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Daily 2026-08-05
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All metrics are as of the latest market close.
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" width="100%">
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<td class="s23">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
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<td align="left" class="s9">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
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S&P 500
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0.19% ▼
</td>
<td class="s26">
7,722
</td>
</tr>
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<td class="s25">
GOLD
</td>
<td class="s27">
3.78% ▲
</td>
<td class="s26">
$4,310
</td>
</tr>
<tr>
<td class="s25">
BITCOIN*
</td>
<td class="s27">
1.38% ▲
</td>
<td class="s26">
$64,936
</td>
</tr>
<tr>
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*24-hour change
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<td class="s23">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
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<td align="left" class="s9">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:13px;line-height:22px;table-layout:auto;width:100%;border:none;" width="100%">
<tbody>
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<td class="s25">
FTSE 100
</td>
<td class="s27">
0.14% ▲
</td>
<td class="s26">
10,895
</td>
</tr>
<tr>
<td class="s25">
BRENT OIL
</td>
<td style="font-size:12px;color:#EA3459;font-weight:500;font-family:Trispace,monospace;width:30%;vertical-align:baseline;padding:10px 0 0 0">
0.10% ▼
</td>
<td class="s26">
$79.28
</td>
</tr>
<tr>
<td class="s25">
US BONDS*
</td>
<td class="s27">
0.01% ▼
</td>
<td class="s26">
4.62%
</td>
</tr>
<tr>
<td colspan="3" style="font-size:10px;font-family:Trispace,monospace;color:#7F879C;padding:0">
*10-year government yield
</td>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
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<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#181c25;">
WALL STREET FEAR GAUGE INDEX
(
<a style="font-weight:400;font-family:Trispace,monospace">
VIX
</a>
)
</div>
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<img alt="Wall Street Fear Gauge Index" class="s12" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F155%252F310%252F383%252Fon98ymlOAQyXBVRB6vM5pkw3R%252F0e0ea8e4cc46e4d784c5bdce49e629590e8a1773.png%253Fauto%253Dformat%2526fit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D521a5e93d65a35efcba8e383b2855c1d/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODU5NjczNjYuNDEyNDQ4Mn0:1wrjhG:ITdQ9swdX0nHImmJknTGSc-YSQj7Cnj4e9oeZZcuVdk" width="536"/>
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<div class="s32">
<p data-block-key="10zqs">
🏋 Wall Street’s biggest lenders want to offload AI data center debt
</p>
<p data-block-key="107ur">
<b>
🫰 FOR PRO MEMBERS:
</b>
The AI race isn’t about who’s smartest – it’s about who gets paid
</p>
<p data-block-key="3g63k">
📈 After some
strong earnings, US stocks are on the rebound
</p>
<p data-block-key="bvg40">
<b>
👇 Keep reading to find out more
</b>
</p>
</div>
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<mj-raw>
<span class="s21">
👀
</span>
<span class="s22">
Today's headlines
</span>
</mj-raw>
</div>
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<span class="s35">
Hot Pot-AI-to
</span>
</mj-raw>
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<div class="s32">
<p data-block-key="kburs">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="513qd">
Wall Street banks are looking to sell $15 billion of debt tied to a
<b>
Google
</b>
-backed AI data center – a clear sign that lenders are worried about their AI exposure.
</p>
<p data-block-key="7quqc">
<b>
What does this mean?
</b>
</p>
<p data-block-key="211pk">
Ok, so: Google is building a data center in Texas – and filling it with its TPU chips – to lease
computing power to AI favorite (and Google customer)
<b>
Anthropic
</b>
. To fund it, the OG search titan secured a $15 billion loan package from a consortium of big lending banks led by
<b>
Morgan Stanley
</b>
. That group is now looking to refinance the loan in the bond market – basically, selling the debt as bonds to investors and passing along the risk.
</p>
<p data-block-key="e575a">
▶ They’re not alone, either:
<i>
other
</i>
big banks are also trying to offload more than $50 billion in construction
debt tied to data center projects leased to cloud giant
<b>
Oracle
</b>
.
</p>
<p data-block-key="84j9j">
<b>
Why should I care?
</b>
</p>
<p data-block-key="6lkn4">
<b>
<i>
Zooming in:
</i>
</b>
<i>
Friends with money.
</i>
</p>
<p data-block-key="bbpgt">
Google is heavily invested in Anthropic, owning a roughly 14% stake. And this Texas project is just one piece of a $200 billion financing machine it’s assembled to bankroll Anthropic’s access to compute – involving chipmaker
<b>
Broadcom
</b>
, private credit firms
<b>
Apollo
</b>
and
<b>
Blackstone
</b>
, big banks, and even crypto miners. It’s a marvel of financial engineering that spreads the risk around to multiple players.
</p>
<p data-block-key="5l1o4">
⚠️ But it all depends on Anthropic keeping up its lease payments. That might get trickier as its customers worry about
<i>
their
</i>
AI bills… just as Chinese rivals are
<a>
offering
</a>
frontier AI at a fraction of Anthropic’s prices.
</p>
<p data-block-key="8cpsm">
<b>
<i>
Zooming out:
</i>
</b>
<i>
AI is everywhere – really.
</i>
</p>
<p data-block-key="f4fko">
For years, Big Tech mostly spent its own cash on AI infrastructure – but now firms are increasingly borrowing money
to cover the costs. And now that the debt is spreading across the financial system, retail investors are exposed in more ways than they might realize. Think pension funds holding AI bonds, shares in private credit firms, crypto-mining stocks, and more...
</p>
</div>
</td>
</tr>
<tr>
<td align="left" style="font-size:0px;padding:10px 25px;padding-top:24px;padding-right:0;padding-left:0;word-break:break-word;">
<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;color:#000000;">
You might also like ⇢
<a>
The
Three Worries Behind The AI Selloff – And Why I'm Still Buying
</a>
</div>
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<p data-block-key="pr7ai">
The
<a>
AI race
</a>
between the US and China is already pretty intense.
</p>
<p data-block-key="1213n">
But for investors,
the more important question isn’t where the smartest model is being built – it’s about who keeps
<a>
getting paid
</a>
after the industry-leading model changes.
</p>
<p data-block-key="5j2dr">
As AI gets cheaper and easier to switch between, that answer will matter a lot. It will determine where the
industry’s long-term profits end up. And it might not be
<a>
where you think
</a>
.
</p>
<p data-block-key="4t3fg">
That’s today’s Research:
<a>
the AI race isn’t about being smartest; it’s about getting paid
</a>
.
</p>
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<p data-block-key="jd62v">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="30faj">
US stocks hit record highs after all kinds of companies reported strong earnings last quarter.
</p>
<p data-block-key="58c0u">
<b>
What does this mean?
</b>
</p>
<p data-block-key="eqldv">
The S&P 500 index – America’s main benchmark – hit its first record high since June on Tuesday, closing up 13% on the year. Earnings were the key driver here: with most of
its biggest companies having now reported, the index’s profit growth rate last quarter was a blistering
<i>
47%
</i>
higher than the same period last year – the fastest pace since 2021.
</p>
<p data-block-key="bbkl0">
🔺 And it wasn’t
<i>
just
</i>
tech. Energy companies saw a boost from higher oil prices, of course, and banks were busy making deals to profit off all the market action. Construction equipment firm
<b>
Caterpillar
</b>
also posted strong results and a growing order book (those AI data
centers need building, after all).
</p>
<p data-block-key="dnnmk">
<b>
Why should I care?
</b>
</p>
<p data-block-key="4obe3">
<b>
<i>
For markets:
</i>
</b>
<i>
Keeping the tech faith.
</i>
</p>
<p data-block-key="9toat">
July was a tough month for tech, with spooked investors
<a>
dumping
</a>
AI shares
and a multi-billion-dollar AI-centric hedge fund's near-collapse (looking at you,
<b>
Situational Awareness
</b>
). But after some Big Tech companies
<a>
reported
</a>
solid earnings, investors started to believe that maybe all the AI spending could actually be worth it.
</p>
<p data-block-key="6rrr0">
🔺 In
just four trading days since last Wednesday’s panicked selloff, the tech-heavy Nasdaq 100 surged nearly 10% – its sharpest rally since April 2025.
</p>
<p data-block-key="ftkm3">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
Where there’s opportunity, there’s risk.
</i>
</p>
<p data-block-key="8r0ci">
AI is currently lifting disparate parts of the US economy, but there’s reason to be cautious. Investor Michael Burry – of
<i>
The Big Short
</i>
fame, and one of the most outspoken skeptics of the AI boom – made
headlines this week after claiming that AI hype could be propelling US stock markets to a 1987-style crash. With spending on AI infrastructure propped up by
<a>
fragile
</a>
financing arrangements, markets could really be building a house of cards…
</p>
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<td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:16px;padding-left:0;word-break:break-word;">
<div class="s32">
<h3 data-block-key="2i2xv">
<b>
You don’t need another argument for whether to own crypto – you need a clean way to plug it into your portfolio without guesswork.
</b>
</h3>
<p data-block-key="7pck1">
This
<a>
guide
</a>
shows you exactly how to do that, step by step, in under five minutes:
</p>
<p data-block-key="5lk4m">
1. The simple “set-and-forget” route that lets you hold bitcoin and ether like any other fund.
</p>
<p data-block-key="jmp3">
2. The higher-octane route that aims to turn crypto’s chaos into extra returns.
</p>
<p data-block-key="arq71">
If you’re tired of eyeing every dip and then freezing, and you’d rather lock in a setup that actually
fits how you invest, this is the
<a>
one link
</a>
to open today.
</p>
</div>
</td>
</tr>
<tr>
<td align="left" style="font-size:0px;padding:16px 0;word-break:break-word;">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:separate;line-height:100%;">
<tbody>
<tr>
<td align="center" bgcolor="#204CE9" role="presentation" style="border:1px solid #030303;border-radius:1000rem;cursor:auto;mso-padding-alt:10px 25px;background:#204CE9;" valign="middle">
<a style="display:inline-block;background:#204CE9;color:#ffffff;font-family:Inter,sans-serif;font-size:13px;font-weight:700;line-height:1.2;margin:0;text-decoration:none;text-transform:none;padding:10px 25px;mso-padding-alt:0px;border-radius:1000rem;" target="_blank">
<span class="s7">
Read the guide
</span>
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
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<![endif]-->
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<tbody>
<tr>
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<![endif]-->
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<tbody>
<tr>
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<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" class="s19">
<div class="s20">
<mj-raw>
<span class="s21">
✨
</span>
<span class="s22">
Sarah's Digest
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
</table>
</div>
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</td></tr></table>
<![endif]-->
</td>
</tr>
</tbody>
</table>
</div>
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</td></tr><tr><td class="" width="600px">
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<![endif]-->
<div class="s16">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="s17" role="presentation">
<tbody>
<tr>
<td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:32px;padding-left:16px;padding-right:16px;padding-top:8px;text-align:center;">
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<![endif]-->
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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-left:0;word-break:break-word;">
<div style="font-family:Trispace,monospace;font-size:12px;line-height:1.5;text-align:left;color:#5E6984;">
What others like you are reading today...
</div>
</td>
</tr>
<tr>
<td align="left" class="s37">
<div class="s32">
👩🚀
<a>
Musk Picks Nvidia For Space Exploration Technologies’ AI Plans
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s38">
Space Exploration Technologies beat Q2 sales and loss estimates, but the stock slid 8.6% after it said its AI services will run exclusively on Nvidia systems.
</div>
</td>
</tr>
<tr>
<td align="left" class="s37">
<div class="s32">
🏆
<a>
Citadel Kept Winning Even As AI Trades Unwound
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s38">
Its Wellington fund rose 6% in July, helped by a discounted purchase of AI-linked positions from Situational Awareness after margin calls.
</div>
</td>
</tr>
<tr>
<td align="left" class="s37">
<div class="s32">
🕵️
<a>
UK AI Safety Tests Caught An Agent Making Fake Identities
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s38">
Britain’s AI Security Institute said an Anthropic model took 17 of 19 unsanctioned actions, including trying to trick a human into approving malicious code.
</div>
</td>
</tr>
<tr>
<td align="left" class="s37">
<div class="s32">
📽️
<a>
Disney Found A Toy Story Win Beyond The Box Office
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s38">
Toy Story 5 lifted merchandise, Disney+ engagement, and park visits as Disney also set a $1.2 billion A+E stake sale to fund buybacks.
</div>
</td>
</tr>
</tbody>
</table>
</div>
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<![endif]-->
</td>
</tr>
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<![endif]-->
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<tbody>
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<td align="left" class="s33">
<div class="s20">
<mj-raw>
<span class="s21">
🖋️
</span>
<span class="s22">
Quote of the day
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
</table>
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<![endif]-->
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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" class="s5">
<div class="s32">
<strong>
"I'm always making a comeback, but nobody ever tells me where I've been."
</strong>
– Billie Holiday (an American jazz singer)
</div>
</td>
</tr>
</tbody>
</table>
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<![endif]-->
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<![endif]-->
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<tbody>
<tr>
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<![endif]-->
<div class="s28">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
<tbody>
<tr>
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<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" class="s33">
<div class="s20">
<mj-raw>
<span class="s21">
🎯
</span>
<span class="s22">
On Our Radar
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
</table>
</div>
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</td></tr></table>
<![endif]-->
</td>
</tr>
</tbody>
</table>
</div>
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</td></tr></table>
</td></tr><tr><td class="" width="600px">
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<![endif]-->
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<tbody>
<tr>
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<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
<tbody>
<tr>
<td align="left" style="font-size:0px;padding:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
<div class="s32">
<p data-block-key="aaghi">
<b>
1. Y’all Street.
</b>
Why Goldman Sachs is
<a>
banking on Texas
</a>
.
</p>
<p data-block-key="52pq5">
<b>
2.
To the moon.
</b>
SpaceX’s
<a>
wayward rocket
</a>
left a massive crater on the lunar surface.
</p>
<p data-block-key="5kk8e">
<b>
3. Millennials, assemble.
</b>
Myspace is
<a>
eyeing a comeback
</a>
.
</p>
</div>
</td>
</tr>
</tbody>
</table>
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<![endif]-->
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<![endif]-->
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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" class="s5">
<div class="s32">
Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
<a class="s39">
Theodora
</a>
,
<a class="s39">
Russell
</a>
, and
<a class="s39">
Linda
</a>
. Got an idea? A question?
<a>
Get in touch
</a>
.
</div>
</td>
</tr>
</tbody>
</table>
</div>
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<![endif]-->
</td>
</tr>
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<![endif]-->
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
<tbody>
<tr>
<td style="direction:ltr;font-size:0px;padding:0 16px;text-align:center;">
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<![endif]-->
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<tbody>
<tr>
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<![endif]-->
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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" class="s33">
<div class="s20">
<mj-raw>
<span class="s21">
💌
</span>
<span class="s22">
THAT WAS GREAT FOR US... HOW WAS IT FOR YOU?
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
</table>
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<tbody>
<tr>
<td align="center" class="s40">
<table border="0" cellpadding="0" cellspacing="0" class="s41" role="presentation">
<tbody>
<tr>
<td align="center" bgcolor="#f8f9ff" class="s42" role="presentation" valign="middle">
<a class="s43" target="_blank">
<span aria-hidden="true" role="img">
🔥
</span>
Hot stuff
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
<!--[if mso | IE]>
</td><td class="" style="vertical-align:top;width:189.33333333333337px;">
<![endif]-->
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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="center" class="s40">
<table border="0" cellpadding="0" cellspacing="0" class="s41" role="presentation">
<tbody>
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<td align="center" bgcolor="#f8f9ff" class="s42" role="presentation" valign="middle">
<a class="s43" target="_blank">
<span aria-hidden="true" role="img">
👍
</span>
Just alright
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
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</div>
<!--[if mso | IE]>
</td><td class="" style="vertical-align:top;width:189.33333333333337px;">
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<tbody>
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<td align="center" bgcolor="#f8f9ff" class="s42" role="presentation" valign="middle">
<a class="s43" target="_blank">
<span aria-hidden="true" role="img">
😒
</span>
...Meh
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
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</div>
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<![endif]-->
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<tbody>
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<td style="direction:ltr;font-size:0px;padding:20px 0;padding-bottom:0px;padding-left:16px;padding-right:16px;text-align:center;">
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<tbody>
<tr>
<td align="center" style="font-size:0px;padding:10px 25px;word-break:break-word;">
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