The US House just voted to pass the GENIUS Act, a bill regulating crypto stablecoins, sending it to President Trump’s desk for final approval.

But lawmakers and industry insiders alike remain divided on whether the legislation will ultimately be a boon or a barrier to the nation’s potential to become the “crypto capital of the world”.

What do you think: GENIUS move, or rookie mistake?

Finally, read to the end for an “Astronomical” misstep…

— Brooks & Cas

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$TSM ( ▼ 2.12% ) TSMC profit surges 61% to record high fueled by AI chip demand (CNBC)

$ELV ( ▼ 8.39% ) Elevance Health Hit By Medicaid Troubles, Trims Outlook (YF)

$LCID ( ▼ 2.56% ) Lucid Stock Soars 45% on Robotaxi Partnership With Uber, Nuro (Investopedia)

$ABT ( ▲ 2.62% ) Abbott Earnings Beat Forecasts. Why the Stock Is Having Its Worst Day Since 2021. (Barron’s)

$ALB ( ▲ 1.76% ) Chinese miner Zangge halts lithium production at subsidiary after govt order (Reuters)

AP: US retail sales rose 0.6% in June after two months of declines, as consumers resumed spending despite ongoing tariff concerns.

Bloomberg: The US imposed preliminary anti-dumping duties of 93.5% on Chinese graphite imports.

CNBC: Netflix $NFLX ( ▼ 5.1% ) earnings, released after the bell today, came in slightly better than expected.

Reuters: Meta $META ( ▲ 0.41% ) reached a settlement to end an $8B trial over Facebook’s data practices, which alleged board failures and illegal data.

WSJ: Diamond prices are dropping sharply as lab-grown alternatives gain traction.

The market is back up near record highs. But are investors trading out of conviction, or just doing it for the meme?

Many Wall Street firms are “confused and frustrated” according to Nationwide’s Mark Hackett, as they witness the Nasdaq and S&P 500 hitting new highs despite trade shocks, uncertainty, and fears of a global slowdown. But retail investors aren’t following their lead. According to JPMorgan $JPM ( ▲ 0.47% ), they’ve plowed $270 billion into markets this year.

In other words? As Bespoke Investment Group put it, the stage is set for a “blow-off top for risk-seeking investor sentiment,” as a handful of largely unprofitable stocks surge hundreds of percent for the year.

Since late June, profitable companies in the S&P 500 have been materially outperformed by what the so-called “Unprofitable 858”, according to Wall Street Journal. This informal list of hundreds of Russell 3000 stocks with no earnings has reportedly seen an average return of more than 36% over that period.

It’s not just AMC $AMC ( ▲ 1.72% ) and GameStop $GME ( ▼ 0.51% ) anymore. Stocks like Avis $CAR ( ▼ 1.84% ), Carvana $CVNA ( ▲ 0.41% ), and little-known robotaxi firms Aeva $AEVA ( ▲ 5.05% ) and Cyngn $CYN ( ▼ 2.49% ) have skyrocketed recently. Cyngn, for example, is up nearly 110% in the past month. Aeva is up more than 500% YTD.

The party might not be getting shut down anytime soon either. JPMorgan forecasts a buying spree of close to $500 billion for the rest of 2025. That would propel markets 5%-10% higher by New Year’s. If the mania lasts that long, it may confirm a prediction by Clockwise Capital’s James Calmak: “Fund managers will have to reevaluate the way they think about the market, valuations, and momentum.”

The last meme stock rally may have minted more than its fair share of millionaires. But investors would be wise to consider its aftermath, too.

In January 2021, the billionaire investor Jeremy Grantham published an essay, “Waiting for the Last Dance,” in which he laid out the lasting pain from previous manias and warned of imminent fallout from the current bubble.

It took a few months, but you may remember what came next. In 2022, the S&P 500 fell by more than 19%, cryptos hemorrhaged trillions of dollars in value, and US bonds suffered their worst year in history.

Past performance is, of course, never a guarantee of future results. But this precedent may explain why many institutions argue that the meme rally is no laughing matter.

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Bloomberg: Uber’s $UBER ( ▲ 0.1% ) robotaxi team-up with Lucid and Nuro is intensifying competition with Tesla $TSLA ( ▲ 3.21% ) and Waymo $GOOGL ( ▲ 0.81% ) in the robotaxi race.

AP: The House is expected to approve Trump’s $9B rescission package cutting public broadcasting and foreign aid.

CNBC: Homebuilders are slashing prices at the fastest pace in three years as buyer traffic hits a post-2022 low.

CNN: Canada’s Couche-Tard withdrew its $47B bid to acquire Japan’s 7-Eleven operator, citing stalled negotiations.

The Verge: OpenAI launched ChatGPT Agent, an AI tool that can control a virtual computer to perform complex, multi-step tasks.

ICYMI…

The CEO of data infrastructure unicorn Astronomer appeared on camera at a Coldplay concert, sharing an intimate moment with a woman who was not his wife, and also just so happened to be Astronomer’s chief of HR.

Safe to say the org chart is now under strategic review.

Are you bullish or bearish on Pony AI $PONY ( ▼ 2.11% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish

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