One billionaire has a surprising message for the IRS: leave the bottom half alone.

Amazon’s (AMZN) Jeff Bezos told CNBC that the lowest-earning half of US taxpayers should pay zero federal income tax, since their 3% contribution is "a small amount of money for the government" anyway.

True working class heroes all have net worths with a dozen zeroes.

— Brooks & Cas

OpenAI is reportedly preparing to confidentially file IPO paperwork as soon as Friday, eyeing a valuation north of $800B.

Meanwhile, Chinese labs are matching frontier AI capability at a fraction of the cost, threatening the very moat that justifies that price tag.

Public markets may soon have to decide whether "smartest" still beats "cheapest." For now, prediction markets are the place for the action. Despite the reports, just 36% predict an announcement before September.

📈 | Cava (CAVA) hiked full-year adjusted EBITDA guidance after a Q1 beat.

📉 | Hasbro (HAS) reaffirmed full-year EBITDA guidance, but disclosed costs from a Q2 cybersecurity breach.

📈 | Red Robin Gourmet Burgers (RRGB) ripped higher after crushing Q1 earnings.

📉 | Intuit (INTU) is cutting roughly 17% of its workforce, or about 3,000 employees.

📈 | Toll Brothers (TOL) beat both Q2 earnings and revenue estimates.

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TD Cowen has dressed up its outlook on Italian fashion brand Ermenegildo Zegna. Analyst Oliver Chen sees fundamentals improving, supported by Zegna's vertically integrated core and a clearer path to stabilization at the Tom Ford and Thom Browne labels, both of which the company licenses.

Chen makes the case that Zegna benefits from a K-shaped consumer, where wealthier shoppers keep spending even as the broader luxury sector softens. He highlights the brand's durability through downturns, citing top-tier clienteling and an authority in tailoring that few peers can match.

The personal luxury goods industry is on track to grow just 2.5% in 2026, lower than previously expected, per Morgan Stanley (MS) research. But Zegna's loyal, ultra-premium men's market keeps the brand insulated from the softer end of the curve, according to Chen.

Wall Street largely agrees. Of the 12 analysts covering ZGN, 8 rate it a Buy or Strong Buy.

Shares are firmly in the green over the past year. TD Cowen thinks the stock’s suit may soon need to be let out.

💼 | Meta (META) began laying off 8,000 employees, while moving 7,000 into new AI-focused roles.

🛢️ | US crude oil tumbled below $100 per barrel after President Trump said negotiations with Iran are in the "final stages."

🚢 | The UAE is nearly 50% finished with a second pipeline that will double its oil export capacity bypassing the Strait of Hormuz.

🏡 | Single Gen Z women accounted for 35% of homebuyers in their generation, nearly double the 18% share for single Gen Z men, per NAR.

🏦 | Fed minutes showed a majority of officials would support hiking rates if inflation stays persistently above 2%.

Do you own any shares of StubHub (STUB)?

▇▇▇▇▇▇ 🐂 Yup, I’m holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I’m interested

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