July 09, 2026

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Happy Thursday to you all. And a happy unofficial Joe Jonas breakup day to the Taylor Swift fans who have been observing the date mentioned in “Last Kiss” since the Speak Now era. We debated giving the pop star yet another mention in the newsletter so soon after all the news coverage of her wedding, but we ultimately decided that it’s better to have Swifties with us than against us (and we really do want to see that dress).

—Matty Merritt, Dave Lozo, Molly Liebergall, Holly Van Leuven, Abby Rubenstein

In today’s newsletter, we’ll get into:

Why Nvidia’s so cheap now
President Trump saying the Iran ceasefire is “over”
The long lines plaguing your Euro trip

Markets

Nasdaq

25,870.65

+0.20%

S&P

7,482.71

-0.28%

Dow

52,348.39

-1.09%

10-Year

4.569%

+4.0 bps

Bitcoin

$62,258.38

-1.96%

SpaceX

$148.3

-0.78%

Data is provided by

*Stock data as of market close, cryptocurrency data as of 6:30pm ET. Here's what these numbers mean.

Markets: Stocks closed mixed yesterday, with only the Nasdaq eking out a win. Investors warily eyed the Middle East, with oil rising after US–Iran tensions escalated (more on that in a minute).
Stock spotlight: SpaceX continued its fall back to Earth yesterday, dropping below its IPO opening price despite becoming part of the Nasdaq 100 this week, which usually provides a bump.

Markets Sponsored by Cytonics

Last month to invest: There’s still time to join 7,000k+ early shareholders as a Cytonics investor. But not much. Invest before this month’s deadline.

IS IT CROWDED IN HERE?

Nvidia is valued like AI never happened

Close-up photo of an Nvidia computer chip with a gradient map applied, colorizing it to be vibrant shades of green.

Morning Brew Inc., Photo: Antonio Bordunovi/Getty Images

It’s 2019: You’re gushing about Avengers: Endgame, and a little computer chip company, Nvidia, has pretty cheap stock. Since then, Marvel hasn’t made a good movie, but Nvidia’s stock shot up like a Giant Sky Beam. Yet recently, it’s back at 2019 levels after a nearly $1 trillion loss in market value in less than two months, according to Bloomberg.

From the end of 2022 through last year, Nvidia’s stock price jumped over 1,100%, as its powerful GPUs became the clearest early winners of the AI boom. Even though the tech giant is still delivering stellar earnings, and it doesn’t seem like an AI bubble has popped:

After hitting an all-time high in May, the stock fell 16% and hasn’t been able to get itself back up.
Since the start of the year, Nvidia has only risen 5.6%. This pales in comparison to the performance of indexes it used to lap, like the S&P 500’s 9.6% gain this year and the Nasdaq 100’s 16% rise.

The biggest reason: competition

It’s not that investors no longer see AI infrastructure as valuable; it’s that they see a ton of opportunities as very valuable. Some investors are ditching Nvidia and parking their money in other chipmakers or in other companies selling highly lucrative memory and storage:

The Philadelphia Stock Exchange Semiconductor Index has skyrocketed 74% this year.
Nvidia’s rivals, like Advanced Micro Devices and startup SambaNova, have scored huge investments from investors hoping to catch the next Nvidia on its way up.
High-bandwidth memory chipmaker Micron’s stock has gained 229% since the start of the year, after jumping 239% last year.

Big picture: Nvidia is still the chip to beat—it had a 97% chokehold on the server GPU market last year, per data from Bloomberg Intelligence. But everyone is coming for its crown: Even major Nvidia customers like Alphabet and Amazon are starting to develop their own chips. Chinese AI company DeepSeek is also in the process of making its own AI chip, according to Reuters.—MM

Reader poll

Would you buy Nvidia stock?

Yes, I am buying the dip.
No, its era is over.
Maybe in the future, but not right now.
I don’t buy individual stocks.

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Historically, Big Pharma has made its move on biotech targets near this point, when efficacy data exists but a price hasn't been set.

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World

Tour de headlines

Akin Celiktas/Getty Images

🇮🇷 US launches new strikes after Trump calls the Iran ceasefire “over.” The US conducted additional strikes in Iran yesterday, following harsh words from President Trump. Branding Iran’s leadership “scum” and “liars,” President Trump told reporters yesterday at a NATO summit in Turkey that he believed the US’ ceasefire deal with Iran was “over” and said that negotiations were “a waste of time.” He also threatened the resumption of a naval blockade of Iran’s ships. His remarks came after the US carried out strikes in Iran in response to Iran’s attacks on commercial ships in the Strait of Hormuz earlier this week. His initial statements sent oil prices soaring, but later in the day, before the new strikes began, Trump said he didn’t think the war was “going to start again” and that “anything that happens is going to be over very quickly.”—AR

🏛️ Graham Platner drops out of Maine Senate race, denies sexual assault allegation. The Democratic hopeful posted a video message to X, in which he said the move was “most certainly not” an admission of guilt, but a necessary step because “the political establishment” was using the allegations “to put structural pressure on us.” State election rules specify that Platner would need to drop out by July 13 for the state’s Democratic party to replace him on the ballot. The Democrats are seeking to unseat longtime Maine Sen. Susan Collins, a Republican, in the general election this November, as it’s one of the party’s few avenues for regaining the majority in the Senate. The Maine Democratic Party is planning to host a nominating convention, but has not yet released details.—HVL

📺 The Pitt and Hacks helped HBO Max lead the Emmy nominations. The nominations for the award show that puts the E in EGOT were announced yesterday, and HBO and its streamer HBO Max led the pack with 25 nominations for The Pitt and 24 for Hacks, securing a total of 122 nods. It was a good day for other streamers, too: Netflix snagged 111 nominations and Apple TV got 89, its most ever. For broadcast networks, ABC sat atop the list with 40 nominations. The awards show will be held on September 14, hosted by ~~Olivia Benson~~ Mariska Hargitay.—AR

TAKE YOUR PIC

Meta’s new AI app is creating an image problem

an illustration of instagram feeds being put into a blender

Nick Iluzada

Meta this week unveiled Muse, its AI image generator. It works a lot like all the others, except with a problematic feature that’s resulted in backlash: Muse allows anyone using it to manipulate pictures of any Instagram user with a public profile unless they actively opt out.

Muse was designed to appeal to advertisers ~~devoid of an art department~~. But it will also be rolled out through the Meta AI app, Facebook, WhatsApp, and Instagram for anyone else.

Since the creepiest person you know can grab a pic off anyone’s public profile and use it to create an AI image just by tagging the account, it’s reminding people of Meta’s history of lax privacy standards:

In 2019, Meta paid a $5 billion fine over its role in allowing Cambridge Analytica to access the data of millions of Facebook users ahead of the 2016 US presidential election.
Two years later, Facebook shut down its facial recognition system after facing lawsuits over its collection of biometric data.

To opt out on Instagram, you can set your profile to private or find the “sharing and reuse” tab in your settings and toggle off “allow people to use your content on Instagram and with AI features on Meta,” although some users may not have those tabs available yet.—DL

Three Headlines and a Lie

Three of these headlines are real and one is faker than a quick call with your mom. Can you spot the odd one out?

Camels are becoming more combative, it may be due to pop music
Two banks agreed to merge. They can’t agree on how to make chili.
Elon Musk is feuding with Tom Holland over The Odyssey. No, not that Tom Holland.
To beat the heat, the wealthy are building snow rooms

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Answer

We made up the one about the aggressive camels.

Word of the Day

Today’s Word of the Day is: pliable, meaning “supple enough to bend freely without breaking.” Thanks to Tonya from Minneapolis for being flexible with the suggestion. Submit another Word of the Day here.

✢ A Note From Cytonics

This is a paid advertisement for Cytonics Regulation CF offering. Please read the offering circular at https://invest.cytonics.com.

Forward-looking statements are subject to risks and uncertainties. There is no guarantee of performance. Past performance does not predict future results. All investments involve risk, including loss of principal.**Phase 1 clinical trials are designed primarily to assess safety and tolerability and do not establish efficacy. Clinical trial results are preliminary, and there can be no assurance that future trials will be successful or that any product candidate will receive regulatory approval.

Written by Abigail Rubenstein, Matty Merritt, Dave Lozo, Molly Liebergall, and Holly Van Leuven

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