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Daily 2026-08-14
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WHAT'S GOING ON
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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="s22">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
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S&P 500
</td>
<td class="s26">
0.17% ▼
</td>
<td class="s27">
7,786
</td>
</tr>
<tr>
<td class="s25">
GOLD
</td>
<td class="s28">
0.19% ▲
</td>
<td class="s27">
$4,429
</td>
</tr>
<tr>
<td class="s25">
BITCOIN*
</td>
<td class="s26">
0.85% ▼
</td>
<td class="s27">
$62,878
</td>
</tr>
<tr>
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*24-hour change
</td>
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<td align="left" style="font-size:0px;padding:10px 25px;padding-top:0;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
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<td class="s22">
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" width="100%">
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<td align="left" class="s8">
<table border="0" cellpadding="0" cellspacing="0" class="s24" width="100%">
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<td class="s25">
FTSE 100
</td>
<td class="s26">
0.18% ▼
</td>
<td class="s27">
10,753
</td>
</tr>
<tr>
<td class="s25">
BRENT OIL
</td>
<td class="s28">
1.52% ▲
</td>
<td class="s27">
$88.39
</td>
</tr>
<tr>
<td class="s25">
US BONDS*
</td>
<td class="s28">
0.05% ▼
</td>
<td class="s27">
4.69%
</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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<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="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fimages.bannerbear.com%252Fdirect%252F7Q4rjJzQn7vZo8qPOx%252Frequests%252F000%252F157%252F457%252F468%252FDqR2v1kNaYMRGJVjz8epZrOWP%252F24b7e24bb0f1f1ba5b8d8942cd1f30c5c292dcc4.png%253Fauto%253Dformat%2526fit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D318f1311d0ee27dcbf9a84e4d76b6570/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODY3NDQ5NzcuMTYzMDI1Nn0:1wuzzN:0Z_bzw3upoKj6w5iBIAladnwXoZxe9DmwnkASmi3XB8" width="536"/>
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<div class="s33">
<p data-block-key="10zqs">
<b>
🦾
</b>
Chinese tech stocks are the priciest in the world
</p>
<p data-block-key="9v8ds">
<b>
🧳 FOR PRO MEMBERS:
</b>
With these well-traveled stocks, patience could pay off
</p>
<p data-block-key="7q9bo">
🏦 US borrowing costs hit a
25-year high
</p>
<p data-block-key="bvg40">
<b>
👇 Keep reading to find out more
</b>
</p>
</div>
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<mj-raw>
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👀
</span>
<span class="s21">
Today's headlines
</span>
</mj-raw>
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The People’s AI Party
</span>
</mj-raw>
</div>
</td>
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<a target="_blank">
<img alt="The People’s AI Party" class="s11" height="auto" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FEditorial-140826-ChinaAI.original.jpg%253Fauto%253Dformat%2526fit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Dbbd6a2797ea3f52e098d928d146c9871/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODY3NDQ5NzcuMTYzMjc5fQ:1wuzzN:o-tx7ayfsVz8KUSx-RMjaJTdmypol1meDpJGcCMwwSY" width="568"/>
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<div class="s33">
<p data-block-key="5qpdw">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="ft3ln">
Chinese tech stocks are now the most expensive in the world.
</p>
<p data-block-key="3jio0">
<b>
What does this mean?
</b>
</p>
<p data-block-key="nlvh">
Shanghai's tech-heavy Star 50 has surged this year, easily outpacing the broader CSI 300 and Hong Kong's Hang Seng. Valuations have jumped alongside it: the index now trades at more than 150 times its companies’
earnings – roughly
<i>
quadruple
</i>
the multiple of America’s tech-focused Nasdaq 100. And this year’s new listings on the Star 50 have been even more extreme, debuting at an average price-to-earnings ratio of 268.
</p>
<p data-block-key="dthf0">
▶ Retail investors are contributing to the mania. When humanoid robotics group
<b>
Unitree
</b>
priced its IPO recently, demand was a staggering
<i>
8,000 times
</i>
greater than the number of shares available – a sign of just how much household money is
chasing anything AI-flavored.
</p>
</div>
</td>
</tr>
<tr>
<td align="left" style="font-size:0px;padding:10px 25px;padding-top:8px;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#000000;">
What's the take?
</div>
</td>
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<td align="left" class="s37">
<table border="0" cellpadding="0" cellspacing="0" class="s24" width="100%">
<tbody>
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<td style="width:52px;vertical-align:middle">
<img alt="Theodora Lee Joseph, CFA's profile image" height="40" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252Ftheodora_square.original.jpg%253Fauto%253Dformat%252Ccompress%2526fit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D100%2526s%253D8b991a12af4297baf3ad9e4dbbaa28c3/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODY3NDQ5NzcuMTYzNTAyN30:1wuzzN:hqdZgq9T8q8iXhE9yu6y-mtvoFm2VHk35sZF1SPIINA" style="border-radius:50%;display:block" width="40"/>
</td>
<td style="vertical-align:middle;font-size:14px">
<span style="font-weight:700">
Theodora Lee Joseph, CFA
</span>
<span style="font-size:12px;color:#7F879C;text-transform:uppercase">
Analyst
</span>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
<tr>
<td align="left" class="s37">
<table border="0" cellpadding="0" cellspacing="0" style="color:#000000;font-family:Inter,sans-serif;font-size:14px;line-height:1.5;table-layout:auto;width:100%;border:none;" width="100%">
<tbody>
<tr>
<td style="width:19px;border-right:2px solid #E4E8F3">
</td>
<td style="width:31px">
</td>
<td>
<p data-block-key="yb5th">
<b>
<i>
For markets:
</i>
</b>
<i>
Government-sponsored rally.
</i>
</p>
<p data-block-key="3u5kf">
Since China’s 2022 property bust, the government has been steering folks away from investing in real estate and toward stocks – especially AI ones. And that became a lot easier after Chinese exchanges relaxed some listing requirements, resulting in more public firms to choose from.
</p>
<p data-block-key="16s5g">
▶ It’s intentional: the Chinese president has made AI and
tech strategic national priorities – which explains why a "national team" of state-backed funds can step in with support (read: cash) if markets wobble.
</p>
<p data-block-key="bfg70">
<b>
<i>
The bigger picture:
</i>
</b>
<i>
China’s embedded tech.
</i>
</p>
<p data-block-key="dp4g7">
The US is using export controls to restrict China’s access to advanced chips, chipmaking equipment, and related tech. But that’s helped sharpen the country’s push for AI self-reliance – and hasn’t stopped its models from
gaining ground overseas. US and European firms are increasingly choosing Chinese open-weight AI models for their lower cost and, lately, their performance.
</p>
<p data-block-key="cld5j">
<b>
▶
</b>
A similar story is playing out in EVs and batteries. Chinese dominance – built on years of cut-throat domestic competition and state support – has Western carmakers facing an “if you can’t beat ‘em, join ‘em” situation.
<b>
Ford
</b>
,
<b>
Volkswagen
</b>
, and
<b>
Stellantis
</b>
are among the automakers
tapping Chinese EV tech.
</p>
<p data-block-key="2fuvn">
⚠️ So tensions between the world’s two biggest economies hurt both Chinese companies
<i>
and
</i>
the Western firms that now rely on them.
</p>
</td>
</tr>
</tbody>
</table>
</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>
How
Chinese AI could spoil the party for OpenAI and Anthropic
</a>
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<span class="s20">
📈
</span>
<span class="s21">
Chart Of The Day
</span>
</mj-raw>
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<span class="s36">
With These Hotel Stocks, The Key Is Knowing When To Check In
</span>
</mj-raw>
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<div class="s33">
<p data-block-key="pr7ai">
Picture
<a>
your last hotel stay
</a>
– the logo on the keycard, the branded shampoo, the loyalty points that landed in
your app overnight.
</p>
<p data-block-key="3t52j">
It may seem strange, but the company behind that logo probably didn't own the building, buy the bed, and might not even employ the person who checked you in. That’s because the
<a>
world’s biggest hotel companies
</a>
mostly don’t own hotels at all.
</p>
<p data-block-key="b3c9o">
<b>
Marriott
</b>
,
<b>
Hilton
</b>
and
<b>
IHG
</b>
are three of the
<a>
highest-quality
</a>
consumer-facing businesses I've come across – high margins, decades-long contracts, low spending requirements, and a scale advantage that compounds.
</p>
<p data-block-key="1ck38">
That’s
today’s Research:
<a>
these stocks are well-traveled, so patience could pay off
</a>
.
</p>
<p data-block-key="br7ru">
<a>
<b>
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<mj-raw>
<span class="s20">
👀
</span>
<span class="s21">
Today's headlines
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<mj-raw>
<span class="s36">
Uncle Sam IOUs
</span>
</mj-raw>
</div>
</td>
</tr>
<tr>
<td align="center" class="s5">
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<a target="_blank">
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<div class="s33">
<p data-block-key="mh52i">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="987vs">
The US government's borrowing costs on 30-year Treasury bonds just hit their highest in
<i>
25 years
</i>
.
</p>
<p data-block-key="9cs69">
<b>
What does this mean?
</b>
</p>
<p data-block-key="15cs8">
The government raises cash by selling bonds – basically, IOUs that are repaid with interest. Investors set the interest rate, which then influences the cost of other
debt, including mortgages and corporate loans.
</p>
<p data-block-key="c0utm">
▶ This week, when the US Treasury auctioned $25 billion worth of 30-year bonds, lenders said they wanted 5.22% a year. That’s up from 5.06% last month, and the highest since August 2001.
</p>
</div>
</td>
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<td align="left" style="font-size:0px;padding:10px 25px;padding-top:8px;padding-right:0;padding-bottom:0;padding-left:0;word-break:break-word;">
<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:700;line-height:1.5;text-align:left;color:#000000;">
What's the take?
</div>
</td>
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<img alt="Charlie Pullan, CFA's profile image" height="40" src="https://inboxflows.com/_/image/https%253A%252F%252Ffinimize-img.imgix.net%252Fhttps%253A%252F%252Fchivas-assets.s3-eu-west-1.amazonaws.com%252Fstatic%252Fimages%252FCharlie_Pullan_profile_pic_287261011_aksndias.original.jpg%253Fauto%253Dformat%252Ccompress%2526fit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D100%2526s%253De315726a9b0ce6779549f4684e94474d/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODY3NDQ5NzcuMTY1MDR9:1wuzzN:7dNAb0OOsZUpV-YPxMbUGJlrqoJn_11n2T9XWehsPPQ" style="border-radius:50%;display:block" width="40"/>
</td>
<td style="vertical-align:middle;font-size:14px">
<span style="font-weight:700">
Charlie Pullan, CFA
</span>
<span style="font-size:12px;color:#7F879C;text-transform:uppercase">
Analyst
</span>
</td>
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<tbody>
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<td style="width:19px;border-right:2px solid #E4E8F3">
</td>
<td style="width:31px">
</td>
<td>
<p data-block-key="e9e2h">
<b>
<i>
Zooming in:
</i>
</b>
<i>
The debt avalanche.
</i>
</p>
<p data-block-key="3kp2d">
The US government is spending more than it earns, so it keeps returning to bond markets to make ends meet. It’s built up a monster debt pile: almost $31
<i>
trillion
</i>
– roughly equal to the entire US economy – is owed to outside lenders alone.
</p>
<p data-block-key="8v3th">
▶ Debt this big can snowball. Every new bond that the government sells adds interest payments that can last
for decades. And that means – you guessed it – the government may sell even more bonds to help cover those payments.
</p>
<p data-block-key="j2al">
<b>
<i>
Zooming out:
</i>
</b>
<i>
Uncle Sam isn’t alone.
</i>
</p>
<p data-block-key="62vpp">
Big Tech is building AI data centers on debt – the likes of
<b>
Alphabet
</b>
,
<b>
Amazon
</b>
, and
<b>
Meta
</b>
have borrowed almost $220 billion this year – while European governments are spending big on defense and infrastructure.
</p>
<p data-block-key="68d95">
▶ More
borrowers means lenders can charge more, and they sure are: US government debt hasn't paid this well in years.
</p>
<p data-block-key="758q2">
⚠️ That can drag on stocks: bond investors are able to earn a decent return with far less risk, while higher borrowing costs mean that companies’ future profits look less valuable today. Markets have shrugged so far, cheered by strong earnings – but the question is how much further those costs can climb before investors start to worry.
</p>
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Sponsored by Philip Morris International
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✨
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Sarah's Digest
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S&P Dow Jones Indices said the stock will join the benchmark on Aug 14th, and JPMorgan estimates S&P 500 trackers could need to buy about 16.7 million shares.
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<a>
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</a>
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<td align="left" class="s5">
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The University of Michigan’s preliminary sentiment index slid to 51.0 as one-year inflation expectations ticked up to 4.3%.
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<mj-raw>
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🖋️
</span>
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Quote of the day
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<strong>
"Music always sounds better on Friday."
</strong>
– Lou Brutus (an American radio DJ)
</div>
</td>
</tr>
</tbody>
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<tr>
<td align="left" class="s34">
<div class="s19">
<mj-raw>
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🎯
</span>
<span class="s21">
On Our Radar
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
</table>
</div>
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<tbody>
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<div class="s33">
<p data-block-key="aaghi">
<b>
1. Not enough impact.
</b>
Wondermind investors are
<a>
suing “chief impact officer” Selena Gomez
</a>
.
</p>
<p data-block-key="5rrhu">
<b>
2. A good man is hard to find.
</b>
And that’s why matchmakers are
<a>
nailing it right now
</a>
.
</p>
<p data-block-key="fd4h8">
<b>
3. South Korea, global gateway.
</b>
Incheon Airport is officially
<a>
the world’s busiest
</a>
.
</p>
<p data-block-key="69b1b">
<b>
4. Slowest art heist ever.
</b>
Thieves
<a>
spent eight hours
</a>
plundering millions in art from an Italian office.
</p>
</div>
</td>
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<tr>
<td align="left" class="s5">
<div class="s33">
Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
<a class="s42">
Charlie
</a>
,
<a class="s42">
Theodora
</a>
, and
<a class="s42">
Linda
</a>
. Got an idea? A question?
<a>
Get in touch
</a>
.
</div>
</td>
</tr>
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<![endif]-->
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<![endif]-->
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<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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<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" class="s34">
<div class="s19">
<mj-raw>
<span class="s20">
💌
</span>
<span class="s21">
THAT WAS GREAT FOR US... HOW WAS IT FOR YOU?
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
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</div>
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2 days, 19 hours ago - hello@finimize.com
💴 China's tech stocks are the most expensive
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