One company has a new solution to smartphone burnout… or, rather, an old one.

Light, a maker of so-called “dumb phones”, just announced its first-ever flip phone. The $299 Light Flip has no outside screen, no NFC, and, at its buyers' insistence, no AI anywhere near it.

But the best feature, per its cofounder: nobody could ever mistake it for a smartphone. As most companies scramble to adopt every new technology, others are working just as hard to opt out.

— Brooks & The Street Sheet Team

Coinbase (COIN) and bitcoin both ripped higher today on a report that the White House and Senate Republicans struck a deal on the crypto ethics provision blocking the Clarity Act. The bill would push most crypto trading out of the SEC's reach. But whether it translates to real legislative change remains an open question. Less than half of traders predict it will come to pass this year.

📈 | Hasbro (HAS) beat on Q2 as Magic: The Gathering topped $500M in quarterly revenue for the first time.

📉 | Equifax (EFX) dropped after issuing disappointing Q3 guidance.

📈 | Taiwan Semiconductor (TSM) climbed on reports it will raise chipmaking prices up to 10% next year.

📉 | MSCI (MSCI) fell on weaker-than-expected Q2 results.

📈 | Nebius Group (NBIS) rallied after Nvidia (NVDA) disclosed a 9.3% stake.

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Wells Fargo still likes the cut of Ralph Lauren.

Analyst Ike Boruchow kept the apparel maker at Overweight and nudged his target higher, a testament to the brand's momentum heading into its earnings due in early August.

Boruchow points to durable pricing and steady growth, and Ralph Lauren's momentum ranks among the strongest in its group.

Momentum can’t help you if you’re barreling toward brick walls. But the firm sees blue skies and open roads for the Americana brand — especially outside the Americas.

Ralph Lauren pulls 41% of sales from North America, 31% from Europe, and 26% from Asia. Analysts say that leaves room to grow where the brand stays under-represented, China included.

Boruchow is not alone. Several firms have lifted their Ralph Lauren targets, and shares are already in the green year-to-date.

The key wrinkle: at north of 25x earnings versus a long-run median near 18x, the market is paying full price for the polo player. But its momentum might just stitch over that.

🚀 | SpaceX set August 4 as its first earnings report, triggering a lock-up expiration that frees insiders to sell up to 911.5M shares.

🇨🇦 | President Trump imposed 50% tariffs on most Canadian goods, excluding energy and critical minerals, set to take effect in 30 days.

⚠️ | JPMorgan (JPM) CEO Jamie Dimon said he wouldn't buy stocks or long-dated Treasurys at current prices, warning markets underestimate geopolitical and fiscal risks.

🤖 | OpenAI and Anthropic executives warned that cheap, powerful open-weight Chinese AI models pose security risks, as the White House splits over whether to restrict them.

🏦 | Goldman Sachs (GS) launched an alternative investments platform to give wealthy clients direct stakes in private companies like SpaceX (SPCX) and Stripe.

Do you own any shares of Lumentum Holdings (LITE)?

▇▇▇▇▇▇ 🐂 Yup, I'm holding

▇▇▇▇▇▇ 🐻 Nope, not interested

▇▇▇▇▇▇ 👀 No, but I'm interested

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