A bill to ban congressional stock trading just squeaked through committee — with a Trump-sized carveout.

To win GOP votes, Democrats agreed the new rules would apply only to future presidents. Not the one currently in office. The bill still bars new trades, but lets Trump hold onto existing investments.

In other words? Out: Pelosi Trade. In: $TRUMP-and-Dump.

Finally, read to the end for the OG memecoin you probably still hold…

— Brooks & Cas

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$AAPL ( ▼ 0.3% ) Apple Gets Points For Good Behavior But Still In Investor Jail (IBD)

$BFAM ( ▼ 1.78% ) Bright Horizons Reports Strong Q2 Results With Revenue Growth (Nasdaq)

$COIN ( ▲ 1.0% ) Coinbase shares sink after trading weakness hits quarterly profit (Reuters)

$RKT ( ▼ 3.78% ) Rocket Companies stock gains after Q2 earnings beat, helped by climbing loan originations (SeekingAlpha)

$EMN ( ▲ 0.31% ) Eastman Chemical Falls. It’s the S&P 500’s Worst Stock Today. (Barron’s)

CNBC: The Employment Situation showed just 73,000 new jobs in July, 4.2% unemployment, and the biggest downward revisions since 2020.

AP: President Trump delayed the tariff deadline to Aug. 7, renewing market uncertainty as the US seeks last-minute trade deals.

Reuters: The NFL struck a multibillion-dollar deal to transfer RedZone, NFL Network, and other media assets to ESPN $DIS ( ▲ 1.01% ).

WSJ: Millions of student loan borrowers will see interest resume today as the Trump administration begins phasing out the SAVE repayment plan.

The Verge: Apple says Trump’s tariffs will increase its costs by another $1.1B this quarter, after already spending $800M in the June quarter.

As the rest of the content of this newsletter suggests, the stock market hit a fresh wave of turbulence today. But on a LiDAR note…

Morgan Stanley $MS ( ▲ 0.1% ) upgraded Hesai Group $HSAI ( ▲ 4.03% ) to Overweight, citing its strong performance and expanding opportunity in the light detection and ranging (LiDAR) space. The Chinese tech firm, listed in the US, supplies key sensors used in robotics and autonomous vehicles.

Shares are up more than 330% over the past 12 months and 16% YTD. Morgan Stanley’s $26 price target implies around a further upside of nearly 40%.

Analyst Tim Hsiao highlighted its growing share of China’s LiDAR market and its rising volume forecasts as causes to be bullish. As overseas projects accelerate, the analyst expects both average selling prices and margins to improve.

Hesai’s domestic LiDAR volume share has already grown significantly, jumping from 22% in May 2024 to 37% in May 2025. Hsiao attributes this momentum to the widespread adoption of LiDAR across China’s new energy vehicles, with over 20% of NEVs sold in May equipped with the systems.

While macroeconomic challenges remain, companies Xiaomi $XIACY ( ▲ 1.54% ) and Leap Motor $ZJLMF ( 0.0% ) present additional volume opportunities. And while the likes of BYD $BYDDY ( ▲ 0.76% ) and Li Auto $LI ( ▼ 0.58% ) face headwinds, Hesai is still seeing its demand increase.

Beyond automotive, Hesai is preparing for a new wave of growth in the robotics sector. From robotaxis to home-use robots and lawnmowers, these applications represent a promising revenue stream.

Hsiao expects significant demand for higher-margin products in this category, especially from robotaxi makers, which require multiple LiDAR units per vehicle.

By 2030, the analysts expected LiDAR penetration to reach 15-20% outside of China and become standard on vehicles priced above $30,000. With a total addressable market of $5 billion in humanoid and smart home robotics, Hsiao believes Hesai is well-positioned to ride the next wave of innovation.

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Reuters: Weaker-than-expected July job growth has intensified the debate over whether the Federal Reserve should have cut interest rates this week.

AP: A Miami jury ordered Tesla $TSLA ( ▲ 1.39% ) to pay more than $200M in damages after finding its Autopilot system partly responsible for a fatal crash.

Fortune: OpenAI’s latest $8.3B funding round was so oversubscribed that some early investors were upset about being sidelined to make room for new backers.

WSJ: Figma’s $FIG ( ▼ 4.11% ) IPO soared 250% on its first day, but analysts say the company may have left up to $3B on the table by pricing its shares too low at $33.

Axios: With fresh tariffs set to hit 70 countries next week, here are the sectors set to get crushed — the ones that could quietly cash in.

Benjamin Franklin? More like Benjamin-flation.

Say what you will about Dogecoin. It never claimed to be “legal tender.”

Are you bullish or bearish on TPG $TPG ( ▼ 0.7% ) over the next 12 months?

▇▇▇▇▇▇ 🐂 Bullish

▇▇▇▇▇▇ 🐻 Bearish