HAPPY THURSDAY TO THE STREET.
In the past, doing battle with Google $GOOGL ( ▼ 0.2% ) was an epic fail. But Epic Games knows a thing or two about battle royales.
The Fortnite-maker’s long-shot antitrust case just landed a win in federal appeals court, forcing Google to open its Play Store to competitors — including the Epic Games Store.
Epic win? 🤔
🟥 | US stocks slipped today. On a packed day of blockbuster earnings — and with the Aug. 1 tariff deadline around the corner — the bad ultimately outweighed the good.
📈 | One Notable Gainer: Investors bid up eBay $EBAY ( ▼ 1.66% ) after the e-comm firm reported rosy earnings and downplayed tariff fears.
📉 | One Notable Decliner: Arm Holdings $ARM ( ▲ 1.55% ) lost its grip as smartphone royalties slumped and its CEO publicly weighed designing chips in-house.
Finally, read to the end for a sneak peek at capitalism’s next paradigm shift…
— Brooks & Cas
Sponsored by Atlas Critical Minerals
China controls 90% of rare earth processing. The West wants out. Atlas Critical Minerals (OTC: JUPGF) is stepping in.
With Brazil’s largest portfolio of critical minerals, high-grade results, and near-term revenue, Atlas is positioning itself as a secure, scalable, U.S.-aligned alternative. Its 575,000+ acres cover rare earths, graphite, copper, nickel, uranium, and more, at a time when global powers are scrambling to build defense-ready supply chains.
A literal pick-and-shovel play for geopolitical turmoil? Worth exploring.
STOCK HEATMAPS
S&P 500 Heatmap. Credit: Finviz
All Stock Heatmap. Credit: Finviz
Global ADR snapshot. Credit: Finviz
Market Movers
MICROSOFT, META PLATFORMS, PARAMOUNT
$MSFT ( ▼ 0.59% ) / $META ( ▼ 2.27% ) Microsoft hits $4tn market value as tech stocks rise to new highs (FT)
$PARA ( ▼ 1.75% ) Paramount shares fall in heavy volume trading ahead of Q2 report (SeekingAlpha)
$HOOD ( ▲ 0.75% ) / $APP ( ▼ 0.03% ) Robinhood or AppLovin Could Join S&P 500 if Paramount Is Dumped (Barron’s)
$ALGN ( ▲ 1.76% ) People are spending less on their teeth, and this stock is plunging (MarketWatch)
$APLD ( ▲ 15.97% ) / $CRWV ( ▼ 3.17% ) Applied Digital Stock Soars 30% On Thursday, And There’s A CoreWeave Angle To It (StockTwits)
OVERHEARD ON THE STREET
CNN: President Trump pushed pause on higher tariffs for Mexican goods, maintaining the current 25% rate for 90 more days.
Bloomberg: But he plans to sign an executive order before midnight tonight, imposing new tariff rates on multiple trading partners.
CNBC: Figma $FIG ( ▼ 4.11% ) shares soared in their NYSE debut after pricing at $33.
Forbes: Mark Zuckerberg became the world’s third-richest person as Meta’s stock surged today, adding $28B to his fortune and pushing ahead of Jeff Bezos.
AP: US inflation rose to 2.6% in June, driven partly by Trump’s new tariffs, reinforcing the Fed’s decision to hold rates steady.
Tomorrow's Trade Idea, Today
TPG’S TRANSFORMATION
Best of Both Worlds
For diversification-minded investors constantly seeking the proverbial “best of both worlds”, what better place to look than a publicly traded private-equity firm?
That’s according to Barron’s, anyway, which recently spotlighted boutique PE shop TPG $TPG ( ▼ 0.7% ) as a Buy.
The alternative asset manager has historically delivered strong portfolio returns through early bets on companies like Airbnb $ABNB ( ▲ 0.31% ), Uber $UBER ( ▲ 1.49% ), and Spotify $SPOT ( ▼ 0.65% ). But with recent strategic acquisitions like Angelo Gordon and Peppertree Capital, Barron’s believes TPG is making strides toward its aim to double its AUM.
Strong Performance
TPG is currently riding a wave of robust growth, posting $843 million in distributable earnings over the past year, up 24% from 2024. Recent successful exits — including large stake sales in Viking Holdings $VIK ( ▼ 0.86% ) and Life Time Group $LTH ( ▼ 0.53% ) — reflect strength in monetizing assets despite its peers’ struggles.
The recent Peppertree acquisition brings exposure to more than 10,000 wireless assets, boosting its alignment with 5G and AI, per Barron’s. According to its analysis, these high-growth verticals, combined with a $57 billion war chest, make TPG uniquely positioned to capitalize on long-term private market opportunities.
The Bullish Case
TPG currently trades at around 27x expected 2025 earnings. While high, it’s well below peers like Blackstone $BX ( ▼ 1.4% ) and Ares $ARES ( ▲ 0.79% ).
Analysts project TPG’s EPS to hit $2.95 by 2026. It also offers a 2.9% dividend yield, and according to Barron’s, the stock is hovering near a bullish breakout pattern targeting $65.
While macro risks remain, its diversification, proven execution, and increasing fee-related revenue may make TPG a name (or, at least, acronym) worth watching in the alternative asset management space.
Sponsored by Atlas Critical Minerals
Atlas Critical Minerals (OTC: JUPGF) is doing what most junior miners can’t: making money while unlocking rare earths at scale.
With 35% margins from quartzite and more cash flow coming from iron ore in 2025, Atlas is funding growth without constant dilution. That makes it a rare breed in a rare minerals race. Add 575,000 acres of resource-rich ground, and you’ve got a breakout story.
As the US looks to break China’s rare earth grip, Atlas is offering a friendly, mineral-rich lifeline from Brazil.
ON OUR RADAR
CNBC: Trump said he asked 17 major drugmakers to lower US drug prices within 60 days.
Reuters: The president also plans to expand price support for US rare earths projects, aiming to boost domestic output after China’s export halt.
AP: Appellate judges voiced strong doubts about Trump’s use of emergency powers to impose tariffs without Congress.
Fortune: Berkshire Hathaway $BRK.B ( ▲ 0.28% ) and Zillow $Z ( ▼ 0.72% ) warn mortgage rates can’t fall far enough to undo the home affordability crisis.
WSJ: American Eagle’s $AEO ( ▼ 1.0% ) Sydney Sweeney campaign is falling flat with its target audience. Here’s why.
STREET TWEET
If tokenization of private stock (a la Robinhood's efforts) takes off, I wonder if we're even going to talk about public vs. private companies in the future. May just be kind of a spectrum of various levels of liquidity and disclosure.
— #Joe Weisenthal (#@TheStalwart)
6:50 PM • Jul 31, 2025
New crypto bro dystopia just dropped.
If Robinhood and others succeed in tokenizing private shares, the degens are predicting we end up with an asset market that’s neither public nor private — just permanently liquid-ish, always fractional, and eternally vibes-based.
Hooray?
WEDNESDAY’S POLL RESULTS
Which stock do you think will outperform over the next 12 months?
▇▇▇▇▇▇ IonQ $IONQ ( 0.0% )
▇▇▇▇▇▇ D-Wave Quantum $QBTS ( ▼ 2.65% )
And, in response, you said:
IonQ — “I own it and believe it is making leaps and bounds.”
D-Wave Quantum — “Probably a crapshoot on these two stocks; but hopefully they will both rise in share price.”
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