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Defence Featured

Renault's Next Model Is a Weapon

Europe's rearmament just hit its real constraint — factory capacity — and the fix is conscripting the dying car industry. Renault will build combat drones at Le Mans, VW may build Iron Dome parts at a plant slated for closure. The conversion trade, mapped.

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Energy Featured

What Good Is More Crude If Nobody Can Refine It?

OPEC+ just approved its last production hike of the year. It won't lower fuel prices — the world isn't short of crude, it's short of refineries. Inside the 4.5-million-barrel hole in global fuel supply, and who collects the spread.

Macro Featured

Why America Keeps Borrowing One Month at a Time

Treasury just penciled in $671 billion of borrowing for a single quarter — and for the ninth quarter running, almost none of it will come from long-term bonds. The world's largest debtor is financing itself a month at a time.

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Infrastructure Featured

A Town of 1,700 Just Showed How America's Water Gets Taken Offline

More than 30 Minnesota water systems were hit in one weekend, a treatment plant went dark, and the FBI says the campaign spans at least seven states. The vulnerability isn't the technology — it's how America organizes its water.

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Energy Featured

Why America's Biggest Grid Wants AI to Bring Its Own Power

PJM came up 6.8 gigawatts short and hit its price cap for the second straight year. Now its board wants new data centers to bring their own power — or accept being unplugged first. The AI buildout's binding constraint just changed.

Space Economy Featured

What Happens When SpaceX Opens Its Books?

The largest IPO in history closed July 20% below its offer price. On Tuesday, SpaceX reports earnings for the first time ever — and 48 hours later, insiders holding 95% of the company get their first chance to sell.

Macro Featured

Why Zero Job Growth Is the New Full Employment

America's labor force is shrinking — 1.2 million foreign-born workers gone since January and participation at a 50-year low. Breakeven job growth is now near zero, and the most-watched number in markets no longer means what investors think it means.

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Markets Featured

Top 10 Stocks to Watch — Friday, July 31

Samsung warned the memory shortage runs into 2028, AWS grew 37%, and the semiconductor complex just posted its best session in fifteen months. Ten names worth watching into month-end, with the dated August catalysts behind three of them.

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Infrastructure Featured

Why Germany's Industrial Engine Runs on 25 Centimeters of Water

The Rhine is about to break its all-time low-water record — in July, not October. Barge rates have tripled, BASF is warning of force majeure days after raising guidance, and Europe's industrial heartland is discovering its river no longer has a backstop.

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Macro Featured

The Man Guarding Indonesia's Printing Press Just Quit

Bank Indonesia's governor resigned mid-term with the rupiah already Asia's worst currency — and the shortlist to replace him includes the president's nephew. The succession is now a binary event for emerging-market investors.

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Markets Featured

Replimune (REPL): The Panel Voted 10-3, the Stock Doubled Through a Full-Day Halt, and the Cash Runs Out Nine Months Before the Confirmatory Data

Halted all of July 30 at $5.41, reopened at $12.70 after an FDA panel voted 10-3 on the IGNYTE data. The vote settled the science question. It did not move the going-concern date or the confirmatory data timeline, and those sit nine months apart.

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Markets Featured

Top 10 Stocks to Watch — Thursday, July 30

Microsoft cleared $100 billion in annual Azure revenue, the 30-year yield hit a 2007 high, and Amazon and Apple report tonight. Ten names worth watching into the 8:30 a.m. PCE print, with levels and triggers for each.

Healthcare Featured

Merck's New Cholesterol Pill Is a Bet on a Drug Class That Already Failed Twice

The FDA just cleared the first cholesterol-lowering pill as powerful as the injectable drugs that flopped a decade ago. Merck needs it to help fill a $30 billion hole — and the math is harder than the headlines suggest.

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Markets Featured

The Biggest Launch in Entertainment History Is 16 Weeks Away. Wall Street Just Started Selling It.

GTA VI took a record $260 million of pre-orders in a week and the entire industry cleared out of its launch window — yet Take-Two's stock keeps falling. What a $48 billion market cap already assumes, and where the unpriced money sits.

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Macro Featured

Who Raised Interest Rates While the Fed Held?

The Warsh Fed held into 3.3% core inflation and three hike dissents - and the 30-year Treasury answered with a 2007 high. The bond market is now doing the tightening the Fed won't, and the repricing lands on everything with duration.

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Markets Featured

Xerox (XRX) Raised Full-Year Profit Guidance by Exactly $105 Million. The Supreme Court Tariff Refund Was Exactly $105 Million.

Xerox jumped 28% on a guidance raise of $105 million. The one-time IEEPA tariff benefit it booked in the same quarter was also $105 million. Strip it out and like-for-like operating income went backwards. The bridge, the second-half cash bar, and three scenario price zones.

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Markets Featured

Top 10 Stocks to Watch: Wednesday, July 29

Four blowout quarters landed overnight into a tape that has stopped paying for AI hardware. Add a live Fed hike risk and oil up 5% on Iran. Ten names, with the levels that decide whether the beats hold.

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Defence Featured

Every Country Suddenly Wants Its Own Iron Dome

Greece just bought a $4 billion Israeli sky shield, India tested its S-400 rival, and Washington agreed to license Patriot production to Ukraine — all in one week. Air defense is now the fastest-compounding franchise in the arms market, and the orders aren't going where you'd think.

Infrastructure Featured

America's Infrastructure Decade Ends in 63 Days

The $1.2 trillion infrastructure law — the largest public-works program since Eisenhower — expires September 30 with no successor in place. The funding cliff arrives at the exact moment the money is doing the most work.

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Energy Featured

The World's Widest Energy Arbitrage Is Stuck in Texas

The war deleted 20% of global LNG supply and sent world gas prices to six times the US benchmark — yet American gas keeps getting cheaper. The bottleneck holding the spread apart is the trade, and the EIA has already published the date it breaks.

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Markets Featured

Lemonade (LMND) Beat Its Own Q2 Guidance. Its Own Full-Year Numbers Still Require a $29.8 Million Swing in One Quarter.

Lemonade beat every second-quarter number it guided to and fell 14%. The reason is on page six: full-year in force premium and adjusted EBITDA guidance did not move a dollar from April, which pushes the entire profitability inflection into a single fourth quarter.

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Macro Featured

Why Are Farmers Going Broke While Their Land Hits Record Highs?

Farm bankruptcies are up 46%, row-crop losses hit $34.6 billion, and Washington now supplies 29% of farm income — yet farmland sits at record values. The divergence between the farm and the farmer is the trade.

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Finance Featured

What Happens When a Third of Ethereum Stops Trading?

A third of all ether is now locked in staking contracts — an all-time high, set during crypto's worst month of the year. Wall Street just turned ETH into a yield instrument, and the real trade is who collects the coupon.

Markets Featured

How the World's Hottest Stock Market Lost a Third of Its Value in Five Weeks

South Korea's Kospi just posted the worst month in its history and the fourth-worst day ever. The crash is the first leveraged stress test of the global AI trade - and the same fault lines run under the US market.

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Markets Featured

Top 10 Stocks to Watch: Tuesday, July 28

A Chinese memory IPO just repriced the entire AI hardware complex, and the Fed meets today with a live hike risk. Ten names worth watching, with the levels and triggers that matter.