Read Sunday ☕️

Last Week’s Headlines

Economy & World News

• Apple’s $100B U.S. Manufacturing Push – Apple is committing an additional $100 billion to expand domestic manufacturing, a move that supports the White House’s push to bring critical supply chains back to the U.S. The investment is expected to bolster job creation and reduce the company’s exposure to international tariffs, particularly on high-margin products like iPhones.

• Trump Raises India Tariffs – The U.S. has doubled tariffs on Indian goods to 50% in response to India’s ongoing purchases of discounted Russian oil. The escalation marks the second hike in a matter of days and raises concerns over potential retaliatory measures from New Delhi.

• Trump’s 100% Chip Tariff Threat – President Trump has threatened to impose a 100% tariff on all imported semiconductors unless companies agree to manufacture chips in the U.S. Taiwan Semiconductor Manufacturing Company (TSMC) confirmed it will avoid the tariff because of its U.S.-based fabs, sending its shares to record highs.

• Bank of England Rate Cut – The Bank of England narrowly voted 5–4 to cut its key interest rate by 25 basis points to 4%, signaling a cautious shift toward supporting economic growth while trying to maintain inflation control.

• China Trade Surprise – China posted stronger-than-expected July trade data, with exports rising 7.2% and imports climbing 4.1% year-over-year. It’s the strongest import growth in 12 months, suggesting domestic demand is stabilizing.

• Swiss Tariff Talks – Swiss President Karin Keller-Sutter traveled to Washington for urgent talks with President Trump after the U.S. imposed a 39% tariff on Swiss exports. Switzerland is seeking exemptions for key industries, including luxury goods and precision manufacturing.

• TSMC Trade Secret Leak – Taiwanese authorities arrested six individuals accused of stealing semiconductor trade secrets from TSMC, reportedly linked to a rival firm with ties to mainland China. Nvidia had flagged concerns over the breach’s potential impact on supply chain security.

• Gold Tariff Confusion – The White House announced it will clarify “misinformation” about whether Swiss gold bars are subject to newly imposed tariffs. U.S. Customs previously indicated that bullion was not exempt, causing gold futures to hit record highs before retreating on the clarification news.

Public Markets

• Palantir Breaks $1B Revenue – Palantir’s Q2 revenue surged 48% year-over-year to exceed $1 billion for the first time, fueled by strong demand for its artificial intelligence platforms across government and commercial clients. Shares climbed 7% as the company raised full-year guidance.

• Super Micro Slumps – Super Micro Computer’s shares dropped 15% after reporting results that missed analyst expectations and issuing weaker guidance, citing a slowdown in AI server demand following a year of explosive growth.

• Snap Misses ARPU Target – Snap reported a 9% increase in sales and a narrower net loss, but average revenue per user fell short of Wall Street estimates, sending shares down nearly 15%. The company blamed weaker-than-expected ad spending in key markets.

• Uber Ups Buybacks – Uber announced a $20 billion share repurchase program following strong quarterly earnings and an upbeat forecast for ridership growth. The move underscores the company’s shift from high-growth, cash-burning operations to sustainable profitability.

• Eli Lilly Weight Loss Pill Update – Eli Lilly’s late-stage trial for its oral obesity treatment showed participants lost an average of 12% of their body weight without injections. However, shares fell 14% on concerns over reported side effects and the drug’s potential approval timeline.

• Intel Turmoil – Intel shares slipped 2% after President Trump publicly called for CEO Lip-Bu Tan’s resignation, citing alleged conflicts of interest and business ties to Chinese companies. The remarks add pressure to a company already grappling with competitive and geopolitical challenges.

• TSMC Record High – TSMC shares hit an all-time high after confirming it will be exempt from Trump’s proposed 100% chip tariffs due to its existing U.S. manufacturing facilities, further cementing its position as a key supplier in the semiconductor supply chain.

Real Estate & Private Equity

• PWP Expands in Secondaries – Perella Weinberg Partners is acquiring Devon Park Advisors, marking its entry into the fast-growing $200B+ secondary private equity market. The move positions PWP to capture more business from continuation fund transactions.

• Private Assets in 401(k)s – The White House is preparing to sign an executive order allowing retirement plans to invest in alternative assets, including private equity, real estate, and cryptocurrencies. The change could open the door for $12.5 trillion in 401(k) funds to flow into higher-yield private markets.

M&A, IPO’s, Bankruptcies

•  Steelcase Acquired – HNI Corporation announced it will acquire office furniture maker Steelcase in a $2.2 billion all-stock deal. The merger is expected to create one of the largest players in the office furnishings market, capitalizing on the ongoing workplace redesign trend.

• Joby Buys Blade’s Helicopter Business – Joby Aviation agreed to acquire Blade Air Mobility’s helicopter operations for up to $125 million. The deal will provide Joby with established routes and infrastructure as it prepares to launch its electric air taxi service in major urban markets.

• NFL–Disney Stake Swap – In a landmark media deal, the NFL will acquire a 10% stake in ESPN, valued at $3 billion, while Disney will take full ownership of NFL Network and related media assets. The transaction aims to strengthen both parties’ live sports content strategies.

• OpenAI Valuation Soars – OpenAI is in advanced talks for a secondary share sale that could value the company at roughly $500 billion, making it one of the most valuable private firms in history. The deal would allow early employees and investors to cash out without an IPO.