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July 22, 2026
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<img alt="Sponsor Logo: Re:You" src="https://inboxflows.com/_/image/https%253A%252F%252Fmorningbrew.com%252Fcdn-cgi%252Fimage%252Fwidth%253D260%252Cformat%253Dauto%252Fhttps%253A%252F%252Fstorage.morningbrew.com%252Fimage%252F2026-06-25%252Fimage-457bcc94ae4a822d4de6af0b4e7c99ecbf5cc5e3-260x60-png%252FRYlogooutline.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODQ3MTI4NzQuOTYyNjk2OH0:1wmTLW:u-U4Y-yPBMMoOid9WcQmQ46UHMyS_o_Bwk2s-c-Hh_M" style="display:inline;max-width:130px;vertical-align:middle;width:100%" width="130"/>
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<table border="0" cellpadding="0" cellspacing="0" role="presentation" style="border-collapse:collapse;width:100%">
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<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">
Hear ye, hear ye!
</strong>
Big Boy’s comin’. The biggest operating steam locomotive in the world, nicknamed Big Boy, is currently on a coast-to-coast US tour, thrilling onlookers with its hugeness. Weighing 1.2 million pounds, the absolute unit is reportedly making grown men
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
cry
</a>
at every stop.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
A Train hasn’t made people this emotional since “Drops of Jupiter.”
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<em>
—Sam Klebanov, Dave Lozo, Matty Merritt, Adam Epstein
</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">
Miami becoming more expensive than NYC
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
ESPN laying off prominent on-air personalities
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
<em>
Magic: The Gathering
</em>
popping off
</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
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODQ3MTI4NzQuOTYyOTExfQ:1wmTLW:pX6-EP7RG_rMVB23Bc6Tg0bq-DsZh7mkRzwNAh64PaU" 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">
25,837.21
</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">
+1.29%
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODQ3MTI4NzQuOTYzMTE4fQ:1wmTLW:ebI9ed4q7k_12BTczRA2mMu1B-QOTt7Ah_DUpJT-aDM" 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">
7,509.2
</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">
+0.89%
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODQ3MTI4NzQuOTYzMzQ1OH0:1wmTLW:rvV9KPVoq9d_zbu3TIkBD4nrH4LehoDLgTz2iIxXuPY" 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">
52,224.64
</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">
+0.74%
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODQ3MTI4NzQuOTYzNTI4Mn0:1wmTLW:_MczlECDzO7LZF608OcDSP6OX135LmFM7OCCl1tP-Qo" 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">
4.628%
</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">
+3.0 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%252F6097ec1c26b17401a61bfbfe4440c75ebfea1886-44x39.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODQ3MTI4NzQuOTYzNzA1NX0:1wmTLW:M6bDnPrw8XDLCm0A9Ipi_5jo9w00K9CRiqfNRgA1nd0" 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">
$66,356.47
</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">
+1.57%
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODQ3MTI4NzQuOTYzODU4Nn0:1wmTLW:l2PQhj4FU3RZqOP972Gm3Sn7Lme_-Uyn7vw9Gkh4gnU" 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">
GM
</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">
$79.52
</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">
+4.91%
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODQ3MTI4NzQuOTY0MDEyNH0:1wmTLW:fXvqFMNe7gGHMpwId3qWqNQR_mp08MlFxgie732_r6c" 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>
John F. Kennedy once said a rising tide lifts all boats, and in this case, the rising tide is “chip stocks” and the boats are “markets.” A
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
rebound
</a>
for chipmakers pushed all three major indexes back into the green, putting investors in a cheery mood as they await another round of tech earnings starting this week. Elsewhere, GM climbed after beating Wall Street’s earnings projections.
</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">
THE HEAT IS ON
</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">
Miami is now more expensive than NYC
</p>
</a>
<a style="border:none;text-decoration:none" target="blank">
<img alt="Miami skyline" 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%252F2026-07-21%252Fimage-1822679d71daeeb274e6ed20c5ccd6691f65c9d0-1500x1000-jpg%252FMBD-MiamiExpensive-0726.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODQ3MTI4NzQuOTY0MTg3MX0:1wmTLW:fksvcfSituu3oomCnk6aF6HPmMdtyCXBseIkEwtA-5Q" 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>
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">
Trading the Big Apple for Miami has become as financially prudent as packing a Kobe beef lunch at home instead of getting a burrito bowl at work. The Miami metropolitan area has become
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
pricier
</a>
to live in than greater New York for the first time ever, according to Bloomberg’s analysis this week of government data from 2024.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
Costs have climbed further since then, squeezing longtime locals and the scores of recent transplants lured not just by warmer weather, but also by the promise of cheaper living and no state income tax. Consumer prices have risen 36% for Miamians since 2019, which is more than in any other US metro area except Tampa, Florida.
</p>
<h2 style="font-size:19px;color:#000;font-weight:700;margin-top:0;margin-bottom:15px;margin-right:0;margin-left:0">
No more cheap condos
</h2>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
The recent influx of sunshine chasers—made up of folks earning an average of $122k per year—has contributed to Miami’s home prices rising 79% since the pandemic, per the S&P Case-Shiller index.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
While Miami’s per-square-foot home prices are still lower than New York’s, the average total cost of housing is now 5% higher than in the tri-state area, which includes parts of Connecticut and New Jersey:
</p>
<ul style="color:#333;margin-top:0;padding-left:30px">
<li style="color:#333;line-height:22px;margin-bottom:10px">
Greater Miami’s property taxes have skyrocketed 62% since 2019, per real estate data firm Attom.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
Many residents in older apartments now have to pay for costly safety upgrades that have become more frequent after the deadly Surfside condo collapse in 2021—on top of the steepest homeowners’ insurance rates in the country.
</li>
</ul>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
Outside the home, there aren’t many dollar slices. An average restaurant check in Miami was $94 last year, compared with $79 in New York, according to OpenTable.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
To add insult to injury:
</strong>
Miami workers are earning $1,000 less per year than the median American. Bloomberg noted that Miami’s white-collar wages are also lower than New York’s.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
Not struggling to afford Miami…
</strong>
are the billionaires who continue to relocate there in a trend vocally championed by Citadel founder Ken Griffin, who bought a $107 million estate in the city this year. Mark Zuckerberg and Google co-founders Sergey Brin and Larry Page have also recently become Miami-area residents.
<em>
—SK
</em>
</p>
<div style="padding-top:12px">
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</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:#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">
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">
Would you rather live in Miami or New York City?
</p>
</div>
<a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
I don't live in either, but I'd rather move to Miami.
<br/>
</a>
<a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
I don't live in either, but I'd rather move to New York.
<br/>
</a>
<a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
I already live in Miami.
<br/>
</a>
<a class="link" rel="noopener noreferrer" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2" target="_blank">
I already live in New York.
<br/>
</a>
</div>
</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:#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 Re:You
</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">
Your thick hair era starts now
</strong>
</p>
</a>
<a style="border:none;text-decoration:none" target="blank">
<img alt="Sponsor: Re:You" 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%252F2026-06-29%252Fimage-d3032a831b46153360ca0195afdf29db2ad488c8-2218x1668-png%252FScreenshot2026-06-29at9.36.46AM.png/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODQ3MTI4NzQuOTY0OTA4MX0:1wmTLW:XezcdvnHHdWyw8MTRY0pn8WRNErp2heR_roblCph8dE" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
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<tr>
<td style="padding:15px 15px">
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
Looking to step up your hair game? Many hair serums on the market rely on decades-old ingredients that weren’t created for hair loss—and they likely weren’t optimized for efficacy or safety, either.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
RE:YOU’s new Dual-Path Hair Revival Serum contains three proprietary molecules designed to specifically
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
support hair follicles from the inside out
</a>
. Each molecule was optimized for efficacy and honed to work on different biological issues that can contribute to hair thinning.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
Let’s talk numbers: RE:YOU partnered with an independent third party to conduct a double-blind, expert + machine-graded, 190-person clinical trial. After just three months, experts graded RE:YOU users with
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
19% thicker hair on average
</a>
.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
Get 15% off with code MORNINGBREWSPECIAL15
</a>
.
</p>
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</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">
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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="Stack of GLP-1s from Eli Lilly and Novo Nordisk" 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%252F2026-07-21%252Fimage-567f931c7c0c739d94dbcb3e7e76676e2253bf9e-3000x2000-jpg%252FGettyImages-2279484907.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODQ3MTI4NzQuOTY1MDk3NH0:1wmTLW:MWAr_hbxSyLB4ngXmVJUqZxM0gkfH0DGT2xaFjRQn5I" 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>
Michael Siluk/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">
Novo Nordisk sued Eli Lilly for allegedly deceptive GLP-1 ads.
</strong>
The Ozempic and Wegovy maker
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
accused
</a>
its rival, the company behind Mounjaro and Zepbound, of using “outdated” clinical trial data to make its weight-loss drugs appear superior to Novo’s. Novo says that the ads leave out more recent data that shows that a high-dose version of Wegovy can help patients lose the same amount of weight as Lilly’s products. Novo is asking a court to force Lilly to stop running the ads and issue corrections. In a statement to CNBC, Lilly said it stands “firmly behind our advertising” and would “defend against this lawsuit vigorously.” As of last year, Lilly has overtaken Novo as the top GLP-1 company by revenue and market share.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
📱
<strong style="color:#000;font-weight:bold">
Apple is partnering with Klarna to let you lease iPhones.
</strong>
According to Bloomberg, Apple will soon announce
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
Apple Upgrade
</a>
, a subscription program that will allow users to lease iPhones, Macs, iPads, and Apple Watches with backing from buy now, pay later company Klarna. Similar to car leases, users will reportedly be able to pay off their devices early, upgrade or keep them at the end of the term, or return them. The company plans to market the initiative as a way to make payments lower than existing financing options, Bloomberg reported. Apple Upgrade is set to roll out in the US on July 28.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
🐭
<strong style="color:#000;font-weight:bold">
Disney and Kraft Heinz ink “strategic alliance.”
</strong>
If Thor is guzzling a large bowl of Kraft Mac & Cheese in the next
<em>
Avengers
</em>
movie, don’t be shocked. The Mouse House made a
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
wide-ranging
</a>
media deal with Kraft Heinz to help boost both companies’ brands. As part of the deal, Disney will use Kraft Heinz products at its parks and cruises in North America (and potentially incorporate them into TV shows and movies), while Kraft Heinz will get to use Disney characters in its marketing. “For generations families have grown up with both of our companies and our brands,” Kraft Heinz CMO Todd Kaplan said, adding that the deal builds on the “memory structure” that consumers have of each brand.
<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>
<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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<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">
PARDON THE JOB INTERRUPTION
</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">
ESPN cuts big names in merger with NFL Network
</p>
</a>
<a style="border:none;text-decoration:none" target="blank">
<img alt="Ryan Clark of ESPN" 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%252F2026-07-21%252Fimage-f8f59fe853f9e572e616c410af9d8230f50ba40c-7276x4851-jpg%252FGettyImages-2236806403.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODQ3MTI4NzQuOTY1Mjg4OX0:1wmTLW:T56JsmRIt0G913obvu-StyZGAD0HKFCIhCHmcvcmbTI" 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>
Greg Fiume/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">
Ryan Clark, Karl Ravech, and Cam Newton were among the on-air personalities
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
let go
</a>
by ESPN this week, as the Worldwide Leader and NFL Network consolidate their media talent before football season begins.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
Yesterday’s
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
layoffs
</a>
are the result of the $3 billion deal the NFL and ESPN completed last February that gave the league a 10% equity stake in ESPN, while ESPN acquired NFL Network and NFL Red Zone. Most of the cuts affected behind-the-scenes employees, but the firing of Clark, an ESPN mainstay since 2015, was as public as they come:
</p>
<ul style="color:#333;margin-top:0;padding-left:30px">
<li style="color:#333;line-height:22px;margin-bottom:10px">
Clark was informed of his impending departure Monday
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
while on
<em>
NFL Live
</em>
</a>
, the day before ESPN had planned to let everyone affected know, and he left mid-show, per The Athletic.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
The layoff follows a tense on-air incident on
<em>
Get Up
</em>
in September that rankled ESPN executives, according to The Athletic, in which Clark disagreed with NFL reporter Peter Schrager by saying, “That’s the non-player in you.”
</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">
Beyond the ESPN layoffs…
</strong>
parent company Disney cut
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
hundreds of jobs
</a>
in other divisions yesterday, with most of the firings happening at Pixar Studios and National Geographic. In April, Disney cut ~1,000 marketing positions across various platforms, citing lower streaming profits.
<em>
—DL
</em>
</p>
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Sponsored By Cytonics
</p>
<a style="border:none;text-decoration:none" target="blank">
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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">
This molecular Venus flytrap could end a $560b disease.
</strong>
Osteoarthritis affects 500m+ people, and no cure exists. What if you could invest in
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
the company that’s striving to build one
</a>
? Cytonics has engineered a potential cure inspired by the Venus flytrap, and its drug just cleared Phase 1 trials with a perfect safety record. Your opportunity to invest ends next week.
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
Become a shareholder today
</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">
what sorcery
</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">
Hasbro’s
<em>
Magic: The Gathering
</em>
has Reach
</p>
</a>
<a style="border:none;text-decoration:none" target="blank">
<img alt="Illustration of two hands holding a spread of Magic: The Gathering cards, with the front of the cards facing the viewer. Fantastical creatures and elements are emerging from the cards, including a goblin that appears to be climbing out, as well as magical spells and vines." 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%252F2026-07-21%252Fimage-8560f4b26467b75c4d64593128c0df7868a40a4b-1500x1000-jpg%252FMBD_07212026_MTG_01.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODQ3MTI4NzQuOTY2MTkzNH0:1wmTLW:C1blhe--r6LGSV7BpfwuW1z0dzikl5aKPKgD8ZqR0X0" 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">
Hasbro played Rampant Growth last quarter. The toymaker
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
reported
</a>
stellar earnings yesterday, beating Wall Street estimates thanks to its
<em>
Magic: The Gathering
</em>
card game bringing in more than $500 million for the first time. The company’s stock ended the day up 8.8%
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
For those unfamiliar with the pain of drawing only lands for three straight turns,
<em>
Magic
</em>
has boomed since Hasbro acquired it almost three decades ago. In 2023, Hasbro said the game was the company’s first billion-dollar brand based on annual sales. And this past quarter was its best yet:
</p>
<ul style="color:#333;margin-top:0;padding-left:30px">
<li style="color:#333;line-height:22px;margin-bottom:10px">
<em>
Magic
</em>
brought in $545.3 million in Q2, a 32% jump from the same period last year.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
Execs credited the success to the brand’s Marvel superheroes set released last quarter, which set first-day and first-month sales records.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
The game has reached
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
50+ million
</a>
players since its inception in the 1990s.
</li>
</ul>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
While the game’s
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
rapid release schedule
</a>
has been key to driving sales, it has also reportedly overwhelmed some players who can’t keep up. The brand’s next big release, a Star Trek-themed set, is scheduled for November.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
Looking ahead...
</strong>
Hasbro said it is
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
abandoning
</a>
many of its video games in production and decreasing spending in the division by at least 25% a year.
<em>
—MM
</em>
</p>
<div style="padding-top:12px">
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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">
Biotech IPOs outshine AI stock market debuts
</p>
<img alt="Scientist's hand pulling a test tube from a rack in a lab" 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%252F2026-07-21%252Fimage-b84ba7305604489f63f69cd80844bb0eb2f570fd-7008x4672-jpg%252FGettyImages-2286468216.jpg/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODQ3MTI4NzQuOTY2OTAzMn0:1wmTLW:wY2GRQW60sXHFnr6lohqszxKEOfCBto0-v5GjlPkVsI" 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>
Getty Images
</em>
</small>
</span>
</p>
</td>
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<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">
It might be a hard pill for AI bulls to swallow, but the hottest IPOs are about drugs—not data centers. Shares of biotech and pharma companies that went public this year
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
are up 55%
</a>
on average, according to Bloomberg’s estimate.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
That’s compared with an average 4.4% return for all companies that went public in 2026 and a 6% average
<em>
loss
</em>
for the 10 biggest IPOs of the year, including splashy offerings by AI chipmakers and SpaceX.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
For instance:
</p>
<ul style="color:#333;margin-top:0;padding-left:30px">
<li style="color:#333;line-height:22px;margin-bottom:10px">
Veradermics, a hair loss treatment maker, is the best-performing IPO of 2026, up more than 500% since listing in February.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
Blood disorder drug developer Hemab Therapeutics soared more than 100% after raising $350 million in its May IPO.
</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">
Big picture:
</strong>
The biotech boom is helped by looser regulations, recent research breakthroughs, and cash-flush Big Pharma buying up smaller companies.
<em>
—SK
</em>
</p>
</td>
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</td>
</tr>
</tbody>
</table>
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<tbody>
<tr>
<td>
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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">
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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 CAKES Body
</p>
<a style="border:none;text-decoration:none" target="blank">
<img alt="Sponsor: CAKES Body" 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%252F2026-07-21%252Fimage-fb30e17133b65f975f9f3815de3bde4961c530c0-1440x1080-webp%252F1.webp/?inbox_flows_img_sig=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODQ3MTI4NzQuOTY3MDYyMn0:1wmTLW:lWn14KvSYfp30nFbbg1e8M9jHZ41M4axp0_JN1eG8Bo" style="padding-top:15px;width:100%;max-width:670px;display:block" width="670"/>
</a>
</td>
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<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">
Every outfit, fully covered.
</strong>
Backless dress? Deep-vee top? Strapless everything? CAKES has you covered—literally. Grippy Cakes, Sticky Cakes, the Cleavage Bra, CAKES Tape, and NEW Invisible Undies,
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
all 30% off through July 31
</a>
. Confidence, comfort, zero underwire.
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
Shop the sale of the summer
</a>
.
</p>
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<tbody>
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<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">
Defense Secretary Pete Hegseth
</a>
faced questions from the Senate Appropriations Committee over his request for another $80 billion to fund the war in Iran, days after three US service members were killed.
</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">
France
</a>
adopted a social media ban for users under 15, becoming the first country in the European Union to do so.
</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">
Anthropic
</a>
must pay authors a historic $1.5 billion to settle a copyright lawsuit alleging that it used pirated copies of hundreds of thousands of books to train its Claude chatbot.
</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">
Computer science enrollment
</a>
fell for the first time in roughly two decades due to the rise of AI, according to a Stanford economist.
</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">
Utz
</a>
, one of the potato chip brands you’ve probably heard of, is being taken private in a $2.9 billion deal with a German snack company.
</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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODQ3MTI4NzQuOTY3MjI3fQ:1wmTLW:9hPfmiRvBcXf3pxKdY9Nt_O-9i2RmNApM1B8zllvMNU" 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">
In this game, try to
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
guess the song
</a>
as quickly as you can.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
Spin the wheel to land on a
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
random website
</a>
from the 1990s or 2000s.
</li>
<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">
best video games
</a>
of 2026 so far, per NPR.
</li>
<li style="color:#333;line-height:22px;margin-bottom:10px">
A minimalistic
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
multi-tool
</a>
that can tighten screws and open a beer afterwards.**
</li>
</ul>
<div>
<ul style="color:#333;margin-top:0;padding-left:30px">
<li style="color:#333;line-height:22px;margin-bottom:10px">
309 lbs → 190 lbs in 7 months.
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
No meds. No calorie counting
</a>
. That’s just one person’s story with the Simple app. So far it’s helped people
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
lose millions of pounds
</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">
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<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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZtb3JuaW5nYnJldyIsInRpbWUiOjE3ODQ3MTI4NzQuOTY3NDM4N30:1wmTLW:gOWIz1uW5MKRGvTTMMPK6icIuxOZaG9aH_pMlgHD-yQ" 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">
Word Search
</strong>
: This week’s theme is “FIFA World Cup winners,” but as long as you’re decent at geography, you’ll pass muster.
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
Play the Word Search 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">
Complete the song
</h2>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
OK, pay attention to these instructions. We’ll give you the title of a non-No. 1 song with one word missing. That word is the title of a song by a different artist that went No. 1.
</p>
<p style="color:#333;font-size:16px;line-height:22px;margin-top:0;margin-bottom:15px">
<strong style="color:#000;font-weight:bold">
Example:
</strong>
“___ Romance” (Lady Gaga) = “Bad” by Michael Jackson.
</p>
<ol>
<li>
“____ Around” (House of Pain)
</li>
<li>
“___ Not ___” (Demi Lovato)
</li>
<li>
“break up with your ____, i’m bored” (Ariana Grande)
</li>
<li>
“Sweet but ____” (Ava Max)
</li>
</ol>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
</td>
</tr>
</tbody>
</table>
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<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">
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=eyJwYXRoIjoiaHR0cHMlM0ElMkYlMkZjZG4uc2FuaXR5LiIsInRpbWUiOjE3ODQ3MTI4NzQuOTY3NjI2OH0:1wmTLW:dhmRnw9yD5UarKiep_ejn9I6AzakXzWvzTkfhuzOGws" 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 & 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>
<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">
Answer
</p>
</td>
</tr>
<tr>
<td style="padding:15px 15px">
<ol>
<li>
“Jump” by Van Halen
</li>
<li>
“Sorry” by Justin Bieber
</li>
<li>
“Girlfriend” by Avril Lavigne
</li>
<li>
“Psycho” by Post Malone ft. Ty Dolla Sign
</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: guzzling, meaning “drinking or eating quickly and in large amounts.” Thanks to Erin from Harrisonburg, VA, 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>
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<strong style="color:#000">
✳︎
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A Note From
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Cytonics
</strong>
</p>
<p style="font-size:10px;line-height:22px;color:#333;margin-top:0;margin-bottom:15px">
This is a paid advertisement for Cytonics’ Regulation CF offering. Please read the offering circular at
<a class="link" style="color:#333;text-decoration:none;border-bottom:2px solid #1c7ff2">
https://invest.cytonics.com/
</a>
.
</p>
<p style="font-size:10px;line-height:22px;color:#333;margin-top:0;margin-bottom:15px">
Forward-looking statements are subject to risks and uncertainties. There is no guarantee of performance. Past performance does not predict future results. All investments involve risk, including loss of principal.
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Written by
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,
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Sam Klebanov
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,
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Matty Merritt
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,
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and
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Morning Brew Inc. All rights reserved.
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22 W 19th St, 4th Floor, New York, NY 10011
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2 months ago - crew@morningbrew.com
Miami is now more expensive than NYC...July 22, 2026View Online | Sign Up | ShopPresented ByHear ...