Mahesh Desai

[Mahesh Desai @mdesai1]

@hicasamadim 32

[The Kobeissi Letter @KobeissiLetter]

BREAKING: July CPI inflation falls to 3.4%, in-line with expectations of 3.4%

Core CPI inflation falls to 2.5%, also in-line with expectations of 2.5%.

Month-over-month CPI inflation rose +0.1%, up from -0.4% in June.

US stock market futures are rising on the news.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: A total of 911,500,000 shares of SpaceX, $SPCX, held by employees and early investors, become eligible to trade tomorrow.

That's ~43% more than the 638,900,000 shares issued at IPO.

SpaceX's free float is set to increase from 4.9% to 11.8% of outstanding shares.

[The Kobeissi Letter @KobeissiLetter]

A smaller piece of every US Dollar earned in the economy is going to workers:

The proportion of wages and salaries in US gross domestic income (GDI) is down to ~43%, near the lowest since records began in 1929.

Gross domestic income measures the total income earned across the economy, including wages, corporate profits, and investment income.

This metric has been in a long-term decline since peaking at ~52% in the 1940s.

By comparison, between the 1940s and the 1960s, this percentage never fell below 48%.

In other words, a larger proportion of economic income is now flowing to corporate profits and investment income, rather than pay workers.

The gap between corporate profits and labor income keeps widening.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: President Trump is preparing to announce 10% tariffs on "dozens of countries" this week, per FT.

Details include:

1. These new tariffs come as President Trump's current 10% tariffs expire later this week

2. President Trump's advisors have reportedly warned him against doing so

3. Advisors are reportedly worried about risking the economic shocks of the original trade war ahead of the midterm elections

4. The Trump Admin is also working on other investigations that could grant it the legal authority to propose higher tariffs

More tariffs are on the way.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: World central banks purchased +41 tonnes of gold in May, the largest monthly addition since November 2025.

This follows +17 tonnes acquired in April, and marks the 3rd monthly purchase this year.

Poland led for the 2nd consecutive month at +18 tonnes, bringing its year-to-date total to +64 tonnes, with gold reserves now at a record 614 tonnes.

China added +10 tonnes, the biggest monthly addition since December 2024, increasing its official gold reserves to a record 2,331 tonnes, also accounting for 9% of total FX reserves, near an all-time high.

This also marks the 20th consecutive monthly purchase by the Chinese central bank.

At the same time, Uzbekistan and Kazakhstan acquired +9 tonnes and +7 tonnes, respectively.

Central bank demand for gold is back.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: The proposed US-Iran peace deal includes a $300 billion reconstruction fund for Iran, per NYT.

The program is being called an international "investment fund," which the US would facilitate in the final deal.

This comes as Iran demands "reparations" to end the war.

[The Kobeissi Letter @KobeissiLetter]

BREAKING: The Nasdaq 100 ETF, $QQQ, has attracted +$10 billion in inflows over the last 21 days, the highest 21-day total since October 2025.

This is also the 3rd-largest 21-day inflow on record.

This follows -$11 billion in outflows recorded in March, the highest in at least 4 years.

US-listed ETFs posted +$174 billion in inflows in April, more than any other region.

Year-to-date, US-listed ETFs have pulled in a massive +$673 billion.

The top-performing fund was the S&P 500 ETF, $VOO, which attracted +$25 billion in April and +$47 billion year-to-date.

Investors are buying equity funds at a rapid pace.

[Mahesh Desai @mdesai1]

@Beno10_MFC 9

[Mahesh Desai @mdesai1]

@funnshorts 10

[Mahesh Desai @mdesai1]

@Airaasayss 14

[Mahesh Desai @mdesai1]

@noravibes_ 120

[Mahesh Desai @mdesai1]

@_zabiiii 2

[The Kobeissi Letter @KobeissiLetter]

2026 IPO Launches Will Be Historic:

1. SpaceX: Expected at $1.5 trillion valuation
2. OpenAI: Expected at $1+ trillion valuation
3. Anthropic: Expected at $500 billion valuation

Meanwhile, reports have emerged that Elon Musk is considering merging SpaceX with Tesla/xAI.

This would mark the largest corporate merger in history.

The AI Revolution is accelerating.

[Mahesh Desai @mdesai1]

@Mishi_2210 48

[Mahesh Desai @mdesai1]

@Lilly_22100 12

[Mahesh Desai @mdesai1]

@irum_2210 116

[Mahesh Desai @mdesai1]

@LivingTricks_ 13

[Mahesh Desai @mdesai1]

@LivingTricks_ 19

[Mahesh Desai @mdesai1]

@MetabolicFactor @LivingTricks_ 16