Good Morning! AMD is trying to go toe-to-toe with Nvidia, announcing acquisition of server builder ZT Systems in a $4.9 billion deal. Meanwhile, if you’re sick of the Starbucks app fumbling your morning order, the new CEO is reportedly focusing on fixing it. All of Wall Street’s investors’ eyes are turning to Powell’s Jackson Hole speech later this week, and Goldman Sachs’ is no longer worried about a U.S. recession. Tech tycoon billionaire Mike Lynch is missing after his yacht sank off the coast of Italy. Plus how to stick to a cleaning schedule, and how doing less can break your worst habits.

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_{SQUEEZ OF THE DAY}

Barbarians vs. the Law

Yesterday, the SEC charged billionaire activist investor Carl Icahn with hiding billions of loans. And he seemingly settled them right away - paying $2 million in fines.

Carl Icahn is the ultimate corporate raider, but he's toned down a little bit recently and now considers himself more of an activist investor - buying stakes in companies and pushing for changes. He runs a public company, Icahn Enterprises (IEP) which buys stakes in other companies and was the focus of the SEC investigation.

The SEC's investigation revealed that Icahn pledged billions in IEP stock as collateral for personal loans without disclosing this to investors—a major violation.

This issue was first spotlighted in a May 2023 report by Hindenburg Research, a short-seller firm that accused IEP of overvaluing its holdings and operating on shaky financial ground. Since the report, IEP’s stock has plunged over 60%.

Over six years, Icahn pledged more than half of IEP’s shares—up to $5 billion—as collateral. Although he owns 86% of the company, IEP remains publicly traded and subject to strict disclosure rules.

Hindenburg isn’t backing down - reiterating that it remains short the stock and that IEP is "still operating a Ponzi-like structure.”

Takeaway: Carl Icahn, often called the Original Wolf of Wall Street, embodies a bygone era of Wall Street—one unburdened by stringent disclosure laws, compliance rules, or HR departments. Throughout his career Icahn has pushed boundaries - and it’s no wonder the SEC will try fining him several figures any chance they get.

_{PRESENTED BY BILL}

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_HEADLINES

Top Reads

• AMD deal takes aim at Nvidia (YF)

• To fix Starbucks, incoming CEO will tackle its mobile app problem (CNBC)

• All eyes turn to Powell's speech (YF)

• Why Goldman Sachs is no longer worried about a U.S. recession (YF)

• Tech tycoon Mike Lynch missing after yacht sinks off Sicily (Axios)

• Google IPO banker tracks two-decade journey from Silicon Valley upstart to $2T (CNBC)

• Survey shows 'cracks' in jobs market (CNBC)

• ABC News names new president (Axios)

• GM lays off more than 1,000 salaried software and services employees (CNBC)

• What happens when you give people money to buy houses (Axios)

_{CAPITAL PULSE}

Markets Rundown

S&P 500, Nasdaq post eighth positive session as stocks extend their winning run.

Movers & Shakers

• (+) Fubotv ($FUBO) +18% because competitor sports streaming service Venu was blocked from launching.

• (+) Advanced Micro Devices ($AMD) +5% after the chipmaker announced plans to buy server builder ZT Systems.

• (–) Sweetgreen ($SG) -7% after Piper Sandler downgraded Sweetgreen to neutral from overweight.

Private Dealmaking

• AMD to acquire server builder ZT Systems for $4.9 billion

• Audax Private Equity bought the clinical services business of Avantor for $650 million

• Continuum Green Energy, an Indian renewable energy group, raised $150 million

• Neptune Medical, a developer of robotics, raised $97 million

• Fabric Cryptography, a cryptography hardware maker, raised $33 million

• Voxel51, a visual AI startup, raised $30 million

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

_{BOOK OF THE DAY}

Over Ruled

Over just the last few decades, laws in this nation have exploded in number; they are increasingly complex; and the punishments they carry are increasingly severe. Some of these laws come from our elected representatives, but many now come from agency officials largely insulated from democratic accountability.

In Over Ruled, Neil Gorsuch and Janie Nitze explore these developments and the human toll so much law can carry for ordinary Americans. At its heart, this is a book of stories—about fishermen in Florida, families in Montana, monks in Louisiana, a young Internet entrepreneur in Massachusetts, and many others who have found themselves trapped unex­pectedly in a legal maze.

Some law is essential to our lives and our freedoms. But too much law can place those very same freedoms at risk and even undermine respect for law itself. And often those who feel the cost most acutely are those without wealth, power, and status.

Deeply researched and superbly written, Over Ruled is one of the most significant books of the year. It is a must-read for every citizen concerned about the erosion of our constitutional system, and its insights will be key to the preservation of our liberties for generations to come.

“America has always been a nation of laws. But today our laws have grown so vast and reach so deeply into our lives that it’s worth asking: In our reverence for law, have we gone too far?”

_{DAILY VISUAL}

Worlds Apart

_{PRESENTED BY RAINBOOK}

How To Evaluate Your Financial Advisor (For Free)

Ah, summer. Time for barbecues, beach vacays, and oh yea–your financial advisor taking their quarterly fees. 

It's the perfect time to ask: How much are you really being charged? Are hidden fees gouging your returns?

• Passive fund fees average 0.11%–what do you pay?

• Management fees range from 0.80% to 1%–are you overpaying?

• Red flag report: Is your advisor a true fiduciary, or just a registered broker?

With Rainbook, you can answer these questions in just a few clicks. Even better, it offers ongoing monitoring at no cost to keep tabs on your advisor’s performance. Don't forget, your advisor works for you.

Upgrade your advisor and reduce your fees at Rainbook.

_{DAILY ACUMEN}

Purpose

A life without purpose is like a ship without a rudder.

Purpose gives direction, meaning, and fulfillment.

It's not just about what you do, but why you do it.

What's your why?

Think of Viktor Frankl, who found meaning even in the horrors of concentration camps.

Or Muhammad Yunus, whose purpose to alleviate poverty led to the microfinance revolution.

Discover your purpose.

Align your actions with your values.

Live intentionally.

Remember, the two most important days in your life are the day you are born and the day you find out why.

_{ENLIGHTENMENT}

Short Squeez Picks

• 7 habits that could be sabotaging your career success

• 5 little things to do daily to be happier

• How doing less can break your worst habits

• How to stick to a cleaning schedule

• Is your passive communication style holding you back?

_{MEME-A-PALOOZA}

Memes of the Day