Good morning.
The Fast Five → Tech earnings intensify AI spend scrutiny, Alphabet’s AI spending spree raises stakes for tech, infrastructure threats rattle markets, Tesla misses on earnings, and Kalshi launches election hub for prediction markets ahead of midterms…
📌 There’s one insider whose trades you can’t ignore. The United States government. Get the ticker Washington just bought here >>
(from Behind The Markets)
Calendar: Full Calendar »
Today:
Unemployment Claims, 8:30A
Tomorrow:
New Home Sales, 10:00A
Your 5-minute briefing for Thursday, July 23:
BEFORE THE OPEN
As of market close 7/22/2026.
Pre-Market:
Market Wrap:
Futures: Dow -75 (-0.1%), S&P -0.3%, Nasdaq -0.4%
Wed: Dow -6 (-0.01%), S&P -0.14%, Nasdaq -0.57%
AI spending concerns pressured tech stocks
Alphabet raised its AI spending forecast for 2026
Oil climbed as US-Iran tensions escalated
Higher crude could complicate the Fed's rate path
Focus shifts to Intel, American Airlines, and jobless claims
EARNINGS
Here’s what we’re watching today:
Today: *American Airlines $AAL ( ▼ 8.22% ), *Blackstone $BX ( ▲ 1.52% ), *Southwest Airlines $LUV ( ▼ 6.19% )
Intel $INTC ( ▼ 2.27% ) - $.22 EPS vs a year-ago loss of $.10 EPS, on $14.4B revenue (+11.6% YoY)
FRI: *American Express $AXP ( ▼ 2.27% ), *Verizon $VZ ( ▼ 0.82% )
Washington Just Rebuilt the Dollar —
On June 22, the President signed two executive orders in a single Oval Office ceremony.
No primetime address. No headlines.
But together, they set in motion the biggest change to American money since 1974.
The last time this happened, it was sealed with a secret handshake in a Saudi desert. The public didn’t find out for 41 years.
This time, one $20 American company sits at the center of it. And the government just moved to take an ownership stake.
Former Wall Street banker Dylan Jovine spent 8 months tracing this story through private meetings with Congressmen. What he found should alarm you… and could make you a fortune.
- a sponsored message from Behind The Market -
HEADLINES
Alphabet’s spending doubled since the same period last year, and its report is the first major test of investors’ patience over the record capital expenditures tied to the AI boom.
Traders who already monitor the president’s pronouncements with automated systems can pay for an ultrafast feed. At least five firms have signed up.
S&P and Nasdaq close lower as chip stock rebound fails (more)
Infrastructure threats rattle markets (more)
US, Iran suggest peace talks aren’t imminent as attacks widen (more)
Pakistan seeks $10B fund from US after mediating Iran talks (more)
US to spend $5B on health, construction research powered by AI (more)
10-year yield edges higher as traders reassess Fed rate hike bets (more)
Oil prices climb after tanker struck off Saudi Arabia, Trump threatens (more)
Tech's AI debt boom, in one chart (more)
Tesla misses on earnings, free cash flow turns negative and margins slide (more)
Musk keeps Tesla-SpaceX merger speculation alive (more)
Alphabet’s $205B AI spending spree raises stakes for tech (more)
Google's profits outpace its AI spending boom (more)
AMD to sell Anthropic billions in AI servers, invest up to $5B in startup (more)
OpenAI models breach Hugging Face, sparking cyber alarms (more)
OpenAI's AI spending spree has ballooned to $750B (more)
Amazon cuts jobs in its artificial general intelligence group (more)
Paramount secures EU nod for Warner Bros deal, US hurdles ahead (more)
Kalshi launches election hub for prediction markets ahead of midterms (more)
DEALFLOW
M+A | Investments
Brookfield agrees to $7B deal for battery storage firm Aypa
Repligen beefs up cell therapy business with $1.5B deal for BioLife
Batista Brothers clinch Venezuela oil stake as deals gain steam
Aston Martin secures $735M financing led by HPS Investment Partners
Zafran receives strategic investment from Cisco Investments
Emergent Software receives investment from Winterbird Partners
VC
Meshy, a company building foundation models for AI-powered 3D generation, raised nearly $400M in Series B funding
Glow, a company developing AI security solutions for the workspace, raised $180M in funding
Crystalys Therapeutics, a biopharma company, raised $130M in Series B funding
Candid Health, an autonomous revenue cycle automation platform for healthcare providers, raised $120M in Series D funding
Genius AI, a technology platform for in-person service businesses, raised $44M in Series D financing
TYBR Health, a company developing clinical improvement in post-operative tendon mobility, raised $30M in Series A funding
SkyPilot, an AI compute platform that helps AI teams manage their compute, raised $20M in Seed funding
Karoo Health, a cardiovascular technology company, raised $16.2M in Series A funding
Passionfroot, a platform for B2B creator-led growth, raised $15M in Series A funding
Neon Commerce, a fintech startup specializing in DTC commerce for games, closed a $13M Series A funding round
Uniti, an AI layer for global real estate operators, raised $12M in Series A funding
Inner Logic, a medical technology startup, raised $11.5M in Seed funding
N-Zyme Biomedical, a biotech company developing therapies targeting pepsin, raised 4.6M in Series A financing
StrongestLayer, an AI-native email security company, raised $4.1M in Seed extension funding
ChatFeatured, an AI search optimization platform provider, raised $2M in Pre-Seed funding
PathFinder, a sports AI agent hardware company, closed an Angel round
Hey Seven, an AI-native player development platform provider, closed a Seed funding round
CRYPTO
BULLISH BITES
🤫 The trade-offs of a quieter Fed chief.
Gold's M&A rush.
💰 This AI tech billionaire just doubled his net worth. His ex asked for half.
🏓 Inside the push to make Padel the next Pickleball.
DAILY SHARES
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