Good Morning! JPMorgan named Doug Petno and Troy Rohrbaugh co-presidents, vaulting both to the front of the Dimon succession race, while longtime contender Marianne Lake is out. Blue Owl Capital is in talks for a 5-10% stake in the NBA's Cleveland Cavaliers at a $3.95B valuation. And Ares capped withdrawals from a private credit fund at 5% after redemption requests hit 14.4%.

Apple raised MacBook and iPad prices, blaming its AI data center spending. Global M&A hit a record $2.7T so far this year, up 47% from 2025 and 88% over the first half of 2024. And Bain Capital agreed to buy 51% of marine engine maker Everllence from Volkswagen for $8.4B.

Plus: For $4,500 a week, AI will tutor your kids in the Hamptons, and why running got so popular.

Mosaic can build an LBO model in mere minutes, and their latest release adds a Football Field valuation analysis.

SQUEEZ OF THE DAY

Peptide Gold Rush

The black market for peptides is going mainstream. What lived in gym-bro forums, Telegram groups, and "research use only" websites is now showing up in med spas, telehealth platforms, and reportedly even NYC bodegas selling black-market weight-loss shots.

America saw what GLP-1s could do and asked the obvious question: what else can I inject to get leaner, younger, more focused, and less tempted by a $48 Seamless order at 10:30 p.m.?

The black market answered first. Sellers buy peptide ingredients cheap, wrap them in e-commerce branding, and move tiny vials for $50 to $300, some sites reportedly running 50% margins and millions in monthly sales.

One lab says peptide test volume jumped 1,200% from 2023 to 2025. US Customs logged $328M of peptide API imports in the first nine months of 2025 alone. Investors peg the black market at $1B to $3B already.

Now the big dogs want in. Hims & Hers bought a peptide compounding facility. Noom acquired Tailor Made Compounding (503A, 46 states). Protocole raised $6M for a cleaner peptide telehealth platform. Vitl raised $7.5M to vet and roll up compounding pharmacies.

The bet is that underground proved demand, and the winners will make peptides feel clinical and VC-backable instead of like something your friend from CrossFit found in a Discord server.

Which is why the FDA calendar matters. On July 23-24, an FDA advisory committee reviews whether several popular peptides, including BPC-157, should be eligible for legal compounding. It's a recommendation, not a final ruling, but Leerink estimates that one unlock could create a $2.2B telehealth opportunity next year. Worth noting who's driving it: RFK Jr., a self-described "big fan" of peptides, who says the prior restrictions are what "created the gray market" in the first place.

Takeaway: Peptides are the latest case of consumer healthcare outrunning the system built to regulate it. The demand is there and the influencers, med spas, telehealth players and compounders are already circling. The risk is people injecting compounds with thin safety data from supply chains nobody fully controls. But from a finance seat, that's the whole point: the black market already proved the TAM. The race now is who turns it legit before regulators, Big Pharma, or a safety blowup ends the party.

PRESENTED BY MOSAIC

Football Fields Just Got Lightning Quick

Mosaic can build your LBO models in mere minutes, and their latest release adds a Football Field valuation analysis.

From any completed LBO model, you can now layer in a DCF, public comps, and precedent transactions to compare every valuation methodology side by side in one tab. It's a single click off the Summary tab, with no need to rebuild anything (and it works on completed DCF models too).

Plus: A redesigned Deals View that centralizes deal metrics, models, and documents in one place, sensitivity analysis on run-rate cost savings, and forecast leverage and debt paydown visualization built into the Leverage tab.

Check out Mosaic's deal modeling platform today.

HEADLINES

Top Reads

• JPMorgan names Doug Petno and Troy Rohrbaugh co-presidents as longtime exec Marianne Lake exits (CNBC)

• Cleveland Cavaliers in talks to sell minority stake to Blue Owl Capital (BB)

• Ares private credit fund caps redemptions after 14% seek to exit (BB)

• Apple raises Mac and iPad prices due to memory chip shortage (Axios)

• Global dealmaking reaches new record (Axios)

• Volkswagen selling Everllence stake to Bain Capital for $8.4 billion (Axios)

• For $4,500 a week, AI can tutor your kids in the Hamptons (BB)

• Why gold prices fell below $4,000 (Axios)

• Endless shrimp deal was scheme to squeeze Red Lobster, suit says (BB)

• On Semiconductor strikes $7 billion deal for Synaptics in physical AI push (CNBC)

• At this private credit fund, exits have been restricted for four years and counting (WSJ)

• Deutsche Bank's former CFO has his eye on a CEO role (WSJ)

CAPITAL PULSE

Markets Rundown

Market Update

• Markets finished modestly lower, as weakness in consumer discretionary and consumer staples offset gains in industrials and health care.

• The 10-year Treasury yield declined to 4.39%.

• WTI crude oil moved higher on renewed tensions in the Strait of Hormuz, but remained well below recent highs.

• The U.S. dollar weakened modestly against major currencies.

Economic Data

• First-quarter GDP was revised up to 2.1% annualized, from the prior estimate of 1.6%.

• The revision was driven primarily by a smaller drag from imports.

• Consumer spending was revised lower, while business investment remained strong.

• The updated data indicated the economy entered the second quarter with stronger momentum than previously estimated.

Inflation Watch

• Headline PCE inflation rose 4.1% year over year, matching expectations.

• Core PCE inflation increased to 3.4%, slightly above forecasts.

• Energy prices remained a key contributor, rising 24.3% from a year earlier.

• Markets will continue monitoring inflation and labor-market data for clues on the Federal Reserve's policy path.

Movers & Shakers

• (+) BlackBerry ($BB) +20% after beating fiscal Q1 2027 estimates while posting its first positive operating cash flow in nine years.

• (+) Micron ($MU) +16% because the company beat Q3 estimates, BofA lifted its price target to $1,550, and Micron surpassed Meta and Tesla in market cap.

  (–) Apple ($AAPL) -6% after announcing MacBook and iPad price increases of $100–$150 effective August 1, citing the AI-fueled memory shortage driving up component costs.

  Prediction Markets

• Let’s see how oil prices react to the US-Iran deal or no-deal. Market closes at 2:30pm EDT.

• Trade on real-world events with Kalshi. Use code OWS to get a $10 bonus when you trade $10.

Private Dealmaking

• Bain Capital agreed to buy a 51% stake in Everllence, a marine engine maker, from Volkswagen for $8.4 billion

• Qualcomm agreed to acquire Modular, an AI software development platform, for $3.9 billion

• Advent International plans to acquire Japan Well-being, a Japanese nursing care firm, for around $1.24 billion

• Alan, a French health insurer, raised around $520 million

• Airwallex, a payments platform, raised $320 million

• Muan Space, a satellite constellations startup, is raising $250 million

For more PE, VC & M&A deals, subscribe to our Buysiders newsletter.

BOOK OF THE DAY

Be Useful: Seven Tools For Life

Description:
A practical and motivating guide from Arnold Schwarzenegger on the principles that fueled his success across bodybuilding, business, entertainment, and public service. Drawing from his own life, the book outlines seven core tools, including vision, hard work, resilience, and giving back, that can help anyone pursue ambitious goals. Rather than offering abstract motivation, it focuses on actionable habits and a mindset built around personal responsibility, discipline, and continuous improvement.

Book Length: 288 pages
Release Date: October 10, 2023

Ideal For:
Anyone looking to build discipline, achieve ambitious goals, and develop the mindset needed to succeed across career, business, and life.

None of us can make it alone, we all have a responsibility to be useful to others.

DAILY VISUAL

Is the iPhone Killing America's Birth Rate?

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What members get:

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If you want to level up your social circle and access the best people in finance and beyond, apply for membership below.

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DAILY ACUMEN

Peak End

You do not remember experiences as they actually happened. You remember two moments, the most intense point and the ending, and your brain quietly discards almost everything in between. A vacation that was wonderful for six days and miserable on the last is filed under miserable. A painful ordeal that ends gently is remembered as far better than it was.

This means the story you carry of any experience is not an average of the whole thing. It is a verdict written almost entirely by its peak and its final moment. The duration barely registers.

The practical version of this is strange but real. How something ends will define how it is remembered far more than how long it lasted or how it felt throughout. Endings are not just the conclusion of an experience. They are the part that gets to rewrite all of it.

ENLIGHTENMENT

Short Squeez Picks

• How documenting everything changes your brain

• Why running became popular

• 5 skills that help you negotiate with confidence

• 3 ways to stay effetive when leadership fatigue sets in

• Gen Zers are more risk-averse, it’s ruining their dating lives

• The finance bro’s focus tool*

MEME-A-PALOOZA

Memes of the Day

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