Good morning. Yesterday, President Trump signed legislation to end the 43-day government shutdown after the House voted 202-209 to re-open.
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TOP HEADLINES
Epstein Document Dump
House Oversight released over 20,000 Epstein documents (NYT), including emails mentioning President Trump. A 2011 email from Epstein to Ghislaine Maxwell stated a victim "spent hours at my house with him." No emails were to or from Trump, who denies wrongdoing (WSJ).
Additional 2015 emails between Epstein and writer Michael Wolff discussed creating "political currency" by leveraging Trump's media response. Wolff suggested Epstein could "generate a debt" if Trump seemed likely to win the presidency.
The White House accused Democrats of selectively leaking emails to create a “fake narrative.” Trump called the release a deflection from Democratic failures, such as the shutdown. Congresswoman Adelita Grijalva signed a petition forcing a vote on releasing additional Epstein files. Live updates.
AI Bubble Fears
AI stocks declined sharply last week despite strong fundamentals. Nvidia dropped 7% and Meta fell 17% since its earnings report. The sector's fragility reflects investor concerns about sustainability, though tech companies continue aggressive spending plans totaling over $400 billion this year.
The core worry is spending vastly exceeds revenue. OpenAI plans $1.4 trillion in spending over eight years but generates only $20 billion annually, projecting $74 billion losses by 2028. AI companies issued $139 billion in corporate bonds this year, up 23% from last year.
Despite market jitters, tech giants maintain bullish outlooks. Nvidia projects 56% year-over-year revenue growth for its upcoming quarterly report. AMD's CEO reports customers accelerating AI investments rather than leveling off as previously anticipated. Anthropic to spend $50 billion on U.S. AI infrastructure.
The Last Penny
The US Mint ended penny production Wednesday in Philadelphia after 230 years. Treasurer Brandon Beach struck the final coin, ending production that cost taxpayers $56 million annually. Each penny cost nearly 4 cents to make while worth only 1 cent.
President Trump ordered the elimination in February, calling continued production "wasteful." Billions of pennies remain in circulation and will stay legal tender. The half-cent was the last US coin discontinued in 1857.
Retailers struggled with the abrupt transition, with some rounding down prices or offering prizes for pennies. The final coins will be auctioned. Mint workers applauded as the last pennies emerged from production. History of the penny.
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7 Rules for Saving Money
Ben Meer outlines seven practical rules for building financial stability through strategic saving and spending habits.
50/30/20 Budget Rule: Allocate 50% to needs, 30% to wants, 20% to savings
1% Impulse Buy Rule: Wait three days before purchasing items exceeding 1% of annual income
Rule of 72: Divide 72 by interest rate to calculate investment doubling time (7.2% return doubles in 10 years)
401(k) Match Rule: Contribute enough to capture full employer matching
3X Emergency Fund Rule: Save three-to-six months of living expenses
Autopilot Principle: Automate transfers to savings and investment accounts
Item In, Item Out Rule: Remove one possession for every new purchase
The framework combines budgeting discipline with automated systems to reduce financial decision fatigue.
Spotting Trends that Build Billion-Dollar Companies
Brad Jacobs, chairman and CEO of QXO, discusses building eight billion-dollar companies by identifying long-term trends: what happened, what is happening, what will likely happen. From founding United Rentals and United Waste to scaling XPO Logistics via 18 acquisitions, Jacobs revolutionized fragmented industries through aggressive consolidation and operational transformation.
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