Good Morning and Happy Friday! Juul is making a comeback - at both investment banking interns' desks, and in the fundraising landscape. Teaming up with Jefferies, the tarnished e-cig maker aims to secure $1 billion in funding. And Bud Light's bottom line took a hit last quarter, revealing a $395 million loss in sales last quarter due to the ad controversy.

Apollo is riding high on surging interest rates, announcing a record $1 billion profit thanks to its insurance business. Apple announced the company is in its longest sales slump since 2016. And KKR is still eyeing Simon & Schuster, reportedly willing to shell out a $1.65 billion bid.

_{SQUEEZ OF THE DAY}

Bank Bots

Everyone’s keeping tabs on the AI arms race - at least the one between Big Tech giants like Microsoft and Google. But it’s looking like the country’s largest banks are starting to out duel each other in their own race to roll out AI capabilities.

Banks have stuck with giving fluffy, generic answers about their AI plans. But a new report found it’s not just superficial answers - banks are spending heavily on patent battles, AI research, and strategic partnerships. AI is becoming a differentiator between some banks.

And the banks that don’t have formal AI strategies yet? Some say they’re already feeling left behind, and that a ‘wait-and-see’ approach looks too risky.

The new study found JPMorgan spends the most on AI research, while Capital One has the most AI patents and Wells Fargo has invested in the most startups.

Takeaway: With bank consolidation looming, AI could become a huge accelerant. And bank leaders feel pressure to at least do something now - even if nobody really has any idea what AI will bring.

_{CAPITAL PULSE}

Markets Rundown

Stocks slipped as rising bond yields pressure stocks.

Movers & Shakers

• (+) Traeger ($COOK) +42% after the grill maker reported earnings.

• (+) Clorox ($CLX) +9% after an earnings and revenue beat.

• (–) PayPal ($PYPL) -12% even despite a revenue beat.

Private Dealmaking

• Lionsgate bought Entertainment One, a film and TV studio, for $500 million

• LightForce Orthodontics, a 3D-printed dental devices maker, raised $80 million

• Kyverna Therapeutics, a cell therapies developer, raised $60 million 

• Shadowfax, an Indian logistics startup, raised $60 million

• Equilibrium Energy, a renewable power startup, raised $33 million

• Converge Insurance, a cyber risk management startup, raised $15 million

_{SPONSORED BY MYSTERY VIBE}

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Experience pleasure in a whole new way at 20% off during MysteryVibe’s summer sale.

_HEADLINES

Top Reads

• Jamie Dimon loses his acquisition appetite (Axios)

• UBS lays off Credit Suisse’s investment bank staff, closes Houston office (Reuters)

• The Fitch downgrade is just an excuse for stocks to sell off (YF)

• The most and least expensive U.S. states (CNBC)

• Marijuana mega-merger goes up in smoke (Axios)

• Alibaba launches open-sourced AI model in challenge to Meta (CNBC)

• Private equity drought spurs firms to raise cash creatively (BB)

• Private equity firm Advent pauses Subway pursuit (YF)

• Why many homeowners feel trapped by low-rate mortgages (CNBC)

• Hollywood strikes cost cities and states billions (Axios)

_{BOOK OF THE DAY}

Same As Ever

Every investment plan under the sun is, at best, an informed speculation of what may happen in the future, based on a systematic extrapolation from the known past.

Same as Ever reverses the process, inviting us to identify the many things that never, ever change.

With his usual elan, Morgan Housel presents a master class on optimizing risk, seizing opportunity, and living your best life.

Through a sequence of engaging stories and pithy examples, he shows how we can use our newfound grasp of the unchanging to see around corners.

Not by squinting harder through the uncertain landscape of the future, but by looking backwards, being more broad-sighted, and focusing instead on what is permanently true.

By doing so, we may better anticipate the big stuff, and achieve the greatest success, not merely financial comforts, but most importantly, a life well lived.

“Want to understand the changing world? Start with what stays the same.”

_{ENLIGHTENMENT}

Short Squeez Picks

• Jefferies’ Handler on 100 things he wishes he knew before becoming CEO

• The real reason you’re having a hard time getting things done at the office

• 9 negative social habits to quit today

• Takeaways from Harvard’s free 6-week course on happiness

• 8 best techniques for evaluating character

• How to make failures part of your success and conversation

_{DAILY VISUAL}

Oil Heads Back Up

US West Texas Intermediate crude oil futures

_{SPONSORED BY FENNEL}

One Investing App to Rule Them All

Just because it’s free doesn’t mean it’s not costing you 💸

Things your “free” investing app will do:

• Turn the “buy” button off

• Not give you the best possible price on your trade

• Lend out your shares

Enter Fennel, a beautifully designed app that never compromises or monetizes your dignity as an investor. For a small fee a month you’re not just paying for transparency and security — you’re paying for:

• Expansive & accessible company data

• Real-time news and AI-powered media sentiment analysis (see graphic)

• Comprehensive financials & performance indicators

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_{DAILY ACUMEN}

Under the Hood

Everyone's got a whole universe of thoughts whirling around in their heads, but what we share with the world? Barely a blip on that radar.

Think about it. All the stuff we've recorded in history, the books in the Library of Congress, the whole shebang on the internet - it's vast, right? But it's only what's been publicly shared, recorded, published. It's just a wee bit of what's actually happened, let alone what's been thought or felt.

We're really only seeing a teeny tiny fraction of people's experiences and thoughts. And guess what? Most of what people share is their highlight reel, the good stuff they want us to see. They showcase their skills, their wins, but the flaws, the losses, the doubts? Not so much.

So, sometimes we might feel like we're missing out, like everyone else has figured things out while we're still fumbling. But let me tell you this: most of the time, we're just not seeing the whole picture. Everyone's winging it, taking on one challenge at a time. Don't let the highlight reels fool you. Life's a rollercoaster, not just the peaks.

_{MEME-A-PALOOZA}

Memes of the Day