Dear Reader,

Without most people noticing, Elon Musk has started a new venture that has nothing to do with rockets, EVs, Neuralink, or tunnels.

Trump has personally issued emergency support to roll this underlying tech out as fast as possible.

It's already live in multiple states.

Behind the scenes, demand for this is already spiking...

The Financial Times says Sam Altman is begging people on the phone to build this for him and OpenAI.

And the best part for you and your wealth is:

A few little-known companies control the supply chain.

Anyone who wants this tech - be it Sam Altman or even Elon himself - must go through these companies to get it.

You can simply buy their stocks right now... before this news becomes common knowledge.

But you ought to move fast. Because leaked satellite images are already showing up online...

Click here to see how you could back Elon Musk's next venture from your regular brokerage account.

Regards,

Joel Litman
Chief Investment Officer, Altimetry

BREAKING NEWS

💼 The Jobs Report Just Missed. By A Lot.

Yesterday we learned that the economy added just 57,000 jobs in June but economists were expecting 114,000. That's not a small miss. That's roughly half of what the market was counting on, landing in the same week markets are already on edge from Iran, and on a shortened holiday week with markets closed today for the Fourth of July.

The one bright spot is unemployment. It ticked down to 4.2% from 4.3%, which is better than expected. But one good number doesn't change the story. The headline jobs miss is too big to explain away.

Here's what it means for markets:

• 📉 Rate cut bets just moved fast. In a weird way this is good news for markets because it lowers the chance of the Fed having to hike rates. There’s now a 48% chance they hike, which is lower than the high of 63% just a few weeks ago.

• 🏦 Bonds ripped higher on the news. When jobs disappoint, investors rush into bonds betting that rate cuts are coming. The 10-Year yield dropped sharply on the print. That's the number to watch in July.

• 🛢️ Oil and energy stocks felt it immediately. A weaker-than-expected jobs report signals slower economic growth, which implies lower energy demand. That sent oil prices lower and added to pressure from Iran ceasefire uncertainty.

The Munch Take: 57,000 jobs when you were expecting 113,000 is the kind of number that changes conversations at the Fed. It doesn't mean the economy is falling apart. It means the slowdown that everyone was worried about has some real data behind it now. One soft print doesn't break the labor market. But it does give Kevin Warsh something else to think about and make his job even harder than it already is. I’m sure he’s happy about the long weekend.

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THE MARKET WATCH

📈 The Dow Is Breaking Records While AI Stocks Fall Apart

Something unusual happened yesterday. The Dow Jones Industrial Average closed at a record high of 52,900, jumping 595 points in a single session. At the exact same time, the Nasdaq dropped 0.8% and chip stocks got absolutely hammered. Micron fell 7%. SanDisk cratered 14%. Applied Materials slipped 7.4%.

Two parts of the stock market moving in completely opposite directions on the same day tells you something important. The money didn't disappear. It just moved.

Investors are rotating out of AI and semiconductor stocks and moving into safer companies with stable earnings, dividends, and predictable cash flow. Wall Street suddenly cares a lot more about certainty than big promises.

Here's what's actually driving this rotation:

• 🏦 Investors are trading growth promises for real earnings. Healthcare, Consumer Staples, and Financials were all up while tech bled. Boring, dividend-paying businesses won yesterday. When the future looks uncertain, investors go boring.

• 🤖 The market is starting to question AI spending. Tech giants are spending hundreds of billions on AI, but investors still are not seeing enough profits coming back. That skepticism hit AI and chip stocks yesterday.

• 📉 The warnings have been piling up. China's top hedge funds called AI a super bubble. The Bank for International Settlements warned of a financial crisis. When that many serious people say the same thing, the market eventually listens.

The Munch Take: The Dow hitting all-time highs while the Nasdaq dumps is the market sending a very clear message. Certainty over growth. Earnings over promises. The AI trade isn't dead. But the market is charging it rent for the first time in a while. My wife asked me how the Dow could be up while the Nasdaq was down. I said because the market is finally remembering there are companies outside of tech. She said she already knew that. Wall Street apparently just figured it out.

Elon Musk Deploys Next Big Project (Not Space or AI) Ad

Elon Musk is rolling out a breakthrough technology that could replace our need for foreign oil and ignite a $10 trillion boom a small group of stocks.

Find Out More Here...

🍪 Munchy Memes