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          Investors have the AI jitters again...
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                    July 29, 2026
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                     Presented By
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                     <strong style="color:#000;font-weight:bold">
                      Hey there.
                     </strong>
                     LeBron James, who officially signed with the Philadelphia 76ers this week, is reportedly considering living in NYC and
                     <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                      commuting
                     </a>
                     to Philly via helicopter.
                    </p>
                    <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                     Don’t be surprised if he makes his son, Bronny James, play for the 76ers, too. After all, he is a helicopter parent.
                    </p>
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                     <em>
                      —Matty Merritt, Dave Lozo, Sam Klebanov, Adam Epstein, Holly Van Leuven
                     </em>
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                      In today’s newsletter,
                     </strong>
                     we’ll get into:
                    </p>
                    <ul style="color:#333;margin-top:0;padding-left:30px">
                     <li style="color:#333;line-height:22px;margin-bottom:10px">
                      Investors panicking over AI spending
                     </li>
                     <li style="color:#333;line-height:22px;margin-bottom:10px">
                      Private Claude chats showing up in Google search results
                     </li>
                     <li style="color:#333;line-height:22px;margin-bottom:10px">
                      Apple overtaking Nvidia as the world’s most valuable company
                     </li>
                    </ul>
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                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         Markets
                        </p>
                       </td>
                      </tr>
                     </tbody>
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                    <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
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                       <td class="pad5m">
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                           <td class="pads10 pads6m" style="text-align:center;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0px;mso-padding-alt:0 20px 0 20px">
                            <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;width:100%">
                             <tbody>
                              <tr>
                               <td class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                                <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUzMTY4MzUuMjMwNjg1Mn0:1wp0Sp:h-R_2jJhxm28xeEnd5YgC0CcnJttXYiexdwomSLIul4" style="width:22%" width="20"/>
                               </td>
                               <td class="markets-ticker-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 Nasdaq
                                </p>
                               </td>
                               <td class="markets-value-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 24,876.91
                                </p>
                               </td>
                               <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                                <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;width:70%;margin:0 auto">
                                 <tbody>
                                  <tr>
                                   <td style="background-color:rgba(255, 3, 3, 0.3);border-radius:8px;padding:10px 8px" valign="middle">
                                    <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:center;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                     -0.22%
                                    </p>
                                   </td>
                                  </tr>
                                 </tbody>
                                </table>
                               </td>
                              </tr>
                             </tbody>
                            </table>
                           </td>
                          </tr>
                          <tr>
                           <td class="pads10 pads6m" style="text-align:center;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0px;mso-padding-alt:0 20px 0 20px">
                            <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;width:100%">
                             <tbody>
                              <tr>
                               <td class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                                <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUzMTY4MzUuMjMwODA1Mn0:1wp0Sp:oOZTEAopNv8IUU2nb2qchb3Gl--KW6n8hIvRvI3jXH0" style="width:22%" width="20"/>
                               </td>
                               <td class="markets-ticker-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 S&amp;P
                                </p>
                               </td>
                               <td class="markets-value-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 7,428.78
                                </p>
                               </td>
                               <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                                <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;width:70%;margin:0 auto">
                                 <tbody>
                                  <tr>
                                   <td style="background-color:rgba(40, 211, 26, 0.3);border-radius:8px;padding:10px 8px" valign="middle">
                                    <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:center;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                     +0.21%
                                    </p>
                                   </td>
                                  </tr>
                                 </tbody>
                                </table>
                               </td>
                              </tr>
                             </tbody>
                            </table>
                           </td>
                          </tr>
                          <tr>
                           <td class="pads10 pads6m" style="text-align:center;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0px;mso-padding-alt:0 20px 0 20px">
                            <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;width:100%">
                             <tbody>
                              <tr>
                               <td class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                                <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUzMTY4MzUuMjMwOTcwOX0:1wp0Sp:mNZ91emtUGflKkYsFumZROadC8EVkC2dfS8mvhejiiM" style="width:22%" width="20"/>
                               </td>
                               <td class="markets-ticker-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 Dow
                                </p>
                               </td>
                               <td class="markets-value-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 52,747.32
                                </p>
                               </td>
                               <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                                <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;width:70%;margin:0 auto">
                                 <tbody>
                                  <tr>
                                   <td style="background-color:rgba(40, 211, 26, 0.3);border-radius:8px;padding:10px 8px" valign="middle">
                                    <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:center;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                     +1.03%
                                    </p>
                                   </td>
                                  </tr>
                                 </tbody>
                                </table>
                               </td>
                              </tr>
                             </tbody>
                            </table>
                           </td>
                          </tr>
                          <tr>
                           <td class="pads10 pads6m" style="text-align:center;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0px;mso-padding-alt:0 20px 0 20px">
                            <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;width:100%">
                             <tbody>
                              <tr>
                               <td class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                                <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUzMTY4MzUuMjMxMDg1OH0:1wp0Sp:x1KcyE2AlFIpRZSngYtAn14M_UKVTMMhOhKTWdwHY7Y" style="width:22%" width="20"/>
                               </td>
                               <td class="markets-ticker-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 10-Year
                                </p>
                               </td>
                               <td class="markets-value-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 4.604%
                                </p>
                               </td>
                               <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                                <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;width:70%;margin:0 auto">
                                 <tbody>
                                  <tr>
                                   <td style="background-color:rgba(255, 3, 3, 0.3);border-radius:8px;padding:10px 8px" valign="middle">
                                    <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:center;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                     -4.0 bps
                                    </p>
                                   </td>
                                  </tr>
                                 </tbody>
                                </table>
                               </td>
                              </tr>
                             </tbody>
                            </table>
                           </td>
                          </tr>
                          <tr>
                           <td class="pads10 pads6m" style="text-align:center;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0px;mso-padding-alt:0 20px 0 20px">
                            <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;width:100%">
                             <tbody>
                              <tr>
                               <td class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                                <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252Fe4a85d043f857cc8adaca9d546c099f6d7db37ba-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUzMTY4MzUuMjMxMTkyOH0:1wp0Sp:igNjhzAFQA7ZFDNmSflQG_64O2wLoockUa0Kzmug744" style="width:22%" width="20"/>
                               </td>
                               <td class="markets-ticker-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 Bitcoin
                                </p>
                               </td>
                               <td class="markets-value-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 $63,883.02
                                </p>
                               </td>
                               <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                                <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;width:70%;margin:0 auto">
                                 <tbody>
                                  <tr>
                                   <td style="background-color:rgba(255, 3, 3, 0.3);border-radius:8px;padding:10px 8px" valign="middle">
                                    <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:center;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                     -1.57%
                                    </p>
                                   </td>
                                  </tr>
                                 </tbody>
                                </table>
                               </td>
                              </tr>
                             </tbody>
                            </table>
                           </td>
                          </tr>
                          <tr>
                           <td class="pads10 pads6m" style="text-align:center;border-top:1px solid #e6e6e6;border-bottom:1px solid #e6e6e6;padding-bottom:0px;mso-padding-alt:0 20px 0 20px">
                            <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;width:100%">
                             <tbody>
                              <tr>
                               <td class="markets-arrow-cell" style="text-align:center;width:12%;line-height:1em" valign="middle">
                                <img alt="" class="markets-arrow" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUzMTY4MzUuMjMxMjk4Mn0:1wp0Sp:PJNzWrM6aahz-cti7IY42o1R32L6lFyJHqIPTSWbUy8" style="width:22%" width="20"/>
                               </td>
                               <td class="markets-ticker-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 Coca-Cola
                                </p>
                               </td>
                               <td class="markets-value-cell" style="width:34%" valign="middle">
                                <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:left;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                 $88.31
                                </p>
                               </td>
                               <td class="markets-bubble-cell" style="width:20%;padding-top:8px;padding-bottom:8px" valign="middle">
                                <table border="0" cellpadding="0" cellspacing="0" class="markets-bubble" role="presentation" style="border-collapse:collapse;width:70%;margin:0 auto">
                                 <tbody>
                                  <tr>
                                   <td style="background-color:rgba(40, 211, 26, 0.3);border-radius:8px;padding:10px 8px" valign="middle">
                                    <p class="markets-table-text" style="color:#333;white-space:nowrap;vertical-align:middle;text-align:center;font-family:Helvetica, Arial, sans-serif;margin:0;padding:0;font-size:16px;font-weight:700;line-height:1em">
                                     +5.04%
                                    </p>
                                   </td>
                                  </tr>
                                 </tbody>
                                </table>
                               </td>
                              </tr>
                             </tbody>
                            </table>
                           </td>
                          </tr>
                          <tr>
                           <td style="padding:3px 15px 10px">
                            <table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;font-size:13px">
                             <tbody>
                              <tr>
                               <td style="color:#333;padding-right:4px">
                                Data is provided by
                               </td>
                               <td style="margin:0;padding-right:5px">
                                <a rel="noopener noreferrer" style="display:block" target="_blank">
                                 <img height="16px" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F61a0dac0b53d6766459afdca784ae8fe604f17ed-720x102.png%253Fh%253D32%2526q%253D100%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUzMTY4MzUuMjMxNDIxfQ:1wp0Sp:JimYUSNvDgnioxigFcJEFxUW4j5GS0KBs4ZyWfAVRk4" style="vertical-align:middle;height:16px;display:inline"/>
                                </a>
                               </td>
                              </tr>
                             </tbody>
                            </table>
                            <p style="color:#333;text-align:left;margin:0;padding:0;font-size:13px;line-height:22px">
                             *Stock data as of market close, cryptocurrency data as of
                             <!-- -->
                             <!-- -->
                             4:30pm
                             <!-- -->
                             <!-- -->
                             ET.
                             <!-- -->
                             <a class="link" rel="noopener noreferrer" style="color:#333;border-bottom:1px solid #1c7ff2;text-decoration:none" target="_blank">
                              Here's what these numbers mean.
                             </a>
                            </p>
                           </td>
                          </tr>
                         </tbody>
                        </table>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:0 15px;mso-padding-alt:0 15px 15px 15px">
                        <ul style="color:#333;margin-top:0;padding-left:30px">
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          <strong style="color:#000;font-weight:bold">
                           Markets:
                          </strong>
                          Yesterday, stocks were like your parents’ honest review of your seventh-grade band recital: decidedly
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           mixed
                          </a>
                          . The Nasdaq fell, but the Dow jumped, as investors pivoted away from AI-related stocks (more on that below). Elsewhere, Coca-Cola rose after it boosted projections and said Diet Coke was “having its moment.”
                         </li>
                        </ul>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:0 20px;mso-padding-alt:0 20px 15px 20px">
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
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            </table>
           </div>
           <div class="c6" style="margin-bottom:7px">
            <table cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse" width="100%">
             <tbody>
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                <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                 <tbody>
                  <tr>
                   <td style="display:block;background-color:#fff;border-radius:15px;border:1px solid #e6e6e6;box-shadow:none;margin-bottom:0px;font-size:16px">
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                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         DELL NOT WELL
                        </p>
                        <a style="color:#000;text-decoration:none" target="blank">
                         <p style="font-size:24px;font-weight:700;line-height:26px;margin:8px 0 0 0;padding:0 15px">
                          Investors have the AI jitters again
                         </p>
                        </a>
                        <a style="border:none;text-decoration:none" target="blank">
                         <img alt="Stylized photo of a Nasdaq ad on a building in Times Square, NYC. The photo is black and white except for the Nasdaq building, which is in bright red." class="img-responsive" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-07-28%252Fimage-b21b1fbe997a937fe61e468fa27be86e6af5f3db-1500x1000-jpg%252FMBD_Nasdaq_SM_07282026.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUzMTY4MzUuMjMxNTQ4OH0:1wp0Sp:h1M6dqkGm8vO77MC6pV0ldySQnXGNJNLD2bBLfQDDcU" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
                        </a>
                        <p style="margin:0;padding:0;line-height:22px">
                         <span style="margin-top:5px;margin-bottom:0;padding-left:10px;display:inline-block;line-height:16px">
                          <small style="color:#333">
                           <em>
                            Morning Brew Inc., Photo: Adobe Stock
                           </em>
                          </small>
                         </span>
                        </p>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:15px 15px">
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         Investors are once again worried that AI is on the verge of falling apart. The Nasdaq 100 briefly fell into
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          correction territory
                         </a>
                         yesterday, after several hyperscalers, chipmakers, and storage providers’ stocks sank, dragging down the rest of the tech-heavy index. It ultimately finished the day down by less than 1%, underscoring the industry’s constant whiplash as investors jump at every sound.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <strong style="color:#000;font-weight:bold">
                          What happened:
                         </strong>
                         The sell-off started Tuesday in Asian markets, specifically Taiwan, Korea, and Japan. Samsung Electronics and SK Hynix, major memory manufacturers, each dropped by over 15%, while storage provider Kioxia fell by 18%. Korea’s Kospi index, often seen as an early barometer for US AI stocks,
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          sank
                         </a>
                         by more than 10%, and trading was briefly halted.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         Then, on Tuesday morning stateside, US companies started dropping:
                        </p>
                        <ul style="color:#333;margin-top:0;padding-left:30px">
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          Memory company Micron fell by almost 9%, while semiconductor manufacturer Sandisk closed more than 14% in the red.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          Despite
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           massive AI server
                          </a>
                          sales and lucrative new government contracts, Dell’s stock finished yesterday down over 8% (it’s still almost 200% this year).
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          The Dow closed up more than 500 points as investors rotated into industries that did not give them as much heebie-jeebies as AI.
                         </li>
                        </ul>
                        <h2 style="font-size:19px;color:#000;font-weight:700;margin-top:0;margin-bottom:15px;margin-right:0;margin-left:0">
                         The AI industry feels like it’s atop a loose rock pile…
                        </h2>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         ...an awesome discovery for anyone under the age of 12, but a nightmare for companies trying to inspire legitimacy. One of the industry’s biggest fears is China gaining steam: Chinese chipmaker CXMT had a stellar IPO earlier this week, and cheaper models are increasingly rivaling
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          US ones
                         </a>
                         .
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         In addition to wanting to start seeing some returns on investment, investors are also nervous about the industry’s pattern of circular financing: Nvidia could potentially give OpenAI $250 billion in financial backstop to help the ChatGPT maker lease a $500+ billion Ohio data center.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <strong style="color:#000;font-weight:bold">
                          Time will tell.
                         </strong>
                         Amazon, Meta, and Microsoft—which are collectively expected to spend trillions on AI over the next few years—report earnings this week. Investors will be listening intently to whether or not they plan to continue to increase spending, or if they’re pumping the brakes.—
                         <em>
                          MM
                         </em>
                        </p>
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                         Sponsored By Indeed
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                         <p style="font-size:24px;font-weight:700;line-height:26px;margin:8px 0 0 0;padding:0 15px">
                          <strong style="font-weight:bold">
                           CEOs weigh in on hiring
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                         <img alt="Sponsor: Indeed" class="img-responsive" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-07-24%252Fimage-0f1e19bf43c5abb168e4b6cca4a52a66c5bee8be-1420x933-png%252FMorning-Brew_7-29.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUzMTY4MzUuMjMyMDU5NX0:1wp0Sp:Cw7AcnrALIyHLLMBRS1Y_zepbdw-L1hEYJB5tY5LnDQ" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
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                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         How are hiring, leadership, and business changing in the AI era? Indeed CEO Hisayuki “Deko” Idekoba and Salesforce CEO Marc Benioff are coming together to unpack that question.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         The conversation will happen at
                         <em>
                          Indeed FutureWorks
                         </em>
                         .
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          Tune in virtually
                         </a>
                         as Time CEO Jessica Sibley moderates the session about how hiring leaders can navigate the recent shifts in tech.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         The leaders will also
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          discuss the future of business
                         </a>
                         , the next frontier of tech innovation, and the strategies for keeping humans at the center of it.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                        </p>
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                         You won’t want to miss this conversation.
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                          Grab your free tickets today
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                         .
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                         World
                        </p>
                        <p style="padding-top:0;font-size:24px;font-weight:700;line-height:26px;color:#333;margin:8px 0 0 0;padding:0 15px">
                         Tour de headlines
                        </p>
                        <img alt="FIFA president Infantino and US President Trump holding World Cup trophy" class="img-responsive" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-07-28%252Fimage-2df17c8240d992dfe034fb92d594b8501b53ba21-3802x2597-jpg%252FGettyImages-2287184433.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUzMTY4MzUuMjMyMjM4NX0:1wp0Sp:amGNS2PpPM65Fh-pkRqp95Tld532-jpgcLzIWTd7dic" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
                        <p style="margin:0;padding:0;line-height:22px">
                         <span style="margin-top:5px;margin-bottom:0;padding-left:10px;display:inline-block;line-height:16px">
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                            Alex Pantling/Getty Images
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                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         ⚽
                         <strong style="color:#000;font-weight:bold">
                          FIFA could allow private stakes in the World Cup.
                         </strong>
                         According to reports, FIFA is planning to form a $20 billion commercial arm to run the World Cup with
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          private investors
                         </a>
                         , including Josh Kushner, the brother of President Trump’s son-in-law, Jared Kushner. The proposal was quickly met with pushback from the Union of European Football Associations, soccer’s governing body in Europe and the organization that runs the Champions League. “The soul and governance of football are not assets to trade—especially with zero transparency as to who gains financially,” the UEFA said in a statement. FIFA and its president, Gianni Infantino, have also been criticized for increasing ties to the Trump administration. Infantino said the proposal is about “the democratization of football worldwide.”
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         🔎
                         <strong style="color:#000;font-weight:bold">
                          Shein says it’s under investigation by the FTC.
                         </strong>
                         The Chinese fast-fashion giant disclosed in documents related to its upcoming Hong Kong IPO that the Federal Trade Commission has opened a
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          probe
                         </a>
                         into its US dealings. Shein did not reveal what the investigation is about, but it said it was “actively cooperating” with the US agency and could ultimately settle. As CNBC reported, the FTC has previously gone after companies that engage in “dark patterns,” aka design tricks that get consumers to part with their money and data, which Shein has been accused of. The FTC declined to comment on CNBC’s report.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         ✈️
                         <strong style="color:#000;font-weight:bold">
                          Air Force One weighed down Boeing’s earnings.
                         </strong>
                         The plane manufacturer reported a larger-than-expected
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          loss
                         </a>
                         for the second quarter yesterday, due to a $280 million charge for its Air Force One program, which has been plagued by delays and cost overruns. Boeing was expected to deliver two aircraft to the US government by 2024, but now plans to do so in 2028. Still, it was not all bad for Boeing: The company increased revenue by 8% in Q2 thanks to strong sales of commercial planes, as it continues to recover from a series of scandals in 2024.
                         <em>
                          —AE
                         </em>
                        </p>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <div class="c6" style="margin-bottom:7px">
            <table cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse" width="100%">
             <tbody>
              <tr>
               <td>
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                 <tbody>
                  <tr>
                   <td style="display:block;background-color:#fff;border-radius:15px;border:1px solid #e6e6e6;box-shadow:none;margin-bottom:0px;font-size:16px">
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                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         reader poll
                        </p>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:15px 15px">
                        <div style="margin-bottom:15px;line-height:22px">
                         <div style="margin-bottom:5px">
                          <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                           Do you think private investors should be allowed to purchase stakes in the FIFA World Cup?
                          </p>
                         </div>
                         <a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
                          Yes.
                          <br/>
                         </a>
                         <a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
                          No.
                          <br/>
                         </a>
                         <a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
                          Depends who the investors are.
                          <br/>
                         </a>
                        </div>
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                      </tr>
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                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
               </td>
              </tr>
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            </table>
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             <tbody>
              <tr>
               <td>
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                 <tbody>
                  <tr>
                   <td style="display:block;background-color:#fff;border-radius:15px;border:1px solid #e6e6e6;box-shadow:none;margin-bottom:0px;font-size:16px">
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                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         GOING PUBLIC
                        </p>
                        <a style="color:#000;text-decoration:none" target="blank">
                         <p style="font-size:24px;font-weight:700;line-height:26px;margin:8px 0 0 0;padding:0 15px">
                          Claude chats were showing up in Google searches
                         </p>
                        </a>
                        <a style="border:none;text-decoration:none" target="blank">
                         <img alt="Illustration of a person typing on a laptop, having a conversation with Claude, but some of their chat messages are blowing off the screen into cyberspace." class="img-responsive" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-07-28%252Fimage-0ecd551aeb82735d5f522e8e85663bc7a9cd1748-1500x1000-jpg%252FMBD_07282026_ClaudeLeak_01.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUzMTY4MzUuMjMyMzY0fQ:1wp0Sp:faBuTkW-rMWin213CIqEP9XAd7_5bdedzrd1vt7tfjY" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
                        </a>
                        <p style="margin:0;padding:0;line-height:22px">
                         <span style="margin-top:5px;margin-bottom:0;padding-left:10px;display:inline-block;line-height:16px">
                          <small style="color:#333">
                           <em>
                            Niv Bavarsky
                           </em>
                          </small>
                         </span>
                        </p>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:15px 15px">
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         Conversations with Claude that were intended to be private—some involving medical data and children’s phone numbers—were discovered in
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          search
                         </a>
                         engine results by Reddit users over the weekend.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <strong style="color:#000;font-weight:bold">
                          How it happened:
                         </strong>
                         Users can create a shareable public link for Claude chats (much like you can with Google Docs), so friends or coworkers can view them. While a public Google Doc with your 80-page screenplay no one wants to read isn’t indexed for search, the Claude creations were.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         Claude creator Anthropic told TechCrunch that those links only become public if they are posted where web crawlers can find them, like on a social media platform. Search engine companies had other explanations:
                        </p>
                        <ul style="color:#333;margin-top:0;padding-left:30px">
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          A Google spokesperson
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           told
                          </a>
                          Wired that it gives Anthropic and any website owner “clear controls” over whether web pages are crawled or indexed.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          Microsoft’s Bing (it still exists) says that developers can use tags to block indexing. But when Wired reviewed the exposed Claude chats, it did not find the recommended “noindex” tag on those pages.
                         </li>
                        </ul>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <strong style="color:#000;font-weight:bold">
                          Chat, are we cooked?
                         </strong>
                         The Claude links were still publicly available as of Monday, but appear to have been erased from search results as of yesterday. However, it’s possible that third parties have already gotten their hands on the data.
                         <em>
                          —DL
                         </em>
                        </p>
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                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         Sponsored By State Street Investment Management
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                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <strong style="color:#000;font-weight:bold">
                          Invest like you’re going places.
                         </strong>
                         Because you are
                         <strong style="color:#000;font-weight:bold">
                          .
                         </strong>
                         With ETFs like MDY, you can tap into a powerful combination of resilience, quality, market opportunity, and
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          outperformance potential
                         </a>
                         . Discover how MDY—the original mid-cap ETF—delivers cost-efficient, liquid exposure to 400 US-based mid-sized companies in a
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          single trade
                         </a>
                         .
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         Invest in where you’re going with the growth potential of
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          mid-caps
                         </a>
                         .
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                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         LE MONDE BLUES
                        </p>
                        <a style="color:#000;text-decoration:none" target="blank">
                         <p style="font-size:24px;font-weight:700;line-height:26px;margin:8px 0 0 0;padding:0 15px">
                          LVMH CEO’s new PR strategy: sarcastic tweets
                         </p>
                        </a>
                        <a style="border:none;text-decoration:none" target="blank">
                         <img alt="Bernard Arnault in front of a wall of color blocks" class="img-responsive" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-07-28%252Fimage-b30c13c7f7b418fe9f3a6dcec9044850c66f4a31-2988x1992-jpg%252FGettyImages-2241260449.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUzMTY4MzUuMjMyOTg3fQ:1wp0Sp:flSBANzHA82zTRRBlqQ97KFqhp1Kva2PPV_JfMebqKE" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
                        </a>
                        <p style="margin:0;padding:0;line-height:22px">
                         <span style="margin-top:5px;margin-bottom:0;padding-left:10px;display:inline-block;line-height:16px">
                          <small style="color:#333">
                           <em>
                            Luc Castel/Getty Images
                           </em>
                          </small>
                         </span>
                        </p>
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                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         After France’s biggest newspaper published a sweeping exposé of the country’s richest person, he told his PR team “hold my Hennessey” and fired off his first-ever X post.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         The (typically offline) head of fashion juggernaut LVMH Bernard Arnault
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          posted
                         </a>
                         an open letter on X this week accusing Le Monde of distortions in its recent deep dive into the $260+ billion luxury empire run by what the newspaper called “France’s last royal family.” Among other things, Le Monde’s reporting claimed that the 77-year-old billionaire actively influences editorial choices at the publications he owns and that his five children are locked in an intrigue-fueled power struggle to replace him.
                        </p>
                        <h2 style="font-size:19px;color:#000;font-weight:700;margin-top:0;margin-bottom:15px;margin-right:0;margin-left:0">
                         Posting through it
                        </h2>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         Arnault accused Le Monde of sensationalism to sell newspapers, rejected the claims about his family, and scoffed at its descriptions of the atmosphere at LVMH:
                        </p>
                        <ul style="color:#333;margin-top:0;padding-left:30px">
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          Arnault mocked the insinuation that LVMH doesn’t hire overweight employees, saying he’ll “raise the matter with the company canteen.”
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          He denied that visitors to the company’s HQ have their ties confiscated if they’re from rival Hermès, saying he owns multiple.
                         </li>
                        </ul>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         Adding to the intrigue, Le Monde’s main shareholder is Xavier Niel, a fellow billionaire—and Arnault’s daughter’s partner. Niel now follows Arnault on X.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <strong style="color:#000;font-weight:bold">
                          Big picture:
                         </strong>
                         More CEOs are choosing to communicate with the public directly through social media or casual podcast interviews, instead of old-school media.
                         <em>
                          —SK
                         </em>
                        </p>
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                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         Sam’s stock of the week
                        </p>
                        <p style="padding-top:0;font-size:24px;font-weight:700;line-height:26px;color:#333;margin:8px 0 0 0;padding:0 15px">
                         Apple lagging in AI turned out to be a good thing
                        </p>
                        <img alt="Pedestrians walking past an Apple storefront in Hong Kong" class="img-responsive" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-07-28%252Fimage-9d06df616299bae6b0751e31ad6c93cfa3aa2abb-7648x5099-jpg%252FGettyImages-2285323723.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUzMTY4MzUuMjMzNDEzNX0:1wp0Sp:yKZOgoBpV-MLRv5egrgYduBZ2O0RyJnG8SWnx9pljlI" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
                        <p style="margin:0;padding:0;line-height:22px">
                         <span style="margin-top:5px;margin-bottom:0;padding-left:10px;display:inline-block;line-height:16px">
                          <small style="color:#333">
                           <em>
                            Cheng Xin/Getty Images
                           </em>
                          </small>
                         </span>
                        </p>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:15px 15px">
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <em>
                          On Wednesdays, the Brew’s Sam Klebanov highlights a fascinating stock, commodity, or other asset that’s worth your attention.
                         </em>
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         Never hesitate to remind your boss that sometimes it’s more productive to do
                         <em>
                          less
                         </em>
                         —and Apple is living proof of that. The iPhone maker
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          passed
                         </a>
                         Nvidia to become the world’s largest company by market cap this week, as investors come to view its relatively modest spending on AI as an advantage.
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         The company has opted to rent data center capacity instead of going all in on building its own AI infrastructure, which many on Wall Street feared would leave it behind rivals. But now:
                        </p>
                        <ul style="color:#333;margin-top:0;padding-left:30px">
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          Apple shares have risen 25% since the start of the year, driven by strong iPhone sales.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          At the same time, the tech-heavy Nasdaq index is up just 7% in 2026.
                         </li>
                        </ul>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <strong style="color:#000;font-weight:bold">
                          Investors still want Apple to hone in on AI.
                         </strong>
                         Tomorrow, they’ll hear about the company’s progress integrating AI features into its devices on what will be Tim Cook’s last earnings call as Apple CEO.
                         <em>
                          —SK
                         </em>
                        </p>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <div class="c6" style="margin-bottom:7px">
            <table cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse" width="100%">
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                 <tbody>
                  <tr>
                   <td style="display:block;background-color:#ffffff;border-radius:15px;border:1px solid #e6e6e6;box-shadow:none;margin-bottom:0px;font-size:16px">
                    <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                     <tbody>
                      <tr>
                       <td>
                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         Sponsored By Immersed
                        </p>
                        <a style="border:none;text-decoration:none" target="blank">
                         <img alt="Sponsor: Immersed" class="img-responsive" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-07-28%252Fimage-3ae0d95a65a5d23e12e4a2aab3a7738c033f3b4a-2731x2340-png%252FImmersed_DSC08694_NYSE_Renji-OutsideHoldingVisor1.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUzMTY4MzUuMjMzNTUwNX0:1wp0Sp:oCdeTPgat2AYHpK2wN7YRzUuOJ14wCDhUF1x0cs-gqA" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
                        </a>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:15px 15px">
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <strong style="color:#000;font-weight:bold">
                          One day left to invest.
                         </strong>
                         This private company is positioned to potentially own the workspace of the future.
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          Immersed built the world’s most-used XR work software
                         </a>
                         , becoming the #1 productivity app in the Meta Quest store. They’re preparing to launch their flagship 4K headset into a $250b enterprise market. It’s aiming to generate $71m in first-year sales.
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          Invest by tomorrow’s deadline
                         </a>
                         .
                        </p>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
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                 <tbody>
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                   <td style="display:block;background-color:#fff;border-radius:15px;border:1px solid #e6e6e6;box-shadow:none;margin-bottom:0px;font-size:16px">
                    <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
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                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         News
                        </p>
                        <p style="padding-top:0;font-size:24px;font-weight:700;line-height:26px;color:#333;margin:8px 0 0 0;padding:0 15px">
                         What else is brewing
                        </p>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:15px 15px">
                        <ul style="color:#333;margin-top:0;padding-left:30px">
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           President Trump
                          </a>
                          met with Israeli Prime Minister Benjamin Netanyahu and Ukrainian President Volodymyr Zelensky in separate closed-door meetings at the White House yesterday.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           The Islamic Revolutionary Guard Corps
                          </a>
                          launched a surprise attack from Iran on US forces in the Middle East, according to Centcom, but all ballistic missiles were intercepted.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           American Airlines
                          </a>
                          experienced a nationwide groundstop of approximately 45 minutes after a brief IT outage.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           Apple
                          </a>
                          officially announced its Upgrade program, which will allow consumers to lease iPhones for $17.99 per month through a partnership with Klarna.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           BuzzFeed
                          </a>
                          is laying off 35% of its staff following its takeover by media mogul Byron Allen.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           Bloomberg
                          </a>
                          is having preliminary talks with banks about a potential IPO, Semafor reported.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           Ohio State
                          </a>
                          reportedly inked a $15 million annual jersey patch deal with JPMorgan Chase, which was the largest deal of its kind in college sports history until
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           Notre Dame
                          </a>
                          announced a ~$20 million deal with SoFi a few hours later.
                         </li>
                        </ul>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <div class="c6" style="margin-bottom:7px">
            <table cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse" width="100%">
             <tbody>
              <tr>
               <td>
                <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                 <tbody>
                  <tr>
                   <td style="display:block;background-color:#fff;border-radius:15px;border:1px solid #e6e6e6;box-shadow:none;margin-bottom:0px;font-size:16px">
                    <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                     <tbody>
                      <tr>
                       <td>
                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         recs
                        </p>
                        <img alt="To-Do List" class="img-responsive" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2025-11-24%252Fimage-ff42f96869558a4ad4ab4f10936a3830dbf1d044-1350x330-png%252FMB_newsletter_banner_new.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUzMTY4MzUuMjMzNzA4NH0:1wp0Sp:k8dLh9Gjw5QOSy0ikUS7V_Bk-clP-PACHd0Bn7HnzCk" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:15px 15px">
                        <ul style="color:#333;margin-top:0;padding-left:30px">
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          The
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           13 novels
                          </a>
                          in contention for this year’s prestigious Booker Prize.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          Experts say you can often still eat food that’s past its
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           expiration date
                          </a>
                          .
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          Eleven things
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           to ditch
                          </a>
                          in your bathrooms, according to interior designers.
                         </li>
                         <li style="color:#333;line-height:22px;margin-bottom:10px">
                          This
                          <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                           vegetable peeler
                          </a>
                          works so well, it may convince you to go vegetarian.**
                         </li>
                        </ul>
                        <div>
                         <ul style="color:#333;margin-top:0;padding-left:30px">
                          <li style="color:#333;line-height:22px;margin-bottom:10px">
                           Don’t watch from the sidelines. Own a part of tomorrow’s workspace. Immersed offers $999.36 entry.
                           <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                            Doors close on July 30
                           </a>
                           .*
                          </li>
                         </ul>
                        </div>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <sup style="font-size:smaller;vertical-align:super">
                          <em>
                           *A message from our sponsor. **This is a product recommendation from our writers. When you buy through this link, Morning Brew may earn a commission.
                          </em>
                         </sup>
                        </p>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <div class="c6" style="margin-bottom:7px">
            <table cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse" width="100%">
             <tbody>
              <tr>
               <td>
                <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                 <tbody>
                  <tr>
                   <td style="display:block;background-color:#fff;border-radius:15px;border:1px solid #e6e6e6;box-shadow:none;margin-bottom:0px;font-size:16px">
                    <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                     <tbody>
                      <tr>
                       <td>
                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         Play
                        </p>
                        <a style="border:none;text-decoration:none" target="blank">
                         <img alt="Games available from Morning Brew" class="img-responsive" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D1336%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2025-09-11%252Fimage-3524949da8d220051120175f97246671d52e0b38-2700x660-png%252FIMG_9052.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUzMTY4MzUuMjMzODI5M30:1wp0Sp:lVHO8So6MES8mxYHzGlcN5nCaA4niJlew1PPr1D3zsU" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
                        </a>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:15px 15px">
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <strong style="color:#000;font-weight:bold">
                          Brew Crossword:
                         </strong>
                         Trigger warning—the theme of this week’s puzzle is salads.
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          Play the Crossword here
                         </a>
                         .
                        </p>
                        <h2 style="font-size:19px;color:#000;font-weight:700;margin-top:0;margin-bottom:15px;margin-right:0;margin-left:0">
                         Subway trivia
                        </h2>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         In today’s quiz, we’ll give you the names of three subway stations in a city, and you have to name the city.
                        </p>
                        <ol>
                         <li>
                          State/Lake, Sox–35th, Merchandise Mart
                         </li>
                         <li>
                          Chungjeongno, Incheon, Guro Digital Complex
                         </li>
                         <li>
                          Saint-Laurent, McGill, Berri–UQAM
                         </li>
                         <li>
                          Shinjuku, Ginza, Ikebukuro
                         </li>
                         <li>
                          T-Centralen, Västra skogen, Kungsträdgården
                         </li>
                        </ol>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <div class="c6 core_hidden" style="margin-bottom:7px">
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             <tbody>
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               <td>
                <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                 <tbody>
                  <tr>
                   <td style="display:block;background-color:#fff;border-radius:15px;border:1px solid #e6e6e6;box-shadow:none;margin-bottom:0px;font-size:16px">
                    <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                     <tbody>
                      <tr>
                       <td>
                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         Share the Brew
                        </p>
                        <div style="color:#333;padding:15px">
                         <a>
                          <img alt="Referrals Get Rewarded" src="https://inboxflows.com/_/image/https%253A%252F%252Fcdn.sanity.io%252Fimages%252Fbl383u0v%252Fproduction%252F186d427b237afa331a96448ae17d5a27b6d8ca2a-1350x330.png%253Fw%253D1340%2526q%253D100%2526auto%253Dformat/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUzMTY4MzUuMjMzOTM4N30:1wp0Sp:wkYlqv5w5orSVYKQL3AvN6OtaGp4VTiDbEiI1RrfYL8" style="width:100%;max-width:670px;display:block;margin-bottom:15px;" width="670"/>
                         </a>
                         <p style="margin-bottom:15px;line-height:22px;">
                          Share the Brew, watch your referral count climb, and unlock brag-worthy swag.
                         </p>
                         <p style="margin-bottom:15px;line-height:22px;">
                          Your friends get smarter. You get rewarded. Win-win.
                         </p>
                         <p style="margin-bottom:15px;line-height:22px;">
                          <b>
                           Your referral count:
                          </b>
                          0
                         </p>
                         <a class="stb-btn" style="margin-top:inherit !important;margin-bottom:inherit !important;margin-right:inherit !important;margin-left:inherit !important;width:100%;max-width:150px;font-family:Helvetica, Arial, sans-serif;font-size:16px;color:#ffffff;font-weight:900;text-decoration:none;text-align:center;background-color:#1c7ff2;padding-top:15px;padding-bottom:15px;padding-right:15px;padding-left:15px;border-radius:4px;display:block;">
                          Click to Share
                         </a>
                         <p style="margin-top:15px;margin-bottom:15px;line-height:22px;">
                          Or copy &amp; paste your referral link to others:
                          <br/>
                          <a class="link" style="border-bottom-width:2px;border-bottom-style:solid;border-bottom-color:#1c7ff2;text-decoration:none;color:#252525;" target="_blank">
                           morningbrew.com/r/?kid=979c4554
                          </a>
                         </p>
                        </div>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <div class="c6" style="margin-bottom:7px">
            <table cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse" width="100%">
             <tbody>
              <tr>
               <td>
                <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                 <tbody>
                  <tr>
                   <td style="display:block;background-color:#fff;border-radius:15px;border:1px solid #e6e6e6;box-shadow:none;margin-bottom:0px;font-size:16px">
                    <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                     <tbody>
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                       <td>
                        <p style="font-size:16px;font-weight:700;text-transform:uppercase;margin-bottom:0;margin-top:0;padding:15px 15px 0px 15px;color:#1c7ff2">
                         Answer
                        </p>
                       </td>
                      </tr>
                      <tr>
                       <td style="padding:15px 15px">
                        <ol>
                         <li>
                          Chicago
                         </li>
                         <li>
                          Seoul
                         </li>
                         <li>
                          Montreal
                         </li>
                         <li>
                          Tokyo
                         </li>
                         <li>
                          Stockholm
                         </li>
                        </ol>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         <span style="text-decoration:underline">
                          Word of the Day
                         </span>
                        </p>
                        <p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
                         Today’s Word of the Day is: jitters, meaning “extreme nervousness or restless anxiety.” Thanks to Arthur from Bozeman, MT, for the suggestion. Submit another Word of the Day
                         <a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
                          here
                         </a>
                         .
                        </p>
                       </td>
                      </tr>
                     </tbody>
                    </table>
                   </td>
                  </tr>
                 </tbody>
                </table>
               </td>
              </tr>
             </tbody>
            </table>
           </div>
           <div class="c6" style="margin-bottom:7px">
            <table bgcolor="#ffffff" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse" width="100%">
             <tbody>
              <tr>
               <td>
                <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                 <tbody>
                  <tr>
                   <td style="display:block;background-color:#fff;border-radius:15px;border:1px solid #e6e6e6;box-shadow:none;margin-bottom:0px;font-size:16px">
                    <table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
                     <tbody>
                      <tr>
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                        <span>
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                           ✳︎
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                           <!-- -->
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                          </strong>
                         </p>
                         <p style="font-size:16px;line-height:22px;color:#333;margin-top:0;margin-bottom:15px">
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                           Before investing, consider the funds’ investment objectives, risks, charges and expenses. To obtain a prospectus or summary prospectus which contains this and other information, call 1-866-787-2257 or visit
                          </strong>
                          <strong style="font-weight:bold">
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                          </strong>
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                         <p style="font-size:16px;line-height:22px;color:#333;margin-top:0;margin-bottom:15px">
                          Investing involves risk. ALPS Distributors, Inc. (fund distributor); State Street Global Advisors Funds Distributors, LLC (marketing agent).
                         </p>
                         <p style="font-size:16px;line-height:22px;color:#333;margin-top:0;margin-bottom:15px">
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