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Daily 2026-08-11
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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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<td class="s25">
S&P 500
</td>
<td class="s26">
0.33% ▼
</td>
<td class="s27">
7,727
</td>
</tr>
<tr>
<td class="s25">
GOLD
</td>
<td class="s28">
0.16% ▲
</td>
<td class="s27">
$4,427
</td>
</tr>
<tr>
<td class="s25">
BITCOIN*
</td>
<td class="s26">
0.44% ▼
</td>
<td class="s27">
$63,630
</td>
</tr>
<tr>
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*24-hour change
</td>
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="" 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%">
<tbody>
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<td class="s25">
FTSE 100
</td>
<td class="s26">
0.12% ▼
</td>
<td class="s27">
10,849
</td>
</tr>
<tr>
<td class="s25">
BRENT OIL
</td>
<td class="s28">
1.61% ▲
</td>
<td class="s27">
$89.13
</td>
</tr>
<tr>
<td class="s25">
US BONDS*
</td>
<td class="s28">
0.01% ▼
</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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<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%252F156%252F162%252F518%252FP523LdrvK615Eqxb67nypx4jW%252F609dde705d0599c361a0ff928fff086dc596cbe0.png%253Fauto%253Dformat%2526fit%253Dclip%2526h%253DNone%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253D002c534f164c4f83aa76d81106af2fce/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODY0ODU3OTguNTA0MjMzNH0:1wtuZ4:bzbI76ZEmcqPgJdxOPMKujDpUznux_AlFqwY2wJH5YQ" width="536"/>
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<div class="s33">
<p data-block-key="10zqs">
💰 Nvidia wants to bankroll its customers’ AI build-outs
</p>
<p data-block-key="k9g2">
<b>
🧳 FOR PRO MEMBERS:
</b>
With these well-traveled stocks, patience could pay off
</p>
<p data-block-key="8i511">
📈 European stocks have been calling
to investors
</p>
<p data-block-key="bvg40">
<b>
👇 Keep reading to find out more
</b>
</p>
</div>
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<div style="font-family:Inter,sans-serif;font-size:14px;font-weight:bold;line-height:1.5;text-align:left;text-transform:uppercase;color:#204CE9;">
<mj-raw>
<span class="s21">
👀
</span>
<span class="s22">
Today's headlines
</span>
</mj-raw>
</div>
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<div class="s35">
<mj-raw>
<span class="s36">
Nvidia’s Six
</span>
</mj-raw>
</div>
</td>
</tr>
<tr>
<td align="center" class="s5">
<table border="0" cellpadding="0" cellspacing="0" class="s10" role="presentation">
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<a target="_blank">
<img alt="Nvidia’s Six" class="s12" 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-110826-Nvidia.original.png%253Fauto%253Dformat%2526fit%253Dcrop%2526h%253D600%2526ixlib%253Dpython-3.1.2%2526w%253D1200%2526s%253Dbccbac76f041ed236e5595395cb7362f/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZmaW5pbWl6ZS1pbSIsInRpbWUiOjE3ODY0ODU3OTguNTA0Mzg5M30:1wtuZ4:eoSSRj2Hsj-ZqXQxoUquBNaIkLkuZlv1vAhTTCc6Ew0" width="568"/>
</a>
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</td>
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<tr>
<td align="left" class="s5">
<div class="s33">
<p data-block-key="hmvcs">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="6tddc">
<b>
Nvidia’s
</b>
gone full
<i>
Ocean’s Eleven
</i>
, tapping six of Wall Street’s biggest firms to raise $500 billion for building AI infrastructure – all part of a plan to turn its chips into a new investable asset class.
</p>
<p data-block-key="6uq2i">
<b>
What does this mean?
</b>
</p>
<p data-block-key="87al8">
Here’s the job: finance AI infrastructure build-outs
– complete with Nvidia chips – without making AI labs take on the debt themselves to do it.
</p>
<p data-block-key="72sm9">
▶ The plan: Nvidia announced that it’s bringing together investment firms
<b>
Apollo
</b>
,
<b>
Blackstone
</b>
,
<b>
BlackRock
</b>
,
<b>
Brookfield
</b>
,
<b>
Goldman
</b>
<b>
Sachs
</b>
, and
<b>
KKR
</b>
to build financing platforms for its customers. These firms will likely set up special-purpose vehicles – let’s call them the getaway cars – that’ll borrow from institutional investors to
buy Nvidia hardware and build data centers. Then, they’ll lease the fresh compute to the chipmaker’s customers (like
<b>
OpenAI
</b>
). The lease payments pay off the debt, and the chips act as collateral.
</p>
<p data-block-key="dnqke">
▶ Nvidia said it would chip in up to 25% toward the vehicles, but the lion’s share will come from third-party investors – and the first vroom-vroom is expected within months.
</p>
<p data-block-key="d4iic">
<b>
Why should I care?
</b>
</p>
<p data-block-key="esrvc">
<b>
<i>
Zooming
out:
</i>
</b>
<i>
A new investment is born – maybe.
</i>
</p>
<p data-block-key="ei0nv">
GPUs have long been considered depreciating hardware that lose value the moment you plug them in. Now, though, Nvidia’s trying to reframe its chips as long-lived infrastructure that can be borrowed against, leased, and traded – not to mention
<i>
itself
</i>
as a financier. The firm’s hardware already powers 80% of AI training globally – and if this framework sticks, Nvidia will be at the heart of
<i>
even more
</i>
of the world’s AI infrastructure.
</p>
<p data-block-key="96c51">
⚠️ Thing is, the chipmaker-turned-dealmaker typically releases new GPU generations every year, and each one tends to dramatically outperform the last. Meanwhile, AI labs are constantly working to squeeze more performance out of less hardware. That creates a problem for lenders: a GPU pledged as collateral today will likely be worth less after next year’s models come out.
</p>
</div>
</td>
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<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>
Nvidia’s CEO Sees Physical AI Booming: Here’s One Of Its Big Opportunities
</a>
</div>
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<span class="s21">
👀
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Today's Research
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<span class="s36">
With These Hotel Stocks, The Key Is Knowing When To Check In
</span>
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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="1qpso">
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="f88rr">
<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="dcciq">
That’s
today’s Research:
<a>
these stocks are well-traveled, so patience could pay off
</a>
.
</p>
<p data-block-key="fvkpm">
<a>
<b>
Read or listen to the Research
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<span class="s21">
👀
</span>
<span class="s22">
Today's headlines
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<mj-raw>
<span class="s36">
Europe Calls
</span>
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<p data-block-key="bwc1e">
<b>
What’s going on here?
</b>
</p>
<p data-block-key="emg0">
European stocks are having their day in the sun, brushing aside gloomy predictions that war in the Middle East would bring stagflation (that nasty mix of stubborn inflation and sluggish growth).
</p>
<p data-block-key="35u0p">
<b>
What does this mean?
</b>
</p>
<p data-block-key="367uk">
The Stoxx Europe 600 is up more than 10% so far this year, hitting a string
of record highs this week – with a handful of factors fueling its rally.
</p>
<p data-block-key="9s1c4">
🔺 European companies are on track to deliver 22% earnings growth in the second quarter compared with the same period last year – their snappiest pace since 2022.
</p>
<p data-block-key="9k4ls">
▶ Better still, the strength is across the board, with financials, energy, industrials, and plenty of other sectors all pitching in – so not
<i>
just
</i>
tech. In fact, the Stoxx 600’s relatively low tech
weighting – at just 10% – is making the index more attractive to international investors looking to diversify away from tech-heavy markets elsewhere.
</p>
<p data-block-key="din69">
▶ Plus, the eurozone economy is in something of a sweet spot right now: growth is picking up, but not so quickly that the European Central Bank needs to slam on the brakes with aggressive interest rate hikes.
</p>
<p data-block-key="5ljhs">
<b>
Why should I care?
</b>
</p>
<p data-block-key="5i2ac">
<b>
<i>
The bigger
picture:
</i>
</b>
<i>
Too much sunshine, not enough rainbows.
</i>
</p>
<p data-block-key="3r7po">
Investors still have to contend with a slow-burning but serious long-term risk: climate change. Europe is warming twice as fast as the global average – and you can tell: much of the region is facing its
<i>
fifth
</i>
heat wave of the year this week.
</p>
<p data-block-key="8nr23">
🔺 The damage has been far-reaching: devastating wildfires, serious droughts, weaker crop yields, record-low water levels
(
<a>
disrupting
</a>
key shipping routes and supply chains), higher energy prices, and more. Preliminary estimates put the damage and economic losses from the wildfires in France, Spain, and Greece
<i>
alone
</i>
at as much as $22 billion. Add in everything else, and the bill climbs higher still.
</p>
<p data-block-key="2aqhl">
⚠️ With extreme weather becoming more frequent and destructive, this could be just a taste of what’s to come.
</p>
</div>
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<mj-raw>
<span class="s22">
Sponsored by CoinShares
</span>
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<div class="s33">
<h3 data-block-key="xnoxs">
<b>
You’ve seen the charts, the hype, the crashes.
</b>
</h3>
<p data-block-key="d5jmn">
What you probably haven’t seen is how quietly
<a>
<b>
Ethereum
</b>
</a>
is being used to move actual dollars, store value, and run
financial apps in the background.
</p>
<p data-block-key="3qgl0">
<a>
<b>
This
guide
</b>
</a>
pulls back the curtain so you can judge for yourself: is ether just another coin to flip, or a way to get exposure to the infrastructure of digital money?
</p>
<p data-block-key="elc81">
If you’re even slightly curious what you’re missing beyond the ticker,
<a>
<b>
this is where you start
</b>
</a>
.
</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>
</div>
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</td></tr></table>
<![endif]-->
</td>
</tr>
</tbody>
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</tr>
</tbody>
</table>
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</td></tr></table>
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<![endif]-->
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<tbody>
<tr>
<td class="s37">
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<table role="presentation" border="0" cellpadding="0" cellspacing="0"><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" 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></table>
</td></tr><tr><td class="" width="600px">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568" bgcolor="#f8f9ff"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![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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<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:536px;">
<![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="s38">
<div class="s33">
🤖
<a>
Unitree’s Humanoid Robot IPO Shows China’s Investor Appetite
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s39">
Reuters says the Shanghai listing was 8,000 times oversubscribed, even with Unitree priced at 219 times its 2025 earnings.
</div>
</td>
</tr>
<tr>
<td align="left" class="s38">
<div class="s33">
🇯🇵
<a>
TSMC And Sony Team Up On Next-Gen Image Sensors In Japan
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s39">
The $4.69 billion venture in Kumamoto targets volume production in 2029, with Sony as the controlling shareholder.
</div>
</td>
</tr>
<tr>
<td align="left" class="s38">
<div class="s33">
🚗
<a>
China’s Car Slump Deepens At Home, While Exports Take Off
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s39">
July marked a 10th straight drop in domestic passenger vehicle sales, but exports jumped 88.2% as automakers lean harder on overseas growth.
</div>
</td>
</tr>
<tr>
<td align="left" class="s38">
<div class="s33">
🏃♀️
<a>
OpenAI’s $7 Billion Share Sale Gave Employees A Big Exit
</a>
</div>
</td>
</tr>
<tr>
<td align="left" class="s5">
<div class="s39">
CNBC says the tender offer values OpenAI at $852 billion, as the company keeps its SEC-filed IPO plans under wraps.
</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>
<![endif]-->
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</tr>
</tbody>
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</td></tr></table>
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<![endif]-->
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</div>
</td>
</tr>
</tbody>
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<![endif]-->
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<tbody>
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<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
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<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="s34">
<div class="s20">
<mj-raw>
<span class="s21">
🖋️
</span>
<span class="s22">
Quote of the day
</span>
</mj-raw>
</div>
</td>
</tr>
</tbody>
</table>
</div>
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<![endif]-->
</td>
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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="s5">
<div class="s33">
<strong>
"Laughter and tears are both responses to frustration and exhaustion. I myself prefer to laugh, since there is less cleaning up to do afterward."
</strong>
– Kurt Vonnegut (an American writer)
</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="s29">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="s1" role="presentation">
<tbody>
<tr>
<td class="s18">
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<table role="presentation" border="0" cellpadding="0" cellspacing="0"><tr><td class="" style="vertical-align:top;width:568px;">
<![endif]-->
<div class="mj-column-per-100 mj-outlook-group-fix s6">
<table border="0" cellpadding="0" cellspacing="0" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" class="s34">
<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">
<table align="center" border="0" cellpadding="0" cellspacing="0" class="" role="presentation" style="width:568px;" width="568"><tr><td style="line-height:0px;font-size:0px;mso-line-height-rule:exactly;">
<![endif]-->
<div class="s29">
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<tbody>
<tr>
<td class="s32">
<!--[if mso | IE]>
<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" width="100%">
<tbody>
<tr>
<td class="s23">
<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="s33">
<p data-block-key="aaghi">
<b>
1. Worrying that he’s
</b>
<b>
<i>
not
</i>
</b>
<b>
worried.
</b>
Mark Zuckerberg’s “personal superintelligence” AI manifesto is leaving
<a>
some folks with more concerns
</a>
, not less.
</p>
<p data-block-key="3je5a">
<b>
2. A load of chic.
</b>
Why celebrities from Zendaya to Kylie Jenner are
<a>
wearing… Fecal Matter.
</a>
</p>
<p data-block-key="5tij6">
<b>
3. Moon shot.
</b>
How and where to see Wednesday’s
<a>
total solar eclipse
</a>
.
</p>
</div>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
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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" class="s4" role="presentation" width="100%">
<tbody>
<tr>
<td align="left" class="s5">
<div class="s33">
Stay classy, Sarah 😉 This issue of the Daily Brief was curated by
<a class="s40">
Theodora
</a>
,
<a class="s40">
Reda
</a>
, and
<a class="s40">
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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<tbody>
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<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 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="s34">
<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>
</div>
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<![endif]-->
</td>
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<![endif]-->
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<tbody>
<tr>
<td align="center" class="s41">
<table border="0" cellpadding="0" cellspacing="0" class="s42" role="presentation">
<tbody>
<tr>
<td align="center" bgcolor="#f8f9ff" class="s43" role="presentation" valign="middle">
<a class="s44" 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="s41">
<table border="0" cellpadding="0" cellspacing="0" class="s42" role="presentation">
<tbody>
<tr>
<td align="center" bgcolor="#f8f9ff" class="s43" role="presentation" valign="middle">
<a class="s44" target="_blank">
<span aria-hidden="true" role="img">
👍
</span>
Just alright
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
<!--[if mso | IE]>
</td><td class="" style="vertical-align:top;width:189.33333333333337px;">
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<tbody>
<tr>
<td align="center" bgcolor="#f8f9ff" class="s43" role="presentation" valign="middle">
<a class="s44" target="_blank">
<span aria-hidden="true" role="img">
😒
</span>
...Meh
</a>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</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;">
<table border="0" cellpadding="0" cellspacing="0" class="s10" role="presentation">
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