Good Morning! Crypto is having a moment - and it’s thanks to Trump promising that Bitcoin will go to the moon if he’s reelected. McDonald’s missed Q2 estimates and blames it on a consumer pullback in dining out. M&A picked up in the first half of 2024, while private equity fundraising dipped. Ola Electric wants to raise $734 million in India’s biggest IPO of the year. Apple released its new iPhone AI and says its AI models were trained on Google’s chips. Plus family offices are giving top staff equity in battle for talent.

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_{SQUEEZ OF THE DAY}

Coffee Prices Mooning

For (sleep-deprived) Americans trying to keep up with hustle culture, caffeine is a relatively inexpensive and reliable staple. But if you thought your $8-10 Venti Starbucks drink was breaking the bank, brace yourself—it's about to get a lot worse, as coffee bean prices have surged to their highest levels since the 1970s.

The spike in prices can be attributed to both supply and demand issues. Droughts in Vietnam, a major coffee producer, have led to the fourth consecutive year of deficits, while dry conditions in Brazil have resulted in smaller crops.

Increasing demand in markets like China and a growing movement to pay farmers fairly are also driving up costs. New EU regulations requiring proof that coffee beans aren't sourced from deforested areas are expected to further tighten supply.

To maintain margins, coffee sellers have been raising prices and cutting discounts, with more increases anticipated. In the U.S., brands like JM Smucker Co. have already raised prices this summer, while in the UK, Pret A Manger discontinued its coffee subscription service.

Starbucks, which secures prices for green coffee months in advance, can manage price volatility better than smaller shops. However, some businesses, like Gumption Coffee, have already raised prices by 10% and may do so again soon.

Takeaway: Those personal finance gurus who had claimed that making your coffee at home is the pathway to becoming a millionaire, may have been right all long... Some coffee shops are diversifying their offerings with new products such as energy drinks and coffee imitations, while others are promoting alternatives like tea. Despite the rising costs, coffee remains a daily necessity for many, but the increasing prices may lead to shifts in consumer behavior.

_{PRESENTED BY THOUSAND FELL}

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_HEADLINES

Top Reads

• Trump promises American crypto "going to the moon" (Axios)

• Bitcoin nears $70,000 as investors digest Trump crypto comments (CNBC)

• Why regional banks are now willing to take billions in losses (YF)

• Global private equity fundraising dips in the first half of 2024 (S&P)

• McDonald's misses Q2 estimates, consumers pull back on dining out (YF)

• Apple releases first preview of its long-awaited iPhone AI (CNBC)

• Global M&A rebounds in first half (Axios)

• Small towns are desperate for workers (WSJ)

• SoftBank-backed Ola Electric aims to raise $734M, India's biggest IPO this year (CNBC)

• The U.S. government's case against short seller Andrew Left (Axios)

• Family offices are giving top staff equity and profit shares in battle for talent (CNBC)

_{CAPITAL PULSE}

Markets Rundown

S&P 500, Nasdaq inch higher to kick off huge week for markets.

Movers & Shakers

• (+) On Semiconductor ($ON) +12% after strong earnings thanks to the AI boom.

• (+) McDonalds ($MCD) +4% even after poor earnings because investors are optimistic about the value menu plans.

• (–) Arm Holdings ($ARM) -5% after a downgrade by HSBC.

Private Dealmaking

• Sixth Street bought Enstar, an insurance company, for $5.1 billion

• Occidental Petroleum will sell assets to Permian Resources for $818 million

• Applied Intuition, an autonomous driving software startup, raised $300 million

• IntelePeer, a customer service automation company, raised $140 million

• Cowbell, a cyber insurance provider, raised $60 million

• Payt, an invoice and payments management software provider, raised $59.7 million

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

_{BOOK OF THE DAY}

The Bookshop

Bookstores have always been unlike any other kind of store, shaping readers and writers, and influencing our tastes, thoughts, and politics. They nurture local communities while creating new ones of their own. Bookshops are powerful spaces, but they are also endangered ones. In The Bookshop,we see the stakes: what has been, and what might be lost.

Evan Friss’s history of the bookshop draws on oral histories, archival collections, municipal records, diaries, letters, and interviews with leading booksellers to offer a fascinating look at this institution beloved by so many.

The story begins with Benjamin Franklin’s first bookstore in Philadelphia and takes us to a range of booksellers including the Strand, Chicago’s Marshall Field & Company, the Gotham Book Mart, specialty stores like Oscar Wilde and Drum and Spear, sidewalk sellers of used books, Barnes & Noble, Amazon Books, and Parnassus.

The Bookshop is also a history of the leading figures in American bookselling, often impassioned eccentrics, and a history of how books have been marketed and sold over the course of more than two centuries—including, for example, a 3,000-pound elephant who signed books at Marshall Field’s in 1944.

The Bookshop is a love letter to bookstores, a charming chronicle for anyone who cherishes these sanctuaries of literature, and essential reading to understand how these vital institutions have shaped American life—and why we still need them.

"It is a delight to wander through the bookstores of American history in this warm, generous book."

_{DAILY VISUAL}

Fewer Publicly Listed Companies Globally

_{PRESENTED BY BILL}

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_{DAILY ACUMEN}

Stories

Humans are wired for stories.

They're how we make sense of the world, connect with others, and inspire action.

The most influential leaders are often the best storytellers.

What's your story?

From Martin Luther King Jr.'s "I Have a Dream" to Steve Jobs' product launches, great stories have changed the world.

Craft your personal narrative.

Share your experiences.

Use stories to teach, motivate, and connect.

Remember, the universe is made of stories, not atoms.

_{ENLIGHTENMENT}

Short Squeez Picks

• The allure of expressiveness

• How to fail at anything well

• 4 tips for new grads struggling to find jobs 

• 18 free concerts taking over NYC this summer

• Boss shares the 5 things he’s sick of hearing from employees 

_{MEME-A-PALOOZA}

Memes of the Day