Good Morning! In a win for hedge funds and private equity firms, an appeals court struck down the new SEC fee rules. Apollo’s CEO is sounding the alarm that not everything is going to be okay in private equity because of the reality of lower valuations. The YOLO economy is dying, and the labor market slowdown is driving job hunters crazy. But restaurants are having their biggest year ever. Plus the four industries McKinsey thinks AI is capable of snapping up jobs in, and 11 foolproof conversation starters.

Will Costco raise the price of its hotdogs before 2026? Trade your thoughts here.

_{SQUEEZ OF THE DAY}

Nvidia Keeps Mooning

Nvidia had a milestone day yesterday. The tech stock advanced over Apple to take the throne as the second-most-valuable company in the US stock market (Microsoft still reigns as #1). 

And another milestone? After climbing over 5% on Wednesday and reaching a record high of $1,224 - Nvidia officially hit the $3 trillion market cap threshold.

Nvidia just keeps on climbing. Nvidia is up over 140% YTD - and over 200% over the past year (Nasdaq is up 14% and 29% respectively). And while the Nasdaq is up 126% over the past five years - Nvidia has surged over 3,300%.

Investors keep betting on the chipmaker and there's good reason for it - Nvidia is basically the company behind the AI boom. Nvidia has around 80% market share in AI chips for data centers, and big cloud vendors are willing to spend billions of dollars. 

And with Nvidia's GPU sales rising 427% year-over-year - Nvidia has the growth and brand name to back it up.

Takeaway: Nvidia's CEO has been stirring up 'Jensanity' in Taiwan. Investing in Nvidia isn't without risks - Amazon, Google, and Microsoft are trying to wean themselves off their dependence of Nvidia's chips. But, for now, there's no telling when Nvidia's monster rally is going to end.

_{PRESENTED BY KALSHI}

Costco To Raise Hot Dog Price?

We live in perilous times. Rising debt, inflation, and war all pose major risks to the economy and society as a whole.

But none of these issues compare to a far more existential threat lurking below the surface: a Costco hot dog price increase.

Since 1984, the price of the Costco hot dog combo has remained at $1.50. Costco's CEO has repeatedly assured customers that they will not increase the price, but will rising costs eventually force the company to change course?

Currently, the odds on Kalshi reflect a cautious sentiment, with a 22% chance of price increase by 2026. 

What's your take? Trade your thoughts on Kalshi now.

_HEADLINES

Top Reads

• Appeals court rejects SEC fee rule in win for private equity, hedge fund industry (NYP)

• Everything is not going to be okay in private equity, Apollo co-president (YF)

• The YOLO economy is dying (CNN)

• FTC prepares to sue largest U.S. alcohol distributor, alleging 'secret kickbacks' (CNBC)

• The labor market slowdown is driving job hunters "crazy" (Axios)

• Private payrolls growth slows to 152,000 in May, much less than expected (CNBC)

• Restaurants are having their biggest year ever (Axios)

• McKinsey says AI is capable of snapping up jobs in these 4 industries (YF)

• Biden warns China's economy is on the brink (Axios)

• World's richest have never been so wealthy (YF)

• Controversial congestion pricing delayed indefinitely in NYC (YF)

_{CAPITAL PULSE}

Markets Rundown

S&P 500, Nasdaq close at record highs as data supports Fed easing.

Movers & Shakers

• (+) CrowdStrike ($CRWD) +12% after an earnings beat for the cybersecurity company.

• (+) Hewlett Packard Enterprise ($HPE) +11% because earnings came in ahead of expectations.

• (–) Dollar Tree ($DLTR) -5% because the retail chain is exploring a sale of its Family Dollar brand.

Private Dealmaking

• Apollo bought a 49% stake in Intel Ireland factory joint venture for $11 billion 

• SAP bought WalkMe, a digital adoption platform for enterprises, for $1.5 billion

• Oaktree Capital Management bought the legacy business of Ambac Financial Group for $420 million

• Twelve Labs, an AI company focused on video understanding, raised $50 million

• Avail, a modular blockchain startup, raised $43 million

• Eko Health, a heart and lung disease detection tech developer, raised $41 million

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

_{BOOK OF THE DAY}

Mind Shift

Throughout his thirty years of work as a mindset expert and leadership coach, Erwin Raphael McManus has been obsessed with these questions: Why do some people succeed despite having all the odds stacked against them? How do others achieve the unthinkable, only to watch their lives slip away? Are there mental structures for failure and success?

McManus has come to realize that too many of us have “near-life” experiences. We almost pursue our dreams. We almost make the decision that changes everything. We are always one choice away.

If we want to live without regret, we need to make a mind shift—trading beliefs that limit our potential for ones that help us move toward optimal performance and pursue the success of being fully alive. We must move from a life of obligation to a life of intention.

In Mind Shift, McManus brings together twelve mental frameworks that have helped some of the most accomplished people on earth create internal structures of success.

“Erwin McManus is the most brilliant thinker I’ve ever met.”

_{DAILY VISUAL}

Back to Earth

Number of job openings per employed worker

_{PRESENTED BY MERCURY}

Your Bank Account¹ Should Do More Than Just Hold Your Money

Is it just us, or are financial operations needlessly complex?

You have to cobble together a patchwork of tools that don’t integrate with each other, wasting time and leading to errors. And lots of headaches. 

That’s why 200k startups use Mercury. Mercury combines powerful software with your bank account, streamlining your financial operations so you can grow. 

• Simplify bill pay, company spend, and reconciliation

• Syncs with QuickBooks, NetSuite, or Xero

• Earn 5.00% yield on cash²

• Financing options to fuel your growth

• 20x the industry standard in FDIC insurance³

Apply in 10 minutes and try Mercury’s workflows at no cost until August 1st. 

_{DAILY ACUMEN}

Skinner’s Law

Named after the renowned behaviorist B. F. Skinner, this principle asserts that we can influence our motivation by either increasing the pain of not doing a task or enhancing the pleasure of completing it.

By understanding that we are driven by two fundamental forces, we can use our rational faculties to craft commitment devices – tools to self-motivate and achieve our goals.

Commitment devices come in various forms, from setting up rewards for task completion to imposing penalties for procrastination. For example, financial incentives for smokers attempting to quit, increased quit rates by 30%. 

Daniel Kahneman's Nobel Prize-winning Prospect Theory, demonstrates that we find pain more motivating than equivalent pleasure. Understanding this asymmetry allows us to design more effective commitment devices.

_{ENLIGHTENMENT}

Short Squeez Picks

• 9 tips that ensure you stay motivated

• 11 foolproof conversation starters

• How to reclaim a positive attitude at work

• How to talk to an employee who isn’t meeting expectations

• The ultimate guide to becoming a master communicator and public speaker

_{MEME-A-PALOOZA}

Memes of the Day

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