a smile. However, demand for far out-the-money (OTM) puts significantly exceeds that for OTM calls. So, while the smart money anticipates the possibility of big upside from Palantir, it’s also cognizant of severe downside risks. PLTR Stock Could Benefit From a Volatility Cluster No trader or institution knows where PLTR stock will go following the Q2 earnings print — that much is obvious from the volatility skew closest to the release date. But people can just throw their hands up in the air. They need some standard way of pricing options or derivatives. That’s where the Black-Scholes model comes into the frame. Now, I’m not going to engage in an exegetical analysis of Black-Scholes and its elegant mathematical construction. What you need to know, though, is that this model is parametric. In other words, any output that comes out of the model cannot exceed the parameters defined by the formula. A different way of saying this is that an entity can’t outgrow itself. One issue with this parametric model, then, is that price pathways are assumed to be continuous. In other words, if you start from Point A, the next step in the model is Point B, then Point C…you get the point. So, when all other factors are equal, the probability that the target security will rise from the starting point to the end destination decreases sequentially. Suppose that the probability of moving from Point A to Point B is 65%. All other things being equal, you know that under this parametric model, the probability of going from Point A to Point C will necessarily be lower, perhaps 58%. That’s the continuous path assumption, and it is intuitive: the longer the shot from the basket, the lower the odds of success. However, the real market doesn’t work that way. Instead, price paths often exhibit discontinuous behavior, especially in high-catalyst regimes such as earnings releases. In certain cases, the probability of moving from Point A to Point B could be the same as the probability of moving from Point A to Point C. Depending on the specifics of the options trade you’re looking at, you may be able to find favorably mispriced opportunities. I’m harping on this issue because PLTR stock could soon benefit from a volatility cluster. SpaceX S-1 Filing Reveals Elon's Hidden AI Master Plan Wall Street completely missed the most important part of the largest IPO in history. Buried inside the S-1 filing is something that could be worth far more than the entire rocket business – unlike anything we've seen before. Rob Spivey – whose institutional research is followed by Goldman Sachs, JPMorgan Chase, BlackRock, and Fidelity – just went on location at SpaceX’s Starbase HQ to reveal everything he has discovered about Elon’s hidden master plan. The last time Wall Street missed a story this big, early investors had the chance to turn every $1,000 into $14,000. Get the name and ticker of the No. 1 stock at the center of it FREE (not Tesla or SpaceX). SPONSORED Exploiting an Order Flow Imbalance for Palantir Stock As I’ve expressed in prior StockEarnings articles, one of my key presuppositions is that order flow imbalances often trigger a reflexive response by the market. Assuming that a similar response plays out, we may be able to exploit likely trends before they materialize. Obviously, PLTR stock has suffered a severe order flow imbalance. Quantitatively, PLTR has printed only three up weeks in the past 10 weeks, leading to a downward slope. Having identified this 3-7-D sequence, we’re going to look back to its price history and uncover how previous such signals responded. The nuance here is that over the next 10 weeks, the 3-7-D sequence actually leads to a lower median return than what would be expected under random conditions. That’s not great if you were planning on holding Palantir stock for two months. But historically, there is expected to be a volatility cluster over the next three weeks — and that’s what I’d like to take advantage of. Generally speaking, we’re looking at a volatility cluster with a median impact of about 2.8% up. Given Tuesday’s close of $123.53, a rational target is to aim for the $127 price level at the end of Aug. 14. Identifying an Intriguing Idea Because we’re talking about a highly speculative trade, I’m looking at the 125/127 bull call spread expiring Aug. 14. While the maximum payout is only 90.48%, the net debit required per spread is only $105. If things go sideways, you’d be risking a few bucks over a Benjamin. However, the highlight of the trade in my opinion is the breakeven price of $126.05. According to the Black-Scholes model, the probability of profit (of hitting this threshold) is only 45.2%. But because my model anticipates a volatility cluster around this timeframe, I believe the risk assigned is much higher than is historically justified. Of the 18 times that the 3-7-D signal has flashed. PLTR stock has exceeded the equivalent of the $126.05 breakeven price a total of 12 times on week 2 (between Aug. 7 and Aug. 14). Therefore, the conditional, observed probability of profit could actually be 66.7%. A sharp cautionary note is that, because of the extremely small sample size, this probability should not be taken as gospel truth. Still, Palantir stock has exhibited discontinuous behavior in the near term whenever it has encountered severe bearish cycles. So, if you’re willing to speculate, there’s a mathematical incentive to consider the above bull spread. Today’s editorial pick for you How SpaceX Validated Nasdaq’s Decade-Long Bet Posted On Jul 28, 2026 by Grayson Cavern Nasdaq Inc (NASDAQ: NDAQ) reported a record quarter 2 2026  earnings, with net revenue rising 15% year over year to $1.5 billion, non-GAAP EPS increasing 25% to $1.07, and non-GAAP operating margin expanding two percentage points to 57%. Solutions revenue grew 17%, annual recurring revenue reached $3.3 billion with 12% organic growth, and every business delivered double-digit growth simultaneously. The quarter also included the largest IPO in exchange history as SpaceX raised $86 billion.  Table of Contents One IPO Powered Every Revenue Engine A Decade Of Investment Paid Off Capital Allocation Reinforced The Outlook Institutions Started Pricing The Shift SpaceX Validated The Strategy The simplest explanation is that Nasdaq benefited from an extraordinary listing. Well, not entirely. No doubt SpaceX made this a landmark quarter, but it didn’t create Nasdaq’s growth story. It exposed how far the company had already progressed in transforming itself from a traditional exchange into a technology platform that monetizes nearly every stage of the capital markets ecosystem. The IPO wasn’t the strategy. It became the clearest proof that the strategy was already working. Nvidia poured over $7B into this Take a look at this… It's a radical "light-speed" device that's turning AI as we know it into "Accelerated AI", making it 100 times faster and 100 times more energy efficient. In fact, Jensen Huang, Nvidia's founder and CEO, says this device is shattering the limitations of AI and without it, AI can't scale. If you want to discover what this technology is, why Nvidia is betting billions on it… And the one stock we believe could be the biggest winner when "Accelerated AI" goes mainstream… See all the details. SPONSORED One IPO Powered Every Revenue Engine SpaceX’s $86 billion IPO ran through almost every corner of Nasdaq’s business. Index revenue climbed 38% to $271 million as ETP assets linked to Nasdaq indices surpassed $1 trillion, supported by $109 billion in trailing 12-month net inflows. Market Services generated a record $340 million in net revenue, with Nasdaq’s Closing Cross executing $334 billion during the Russell reconstitution and another $296 billion during June’s Triple Witch session. U.S. index options volume reached a record average daily volume of 111,000 contracts, up 76% year over year. The quarter looked like a business firing on every cylinder because it was. But one number changes everything. Index options revenue has now more than doubled year over year for four consecutive quarters. That trend began long before SpaceX listed. The IPO accelerated activity, but it didn’t create it. Investors were already using Nasdaq’s indices as the preferred way to express views on market volatility, and the exchange had already built the infrastructure to capture that shift. That’s why I don’t see this as a one-off IPO quarter. SpaceX became the largest proof point in a strategy that was already producing results before the listing ever arrived. A Decade Of Investment Paid Off Nasdaq has spent the past decade building a business that investors still struggle to value correctly. Verafin expanded with 47 new SMB clients and six enterprise wins while its Agentic AI Workforce reached 750 clients. Financial Technology grew 15% organically, lifting ARR to $1.87 billion. Regulatory Technology added nine new clients, including its first AI-powered Calibration Copilot deployment with a Tier 1 institution, while Calypso continued expanding its global footprint across more than 70 countries. None of those businesses needed SpaceX to justify their growth. They were already compounding at double-digit rates before the largest IPO in exchange history arrived. SpaceX didn’t transform Nasdaq’s business overnight. It validated a decade-long shift toward recurring, software-driven revenue that has steadily reduced the company’s dependence on transaction activity. The listing became the moment the market could finally see every part of that strategy working at the same time. Capital Allocation Reinforced The Outlook Management didn’t pretend this quarter was perfect. Index revenue benefited from a $6 million contract modification, while Capital Markets Technology faces tougher comparisons after last year’s Calypso revenue. The company also expects a roughly $9 million annual headwind from delistings and raised non-GAAP expense guidance to $2.53-$2.57 billion as compensation and marketing spending increase alongside a strengthening IPO pipeline. None of that changes the broader picture. If management believed the current environment was temporary, it wouldn’t have authorized a $200-$250 million accelerated share repurchase program immediately after the quarter. Buybacks don’t guarantee future returns, but they do reveal how management views the durability of the business. In this case, capital allocation tells the same story as the operating results: Nasdaq is investing for a market cycle it expects to continue, not one it believes is peaking Institutions Started Pricing The Shift Nasdaq has quietly recovered from its April lows, reclaimed its 20-day, 50-day and 200-day moving averages, and is now testing the resistance zone around $94. More importantly, buying volume has expanded on advances while fading on pullbacks, a classic sign of institutional accumulation rather than short-covering. That lines up with the fundamentals. Investors didn’t wait for SpaceX’s IPO to start buying Nasdaq. The stock began turning higher as the IPO pipeline strengthened and the market started recognizing the earnings power of its recurring software business. This quarter simply gave that move fundamental confirmation. A decisive break above recent highs would suggest the market is beginning to price Nasdaq as more than an exchange. SpaceX Validated The Strategy History will probably remember this as the SpaceX quarter. I think that’s selling Nasdaq short. The IPO wasn’t remarkable because of the listing fee it generated. It was remarkable because one event simultaneously validated Nasdaq’s exchange, index, trading and technology businesses. Few companies are positioned to capture value across the capital markets ecosystem the way Nasdaq now can. That’s what this earnings report proved. SpaceX just happened to be the evidence.   Update your email preferences or unsubscribe here © 2026 The Alpha Angle 33 Southeast 4th Street Boca Raton, FL 33432, United States

Guess What - We're Close to a Deal Again!  ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌

August 02, 2026   |   Read online The Week Ahead - August 2nd Guess What - We're Close to a Deal Again! The Week Ahead Of Us 🔍 Welcome back! It feels like we’re living in a continuous loop because President Trump has cancelled a planned attack on Iran after saying the “perimeters of a deal has been agreed to”. Futures are up, with the S&P up 0.42% and Nasdaq up 0.73%. This follows this positive geopolitical development, but it also is on the back on the recovery of the AI trade following the fallout of Situational Awareness. Employment is the big focus for us this week, but we’re still jammed with earnings, so let’s get right into it. Here’s a look at earnings this week. Monday: Palantir, Vertex Pharmaceuticals, Marriott, Tyson foods, Clorox, Williams Companies, Diamondback Energy, On Semi, Loews, Whirlpool, Snap Tuesday: SpaceX, AMD, Caterpillar, Merck, Arista Networks, Amgen, McDonald’s, Gilead, Booking Holdings, Pfizer, BP, Spotify, Duke Energy, Marathon Petroleum, EOG Resources, Apollo, Electronic Arts, Rockwell, Automation, Devon Energy, Prudential, ADM, Kimberly-Clark, Pinterest, Toast, DuPont, Wayfair, Wynn Resorts, Match Group, Mattel Wednesday: Eli Lilly, Uber, Disney, CVS, Western Digital, Shopify, DoorDash, Block, AppLovin, Allstate, Occidental Petroleum, McKesson, Phillips 66, CF Industries, eBay, Expedia, Novo Nordisk, Kraft Heinz, Honeywell Aerospace, Duolingo, Dutch Bros, e.l.f. Beauty, SharkNinja, Zillow Thursday: Airbnb, Constellation Energy, ConocoPhillips, Datadog, DraftKings, Cloudflare, Monster Beverage, Keurig Dr Pepper, Republic Services, Restaurant Brands International, Roku, Texas Roadhouse, Twilio, Toyota, US Foods, Warner Bros. Discovery, Zoetis, Parker-Hannifin, Howmet Aerospace, Aflac, American International Group Friday: Berkshire Hathaway (expected on Saturday), Take-Two Interactive, Vistra, Under Armour, Wendy’s, Oklo, PPL, Fluor Here’s a look at economic data this week (estimates are in quotations). Monday: S&P final U.S. manufacturing PMI, IMS manufacturing (54.0%), construction spending (0.3%), Auto sales Tuesday: U.S. trade balance (-$73.0B), Factory orders (0.3%), job openings (7.5M) Wednesday: ADP employment (75,000), S&P final U.S. services PMI, ISM services (54.4%) Thursday: Initial jobless claims (200,000), U.S. productivity (0.7%), Wholesale inventories Friday: U.S. employment report (85,000), U.S. unemployment rate (4.3%), U.S. hourly wages (0.3%), Hourly wages y/y, Consumer credit ($12.0B) A Message from The Wall Street Rollup team Hey everyone, we want to remind you all on the other ways we can help, beyond just our free newsletter. Our Compensation Reports and Job Board Investment Banking Recruiting and Credit Research Our free community Wall Street Rollup Investing Club Buyside Hub hosts our compensation reports and job board. We have a new compensation report dropping soon, so make sure you join in advance. Join 16,000+ users today and recruit on our free job. High Yield Harry’s Newsletter has a large credit recruiting and career advice job resource library leveraged by hundreds of current and future investment professionals. This includes the Banking Playbook - a 246 page investment banking recruiting guide. High Yield Harry’s Community is a new community where you can network with other professionals and get your specific career advice questions answered. The WSR Investing Club is the paid side of our newsletter which covers stock market research. We have a couple pieces dropping this month! Come upgrade today. Earnings Corner 💸  ExxonMobile  $XOM ( ▼ 0.98% ) revenue beat at $116.0B vs. $109.9B, while EPS missed at $3.52 vs. $3.60. Results marked the company’s strongest quarter in four years, driven by higher oil prices, record Permian production, record diesel output amid global fuel shortages, and a sharp recovery in refining profits. However, elevated refinery maintenance, production disruptions at its Qatar LNG operations, and volatile refining margins weighed on earnings. Despite the company’s strongest quarter in four years, shares fell as the slight EPS miss and high expectations following a 30% rally this year overshadowed results. Chevron  $CVX ( ▲ 2.35% ) revenue beat at $70.1B vs. $62.7B, while EPS beat at $6.06 vs. $5.56. Results were driven by higher oil prices following the Iran war, record refinery fuel production and U.S. oil output, and a sharp rebound in refining profits as gasoline and diesel prices surged. The company also reduced net debt by roughly 30% and made faster-than-expected progress integrating its Hess acquisition. Mgmt highlighted new growth opportunities in Iraq, Venezuela, Argentina, and natural gas powered electricity projects for AI data centers. Colgate  $CL ( ▼ 0.33% ) revenue came in at $5.36B, while EPS beat at $0.99. Growth was driven by strong demand across emerging markets and Hill’s Pet Nutrition, along with pricing, productivity gains, and higher margins that more than offset increased advertising spending. North America remained a weak spot as softer consumer demand, retailer inventory reductions, and tougher competition weighed on results, while organic sales growth of 2.4% missed expectations. Mgmt raised its FY gross margin and EPS outlook, but shares slipped as slowing underlying growth, North American weakness, and tariff concerns overshadowed the earnings beat. Ares Management  $ARES ( ▲ 3.2% ) revenue beat at $1.43B, while EPS beat at $1.29. Results were driven by record $36B in quarterly fundraising, 17% AUM growth to $671B, strong demand for private credit, higher fee-related earnings, and increased investment activity across credit, infrastructure, and digital infrastructure. The quarter also featured record deployment, a growing deal pipeline, and continued expansion into higher growth strategies like digital infrastructure, reinforcing strong long term earnings momentum. On The Move 📈 📉 AstraZeneca is considering a deal to merge with Bristol Myers Squibb, according to the FT. The combined company would be worth $400 Billion. $AZN ( ▼ 0.99% )   $BMY ( ▲ 0.69% )   Roblox  $RBLX ( ▼ 26.85% ) crashed after Q2 revenue missed and the company withdrew its full-year 2026 guidance. Wedbush cut to Neutral with PT to $40 from $65, citing weaker monetization in US/Canada and under-13 users. Novo Nordisk  $NVO ( ▼ 8.78% ) fell after its Zeus phase 3 trial failed, with ziltivekimab showing no reduction in major adverse cardiovascular events versus placebo across 6,300 patients. Novo said the outcome won’t impact 2026 profit guidance but will trigger a noncash impairment charge in Q3. IES Holdings  $IESC ( ▲ 30.27% ) rocketed after Q3 revenue and operating income jumped on data center demand, alongside a backlog surge to $4.5B (up 91% since end of fiscal 2025) and a two-for-one stock split announcement. Reddit  $RDDT ( ▼ 20.99% ) plunged after CEO Steve Huffman said Google search referrals were “choppy” during Q2 earnings. The comment overshadowed 60%+ revenue growth for eight straight quarters and 18% YoY DAU growth. $GOOG ( ▲ 6.88% ) popped on the same news. GoDaddy  $GDDY ( ▼ 16.7% ) tumbled after narrowing 2026 revenue guidance to a tighter $40M range (from $80M), with Reuters citing slower Airo AI tool adoption and weaker customer acquisition as the underlying concerns. Amazon  $AMZN ( ▲ 15.32% ) jumped after AWS Q2 revenue grew 36.7% and backlog surged to $496B. Both AI and custom chip businesses each surpassed $25B ARR, and Amazon also raised FY capex to $220B from $200B. IPO Roundup 📍  Jersey Mike’s  $JMKE ( ▲ 6.33% ) rebounded in early Friday trading, closing in on its $23 IPO price after Thursday’s 6% debut slump. CEO Charlie Morrison flagged a potential 15,000-store global footprint with UK and Ireland openings coming before year-end, and Melius launched coverage with a Buy rating and $30 price target on the sandwich maker. Apnimed Inc.  $APMD ( ▲ 56.25% ) surged in its Nasdaq debut Friday after raising $192M in an upsized IPO priced at $16 (top of the $14-$16 marketed range). The Cambridge, Massachusetts-based sleep apnea drug developer sold 12M shares (up from the 10M originally marketed) and is developing Oxnimbi, an oral tablet awaiting FDA approval that could compete with Eli Lilly’s Zepbound. BofA, Evercore, Cantor Fitzgerald, and LifeSci Capital led the offering. Westinghouse Electric Company filed confidentially for a US IPO. The nuclear reactor technology provider, jointly owned by Brookfield Renewable Partners and Cameco Corp., serves 57% of the world’s 417 nuclear reactors and was last valued at $8B when Cameco acquired its 49% stake in 2023. Timing, share count, and pricing have not yet been set. Today’s Headlines 📖🍿  Fed Chairman Kevin Warsh floated cutting the number of policy meetings, presenting it as a discussion topic centered on moving to six meetings per year from the current eight. The shift would fit Warsh’s goal of drawing less market attention to the Fed, following his introduction of shorter FOMC statements. Sony’s “Spider-Man: Brand New Day” opened to $927M globally, the second-biggest debut, with its $355M domestic opening, just shy of “Avengers: Endgame”’s record of $357M. The film pulled in $572M internationally, earned a 90% Rotten Tomatoes score, and a CinemaScore “A”, all without IMAX access. Trump Media & Technology Group (TMTG) is now charging up to $100k a month for “Truth API,” giving trading firms early access to feeds, including President Trump’s market-moving posts. Former SEC official Renée Jones argues the service violates insider trading law and the 2012 Stock Act, and Democratic Senators have asked the SEC to investigate. FIFA scrapped its plan to sell stakes in the World Cup to private equity investors after major regional soccer bodies revolted. The proposed FIFA Forward Enterprise would have consolidated commercial and event operations into a new $20B subsidiary, offering a $20M one-time payment to each FIFA member federation. SpaceX short interest has surged to 219.3M (34% of the public float) as of July 29, up from just 23.3M on June 16. The buildup comes ahead of two major milestones next week: first earnings August 4 and the release of up to 911.5M shares August 6. Private credit defaults hit a record 6% in Q2, up from the prior high of 5.7%, according to Fitch’s tracking of 1,300 US private debt borrowers. Maturity extensions under stress replaced payment-in-kind and interest deferrals as the leading driver, appearing in more than half of the quarter’s 32 default events. Industrials and manufacturing led with a 10.4% default rate (up from 5.9%), healthcare rose to 9.4%, and software stayed the lowest at 1.2%. Paramount is pushing for a November antitrust trial over its $110Bn Warner Bros Discovery merger, while states are pushing for an April 2027 trial. The dispute follows the cancellation of an August 3 injunction hearing in favor of trial, with Paramount agreeing to delay closing until June 2027. The Bundesliga is in talks over a €1Bn financing deal with Apollo Sports Capital, structured as a 20-year loan against future domestic broadcasting revenue. The proposal is designed to sidestep Germany’s 50+1 fan-ownership rule, with proceeds dedicated to overseas club tours and marketing. Jefferies is reviewing $300M in remaining exposure to Radiant World at Point Bonita Capital fund, after payments from the iron ore trader slowed and paperwork discrepancies emerged. This echoes the fund’s earlier blowup over collapsing auto supplier First Brands, which caused the fund size to shrink from $3Bn and 15 employees to just 5 employees. Cable One is looking to raise $1Bn to buyout the remaining 55% of Mega Broadband, after private equity firm GTCR triggered a put option forcing the purchase. However, a recent selloff in Cable One’s existing debt, with some loans yielding near 18%, has made new lenders wary, with creditors splitting into two camps hiring separate law firms. Bridgepoint Group has taken control of Anthesis Group from private equity sponsor Carlyle, in a debt for equity transaction where the lender has taken the keys. August 2nd’s Wall Street Rollup Most Valuable Player 👑  Sometimes, things matter more than business. Life, health, love. Being able to marry the love of your life even when things aren’t going well. That’s why we congratulate the newly weds, Leopold Aschenbrenner and Avital Balwit, and crown them this edition’s WSR MVPs*. Leopold Aschenbrenner and Avital Balwit Leopold is known for the rise and fall of his fund Situational Awareness, while Balwit is Chief of Staff to Dario Amodei, CEO of Anthropic. Email us to nominate August 5th’s WSR MVP. M&A Transactions💭  Skywater Technology, a U.S.-based, independent, pure-play semiconductor foundry, was acquired for $1.952B by IonQ (NYS: IONQ). EV/EBITDA was 12.73x and EV/Revenue was 3.6x. Goldman Sachs advised on the sale. SK Siltron, manufacturer of silicon wafers, was acquired for KRW 2.3T by Doosan (KRX: 000150). Orla Mining, a mineral exploration company, was acquired for CAD 5.099B by Equinox Gold (TSE: EQX). EV/EBITDA was 5.41x and EV/Revenue was 2.79x. Fort Capital Partners and Scotiabank Global Banking and Markets advised on the sale. Continental Candy Industry, manufacturer of private-label confectionery products, has reached a definitive agreement to be acquired for EUR 207.0M by Orkla Snacks. EV/Revenue was 1.84x. BG Cyprus, operator of a corporate vehicle, has reached a definitive agreement to be acquired for $720.0M by MOL Hungarian Oil and Gas (BUD: MOL). Argos, operator of a catalogue retail chain, has reached a definitive agreement to be acquired for GBP 120.0M by True., Mr. Richard Pennycook, Mr. Trevor Strain, and Mr. Matthew Truman. Deferred payments of GBP 50.0M is expected over the following three years. Evercore Group and UBS Group advised on the sale. AiDash, developer of a sustainable platform, has reached a definitive agreement to be acquired for $350.0M by Schneider Electric (PAR: SU). Private Placement Transactions💭  Core Automation, developer of an automated AI lab, raised $432.13M of venture funding from undisclosed investors at a pre-money valuation of $3.57B. Antora Energy, developer of modular thermal batteries, raised $550.0M of Series C venture funding led by G2 Venture Partners and Eclipse Capital. Pex, developer of a cloud-based spending management platform, raised $169.69M of Series C1 venture funding through a combination of debt and equity led by Bluff Point Associates at a pre-money valuation of $92.31M. Beijing Moon’s Dark Side Technology, developer of frontier AI models, raised $3.5B of Series F venture funding from undisclosed investors at a pre-money valuation of $31.5B. Odds of the Day 🍒  Polymarket traders are pricing in a 56% chance of a 25bps rate hike in September Trade on Polymarket Restructuring Updates💭  Republic National Distributing Company (RNDC) Type: Chapter 11 (wind-down) Debt: Assets: $500M–$1B; Liabilities: $1B–$10B. The 30 largest unsecured claims exceed $300M, with more than 100,000 creditors. What happened: RNDC filed Chapter 11 on July 26 to complete the sale of its remaining distribution markets and conduct an orderly wind-down after divesting much of its footprint over the past year. The company obtained DIP financing to support the process. Scale signal: One of the largest Chapter 11 filings of 2026 by creditor count, formerly the second-largest wine and spirits distributor in the U.S. with nationwide operations. Storj Labs Type: Chapter 11 Debt: Assets and liabilities: each estimated between $1M and $10M. What happened: Storj Labs voluntarily filed Chapter 11 on July 26 to eliminate legacy liabilities while continuing normal operations. The company stated it intends to preserve its decentralized cloud-storage network and ultimately provide token holders an opportunity to participate in the reorganized company, subject to court approval. Scale signal: One of the highest-profile crypto infrastructure bankruptcies of 2026, operating a global decentralized cloud storage network. CashCall, Inc. Type: Chapter 11 Debt: Approximately $402M of adverse court judgments, plus roughly $50M of additional litigation, trade debt, and professional fee obligations. What happened: CashCall filed Chapter 11 after multiple adverse legal judgments related to consumer lending practices. The company's lending operations had already ceased prior to the filing, and the bankruptcy is intended to address litigation liabilities. Scale signal: One of the largest consumer finance bankruptcies of the year, driven primarily by regulatory and litigation exposure. Restructuring Rumors💭  Hughes Network Systems (EchoStar) Type: Imminent Chapter 11 / restructuring Debt: Approximately $1.5B maturity due August 1, 2026. What happened: Hughes is preparing to file Chapter 11 within days after failing to secure refinancing ahead of its debt maturity. The company has retained White & Case and FTI Consulting, while bondholders have also hired restructuring advisers. Scale signal: Global satellite broadband provider and one of EchoStar's largest operating subsidiaries, making this one of the most significant pending telecom restructurings of 2026. EchoStar Corporation Type: Parent-company restructuring watch Debt: Multi-billion-dollar capital structure spanning satellite television, wireless, broadband, and spectrum assets. What happened: Following the Dish DBS filing and Hughes' expected Chapter 11, investors are increasingly focused on whether additional restructuring actions will be required at the parent company as liquidity pressure builds across the EchoStar ecosystem. Scale signal: One of the largest ongoing telecommunications restructurings in North America. Leslie's, Inc. Type: Potential restructuring / Chapter 11 watch Debt: Not publicly disclosed. What happened: Following reports that the company is evaluating restructuring alternatives, Leslie's continues to face pressure from declining sales, store closures, and a weakened liquidity position. No bankruptcy filing has been announced, but it remains one of the most closely watched retail distress situations. Scale signal: The largest specialty pool supplies retailer in the U.S., operating hundreds of stores nationwide. Housekeeping Items: Our Weekly Poll: How are we doing? Tell us how we're doing and any feedback you have Going Great Going Well Going Okay Going Poorly Join beehiiv: Looking to start your own newsletter? Join beehiiv through us and you’ll get 30 days free and 3 months of a 20% discount. Join our Referral Program and Gain WSR Investing Club Access ☕️  Enjoyed the newsletter? Send it to a friend 🤝  Share The Wall Street Rollup Refer 6 new readers to the Wall Street Rollup to gain 3 months of free WSR Investing Club Access. 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