Good Morning and Happy Friday! Inflation fell in June for the first time since 2020. Investors are starting to ditch the Magnificent 7 for small-cap, rate-sensitive stocks. Tesla had a rough day after delaying its highly-anticipated robotaxi event. Delta says the Olympics will cost the airline $100M because travelers are avoiding Paris. Ackman will put $500 million into Pershing Square USA and the NFL is open to private equity team ownership of up to 10%. Plus how New York became a millionaire-only city.

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_{SQUEEZ OF THE DAY}

$10 Hamptons Tomato The New Status Symbol

If you’re heading out to the Hamptons this weekend - get ready to pay over $100 for a lobster roll in the latest trend of influencers trying to keep up with the rich.

Summer means it's the time of year New Yorkers flex by going out East - and it turns out the status symbol of the summer is a $10 tomato at a farm stand in the Hamptons.

Some social media influencers have been complaining about absolutely ridiculous prices - such as $29 guac or $35 chicken tenders.

One East Hampton store sells lobster salad for $120/lb. In the Hamptons, food prices alone are reported to have climbed around 50% since 2020.

Some blame it on the rise of New York's minimum wage. Others blame it on opportunistic businesses taking advantage of the large herds of New Yorkers looking for food in what's a relatively limited supply of restaurants and grocery stores out East, at least compared to Manhattan.

Takeaway: Some New Yorkers don’t mind paying $15 for a coffee - they say they’re paying for the experience of summering in the Hamptons. But some of the most disgruntled people out East? The year-round residents who are sick of everyone else coming to visit and jacking up the prices. At the end of the day, the real luxury of the Hamptons isn't the food, but the priceless expression on your face when you see the bill.

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_HEADLINES

Top Reads

• Inflation falls in June for first time since 2020 (YF)

• Delta says the Olympics will cost it $100 million as travelers skip Paris (CNBC)

• Tesla reportedly delays highly anticipated robotaxi event, stock tanks (Axios)

• Ackman says his firm will put $500 million into Pershing Square USA (Reuters)

• The NFL is open to private equity team ownership of up to 10% (CNBC)

• A big bank rally is about to be put to the test (YF)

• Virginia is America’s Top State for Business in 2024 (CNBC)

• U.S. startup funding is up, but number of deals is down (Axios)

• Here’s the inflation breakdown for June 2024 — in one chart (CNBC)

• Stocks fall from records as Tesla, Nvidia lead tech sell-off (YF)

_{CAPITAL PULSE}

Markets Rundown

Stocks experienced a sell-off as investors rotated into small-cap stocks.

Movers & Shakers

• (+) QuantumScape ($QS) +31% after striking a deal to supply EV batteries to Volkswagen.

• (–) Nvidia ($NVDA) -6% after the Magnificent 7’s worst day in a long time.

• (–) Tesla ($TSLA) -8% after delaying the robotaxi event.

Private Dealmaking

• Bain Capital to buy software financial vendor Evestnet for $4.5 billion

• Blackstone bought a 30.2% stake in Tallgrass Energy for $1.1 billion

• Platinum Equity bought Héroux-Devtek, an aerospace products maker, raised $1 billion

• Helsing, a defense-tech startup, raised $489 million

• Skild AI, an AI robotics company, raised $300 million

• Element Biosciences, a DNA sequencing company, raised $277 million

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

_{BOOK OF THE DAY}

Traffic

If attention is the new oil, Traffic is the story of the time between the first gusher and the perceptible impact of climate change. The curtain opens in Soho in the early 2000s, after the first dot-com crash but before Google, Apple, and Facebook exploded, when it seemed that New York City, rather than Silicon Valley, might become tech’s center of gravity.

There, Nick Denton’s merry band of nihilists at his growing Gawker empire and Jonah Peretti’s sunnier team at HuffPost and BuzzFeed were building the foundations of viral internet media.

Ben Smith, who would go on to earn a controversial reputation as BuzzFeed News’s editor in chief, was there to see it, and he chronicles it all with marvelous lucidity underscored by dark wit.

Traffic explores one of the great ironies of our time: The internet, which was going to help the left remake the world in its image, has become the motive force of right populism.

People like Steve Bannon and Andrew Breitbart initially seemed like minor characters in the narrative in which Nick and Jonah were the stars. But today, anyone might wonder if the op­posite wasn’t the case. To understand how we got here, Traffic is essential and enthralling reading.

“Engrossing and suspenseful."

_{DAILY VISUAL}

Record Low Percentage of Stocks Outperforming S&P 500

_{DAILY ACUMEN}

Resilience

Life doesn't get easier, you get stronger.

Think of Japanese Kintsugi, the art of repairing broken pottery with gold. The cracks aren't hidden; they're highlighted, making the piece more beautiful and valuable.

Your setbacks and scars are your gold. They're proof of your resilience, not your weakness.

Resilience isn't just about bouncing back; it's about bouncing forward, stronger and wiser than before.

Nelson Mandela emerged from 27 years of imprisonment not bitter, but determined to lead his nation toward reconciliation.

J.K. Rowling went from a divorced single mother on welfare to one of the world's most successful authors.

Your struggles are not the end of your story - they're the beginning of your comeback.

_{ENLIGHTENMENT}

Short Squeez Picks

• How New York became a millionaire-only city

• The secret to a meaningful life

• 8 productivity books time management experts actually use

• The most strategic leaders excel in 4 disciplines

• The power lunch in NYC is back

_{MEME-A-PALOOZA}

Memes of the Day