Good Morning! S&P 500 and Nasdaq had their worst day since 2022 thanks to Big Tech earnings. But some investors don’t think Big Tech will make or break the stock market this year. Tesla is envisioning a future where the company’s core product is robotics, Alphabet will invest $5 billion in self-driving cars, and Ken Griffin increased his stake in Las Vegas Sphere. Plus is waking up at 5am the secret to happiness, and why you should cancel one-on-one meetings to be productive.

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_{SQUEEZ OF THE DAY}

Stock Trading Ban for Congress

Yesterday, a Senate panel passed a crucial vote on a new bipartisan law banning lawmakers from trading stocks.

This policy is extremely popular among Americans, and for good reason. If banking analysts are prohibited from trading individual stocks, why should Congress members, who frequently have access to non-public information, be allowed to do so?

Senators have been trading stocks at a high rate, raising significant ethical concerns. Nancy Pelosi, for instance, outperformed every hedge fund in 2023, with her portfolio up 65%. There have been clear conflicts of interest, such as members of Congress dumping stocks right before the 2020 lockdowns using non-public information.

The new proposals enjoy bipartisan support, with lawmakers aiming to pass the law before the upcoming November election. The law would immediately ban members of Congress from buying or selling stocks 90 days after it is signed into law.

Takeaway: If you’ve ever sat through any of those training compliance modules, you have to wonder - why in the world are congressmen, setting policies that directly impact companies, allowed to trade stocks when even a first year banking analyst can’t?

In a country with so many differing opinions, it’s saying something when both sides of the aisle overwhelmingly support banning members of Congress from trading individual stocks. Maybe now, Congress can finally focus on beating something other than the stock market.

_{PRESENTED BY MACABACUS}

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_HEADLINES

Top Reads

• Tesla’s future will be built on robotics (Axios)

• We finally know what caused the global tech outage and how much it cost (CNN)

• Green bonds continue to boom (Axios)

• AI startup Cohere cuts staff following $500M funding round (CNBC)

• Big Tech earnings won’t make or break the stock market (YF)

• Alphabet will invest $5 billion in self-driving car unit Waymo (CNBC)

• Disney dispute may be last straw for YouTube TV customers (YF)

• Citadel Ken Griffin increases stake in Las Vegas Sphere (Sportico)

• Elon Musk wants Tesla to invest $5B into his new startup (CNBC)

• Why OpenAI could lose $5 billion this year (TI)

_{CAPITAL PULSE}

Markets Rundown

S&P 500, Nasdaq had their biggest drops since 2022 as tech stocks cratered.

Movers & Shakers

• (+) Enphase Energy ($ENPH) +13% after the solar company posted third-quarter guidance.

• (–) Alphabet ($GOOGL) -5% after reporting second-quarter results that showed disappointing YouTube advertising revenue.

• (–) Tesla ($TSLA) -12% after the company’s earnings for the second quarter came in weaker than expected.

Private Dealmaking

• Informa bought Ascential for $1.5 billion

• Owens & Minor bought Rotech Healthcare Holdings for $1.36 billion

• Archrock bought Total Operations and Product Services from Apollo for $983 million

• Vanta, a compliance software company, raised $150 million

• Harvey, an AI legal tech startup, raised $100 million

• Dazz, a cybersecurity startup, raised $50 million  

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

_{BOOK OF THE DAY}

Thinking At The Speed Of Bias

Respected DEI expert Sara Taylor presents a down-to-earth guide on how to tackle unconscious biases and foster true equity in our rapidly changing world. Through relatable examples and practical strategies, readers learn to deliberately slow down their thought processes and become aware of their filters in various situations. Taylor encourages readers to question their own assumptions by asking, "Do I know that what I'm thinking is actually true?" and "Why might I be reacting this way?"

The book demonstrates the importance of a clear set of competencies, skills, and strategies for addressing unconscious bias. By developing a culturally competent mindset and using a shared, holistic language to discuss these issues, readers gain the tools to understand, discuss, and implement change both at home and in the workplace. This approach avoids blame or shame, making it accessible and empowering for everyone.

The book's insights extend beyond individuals; it demonstrates how organizations can scale up cultural competence to transform their structures and systems. With a strong sense of hope, readers are empowered to make a difference, creating a more just and equitable world for all.

“A practical guide to tackling unconscious bias in a polarized world.”

_{DAILY VISUAL}

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_{PRESENTED BY BILL}

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_{DAILY ACUMEN}

Nature

In our increasingly digital world, we're losing touch with nature. But nature is not just a nice-to-have; it's essential for our well-being.

Studies show that time in nature reduces stress, boosts creativity, and improves overall health. How could you incorporate more nature into your daily life?

Consider the Japanese practice of "forest bathing," or the tech moguls who swear by walking meetings.

Nature reconnects us with our essence, recharges our batteries, and provides perspective. Take a walk in a park.

Bring plants into your workspace. Watch a sunset. Remember, in nature, nothing is perfect and everything is perfect.

_{ENLIGHTENMENT}

Short Squeez Picks

• Private equity insiders offer their summer reading picks

• The No. 1 question to always ask in a job interview

• Is waking up at 5a the secret to happiness?

• The psychology of lateness

• Why you should cancel one-on-one meetings to be productive

_{MEME-A-PALOOZA}

Memes of the Day