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Morning Brief

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# THE MORNING BRIEF — Nvidia Cosigned $120 Billion Before Breakfast. The Market Yawned. A Stock Left for Dead in July Is Up 76% Since.

Episode 15: Nvidia backs the biggest lease in the history of electricity, on land that used to enrich uranium, and the tape barely blinks. Meanwhile the humblest business in semiconductors — the one everyone's grandfather lost money on, the one a famous hedge fund was forced to dump six weeks ago — is having the best comeback of the season. Two stories this morning. They're secretly the ame story.*

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THE MORNING BRIEF — Episode 14, Season Two: The Test Wasn't Passed. It Was Forfeited.

*The market spent all week celebrating two beautiful grades — a cool inflation report Wednesday, a soft producer-price reading Thursday, records both days. Then this morning at 8:30 the household budget notebook fell open: American consumers spent 0.6% less in July, the sharpest pullback in more than a year. Here's the uncomfortable arithmetic nobody at the party wants to do — the improved grade and the empty restaurant are the same fact, wearing different costumes. The whole week, read slowly,

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# THE MORNING BRIEF — Episode 11, Season Two: The School Stopped Grading Homework

*Layoffs just hit a two-year low, and the market responded by raising the odds of a punishment. A software company turned in a perfect quarter last night and got grounded for its forecast. And a rocket company with no track record at all is up five percent on the morning a hundred billion dollars of its shares walked free. Three headlines, one secret: nobody on this street is graded on the past anymore.*

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THE MORNING BRIEF — Episode 7, Season One: The Re-Rating

Report cards came home this morning, and the grading made no sense — unless you know how this particular household works. The straight-A kid got grounded for an A-minus. The kid who'd been flunking got ice cream for a C. Here's the story nobody's writing about today's earnings: it was never about the grades.

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