This map should worry everyone The replacement fertility rate is roughly 2.1 births per woman, the level needed for a population to replace itself over generations Most of the developed world is now way below that line • US: around 1.5–1.6 births per woman • UK: around 1.5–1.6 • France: around 1.5–1.6 • China: around 1.0 • South Korea: around 0.8 Meanwhile, countries like Chad and Somalia are still around 5.9 births per woman This is one of the biggest demographic divides on Earth The richest, most industrialized, most technologically advanced countries are no longer having enough children to sustain their populations naturally That means aging societies, shrinking workforces, fewer young people, more pressure on pensions, healthcare, housing, taxation, and national productivity

World Currencies vs. the U.S. Dollar One-Year Change As of June 30, 2026: 🇨🇴 Colombian peso: +19.2% 🇮🇱 Israeli shekel: +13.2% 🇭🇺 Hungarian forint: +8.9% 🇿🇦 South African rand: +8.1% 🇲🇽 Mexican peso: +7.7% 🇨🇳 Chinese yuan: +5.6% 🇦🇺 Australian dollar: +5.2% 🇧🇷 Brazilian real: +5.2% 🇲🇾 Malaysian ringgit: +3.1% 🇳🇴 Norwegian krone: +1.8% 🇨🇱 Chilean peso: +1.0% 🇪🇬 Egyptian pound: +0.8% 🇭🇰 Hong Kong dollar: +0.1% 🇦🇪 UAE dirham: 0.0% 🇶🇦 Qatari riyal: 0.0% 🇸🇦 Saudi riyal: -0.2% 🇷🇺 Russian ruble: -0.4% 🇨🇿 Czech koruna: -1.1% 🇸🇬 Singapore dollar: -1.7% 🇨🇭 Swiss franc: -1.8% 🇹🇭 Thai baht: -2.3% 🇸🇪 Swedish krona: -2.4% 🇪🇺 Euro: -3.0% 🇩🇰 Danish krone: -3.1% 🇬🇧 Pound sterling: -3.4% 🇨🇦 Canadian dollar: -4.1% 🇵🇱 Polish złoty: -4.2% 🇳🇿 New Zealand dollar: -6.8% 🇹🇼 Taiwan dollar: -8.2% 🇵🇭 Philippine peso: -8.2% 🇮🇩 Indonesian rupiah: -9.3% 🇮🇳 Indian rupee: -9.4% 🇯🇵 Japanese yen: -11.3% 🇰🇷 South Korean won: -12.6% 🇹🇷 Turkish lira: -14.6% 🇦🇷 Argentine peso: -18.9% Source: Deutsche Bank, Bloomberg Finance LP.

Tesla is still dominating. In the first half of 2026, they secured over 52% of the U.S. EV market. 1. Tesla: 52.3% — 242,100 units sold 2. Chevrolet: 6.1% — 28,267 3. Hyundai: 5.8% — 26,936 4. Cadillac: 4.7% — 21,855 5. Rivian : 4.7% — 21,770 6. Toyota: 4.7% — 21,767 7. Ford: 3.6% — 16,606 8. Kia: 2.7% — 12,627 9. BMW: 2.4% — 10,790 10. Subaru: 2.2% — 10,064 11. Honda: 1.8% — 8,407 12. Lexus: 1.7% — 7,814 13. GMC: 1.4% — 6,645 14. Lucid: 1.1% — 5,208 15. Volvo: 0.9% — 3,964 16. VW: 0.8% — 3,768 17. Mercedes: 0.6% — 3,010 18. Porsche: 0.6% — 2,967 19. Other Brands: 0.6% — 2,596 20. Nissan: 0.4% — 1,774 21. Audi: 0.4% — 1,697 22. Genesis: 0.1% — 560 23. Dodge: 0.1% — 534 24. Jeep: 0.1% — 418 25. Mini: 0.1% — 307 26. Acura: 0.0% — 108 (Data Via Cox Automotive Q2 2026 EV sales)

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A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Nvidia $NVDA added roughly $453B in market cap in a single day, the largest one-day market-cap gain ever recorded in the U.S., as Wall Street rushed to reset targets after Q2 earnings. Raymond James raised its price target to $515 from $352 and reiterated Strong Buy, citing Nvidia’s FY28 outlook for approximately 70% revenue growth and saying $1T in annual sales by FY29 now looks possible. The firm highlighted architectural evolutions like NVL racks at 1:1 and agentic Vera CPU racks as growth accelerators, while also expecting non-hyperscale revenue to outgrow hyperscaler revenue. Other target hikes included JPMorgan to $320 from $280, Mizuho to $315 from $300, Melius to $425 from $400, Goldman Sachs to $300 from $285, Bernstein to $400 from $315, Citi to $315 from $300, and Stifel to $315 from $282. 2. Marvell $MRVL reported Q2’27 revenue of $2.7B, roughly in line with estimates of $2.71B and up 37% YoY. Adjusted EPS came in at $0.94 versus $0.92 expected, up 40% YoY, while Data Center revenue reached $2.2B, up 46% YoY. Marvell guided Q3 revenue to $3.15B +/- 5%, ahead of the $3.03B estimate, and adjusted EPS to $1.10 +/- $0.05 versus $1.07 expected. The bigger update was the long-term outlook: management now expects FY27 revenue to grow roughly 45% YoY to about $12B, with Data Center up around 60%, and FY28 revenue to reach roughly $18B, up about 50% YoY, with Data Center growing more than 60% and custom chip revenue more than doubling. Marvell also said revenue tied to the Google warrant agreement through FY28 is already included in its prior custom revenue target, while AI-related bookings remain “exceptionally robust.” 3. Wolfe Research named Google $GOOGL a top pick for 2027, reiterated an Outperform rating, and set a $460 price target while raising estimates. The firm now sees $595B of revenue, up 10% versus its prior estimate, and EPS of $15.89, up 6% versus prior. Wolfe estimates Google could generate more than $105B in TPU revenue next year at roughly 30% margins, producing about $32B of TPU operating income. The firm also sees cumulative TPU-related revenue reaching $300B through FY28, Google’s power capacity scaling to 21 GW next year and 28 GW in 2028, and GCP eventually contributing up to 40% of Alphabet’s total operating income. 4. The top 10 most active options today by contracts traded were $NVDA with 7.4M contracts, $TSLA with 1.6M contracts, $AAPL with 875K contracts, $MSTR with 840K contracts, $MU with 751K contracts, $SPCX with 743K contracts, $PLTR with 740K contracts, $AMZN with 668K contracts, $INTC with 660K contracts, and $PCG with 633K contracts. 5. The White House is weighing a new round of semiconductor tariffs that could extend beyond chips to products like servers, laptops, and gaming consoles, according to Politico. One proposal would link tariff-free import allowances to how much companies commit to U.S. chip manufacturing, while a phase-in period is also under discussion. No final tariff rate or framework has been set. Tech companies are warning that broader duties could raise AI data center costs and pressure chip designers like Nvidia $NVDA and AMD $AMD, which still rely heavily on overseas manufacturing. 6. BofA initiated coverage on Amkor $AMKR with a Buy rating and $70 price target, calling it an underappreciated beneficiary of rising semiconductor packaging complexity, AI/HPC advanced packaging demand, improving utilization, and U.S. supply-chain regionalization. Advanced Products made up 82% of Q2’26 revenue, with BofA seeing opportunities across 2.5D, HDFO-RDL, HDFO-bridge, co-packaged optics, and test. The firm expects computing to become Amkor’s largest end market by 2028, supported by programs including Nvidia’s Vera CPU, Microsoft’s Cobalt CPU, and AMD’s Venice server CPU. BofA also highlighted the planned Arizona facility, with Phase 1 expected to be fully committed, Apple and Nvidia identified as key customers, a 10-year TSMC agreement, and an expected $1.5B Nvidia prepayment in 2027. The firm forecasts EPS rising from $1.51 in 2025 to $3.41 in 2028, a 31% CAGR, and bases its $70 target on 21x 2028E EPS. 7. Meta $META could spend up to $10B a year on Anthropic AI, according to NYT. Meta has reportedly become one of Anthropic’s largest customers and is still spending hundreds of millions of dollars per month on its tools. The company has used Anthropic models to help power and test its upcoming personal AI agent, Hatch, even as it builds competing products internally. Meanwhile, employees are increasingly shifting to Meta’s Muse Code, while its new frontier model, Watermelon, has reportedly been delayed until at least October. 8. IREN $IREN reported Q4 FY26 revenue of $137.2M, roughly in line with estimates, while adjusted EBITDA came in at $19.2M versus $41.1M expected. AI Cloud revenue rose to $70.5M in Q4 from $33.6M, while FY26 AI Cloud revenue reached $128.8M, up roughly 8x YoY. Full-year revenue was $707.0M, below the $740M estimate, and net loss was $702.6M, including $638.8M of impairments tied largely to decommissioning Bitcoin mining hardware as sites are converted for AI Cloud growth. The bigger story is the AI infrastructure pipeline: IREN says operating ARR is $1B today, contracted ARR for 2026 capacity is $4B, 2026 capacity is largely sold out, and capacity delivery is expected to reach 0.3 GW in 2026 and 0.8 GW in 2027. The company also secured $2.8B of new GPU financing, has $14B of cash and committed financing, and says recent 3-year contract pricing has increased 125%, with active discussions around $25M of revenue per IT MW. 9. Hedge funds bought the most global energy stocks in nearly 4 years last week, marking their 12th weekly purchase over the last 13 weeks. As a result, hedge funds are now the most overweight energy relative to global stocks since June 2024. That is a sharp reversal from February 2026, when they were the most underweight energy since 2021. The only period with materially higher energy exposure relative to global equities was during the 2022 energy bull market. 10. U.S. corporate profits surged 22.8% YoY in Q2 2026 to a record $4.8T, the largest annual increase since Q4 2021. Excluding the pandemic recovery and the post-2008 Financial Crisis rebound, this was the strongest YoY profit growth in 21 years. Since Q2 2020, corporate profits have climbed $2.7T, or 131%. As a percentage of GDP, corporate profits jumped 1.0 percentage point in Q2 to 14.9%, an all-time high. 11. Citadel Securities posted a record Q2, with trading revenue reaching $7.3B, more than 3x YoY, and net income rising more than 250% YoY to $3.3B. The firm now handles more than one-third of U.S. retail stock trades, with high-touch equities helping drive the quarter’s results. Citadel Securities was also profitable in July and expects to remain profitable in August. 12. Trump praised Micron $MU after the company announced a $10B investment in new U.S. research labs focused on AI and advanced computing. He said the new investment comes on top of Micron’s previous $250B U.S. commitment and will help create tens of thousands of American jobs. Trump framed the announcement as part of a broader push to bring critical technologies back to the U.S., saying companies are investing trillions under his administration because America is the best place to build, invent, and grow. WALL STREET IS THE GREATEST SHOW ON EARTH.

MiniMax H3 Fashion Lookbook | Anime Character Reveal + Editorial MV Prompt🔥 Made this high-saturation anime PV with 13 fast visual beats in 15 seconds. A few years ago, this would’ve been days of AE work. Now? Prompt → generate → refine. Prompt 👇 Create a **15s, 16:9, 24fps anime character reveal trailer** with **13 fast visual beats**. Style: **Japanese anime opening × premium AAA motion graphics × fashion campaign**. The video should feel **explosive, sexy, stylish, bold and high-impact**, with **80% motion graphics and 20% character action**. ## CHARACTER LOCK — HIGHEST PRIORITY AO is a **young adult East Asian anime woman** with a sexy, confident Japanese anime aesthetic. She has: * small refined face * sharp expressive crimson eyes * glossy lips * confident, teasing gaze * slim feminine curvy figure * long elegant legs * stylish, cool, alluring presence Keep her identical throughout: * chin-length vivid red bob with messy bangs * crimson-red eyes * black choker * fitted red cropped top * short white cropped jacket, worn open * black mini skirt or fitted shorts * red belt detail * black thigh strap * white-and-red platform sneakers * subtle silver accessories Preserve the same face, body proportions, hairstyle, outfit, materials and colors in every shot. **Never redesign AO. Never change her face or outfit. If a shot becomes too complex, simplify the action first.** ## VISUAL STYLE Palette: **vivid red, crimson, white, black, silver**. Use: giant kinetic typography, red circles, diagonal slashes, manga speed lines, split screens, halftone dots, barcode strips, UI ticks, freeze frames, RGB flashes, impact shakes, poster layouts and graphic wipes. Every beat should feel: **fast, sharp, sexy, explosive, graphic and iconic**. Keep typography bold and readable. Editing: hard cuts, aggressive snap zooms, whip pans, speed ramps, freeze frames, impact shakes and foreground wipes. ## 13 VISUAL BEATS **01 | 0.0–1.0s** White field. Massive red circle slams into frame. Black bars slash across. UI ticks flicker. Giant **A**, then **O**, hit with heavy impact shake. **02 | 1.0–2.0s** The O becomes a circular frame showing an extreme close-up of AO’s crimson eye and glossy lips. She gives a teasing side glance. RGB flash. Circle bursts into red-and-white fragments. **03 | 2.0–3.1s** Black background, huge white **AO**. AO enters fast, turns sharply and power-slides beneath the typography. Red speed streaks trail behind her. Whip-pan out. **04 | 3.1–4.0s** Three red/white/black vertical panels. AO appears in three poses: hip turn, hair touch, over-shoulder stare. Huge vertical **FULL SPEED** moves behind her. **05 | 4.0–5.1s** AO jumps through a rotating typography ring reading **NO BRAKES / ALL EYES ON ME**. One clean mid-air spin. Snap zoom into her confident face. **06 | 5.1–6.0s** White editorial frame. Huge black **HOT** with a red slash. AO crosses the frame with a runway-like step, one hand at her waist. Typography compresses and rebounds. **07 | 6.0–7.0s** Bright red field with black diagonal stripe. AO performs one smooth fast turn. Three ghosted freeze positions trace the movement. Giant outlined **TURN** rotates behind her. **08 | 7.0–8.0s** Words hit one per beat: **HOT / FAST / WILD / RED** AO changes pose with each word: direct stare, hair toss, hip shift, confident forward lean. **09 | 8.0–9.0s** Black frame with manga perspective lines and a graphic grid. AO steps forward and freezes in a strong hero pose. Red circular target graphics lock around her. **10 | 9.0–10.1s** AO moves toward camera through three red-and-white graphic panels. Each panel shatters as she passes. Large **A O** fragments appear behind her. Finish with a hair or leg foreground wipe. **11 | 10.1–11.1s** Rapid poster montage: four frames of the same AO — close-up stare, walking, side pose, hands at waist. Add **01–04**, barcodes, halftone dots and sharp Japanese poster graphics. **12 | 11.1–13.0s** Hero moment on a clean white background. AO lands in a powerful fashion pose: one leg forward, one hand at her waist, chin lifted, direct eye contact. Huge red shockwave rings explode behind her. Typography fragments and speed lines burst outward. Hold an iconic confident freeze. **13 | 13.0–15.0s** Final identity card. Huge black **AO** on a bright white field. AO stands relaxed and alluring in front of the letters. Red circles, halftone, technical arcs and sharp speed accents surround her. Final red pulse flashes through the frame and ends on a hard stinger. ## ANIME STYLE Premium modern Japanese anime rendering: * clean cel shading * sharp linework * polished highlights * cinematic close-ups * dynamic perspective * fashion-editorial full-body framing * smooth hair and fabric motion AO must look like a **stylish adult anime heroine**, not chibi and not childish. ## AUDIO Hard-hitting **electro / future bass / anime-opening style music**. Use: heavy drums, bass hits, risers, glitch fills, synth stabs, typography slams, whooshes and shutter impacts. Build continuously. Peak at Beat 12. End with a sharp electronic stinger. ## PRIORITIES 1. AO identity consistency 2. sexy adult anime character design 3. red-black-white outfit consistency 4. maximum visual impact 5. readable typography 6. premium anime rendering 7. fast beat-synced editing Avoid: childlike proportions, chibi style, blue clothing, face changes, outfit changes, extra characters, unreadable typography, weak motion, dull compositions or generic schoolgirl styling. Final result: **explosive, sexy, red-hot, premium, graphic-driven and visually unforgettable.** Try MiniMax H3 on Ima Studio 👉 #MiniMaxH3# #MotionDesign# #Anime# #AIVideo# #ImaStudio#

Last wk, S&P/Nas/Mag7 +0.4%/+0.1%/-0.8%. Cooler inflation (CPI, PPI) & economic data (consumer sentiment, retail sales) but +5% oil steepened the yield curve but lowered odds of a rate hike. Looking forward, I continue to believe the impact of Agentic AI with the advent of OpenClaw on January 30th has at least a year to run: 1) Token production has gone up roughly ~7.5x from the end of January more than offsetting the nearly 50% token cost reduction seen since open-weight model usage started to take off in May. 2) Combined annualized run-rate revenues for OpenAI and Anthropic which ended last year at $29B seems to be around $100B currently with Anthropic getting profitable in Q2. 3) Capex from the Big6 hyperscalers accelerated from 84% y/y/ in CQ1 to 92% in CQ2 with forecasts for nearly 100% in Q3. But this is being supported by cloud revenue growth at the 3 Big Public cloud vendors of $AMZN $MSFT $GOOGL accelerating from 23% y/y in Q1:25 to 35% in Q1:26 to 43% in Q2:26. Arguable more important is public cloud operating margins expanded from 34% to 37% and 39% during those time periods. 4) The $500B financing deal backstopped by up to $125B from $NVDA adds even more lower cost money to fund AI capex spend for the non-hyperscaler players. Nvidia gained 0.5% last week. 5) The liquidation of Situational Awareness and retail accounts during July cleared out some of the frothiness in the AI related names In terms of negatives: 1) The cost of money (yields on government bonds) remain near the highest levels for the 30 yr tenor at 5.3% since 2007. 2) Given large scale offensive US military actions are seemingly off the tablein favor of financial sanctions, probably driven by current election polls, I now believe Iran is likely to hold the Strait of Hormuz hostage until past the US mid-terms. This would be akin to them releasing the US hostages in 1981 (they were held for 444 days) just hours after President Reagan was sworn in replacing Carter. There were severe financial sanctions then also. 3) Since 1990, which happens to be the Gulf War, from the end of July through November 9th, which covers the reaction to all mid-term results, the performance is worse than non mid-term years. For mid-term years the median S&P500 gain from 7/31-11/9 is 0.9% with gains 56% of the time but the median peak loss from 7/31 is 6.2% (intra-period median peak loss of 9.9%.) For non mid-term years the median gain is 2.7% from 7/31-11/9 with gains 59% of the time and the median peak loss from 7/31 is 3.5% (intra-period median peak loss of 5.2%.) This year with the momentum seen by the Socialists which are not big business friendly, I see more risk than normal. 4) The easy money on the AI technical rebound from oversold levels on 7/29 due to the forced sale by Situation Awareness is probably over. There were negative stock reactions to headline beat and raise earnings on both revs & EPS for AI infrastructure winners $CSCO (-8% for the week but still up +45% YTD), $AMAT (-6%/+97%) and $COHR (-14%/+77%). While negatives can always be found, their biggest crime was arguably their recent bounce from 7/29-8/7 of 8%, 24% and 71% respectively and their market beating YTD gains. In summary, I remain bullish. Even from the end of July through November 9th during mid-term years since 1990, the S&P has an additional median gain of 4.2% to its peak before giving some of that back closer to the election. Given some of the negatives, especially the reaction to solid earnings data, I would add some hedges back on further market gains and get more selective. Consumer discretionary hedges should also make sense if oil is higher for longer. I believe value should continue to accrue to the infrastructure layer which includes 1) the public cloud vendors such as Amazon, Microsoft, Google and 2) the semiconductor companies. $INTC, my favorite semi company, still gained 0.8% last week despite: 1) a $20B equity offering which causes ~5% dilution and 2) being up 178% YTD. This clears the funding overhang. All the best in the week ahead.

$NVDA reports Q2’27 after the close. Options are pricing a 4.86% move, $250B in market value. Here is how NVIDIA traded one day after each of its last 12 reports: Q1’27: -1.8% 🔴 Q4’26: -5.5% 🔴 Q3’26: -3.2% 🔴 Q2’26: -0.8% 🔴 Q1’26: +3.2% 🟢 Q4’25: -8.5% 🔴 Q3’25: +0.5% 🟢 Q2’25: -6.4% 🔴 Q1’25: +9.3% 🟢 Q4’24: +16.4% 🟢 Q3’24: -2.5% 🔴 Q2’24: +0.1% 🟢

📊 @Solana is the largest network by RWA holder count at 290,353, up 133.5% year-to-date Below is the breakdown by asset class and market share: 1) Stocks: 234.6K (80.8%) 2) Commodities: 27.2K (9.4%) 3) U.S. Treasury Debt: 8.9K (3.1%) 4) Specialty Finance: 8.1K (2.8%) 5) Asset-Backed Credit: 5.6K (1.9%) 6) Non-US Government Debt: 4.3K (1.5%) 7) Real Estate: 1.3K (0.5%) 8) Diversified Credit: 159 (0.1%) 9) Corporate Credit: 71 (0.02%) 10) Active Strategies: 27 (0.01%) 11) Private Equity: 20 (0.01%) 12) Cryptocurrencies: 12 (0.01%)

📌 VI. Trigger Matrix (V2.0 – Observation Status Log) Observation Item Current Value Threshold Status Consecutive Days/Trend Super-Capital Concentration Risk 9.3 8.0 ESCALATION ↑ 1 day (new) AI Governance Risk 8.8 8.0 ESCALATION ↑ 1 day (new) Resilience Ratio 0.63 0.70 ESCALATION ↑ 4 days US-Iran Deal Signing Status 接近 Formal Signing WATCH — Brent Crude Oil Price 3-mo low — THRESHOLD_CROSSED 1 day New Ebola Health Zone (DRC) Confirmed spread — THRESHOLD_CROSSED 3 days EU Accession Talks Launched — THRESHOLD_CROSSED 1 day Items Near Threshold (Elevated Observation): Observation Item Current Value Threshold Current Status • Formal signing of US-Iran deal 接近 Formal Signing ALERT • SpaceX market cap stability Above $2T Drop below $2T WATCH • OpenAI probe scope expands Multi-state Federal involvement ALERT • G7 Summit statements on AI & trade 即将 held Substantive regulatory共识 WATCH • Cross-border Ebola spread Risk rising First邻国 confirmed case ALERT • Clustered cases in fan zones No reports Confirmed cluster transmission WATCH --- 📅 VII. Key Observation List for the Next 72 Hours Grade A Observations (High Impact): Observation Item Potential Impact if Triggered 1. Formal signing of US-Iran MOU Geopolitical entropy pressure declines further, but execution risk仍需 assessed. 2. SpaceX market cap stability above $2T Test of sustainability for super-capital concentration narrative. 3. OpenAI probe expands to federal level Potential further upgrade to AI governance risk level. 4. G7 Summit statements on AI & trade First collective test of institutional response capacity. Grade B Observations (Medium Impact): Observation Item 1. Expansion of Ebola outbreak zone in DRC 2. Subsequent日程 for EU accession negotiations 3. Public health data during FIFA World Cup --- 📜 VIII. CRI Calculation Summary (V1.6) Variable Weight Risk Score Weighted Contribution V_capital 20% 9.3 1.86 V_tech 18% 8.8 1.58 V_inst 18% 8.1 1.46 V_geo 15% 7.5 1.13 V_human 10% 7.6 0.76 V_expansion 8% 7.9 0.63 V_market 6% 7.2 0.43 V_energy_price 5% 6.5 0.33 Total 100% CRI = 8.2 Calibration Notes: Added V_capital variable (weight 20%) to reflect super-capital concentration as a new structural risk dimension. V_tech上调 to 8.8 (AI governance race launch). V_geo下调 to 7.5 (US-Iran deal接近, declining war risk). --- 📌 IX. Structural Conclusion On June 13, 2026, the global civilizational system's Resilience Ratio remains below the 0.70警戒线 for the fourth consecutive day. What is most worth recording today is not war – but the first time in human civilization that private wealth approaches the GDP of a中等发达国家. When a single entrepreneur owns a satellite network, rocket system, AI platform, energy network, financial capital, and global data流入口, civilization is entering a new organizational form: Transitioning from nation-state-led civilization to platform-infrastructure-led civilization. If the core question of the 20th century was "How to constrain state power?", then the core question of the latter half of the 21st century may well become "How to govern super-platform power."