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"She's the banana, the ice cream, she's the whipped cream, the cherry...she's all of that...adding her is just something that they can't stop!" Rhyne Howard praises DeWanna Bonner's leadership as the Atlanta Dream take a 1-0 series lead in Round 1 🍨

Is Elon Musk about to gain control of CNN? Paramount is acquiring network and it will be under new leadership of Larry and David Ellison. Staff at CNN is already threatening to leave. To make mattes worse for them. The Ellisons have reached out to Elon Musk to be an investor of Paramount. This would make Elon a partial owner of CNN. The same network that spent years calling him a fascist will be their new owner. Let that sink in...

ZERO ALPHA Research Preview | Reframing NVDA NVIDIA’s latest earnings report is the trigger event for a new round of deep research. A company already among the largest in the world just delivered 106% year-over-year revenue growth, with Data Center revenue up 117%. What is striking is not simply that NVIDIA beat expectations again, but that its core business has returned to a doubling growth rate from an already enormous base, even as AMD GPUs, hyperscaler-designed chips, and custom AI accelerators continue to enter the market. That prompted us to go back and re-examine NVIDIA’s full growth trajectory since 2023. When revenue growth, earnings growth, stock-price appreciation, and P/E are viewed together, a very different pattern begins to emerge. The first NVIDIA spring was largely top-down. The market recognized the potential of generative AI first, the stock price moved ahead, and earnings later caught up. The second spring now looks increasingly bottom-up. Revenue growth re-accelerated from: 56% → 62% → 73% → 85% → 106% while valuation multiples moved lower rather than higher. In simple terms: First Spring: P led E. Second Spring: E is beginning to lead P. This earnings report therefore may represent more than another earnings beat. It may be a signal that NVDA itself needs to be reframed. It also raises a broader question: What actually defines a true mega-cap growth stock? A high P/E alone does not define growth. The rarest structure may be a company that is already enormous, still grows its core business near 100%, generates earnings faster than its stock price rises, avoids excessive valuation expansion, and continues to create new TAM. Applying this framework to AMD, MU, SNDK, LITE, ALAB, DELL, and the hyperscalers makes the leadership hierarchy increasingly clear. Many of them have strong growth, but each still carries a weakness in valuation, cyclicality, pricing dependence, platform control, or growth durability. NVDA currently presents a more unusual combination. More importantly, at least four additional growth engines are still developing: Pricing Power Supply Efficiency Open Models Inference Specialization If these continue to develop, today’s NVIDIA may not yet represent the peak of this second growth cycle. And NVIDIA’s second spring may not belong to NVIDIA alone. Memory and storage, optical networking, and AI data-center operators could all benefit if another AI infrastructure expansion cycle is now beginning. ZERO ALPHA will therefore use this earnings report — a mega-cap company returning to 100%+ core growth — as the starting point for a six-part NVDA Research Note series: 1/6. NVDA: The Second Spring — From P Leading E to E Leading P 2/6. NVDA: What Defines a True Mega-Cap Growth Stock? 3/6. NVDA: Why It Is Still in Its Prime, Not Near the Peak 4/6. NVDA: Four New Growth Engines — How Far Can the Second Spring Go? 5/6. NVDA: Why Leaders Lose Leadership — Lessons from Intel, Tesla, and AMD 6/6. NVDA: Will the Second Spring Reignite the Entire AI Infrastructure Chain? Each note will focus on one independent question and can be read on its own. ZERO Insight The most important message from this earnings report may not be that NVIDIA beat expectations again. It may be this: When a company already this large returns to 100%+ core growth while trading at a much lower P/E than during its first AI explosion, what needs to be revalued may not be just NVDA’s stock price — but our entire understanding of mega-cap growth.

Welcome Havenex. Series A is underway and closing soon, already applied for all required licenses (even more than required). DM me if interested to invest, note that allocation is already quite packed. After extensive discussions with regulators, central bank governors, Financial Market Authority leadership, banks, family offices, exchanges, wallet providers and custodians, my mission became very clear: Build the most transparent, safest, institutional-grade, fully regulated exchange possible, with continuous, verifiable proofs of solvency. Not just web3. Havenex is not trying to become another Coinbase, Binance, Bybit or Kraken. The focus is different: infra that allows financial institutions to offer digital and traditional financial assets to their customers, while meeting the standards they expect around regulation, custody, security and transparency. My principles are simple: 100% multi-chain. Verifiable custody. Continuous solvency proofs. Multi-sig by default. Quantum-safe keys. Hardware 2FA wallets. Confidential and RWA assets wherever regulation allows. Unique self-custody and key-loss protection mechanisms. Some of the best engineers and experts in cryptography, exchanges and privacy-preserving technology are joining the effort. Havenex will use Sui tech wherever it makes sense, but it will also integrate the best primitives, assets and bridges from other ecosystems. I'm personally helping Havenex as an advisor, although it was my idea. Mysten Labs and Sui remain my focus, nothing changes there. Chief & Hacker team Officer, as always, innovating at daily basis :) As all of you know since my Satoshi days, my goal has always been bigger: help crypto meet regulation without sacrificing ownership, transparency or security, while protecting users against malicious and shady activity and giving the best ecosystems room to thrive. We cannot keep accepting another FTX or Mt. Gox as the cost of doing business, nor the silly, insane bugs driven by LLMs lately. Havenex intends to set a different standard. The most transparent effort in regulatory-friendly crypto. You have my signature.

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. The U.S. reportedly offered Iran a deal to halt the siege and lift sanctions in exchange for reopening the Strait of Hormuz and ending proxy attacks, according to Al Arabiya. Axios also reports that Rubio told several foreign counterparts the U.S. does not plan new strikes on Iran for now, with pressure shifting toward the naval blockade and new sanctions campaign instead. Crude Oil fell 4% and the 10-year treasury bond fell from 4.72% to 4.62%. 2. Global physical gold-backed ETFs $GLD attracted $6.4B of inflows last week, their largest weekly intake since January and the 3rd-largest weekly inflow on record. North America led with $4.4B, followed by Europe at $1.7B and Asia at $300M. This marked the 7th straight week of inflows, with global gold ETFs pulling in $16.4B over that stretch. Total AUM in global gold ETFs rose by $33B last week to $615B, the highest level since the second week of May. 3. Intuit $INTU reported Q4’26 revenue of $4.4B, beating estimates of $4.27B and up 14% YoY. Adjusted EPS came in at $4.03 versus $3.58 expected. Global Business Solutions revenue rose 14% YoY to $3.4B, the Online Ecosystem grew 17% YoY to $2.6B, Consumer revenue increased 14% YoY to $930M, and Credit Karma revenue rose 16% YoY to $743M. For FY27, Intuit guided revenue to $23.3B–$23.5B versus $23.72B expected, while adjusted EPS guidance of $22.88–$23.12 came in well below the $27.32 estimate. The company also raised its dividend 15% YoY to $1.38/share, bought back $5.5B of stock, and has $7.9B remaining on its authorization. Management said its strategy is to win as an AI-driven expert platform while staying disciplined on investments and scaling its big bets. 4. President Trump said the U.S. Navy has removed and/or detonated all mines from international waters in the Strait of Hormuz. He said Iran has been notified that any ship or boat placing new mines will be “immediately and systematically destroyed.” Trump added that Space Force is monitoring every square inch of the Strait, along with Pickaxe Mountain and the three previously destroyed nuclear sites, and said a “Zero Tolerance” policy on mine placement is now in full effect. 5. Canada is responding to U.S. tariffs with new tariffs of its own. The country is raising steel tariffs to 50% from 25%, while roughly 700 products will face new tariff rates of 15%, 25%, and 50%. The measures are set to take effect on September 8, marking another escalation in the U.S.–Canada trade dispute. 6. Anthropic is expected to tell IPO investors its total addressable market exceeds $30T, topping SpaceX’s $28.5T estimate, according to WSJ. The figure represents the potential value of work Anthropic believes AI models could eventually perform, not a direct revenue forecast. Anthropic generated $11.6B in Q2 revenue and could seek to raise as much as $100B at roughly a $2T valuation. IPO documents are expected within weeks, potentially setting up a September or early October listing. 7. OpenAI’s data-center head Chris Malone left the company last week, according to WSJ. Malone joined in March 2025 shortly after Stargate was announced and played a key role overseeing OpenAI’s massive data-center buildout. He previously led data-center strategy at Meta and earlier worked on data-center technology at Google. The departure comes just weeks after OpenAI also replaced its chief revenue officer, adding another senior leadership change as the company races to scale infrastructure, revenue, and compute capacity. 8. ClickHouse has surpassed $350M in annual recurring revenue, up 40% since May, as AI agents drive demand for database and observability infrastructure. OpenAI’s usage has reportedly grown roughly 10x over the past year to more than 30 petabytes of data per day, or around 30T events daily. OpenAI has also shifted parts of its log-management workload from Datadog to ClickHouse over the past year. ClickHouse was valued at $15B in January and says gross margins currently range from 50%–70%. Earlier this year, the company acquired Langfuse to expand deeper into monitoring AI applications and agents. Nebius $NBIS owned a 28% stake in ClickHouse as of May 2025, though that stake has likely been diluted by subsequent fundraising. 9. JPMorgan reiterated its Overweight rating on SpaceX $SPCX with a $240 price target, saying the company’s AI ambitions are coming into sharper focus and that it is increasingly positive on Grok. The firm highlighted SpaceX’s completed acquisition of Cursor on 8/14 as an important step in building enterprise AI capabilities. Cursor brings roughly $4B of ARR as of June 2026, with about 75% coming from businesses, which JPMorgan says should help streamline go-to-market and provide valuable model-training data. The firm also said Cursor data is already showing up in Grok’s supplemental training, with tangible improvements in recent model performance. 10. OpenAI says its new Broadcom-built Jalapeno AI chip outperformed Nvidia $NVDA GB300 in both throughput per watt and response latency during internal testing, according to Bloomberg. The chip is built specifically for inference, not training, and runs at roughly 700 watts. OpenAI plans to begin deploying Jalapeno for its models later this year, saying the performance gap widened on larger workloads, including Moonshot’s Kimi model, and that the chip has also performed well on unreleased OpenAI models. The key caveat is that Jalapeno was tested against GB300, not Nvidia’s newer Vera Rubin generation. OpenAI says a second-generation chip is already nearing tape-out, while work on a third generation has begun. 11. The top 10 most active options today by contracts traded were $NVDA with 1.8M contracts, $TSLA with 1.8M contracts, $AAPL with 636K contracts, $SPCX with 548K contracts, $INTC with 540K contracts, $AMZN with 498K contracts, $MU with 483K contracts, $AMD with 403K contracts, $PLTR with 361K contracts, and $SOFI with 359K contracts. 12. Raymond James raised its Nvidia $NVDA price target to $352 from $330 and reiterated a Strong Buy rating. The firm says Nvidia’s CPU opportunity is becoming more important, especially for agentic AI workloads, even though CPUs are only about 3% of sales today. Raymond James expects CPU revenue to reach roughly 5% of total revenue by CY28 and believes Nvidia could potentially become the world leader in CPU revenue within several years. The firm also argued the stock remains inexpensive, trading at less than 15x CY27 GAAP earnings, below the S&P 500 at 18.6x, despite sales and net income growth still expected to exceed 20% in CY28. Its new $352 target is based on a 22x multiple on CY28 estimates, which Raymond James views as conservative given Nvidia’s leadership, CUDA moat, GPU performance, free cash flow, and history of trading at much higher multiples. WALL STREET IS THE GREATEST SHOW ON EARTH.

Iran’s leadership is admitting what the world can now see: the pressure is working. President Masoud Pezeshkian acknowledged Iran’s economic shortages, saying, “The war must come to an end at some point.” Mohammad Bagher Ghalibaf, Iran’s parliamentary speaker, was even more direct: “No matter how much military power we have, if people are hungry and we don’t have financial circulation, economic growth and domestic production, we will not endure.” Under President Trump, Treasury will continue to sever every economic lifeline sustaining this regime until Tehran stands alone.

In the Second World War, D-Day marked the historic beginning of a campaign with our allies to target and drive the enemy from its positions, including those in third countries. Today, in that same spirit, we are launching an economic onslaught against Iran’s financial connections around the globe. Our objective is to sever every economic lifeline that sustains this tyrannical regime until Tehran stands alone. President Trump has taken action that his predecessors have long deferred. Under his leadership, America is no longer managing the Iranian threat. We are ending it. Those who stand with the United States will reap the rewards of our partnership. Those who tether themselves to Tehran should expect to share in the isolation of a withering regime.

The Bolsheviks declared war on the Russian Orthodox Church as soon as they seized power. They stripped it of legal status and property, then executed thousands of priests, monks, and believers in the Red Terror. Metropolitan Vladimir of Kiev was dragged from the Monastery of the Caves, tortured, and shot in January 1918. Patriarch Tikhon publicly excommunicated the Bolshevik leadership and spent his remaining years under arrest until his death in 1925. In 1922, while the country starved, the Soviets seized church gold and jewels under the pretext of famine relief. When believers in Shuya tried to stop them, troops opened fire on the crowd. Lenin then issued a secret memo ordering the most merciless suppression of the clergy possible, arguing conditions would never again be so favorable for crushing the Church’s influence for decades. By year’s end thousands of clergy had been shot and a 1000 year old institution was driven underground by the regime that claimed to liberate the peasants who built it.

At midnight on February 6th, earlier this year, the doorbell to our apartment rang. The doorbell was followed by a pounding on the door. I answered the door and a security person in our building handed me his phone. It was my oldest daughter Eloise. She had found my 26-year-old daughter unconscious on the floor of her apartment and had called 911. The EMT team was already there, but they did not know what was wrong with Lucy or to which hospital they would take her. I threw on some clothes and jumped in an Uber heading east toward Brooklyn. (Lucy lived alone in Williamsburg.) On the way, I learned that they were taking her to Elmhurst, a City trauma hospital in Queens. I arrived about five minutes after the ambulance to join Eloise, Lucy’s mom, and a friend, and waited to learn what was wrong. After about 15 minutes, I asked a nurse where she was. I looked over his shoulder to his computer. Next to her name, it said “non-responsive.” I walked into the emergency room and wandered around looking for her until I found her unconscious on a gurney surrounded by several doctors and nurses. By about 2:30am with the results from a CAT scan, Lucy’s doctors had determined that she had a massive brain hemorrhage and would need an emergency hemicraniectomy to release the pressure on her brain and remove the blood from the hemorrhage. I called our wonderful friend and family doctor Eddie Fisher and explained what was going on. He woke up Josh Bederson, Chairman of Neurosurgery at Mount Sinai, to find out more about Zach Hickman, the neurosurgeon on call that night. Dr. Bederson said Hickman was an excellent surgeon, which was comforting as we had no choice. The surgery to save Lucy’s life began around 3:15am and finished around 5:30am. It was successful. The following day, I joined Lucy in an ambulance while she was being transferred to Mount Sinai on Madison Avenue. Later that day, we determined from Lucy’s Oura ring that her hemorrhage had occurred around 9am, which meant that more than 19 hours had passed from the time of the hemorrhage to the completion of the surgery to release the pressure on her brain (I only wish @ouraring had an alert for this kind of a medical event. Imagine it could call a family member if the wearer doesn’t cancel the alert). I later learned that the standard of care is not to do surgery to save a patient with a large brain bleed if more than five hours have passed since the hemorrhage. Even when the surgery is done, I was told that the likely outcome for the patient is a few months in a nursing home and death from pneumonia. When I met Lucy’s doctors, I did my best to inspire them: “Let’s see what can be accomplished if we give her the best care possible and we invest unlimited resources to restore her to life.” And I promised that whatever we learned we would make available to everyone. Dr. Chris Kellner, her neurosurgeon, and Dr. David Putrino, Director of Rehabilitation Innovation for the Mount Sinai Health System have led Lucy’s care team since that day. Words cannot describe the remarkable and compassionate care that she has received beginning with the EMT team and then from nurses, doctors, therapists, and the army of people who have worked to save her and return her to life. To this day, we have a daily Zoom where we discuss her progress and make adjustments to her care. While her care and oversight have been incredible, the learnings for the Mount Sinai team have also been elucidating and will assist in the care of many others. Lucy began in a bad place. She was in a coma for several weeks and then awoke not being able to breathe on her own, unable to walk, see or speak. Over the last six months, she has recovered her cognition – she understands everything including her circumstance – is able to walk a hundred or more steps at a time with assistance, is making progress with sounds, vowels and consonants and the beginnings of speech, but she remains unable to see. Each day, she makes a little progress, and daily progress compounds. Every day I tell her that she just needs to make a little progress and it won’t be long before she is back. We remain optimistic that Lucy will return to normal function. It will likely take years, but I believe it is only a matter of time, hard work, and technological progress, along with some, and perhaps a lot, of divine intervention. Many people have been praying for Lucy and we are incredibly grateful for the prayers and remarkable support she has received. Lucy’s friends have been with her every day since the beginning, and their presence and friendship have saved her life and helped to rebuild and maintain her spirit. And on a very positive note, Lucy’s challenge has brought together our entire modern family who have all been incredibly devoted to her care and recovery. Lucy's vision and other faculties may require some form of brain computer interface, work that is underway at Neuralink, Precision Neuroscience, Science, Synchron, Nudge, and other companies in the space. If you are going to have a devastating brain injury, now is the best time in history for that to happen. We are living in a world when you can be confident that the blind will soon see again. We are going to do everything we can to help make that happen, including by assisting existing companies in the space. With respect to our promise to make Lucy’s care available to others, we have made good progress. In May, a real estate colleague made me aware of a 93% vacant, brand new, 400,000 square foot Class A+ purpose-built biotech facility on West End Avenue between 65th and 66th Streets that missed the market and was available for sale. The Pershing Square Foundation acquired the building 60 days later. We also put under contract an adjoining 130,000 square foot building at 320 West 66th Street that is currently being used by Saturday Night Live for studio space. The building has 35-foot ceilings with massive column-free spaces that can be converted into superb rehabilitation facilities. We will close on the SNL building in December. We are also acquiring an adjoining vacant lot with additional air rights. With just the existing zoning rights, we can add a 150,000 square feet for a total of 680,000 square feet, a lab footprint larger than Rockefeller University, and that’s without including the potential for an upzoning that would allow for substantially more buildable area on the site’s 3.4 acres with spectacular views of the Hudson. Our goal is to build the world’s greatest brain research, rehabilitation, recovery, human optimization, and longevity institute. We have named it The Ackman Oxman Institute or the AOI for lack of a better name, but also to reinforce the point that Neri and I and our family are all-in on the mission. The AOI will be patient-centric. It will not be an academic research institute that produces lots of papers, a Nobel Prize winner or two, but little if any results for patients. We will be laser-focused on cures, treatments, devices, rehabilitation and exercise equipment, and targeted and basic research with a goal of massively accelerating the time from idea to innovation to production to helping a patient. While the AOI will be a non-profit, it will have highly commercial instincts. The AOI will have its own venture funding and will work to develop innovations to create companies that we will seed, assist, and spinout to ensure technologies, treatments, techniques, and drugs get to patients as promptly as possible. On one 3.4 acre campus in what is still the greatest city in the world, we will do neurosurgery, neuroscience, rehabilitation, nutrition, BCI and device development, human trials, hyperbaric oxygen treatments, and life extension programs, and we will mandate and incentivize collaboration among the teams with no silos, politics, bureaucracy, or any other constraint that is inconsistent with the mission. Mount Sinai will be an important partner and deservedly so, but it won’t be our only hospital or medical school partner as we don’t believe any institution has a monopoly on the best ideas or the best talent. We don’t believe in exclusive relationships because that is not in the best interest of patients. Five years ago, we considered launching a brain institute inspired by Neri’s mom who sadly died from Alzheimer’s. We couldn’t make the math work as the real estate was too expensive and we believed it would be too difficult to recruit the best talent from universities to our effort. Since then, the real estate became available at a 70% discount, universities became a much less attractive place to work due to politics outweighing meritocracy, protests that disrupt learning, the curse of antisemitism, and a decline in funding. Fortunately, during the same time, I made sufficient personal economic progress to make the AOI possible. The advance of AI in the last few years will also enable us to greatly accelerate our mission. AI still has a lot to learn about human intelligence and the brain, and the AOI should be at the forefront of the interplay between the brain and AI. Today, I am making a public filing disclosing a gift from Neri and me of ~$400 million or 10,000,000 shares of Pershing Square Inc. (PS) to the AOI. It is very early days for Pershing Square so these shares are intended to anchor the long-term work of the AOI as the shares compound over time while generating what we expect will be a growing stream of quarterly dividends to fund the Institute. We will also be announcing an additional gift of similar and potentially greater size which won’t be in the form of Pershing Square stock to provide the AOI with the short- and intermediate-term runway necessary to enable it to achieve its goal of becoming a self-sustaining institute, which reinvests all of its revenues, royalties, and the economic rewards of company formation to advance the fields of brain health and human longevity. Neri and I have chosen to anchor the funding of the AOI to maintain vision alignment and limit the need for the organization to focus on fundraising. We expect the AOI to be the best-resourced brain, rehab, recovery, and longevity institute in the world. We are grateful to have been able to form a board which includes Dean Kamen (our generation’s Thomas Edison), George Yancopoulus (CEO of Regeneron), James Rothman (Nobel Laureate), Bernardo Sabatini (neuroscientist), Chris Kellner (neurosurgeon), Olivia Flatto (CEO Pershing Square Foundation), Neri Oxman, and myself. We have recently identified a CEO who we expect to announce by October along with other key hires, and are beginning searches for a Chief Scientific Officer, a Chief AI/Technology Officer, a Chief Operating Officer, a Chief Financial Officer, and other key leadership roles. If you find what we are building compelling and want to be part of the leadership team that creates and builds the AOI from a standing start, please send an email to: search@aoiinst.org with a short note as to why you believe you can help. Please include your best three ideas for the AOI along with a summary of your background and your most important accomplishments. We promise strict confidentiality to those expressing interest in working with us. We have learned from Lucy that the brain can recover from even catastrophic injury. There is so much more work to be done as the mind is a terrible thing to waste. For details from my Pershing Square SEC filing see: