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The U.S. is implementing unprecedented economic measures against Iran alongside a naval blockade of the Strait of Hormuz, according to Treasury Secretary Scott Bessent. Defense Secretary Pete Hegseth stated the military can maintain the blockade indefinitely. The USS George Washington is being deployed to relieve the USS Abraham Lincoln, which has faced reports of poor conditions after over 250 days of deployment.

• Treasury Secretary Scott Bessent announced 'economic isolation like the world has never seen before' combined with a continued blockade preventing anything from entering or leaving Iranian ports
• The USS Abraham Lincoln has been deployed for over 250 days beyond its expected May end date, with reports of moldy showers, broken toilets, food shortages, and crew burnout prompting congressional concern
• Defense Secretary Hegseth confirmed the U.S. can maintain the naval blockade indefinitely by rotating ships, with the USS George Washington departing Vietnam to replace the Lincoln

Elon Musk disclosed a 48.4% stake in SpaceX as of June 30, valued at over $900 billion based on current market prices, according to a regulatory filing. The rockets-to-AI company went public on June 12 after an IPO that raised $85.7 billion and pushed its market cap above $2 trillion, though the valuation has since declined as investor enthusiasm cooled.

• Musk owns 6.42 billion shares comprising 849.5 million Class A shares in SpaceX
• SpaceX stock fell nearly 33% through the end of July following its market debut
• The company recently reported its first quarterly earnings since going public, showing over 90% revenue growth and exponential capital spending increases

Brazilian digital lender Nubank reported quarterly net profit exceeding $1 billion for the first time, reaching $1.06 billion in Q2 2024, a 49% year-over-year increase that beat analyst estimates of $967.2 million. The strong performance was driven by higher revenue and improved risk-adjusted net interest margins, marking a significant milestone for the fintech company.

• Net revenue rose 39% to $5.88 billion, surpassing the $5.60 billion analyst consensus, while the credit portfolio grew 37% year-over-year to $39.4 billion
• Early delinquency rates improved to 4.8%, down from 5% in Q1 2024, though up 0.3 percentage points compared to the prior year
• Brazil's Desenrola debt-refinancing program contributed only about 5% to the bank's total cost of credit improvement, with seasonal factors playing a larger role

The United States is threatening to maintain an indefinite naval blockade of Iran as ceasefire negotiations have collapsed and regional tensions escalate. Iran has responded by blocking the Strait of Hormuz, through which a fifth of global oil and liquefied natural gas previously flowed, and has attacked vessels attempting transit. The International Energy Agency forecasts global oil supply will fall 4% this year due to the ongoing conflict.

• Daily vessel traffic through the Strait of Hormuz has plummeted to 8 ships compared to 130-140 before the war began in February, with Iran demanding removal of sanctions and release of frozen assets before reopening the strait
• The IEA now projects global oil supply will drop by 4.3 million barrels per day (4%) in 2026, up from a 3.7 million bpd forecast just one month ago
• President Trump faces domestic pressure to end the unpopular war as high fuel prices drag down approval ratings ahead of November midterm elections, though he has resisted ground troop deployment

Reddit shares surged 11% following the announcement that the social media company will join the S&P 500 index on August 18, replacing AvalonBay Communities Inc. The inclusion typically drives stock prices higher as index-tracking fund managers must purchase shares to match the benchmark composition.

• Reddit will officially enter the S&P 500 on August 18, replacing AvalonBay Communities Inc.
• The stock jumped 11% on the news, a common reaction when companies are added to major indexes
• Index fund managers who track the S&P 500 will be required to buy Reddit shares, creating automatic demand

Two Abu Dhabi National Oil Company (ADNOC) vessels were attacked in the Strait of Hormuz on Thursday evening, with the UAE accusing Iran's Revolutionary Guards of carrying out the assault. This marks the second attack on ADNOC vessels in less than a week, raising concerns about regional stability and global energy security as approximately one-fifth of the world's oil and LNG passes through the strait.

• No injuries were reported and the situation was brought under control, though details about vessel damage or cargo were not disclosed
• The UAE Foreign Ministry condemned Iran's 'acts of piracy' and accused Tehran of using the strait as a tool of economic pressure, threatening commercial shipping
• Approximately 20% of global oil and liquefied natural gas transits the Strait of Hormuz, with shipping repeatedly disrupted since a U.S.-Israeli conflict began on February 28, raising freight rates and security concerns

The U.S. Equal Employment Opportunity Commission dropped its lawsuit against Nike after the company complied with a subpoena related to an investigation into alleged discrimination against white employees. The EEOC is examining whether Nike intentionally discriminated against white workers, including through disproportionate layoffs, as part of the Trump administration's broader scrutiny of diversity programs.

• The investigation was initiated through a 'commissioner's charge' by EEOC Chair Andrea Lucas in May 2024, rather than through typical worker complaints
• Nike provided requested information including data on workforce racial and ethnic composition and employee rosters for mentoring and development programs
• Dismissal of the subpoena lawsuit does not end the EEOC investigation, which reflects the administration's position that many workplace diversity programs may violate anti-discrimination laws

US stocks rallied Thursday with the S&P 500 closing at a record high of 7,799.73, driven by softer-than-expected inflation data and strong technology sector performance. Producer prices came in below forecasts, reinforcing expectations that the Federal Reserve will pause rate hikes in September, with traders pricing in a 63% probability of unchanged rates.

• The S&P 500 rose 0.66% to a record 7,799.73, up 14% year-to-date, while the Nasdaq gained 0.81% to 26,803.51, up roughly 15% in 2026
• Core producer prices rose 0.2% monthly, below the 0.3% forecast, following Wednesday's CPI data showing 0.1% inflation, strengthening Fed pause expectations
• Technology stocks led gains with SanDisk surging on growth strategy, Netflix rising on Bill Ackman's new stake, while Cisco fell ~9% despite upbeat outlook as investors rotated toward AI-focused names

The U.S. FDA approved Bristol Myers Squibb's iberdomide combination treatment for patients with relapsed or refractory multiple myeloma, a rare blood cancer. The drug is administered alongside Johnson & Johnson's Darzalex and dexamethasone for patients whose disease has not responded to other treatments.

• Iberdomide belongs to a new class of drugs called CELMoDs that target the cereblon protein, enabling the body to eliminate myeloma cells more quickly and effectively than older treatments
• The combination therapy is specifically designed for multiple myeloma, a cancer that forms in plasma cells and builds up in bone marrow
• The approval provides a new treatment option for patients with relapsed or refractory disease who have exhausted other therapeutic options

Applied Materials forecast fourth-quarter revenue of approximately $10.25 billion, significantly above Wall Street's estimate of $9.54 billion. The semiconductor equipment manufacturer attributes the strong outlook to continued robust demand for advanced AI chips driving customer spending on manufacturing equipment.

• Q4 revenue guidance of $10.25 billion (plus or minus $500 million) exceeds analyst consensus by roughly $700 million or 7%
• Strong forecast driven by sustained demand for advanced AI chip manufacturing equipment
• Results indicate continued heavy capital expenditure by chipmakers to support AI infrastructure buildout

The NTSB reported that bird remains were found in the engine of a Ryanair Boeing 737 NG that experienced an engine failure on July 10, causing a window to shatter and forcing an emergency landing in Greece. The incident involved a passenger being partially sucked out of the broken window, and investigators are examining whether it resembles a fatal 2018 Southwest Airlines engine failure.

• Four suspected bird strikes to the same engine were reported in the 12 months before the accident, with bird remains found in two cases, though no damage was detected during maintenance
• The CFM engine, made by a Safran-GE venture, had been inspected in May with no findings prior to the incident
• The NTSB is investigating similarities to previous events including the April 2018 Southwest Airlines engine failure that killed a passenger, though the FAA Administrator said early indications suggest the incidents are not identical

Apple CEO Tim Cook and Commerce Secretary Howard Lutnick opened a new manufacturing facility in Houston, Texas, where Apple will produce Mac Mini desktop computers later this year. The event highlights Apple's efforts to expand U.S. manufacturing amid Trump administration pressure to build more products domestically. The appearance comes as Cook prepares to transition to executive chairman on September 1, with John Ternus becoming CEO.

• Apple will manufacture Mac Mini computers at the Houston facility later this year, with AI servers already being assembled at the location after hundreds of millions in investment
• Cook emphasized Apple sourced over 20 billion chips from the U.S. last year as part of its $600 billion American Manufacturing Program commitment announced in August
• Cook's future role as executive chairman will include 'engaging with policymakers around the world,' signaling continued involvement in government relations despite stepping down as CEO

Private equity firm Silver Lake is in talks to acquire human resources and financial management software company Workday in a potential deal valued at approximately $43 billion. If completed, the transaction would rank among the largest software buyouts in history. The discussions are ongoing with no guarantee of a final agreement.

• Workday's market value stands at about $43 billion, making this one of the largest software acquisition attempts on record
• Silver Lake and Workday have held discussions about a potential deal over recent months, though talks remain ongoing and uncertain
• Neither Silver Lake nor Workday has publicly commented on the confidential negotiations

Cisco shares dropped 9% despite beating earnings expectations and issuing stronger-than-expected guidance for the coming quarter. The stock, which had surged over 60% year-to-date prior to the decline, fell from around $113 to well below its June record high of $130 as investors questioned whether growth has peaked.

• Cisco reported Q4 revenue of $17.3 billion (up 18% year-over-year) and guided for current quarter revenue of $18-18.2 billion, both exceeding the $16.8 billion analyst consensus
• Hyperscaler infrastructure orders totaled $4 billion in Q4 and $9.3 billion for the full fiscal year, with related revenue expected to nearly double from $4 billion to $7.5 billion in fiscal 2027
• Analysts at Piper Sandler called the guidance 'conservative given the current demand environment' and suggested some investors may be concerned about peak growth despite the strong results

Anthropic's CFO Krishna Rao is conducting early IPO exploratory meetings with investors, though discussions have remained high-level without specific financial details or valuation targets. The AI company filed its IPO prospectus in June and has been testing investor interest in recent weeks. Founded in 2021 by former OpenAI executives, Anthropic has emerged as a major competitor in the enterprise AI market.

• Meetings focus on Claude AI models, Claude Code development, enterprise market position, and management, but avoid specific financials or company-provided valuations
• Anthropic's run-rate revenue crossed an undisclosed threshold in May, up from roughly $10 billion in all of 2025, with some investors independently projecting a potential $2 trillion+ valuation
• The company closed a recent funding round valuation that topped OpenAI's late March valuation, as both AI rivals prepare for potentially historic IPOs

Advanced Micro Devices (AMD) is planning to raise between $4 billion and $5 billion through a debt offering, according to a source familiar with the matter. The chipmaker's planned debt issuance comes as technology companies continue to seek capital for investments and operations.

• AMD is targeting a debt offering in the range of $4 billion to $5 billion
• The announcement comes amid increased capital-raising activity in the tech sector, with peers like Databricks recently raising $5 billion at a $190 billion valuation
• No specific details were disclosed about the intended use of proceeds or timing of the debt offering

Databricks closed a $5 billion strategic funding round at a $190 billion valuation. The data and AI software company plans to use the capital to expand investments in products for AI agents.

• The funding round values Databricks at $190 billion, marking one of the highest valuations in the enterprise AI software sector
• Proceeds will be directed toward expanding the company's AI agent product offerings
• The substantial raise reflects continued investor appetite for AI infrastructure companies

Mike Ashley's Frasers Group acquired luxury department store chain Harvey Nichols out of administration on Thursday for an undisclosed sum. The deal includes Harvey Nichols' stores in London, Edinburgh, and Leeds, its online business, over 1,000 employees, and international franchise agreements, marking the end of 35 years of ownership by Hong Kong businessman Dickson Poon.

• Harvey Nichols, founded in 1831, has been loss-making for several years and is far from its peak in the 1990s and 2000s, representing another distressed British retail acquisition by Ashley
• Frasers said integration will require 'significant' restructuring, potentially including review and rationalization of the store portfolio, organizational structure, and cost base
• The acquisition adds a storied luxury retailer selling cosmetics, fashion, food and wine to Frasers' portfolio of premium retail brands, continuing Ashley's strategy of buying businesses at bargain prices

The Producer Price Index (PPI) was flat in July, missing expectations for a 0.2% increase, while core PPI rose just 0.2% versus the 0.3% forecast. This marks the latest sign that inflation pressures are easing after earlier gains driven by the Iran war and tariffs. The data reduced market expectations for a September Federal Reserve rate hike.

• Annual PPI increased 4.7% for all items and 4.2% for core, while goods prices fell 0.7% due to a 3.1% decrease in energy costs including a 5.7% drop in gasoline
• Stock futures rose and Treasury yields fell following the report, with traders lowering odds of a September rate hike and now pricing in October or December action
• The report follows similar CPI data showing consumer prices rose only 0.1% in July, with core annual inflation at 2.5%, back to pre-war levels

Private equity firm Thoma Bravo will acquire insurance marketplace Accelerant in an all-cash deal valued at over $4 billion, taking the company private just over a year after its July 2025 New York IPO. The transaction, expected to close in the first half of 2027, will allow Accelerant to operate away from public market pressures after its stock struggled below the $21 IPO price.

• Accelerant went public in July 2025 but its stock has traded well below its $21 per share IPO price, prompting the privatization decision
• Thoma Bravo manages over $172 billion in assets and has a track record in insurance technology, having acquired claims services firm for over $1.3 billion last year
• Largest investor Altamont Capital Partners and Accelerant's founders will retain equity ownership alongside Thoma Bravo in the transaction