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<img alt="Sponsor Logo: Starbucks" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D198%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2025-11-24%252Fimage-b7f2dedf69db658a7dda56fbe78bbec37edbb41f-300x306-png%252FStarbucks2025_logo%25282%2529.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUxNDU3NzguNzM1ODk2Nn0:1woHxq:KpQH_ZV9P9HB0yAhVb1uGRM_ZxvQx8lEEUjw4WQ-po0" style="display:inline;max-width:99px;vertical-align:middle;width:100%" width="99"/>
</a>
</td>
</tr>
</tbody>
</table>
<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;width:100%">
<tbody>
<tr>
<td style="padding-top:20px">
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
Hello there.
</strong>
Police are looking for two men who
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
sneaked up to the top of the Seattle Space Needle
</a>
with parachutes on, flipped over a glass wall, and floated down the 605 feet to the ground before disappearing. This happened around 8:50pm local time on Friday night. The most bizarre part for us is how anyone has that kind of energy to spare at the end of the workweek.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
—
<em>
Holly Van Leuven, Brendan Cosgrove, Neal Freyman
</em>
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
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">
The tech world weighing in on open-weight AI models
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
Oil prices receding as early trading began
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
The high-end boat company becoming a purpose trust
</li>
</ul>
</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>
<td class="pcard370" style="padding-bottom:15px">
<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: Year-to-Date
</p>
</td>
</tr>
</tbody>
</table>
<table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
<tbody>
<tr>
<td class="pad5m">
<table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
<tbody>
<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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUxNDU3NzguNzM1OTk4NH0:1woHxq:ivUhjwps7e_EH1gWyFexkNepYMyffX0dgu2jtVxsg4I" 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">
24,975.82
</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">
+7.46%
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUxNDU3NzguNzM2MDkzOH0:1woHxq:kuVjS3SQotawM2aHioGCYcCeS892j1qJn8jOIeQ-nEU" 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&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">
7,411.98
</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">
+8.28%
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUxNDU3NzguNzM2MTg3fQ:1woHxq:h7Ao_emzMiJ4D8sHKk0bmRXxQV7_3DETvFuQQAwYwdY" 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">
51,947.25
</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">
+8.08%
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUxNDU3NzguNzM2Mjc4M30:1woHxq:5B3wYZ50JDCrip96FZIMNpw_igWNjyngHEQk2ndw8k0" 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">
4.679%
</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">
+51.6 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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUxNDU3NzguNzM2MzcyfQ:1woHxq:o0S6ZrnWP4bfhybxuxVe_srhv1oX0RzkgPeyBJwl5uA" 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">
$65,216.33
</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">
-25.47%
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUxNDU3NzguNzM2NDY1fQ:1woHxq:jnvK8RnBfveo-KAHQnfDeanXvl0i2KbPEv5Tq-_TOOs" 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">
AstraZeneca
</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">
$169.26
</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">
-6.98%
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODUxNDU3NzguNzM2NTl9:1woHxq:pSVrkZsDhOXKDX8uTyn5hkm9ncR0-1vYjfXuqbouxIE" 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
<!-- -->
<!-- -->
12:00am
<!-- -->
<!-- -->
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>
After a rough couple of weeks, investors have their fingers crossed as they await
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
blockbuster earnings
</a>
and a rate decision from the Federal Reserve (more on both of those later).
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
<strong style="color:#000;font-weight:bold">
Stock spotlight:
</strong>
AstraZeneca reports its second-quarter earnings today after announcing earlier this month that one of its heart disease drugs
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
failed
</a>
a late-stage trial.
</li>
</ul>
</td>
</tr>
<tr>
<td style="padding:0 20px;mso-padding-alt:0 20px 15px 20px">
</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">
weight, what?
</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">
Tech companies take stand on open-weight AI access
</p>
</a>
<a style="border:none;text-decoration:none" target="blank">
<img alt="Jensen Huang in front of an Nvidia backdrop" 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%252F2026-07-27%252Fimage-a6a9883e851c909ef4c5c0573153513d2b4bde53-5120x3416-jpg%252FJAPAN-US-AI-NVIDIA-SHIPS-KAWASAKI-GAMES-SEGA/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUxNDU3NzguNzM2NzEwM30:1woHxq:GHiypCLCOf-mQrH73AOweH7vudxleEtIqe1GjGZCQQY" 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>
Jensen Huang joined X and then posted an open letter. Philip Fong/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">
Just a few days ago, the most heated debates about the merits of an open-weight class belonged to MMA enthusiasts. But after
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
an open letter
</a>
was released on Friday by more than 20 tech companies, open-weight AI models have become front and center in the discourse.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
For context:
</strong>
Open-weight AI models let users download and edit them, and run them locally. By contrast, the most popular US large language models are closed and proprietary, like Anthropic’s Claude Fable 5 and OpenAI’s GPT-5.6 series.
</p>
<h2 style="font-size:19px;color:#000;font-weight:700;margin-top:0;margin-bottom:15px;margin-right:0;margin-left:0">
Why do
<del>
we
</del>
they care about this?
</h2>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
Any connotation the public had with open-weight AI models was probably negative (at least
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
before Denny’s intervened
</a>
). Popular Chinese AI models, like those made by DeepSeek as well as newcomer Kimi K3 from Moonshot AI, are open-weight.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
The letter didn’t mention China…
</strong>
but it did enumerate the benefits of open-weight models despite bad press, including by extending access “to the AI economy.”
<strong style="color:#000;font-weight:bold">
</strong>
AI will become scalable to use for
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
billions of everyday tasks
</a>
at “factories, hospitals, farms, classrooms, and main street businesses,” but only with the help of low-cost, open-weight models, the letter said.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
It also admitted there are risks with open models, like modifications being made to them beyond the creator’s control.
</p>
<h2 style="font-size:19px;color:#000;font-weight:700;margin-top:0;margin-bottom:15px;margin-right:0;margin-left:0">
Signer scrutiny
</h2>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
Nvidia and Microsoft were the heaviest hitters on the open letter. Another of the initial signers was Hugging Face, which was hacked by a proprietary OpenAI model
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
after it went rogue
</a>
…and it defended itself using an open-weight Chinese model after Anthropic’s Fable 5 couldn’t tell if Hugging Face was the hacker or not.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
The signers of the letter rose to 50 after Jensen Huang posted it on X. But those still don’t include Anthropic, Amazon, or xAI. (OpenAI signed after the letter gained traction.)
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
Zoom out:
</strong>
The tech companies used the letter to urge the US government to avoid “premature restrictions on open models that stifle competition or drive innovation overseas,”
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
following interventions it’s made
</a>
in domestic AI companies.—
<em>
HVL
</em>
</p>
<div style="padding-top:12px">
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</table>
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</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>
<tr>
<td>
<table cellpadding="0" cellspacing="0" role="presentation" style="width:100%;border-collapse:collapse">
<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">
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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 Starbucks
</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">
<strong style="font-weight:bold">
Career growth meets great benefits
</strong>
</p>
</a>
<a style="border:none;text-decoration:none" target="blank">
<img alt="Sponsor: Starbucks" 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%252F2026-07-13%252Fimage-6c1e6578a180469696b936f3f56a921532042367-1000x750-png%252F6c1e6578a180469696b936f3f56a921532042367-1000x750.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUxNDU3NzguNzM3MDk5Mn0:1woHxq:Sujhi-leTJ54thP4L6sl_VhLlLWjwka8PYDoeJEHNow" 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">
Starbucks is focused on filling
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
90% of retail leadership roles from within
</a>
so partners like Mickey have opportunities to grow their careers. And at Starbucks, career growth is just the start. Both full- and part-time partners who work just
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
20 hours a week can access industry-leading benefits
</a>
. This includes comprehensive medical, dental, and vision coverage—and up to 18 weeks of paid parental leave so they can be there for the milestones and the moments in between. Starbucks makes sure partners have the best job in retail.
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
Learn more
</a>
.
</p>
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<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">
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="an oil refinery in Greece" 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%252F2026-07-27%252Fimage-a5f8ff7aab1aca6c117061927f4adeb20a7b6c28-6048x4024-jpg%252FOilHitsRecordHighsAsHormuzCrisisDeepens/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUxNDU3NzguNzM3MjE2Mn0:1woHxq:RTtaKw6llpaI72BQujguUkTQlpZy1Ri-lzZrB7av8gU" 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>
An oil refinery in Greece. Nurphoto/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">
🛢️
<strong style="color:#000;font-weight:bold">
Oil prices fell after US, Iran halted attacks.
</strong>
As early trading began yesterday,
<strong style="color:#000;font-weight:bold">
</strong>
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
oil prices further receded
</a>
from the two-month high they set last week. It was also the second day that the US and Iran refrained from launching strikes at each other’s targets. US Ambassador to the UN Mike Waltz told
<em>
Fox News Sunday
</em>
that President Trump paused strikes in order to give talks “some space.” A senior Iranian official told Reuters yesterday that Iran would pause its strikes as long as the US does so. The source also said, “The prevailing view is that the pause is tactical rather than genuine.” US officials speaking anonymously with multiple media outlets have said that the US was risking munitions depletion.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
🌏
<strong style="color:#000;font-weight:bold">
Iran and Ukraine wars overlap with Caspian Sea attacks, “adversary alignment.”
</strong>
On Saturday, Ukrainian President Volodymyr Zelensky said his country’s military “achieved very strong results
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
with long‑range strikes
</a>
in the Caspian Sea,” hitting “vessels used in military cargo shipments involving Iran, as well as a warship.” Iran said the attacks killed one sailor and left others injured. Iranian Foreign Minister Abbas Araghchi warned on X that Ukraine’s attacks “CANNOT GO UNANSWERED.” Also on Saturday, Zelensky said that he would share evidence with the US that Russia was sharing its satellite intelligence of US military bases with Iran. Earlier in the week, Defense Secretary Pete Hegseth said, “There’s definitely adversary alignment” regarding Iran and Russia, although President Trump disagreed.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
🥬Cyclospora outbreak is changing Americans’ eating habits, CBS poll finds.
</strong>
As if arugula didn’t already need a pretty good publicist, a new poll conducted by CBS News/YouGov found that
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
4 in 10 Americans
</a>
are buying or eating less produce because of the parasitic outbreak linked to iceberg lettuce in nine states. Most Americans are also following news about the outbreak somewhat closely, per the survey—almost as many as are following coverage of the Iran war. CBS News/YouGov found that respondents’ confidence in the FDA’s ability to solve the problem is mixed, and largely falls along party lines, with Republicans more optimistic. Separately, CBS News reported that staff and program cuts at the FDA
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
may have contributed
</a>
to the situation.—
<em>
HVL
</em>
</p>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</div>
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<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">
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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">
witness projection
</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">
Lured in by the siren call of Imax 70mm
</p>
</a>
<a style="border:none;text-decoration:none" target="blank">
<img alt="70mm Imax film reel" 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%252F2026-07-27%252Fimage-b13992cef62fcf2d4cb53e7a950d07f46e7fb60c-4000x2858-jpg%252FBELGIUMECONOMYBRUSSELSKINEPOLISRESULTS/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUxNDU3NzguNzM3MzI3fQ:1woHxq:d3kArsZ8EaeqvCE5X7wTX6XBFHi1yVRfsc-L0NwBX58" 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>
A reel of Imax 70mm film in Belgium. Hendrik Devriendt/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">
Turns out, the best way to experience an epic poem might be on an enormous screen with water-cooled xenon bulbs blasting roughly 18K-resolution images onto it.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
At least that’s how Christopher Nolan intended for people to watch his new blockbuster
<em>
The Odyssey
</em>
, the first feature film shot entirely with Imax 70mm film cameras. And when you get direction from Chris Nolan, you take it, even if it means driving hundreds of miles.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
Imax-maxxing:
</strong>
Per the New York Times, Florida resident Zach Weible took a car, bus, and train
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
nearly 300 miles
</a>
to see
<em>
The Odyssey
</em>
as it was made to be watched: on a giant, near-square Imax 70mm theater screen (the massive size varies by theater but adheres to the 1.43:1 aspect ratio to capture the full image). But there are only 25 of those in the US, forcing many epic-curious cinephiles to hit the road. Other screens, even other standard Imax screens, cut the top and bottom of the picture off.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
Imax 70mm tickets are
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
81% more expensive
</a>
, according to EntTelligence, but they’re still hard to get, even with 3am showings. Sorry, Odysseus, but
<em>
that’s
</em>
a tough trip home.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
Because of that demand
</strong>
, Imax might need to send Nolan a gift basket:
</p>
<ul style="color:#333;margin-top:0;padding-left:30px">
<li style="color:#333;line-height:22px;margin-bottom:10px">
Some $140 million of
<em>
The Odyssey’s
</em>
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
global ticket sales
</a>
have come from Imax theaters (including non-70mm screens) in its first two weekends.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
It has sold 10,000+ Imax-themed popcorn buckets linked to
<em>
The Odyssey
</em>
.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
Its stock is up more than 60% in the past year.
</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">
Wide shot:
</strong>
After two weekends,
<em>
The Odyssey
</em>
has made $639.6 million globally, including $284.4 million at the domestic box office.—
<em>
BC
</em>
</p>
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</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">
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">
Have you made a special effort to see ‘The Odyssey’ in Imax 70mm?
</p>
</div>
<a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
Yes, I already saw it.
<br/>
</a>
<a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
Yes, I have tickets for an upcoming 70mm showing.
<br/>
</a>
<a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
No, it’s just not feasible for me.
<br/>
</a>
<a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
No, and I am Imaxed out on this discourse.
<br/>
</a>
</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:#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 Frontieras
</p>
<a style="border:none;text-decoration:none" target="blank">
<img alt="Sponsor: Frontieras" 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-db8e2fb2b1c3133a3cb1a1cf383d87d6d06c889b-1200x800-png%252F10_Frontieras_NewsletterAd_072126_005.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUxNDU3NzguNzM3NzE0NX0:1woHxq:DpFEFtZ8BkaYNiKXAhQj6jX2YJ-2rVgFOhkTwMN2kqI" 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">
The $2.1t opportunity hiding inside coal.
</strong>
Most people think of coal as something to phase out.
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
Frontieras North America sees it differently
</a>
: a source of hydrogen, diesel, and jet fuel extracted without combustion. They’re targeting $2.1t in combined markets and just broke ground on their $850m flagship facility.
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
Invest in Frontieras at $9.01/share by Aug. 6
</a>
.
</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">
calendar
</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">
The week ahead
</p>
<img alt="a Jersey Mike's cup" 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%252F2026-07-27%252Fimage-02e4ab62f16ccee5f4ecf03d3ea574efcd5e1966-4889x3424-jpg%252FJerseyMikesConfidentiallyFilesForIPO/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUxNDU3NzguNzM3ODIyNX0:1woHxq:pTP6IwyDxDmn06UczVZR11hdibHXzNjf0xyMptj7urk" 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>
Justin Sullivan/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">
<strong style="color:#000;font-weight:bold">
A supersized earnings week:
</strong>
About one-third of the S&P 500 will report earnings this week, but things get especially magnificent on Wednesday with Microsoft and Meta, and on Thursday with Apple and Amazon. SK Hynix, Coca-Cola, Boeing, Corning, UPS, and Ford will all deliver results tomorrow, while Qualcomm, Starbucks, and Chipotle report on Wednesday. ExxonMobil and Chevron will put oil prices in the spotlight on Friday.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
Steady as she goes?:
</strong>
Like Sam Neill in front of a Tyrannosaurus rex, the Federal Reserve is expected to stand still this week. The central bank has held interest rates steady following the last four meetings, and most analysts expect more of the same on Wednesday. But the data picture is far from clear, and new-ish Fed Chair Kevin Warsh isn’t offering any hints, so a rate
<em>
hike
</em>
isn’t completely off the table. Still, most analysts don’t expect a rate increase until September. Meanwhile, the Fed’s favorite inflation gauge, the personal consumption expenditures price index, will be released on Thursday.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
IPO…Mike’s Way:
</strong>
Sandwich chain Jersey Mike’s is on the verge of what’s expected to be the US’ second-biggest restaurant IPO ever this Thursday. The sub shop, which was acquired by private equity firm Blackstone last year, plans to list its shares under the symbol JMKE. The IPO could push the sandwich chain’s initial market cap close to $8 billion, which is a ton of bread/cheddar/lettuce/bacon, no matter how you slice it.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
But wait, there’s more:
</strong>
</p>
<ul style="color:#333;margin-top:0;padding-left:30px">
<li style="color:#333;line-height:22px;margin-bottom:10px">
Funeral services for GOP Sen. Lindsey Graham will take place in Washington, DC, tomorrow and in his home state of South Carolina on Wednesday.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
<em>
Spider-Man: Brand New Day
</em>
, starring Tom Holland and Zendaya, premieres in theaters on Friday.
</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">
Brendan’s Got Good 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">
Business owner gives away boatloads of money
</p>
<img alt="A Grady-White boat at a boat show in 2024 " 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%252F2026-07-27%252Fimage-7a038ec496953e78c02eaae128265eb5183cd98c-6000x4000-jpg%252FMiamiHostsItsAnnualInternationalBoatShow/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUxNDU3NzguNzM3OTI5Nn0:1woHxq:qSRaaibrvByfjFZ9vbd2kmQmwAs4mpH27SiiLG3KJ7M" 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>
A Grady-White boat at an expo in 2024. Joe Raedle/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>
Mondays are bad enough, so the Brew’s own Brendan Cosgrove scoured the internet for a positive news story to help you start the week off right.
</em>
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
The only successful businessman who doesn’t want a 200-foot yacht might be the one who owned a boat company.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
Eddie Smith, 83, spent decades building the high-end fishing boat company Grady-White into a business worth around $400 million. He knows its monetary value, because that’s about how much he was offered when he went to sell it while navigating the deaths of his wife and son, his only heir.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
But he turned down that barge full of money, deciding instead to draw inspiration from Patagonia founder Yvon Chouinard—Smith recently transferred the company’s voting stock to a
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
purpose trust
</a>
(which will allow it to remain independent) and the rest of the company’s shares were used to create and fund a new nonprofit. He will still receive a yearly salary and will stay on as Grady-White’s chief executive emeritus. He told the New York Times that he took this tack because, “This company has a soul, and I didn’t want to lose that.”—
<em>
BC
</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>
<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">
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">
India’s Gen Z-led Cockroach Janta Party
</a>
declared “Cockroaches won!” after the nation’s education minister resigned following civic protests by the party across the country.
</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 Pentagon’s
</a>
official Iran war death toll no longer lists the four troops killed during this month’s renewed fighting.
</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">
German special forces
</a>
shot and killed the main suspect in a car-ramming attack on a Pride festival in Berlin that left one person dead and 29 others injured on Saturday.
</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">
DeepSeek
</a>
has told some would-be investors it will not close deals with them, according to Bloomberg, following the viral leak of alleged comments made by its CEO around a prior funding round.
</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">
Tadej Pogačar
</a>
of Slovenia won the Tour de France yesterday, becoming the fifth cyclist in history to win five Tours.
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUxNDU3NzguNzM4MDM1Mn0:1woHxq:DtfD6CrXO85y3_Td2Mh1oJD4dGKiLjBRkGOBuIcfuiI" 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">
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
The case
</a>
for why athletes (including amateurs) need sugar and carbs in their diets.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
A viral app can
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
help detect smart glasses near you
</a>
using Bluetooth.
</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">
All the movies and TV shows
</a>
announced at San Diego Comic-Con this year.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
Have you had your coffee yet?
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
This book
</a>
will tell you how it
<em>
actually
</em>
impacts your life.**
</li>
</ul>
<div>
<!-- -->
<ul style="color:#333;margin-top:0;padding-left:30px">
<li style="color:#333;line-height:22px;margin-bottom:10px">
Is your car insurance getting expensive?
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
This free tool
</a>
can help you find better options—and
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
save you up to $600 a year
</a>
. You’re welcome.*
</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>
<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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODUxNDU3NzguNzM4MTM5fQ:1woHxq:yu62qw2b3GrMtHIu4wMyfSzEPDs8b3Z62W8wLAvCzqs" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
</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">
Turntable:
</strong>
Your center letter this week is R, surrounded by A, W, D, K, Y, and L. Can you make 25 words from those?
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
Play Turntable 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">
Scotch trivia
</h2>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
Happy National Scotch Day! To celebrate, we’re going to give you a list of strange-sounding names. You have to determine whether it’s a single-malt scotch or a location in Middle-earth from
<em>
The
</em>
<em>
Lord of the Rings
</em>
.
</p>
<ol>
<li>
Ered Luin
</li>
<li>
Caol Ila
</li>
<li>
Baranduin
</li>
<li>
Rhûn
</li>
<li>
Edradour
</li>
<li>
Strathisla
</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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<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>
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<p style="margin-bottom:15px;line-height:22px;">
Share the Brew, watch your referral count climb, and unlock brag-worthy swag.
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<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 & 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>
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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">
Answer
</p>
</td>
</tr>
<tr>
<td style="padding:15px 15px">
<ol>
<li>
Place in Middle-earth
</li>
<li>
Scotch
</li>
<li>
Place in Middle-earth
</li>
<li>
Place in Middle-earth
</li>
<li>
Scotch
</li>
<li>
Scotch
</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: enumerate, meaning “to list.” Thanks to Jill Monticue from Bonner Springs, KS, for spelling out a good suggestion for us.
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
Submit another Word of the Day here
</a>
.
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<span>
<p style="margin-top:0;margin-bottom:15px;font-size:10px;line-height:10px">
<strong style="color:#000">
✳︎
<!-- -->
A Note From
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Frontieras
</strong>
</p>
<p style="font-size:10px;line-height:22px;color:#333;margin-top:0;margin-bottom:15px">
This is a paid advertisement for Frontieras’ Regulation A offering. Please read the offering circular at
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
https://invest.frontieras.com/
</a>
.
</p>
<p style="font-size:10px;line-height:22px;color:#333;margin-top:0;margin-bottom:15px">
</p>
<p style="font-size:10px;line-height:22px;color:#333;margin-top:0;margin-bottom:15px">
Reservation of the ticker symbol is not a guarantee that we will be listed on the Nasdaq. Listing on the Nasdaq is subject to approvals.
</p>
<p style="font-size:10px;line-height:22px;color:#333;margin-top:0;margin-bottom:15px">
</p>
<p style="font-size:10px;line-height:22px;color:#333;margin-top:0;margin-bottom:15px">
Under Regulation A+, a company has the ability to change its share price by up to 20%, without requalifying the offering with the SEC.
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<p style="color:#000;margin-top:0px;margin-bottom:15px;line-height:22px">
Written by
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<a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
Holly Van Leuven
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,
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Brendan Cosgrove
</a>
,
<!-- -->
and
<a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
Neal Freyman
</a>
</p>
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Was this email forwarded to you? Sign up
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<strong style="font-size:17px">
Get smarter in just 5 minutes
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Tech & AI News:
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Real Estate News:
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Money & Career:
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Take The Brew to work
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//
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CAREERS
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<span style="margin:0 5px">
//
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SHOP
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//
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View our privacy policy
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.
<br/>
<br/>
Copyright ©
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2026
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Morning Brew Inc. All rights reserved.
<br/>
22 W 19th St, 4th Floor, New York, NY 10011
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1 week, 5 days ago - crew@morningbrew.com
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