📈 Everybody is watching Nvidia

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Good Morning!

We've got a quick dive into Bitcoin's latest dip, and some big movers in the stock market. Today, all eyes are on Nvidia's pivotal earnings and the NFL's groundbreaking move into private equity.

Grab your cold brew (I’m drinking one as I write this) and let's get into it! ☕️👇️

Markets

📉 Bitcoin Erases Monthly Gain in Sharp Dive Below $60,000
Bitcoin slipped below $60,000 late Tuesday, down from a high of $63,000, likely due to profit-taking following Fed Chair Jay Powell's upbeat remarks on upcoming interest rate cuts. The cryptocurrency's sensitivity to rate changes is growing as markets anticipate a shift in September.

🐌 The Best S&P 500 Index Funds
S&P 500 index funds offer a low-cost way to match the market's performance without picking individual stocks. Discover the S&P 500 index funds with the lowest fees.

🧳 Trip.com Stock Jumps 
U.S. listed shares of Trip.com surged nearly 9% Tuesday after the company reported strong earnings, driven by solid travel demand in China.

🩻 ResMed stock soars to 52-week high
ResMed (RMD) just hit a new 52-week high at $231.99, the stock has been on a roll, soaring 41.1% over the past year, thanks to the growing demand for its sleep apnea and respiratory gear.

🏪 Why Walgreens Plunged Today
Walgreens Boots Alliance (WBA) took a hit on Tuesday, with shares sliding 8.4%. As major drug companies move direct-to-consumer, the pharmacy giant is feeling the squeeze for two key reasons.

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AI

Nvidia’s Big Day

Stocks Steady Ahead of Nvidia's Big Day

On Tuesday, U.S. stock indexes managed to inch forward as investors braced for Nvidia’s much-anticipated earnings report. The S&P 500 and Nasdaq both nudged up by 0.2%, while the Dow Jones finished the day barely changed, adding just 10 points.

All Eyes on Nvidia

Nvidia has been a standout in the tech world, skyrocketing over 150% this year alone. However, it hasn't been all smooth sailing. The chipmaker, a frontrunner in the AI boom, has seen wild market swings, shedding nearly 30% of its value after briefly becoming the world’s most valuable public company in June. This volatility puts Nvidia front and center as it prepares to release its earnings on Wednesday.

Historic Expectations

Traders are on edge, with U.S. equity options indicating a potentially historic $300 billion swing in Nvidia’s shares post-earnings. If the chip giant surprises, it could ignite a massive market reaction, but a misstep might spell trouble. The stakes couldn’t be higher for Nvidia, which many consider the most crucial stock in the world right now.

Private Equity

The NFL Welcomes Private Equity

NFL Owners Greenlight Private Equity Investment

In a historic move, NFL owners have approved a resolution allowing private equity funds to partially own franchises, marking the first time institutional investors can stake a claim in the league. The 2024 Resolution JC-7, passed on Tuesday with a 31-1 vote—only the Bengals dissenting—permits these funds to acquire up to 10% of any team. However, this ownership comes with a catch: it’s purely passive, meaning no voting rights or decision-making power for the investors.

Why Now?

The push for this change stems from the skyrocketing value of NFL franchises and the liquidity opportunities it presents. For many current owners, especially those with "only" a few billion to their name, this move provides a chance to cash in on their investments without giving up control.

What's Next?

Private equity firms can invest in up to six teams, with a minimum 3% stake per franchise. The funds must have at least $2 billion in committed capital, and they’re required to hold their investments for at least six years. This influx of capital could be a game-changer for teams looking to fund major projects, like new stadiums or mixed-use developments, with several teams already planning significant infrastructure upgrades.

Fan Concerns

Despite the financial benefits, there's considerable concern among fans that private equity could eventually wield more influence over the game, potentially leading to price gouging.

It's worth remembering that the NFL is the last major sports league to allow private equity investment, while the NBA, MLB, NHL, and MLS already permit it—up to 30% ownership in some cases.

The NFL is treading lightly by limiting participation to a select group and capping ownership at a lower rate than other leagues.

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