AI Energy Gets $90B Boost & HBO Max Dominates Emmy Noms

Summary

Morning Brew Daily – July 16, 2025

Episode: AI Energy Gets $90B Boost & HBO Max Dominates Emmy Noms

Hosts Neal Freyman and Toby Howell delve into a range of pressing topics, from economic indicators and technological advancements to the latest in entertainment accolades. This episode offers insightful analysis and engaging discussions, enriched with notable quotes and key takeaways.

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1. The "Forcing Party" Trend [00:25 - 00:59]

Neal and Toby kick off the episode by exploring a viral party theme known as the "forcing party." This innovative concept involves friends gathering to compel each other to tackle procrastinated tasks, such as creating a personal website, applying for a passport, or clearing out an email inbox.

Neal Freyman highlights the potential impact of this trend:

“This guy is doing something where friends get together and force each other to do all the small but annoying tasks they've been putting off.” [00:25]

Toby Howell expresses mixed feelings but acknowledges its effectiveness:

“I really, really wanted to dislike this idea, but I'm afraid it would totally work on me as well.” [00:59]

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2. Inflation Report and Tariffs Impact [02:33 - 06:35]

The hosts dissect the latest Consumer Price Index (CPI) report, highlighting a 0.2% monthly increase and a 2.7% annual rise in inflation. While core inflation remains below projections for the fifth consecutive month, certain sectors are beginning to feel the pinch of elevated tariffs.

Neal Freyman compares the inflation data to an imperfect dinner experience:

“Yesterday's inflation report was like sitting down at a dinner party and being served a well-cooked salmon with a single strand of hair laying on top.” [02:33]

Key Points:

• Sectors Affected by Tariffs: Apparel, toys, electronics, appliances, and furniture have seen price increases, signaling that tariffs are starting to impact consumer prices.
• Fed's Stance: With inflation holding steady, the Federal Reserve is likely to maintain current interest rates, potentially delaying any cuts until the fall.
• Market Reaction: The Nasdaq reached a record high, while the Dow and S&P experienced declines, influenced by Nvidia’s significant stock increase due to regulatory approvals in China.

Toby Howell adds perspective on media interpretations:

“One Bloomberg headline: 'Core CPI comes in below forecasts for a fifth month.' A CNBC headline: 'Inflation picks up again in June, rising at a 2.7% annual rate.' Both are technically correct.” [04:32]

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3. AI and Energy Investments in Pennsylvania [06:35 - 10:48]

Pennsylvania is becoming a focal point for massive investments in AI and energy, driven by initiatives to bolster the state's infrastructure and technological capabilities. Major players like Google, Blackstone, and Core have committed substantial funds to transform the region into a tech and energy hub.

Neal Freyman draws parallels to historical industrial shifts:

“This feels a little bit like textile mills going up all over New England in the early 1800s.” [08:32]

Key Highlights:

• Investment Breakdown: Google and Blackstone each pledged $25 billion, Core committed $6 billion, and Amazon announced a $20 billion investment in data centers.
• Energy Infrastructure: To support the energy demands of new data centers, investments are also being made in natural gas and nuclear power plants.
• Strategic Importance: Leveraging Pennsylvania’s robust power infrastructure and the presence of Carnegie Mellon University, these investments aim to position the state as a leader in the AI revolution.

Toby Howell questions the execution of these investments:

“It remains to be seen how much that money actually ends up going to the places that are announced, because that is something that has been kind of a hallmark of the administration in the past.” [10:48]

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4. Emmy Nominations and Streaming Wars [10:48 - 15:23]

The Emmy nominations reveal significant trends in the entertainment industry, with streaming platforms battling for supremacy. Apple TV+'s "Severance" leads with 27 nominations, while HBO Max tops the overall nominations tally.

Neal Freyman provides an overview of the nominations:

“Apple TV plus Severance, which aired its second season in the spring, picked up 27 Emmy noms, the most of any show this year.” [10:48]

Key Points:

• Top Nominees: "The Pit," "White Lotus," "Andor," "The Diplomat," "The Last of Us," "Slow Horses," and "Paradise" are among the standout nominees.
• Notable Achievements:
  • HBO Max received a record 142 nominations, led by "White Lotus," "The Last of Us," and "Hacks."
  • Kathy Bates made history as the oldest actress nominated for Best Actress in a Drama Series at age 77.
• Streaming Services Performance: Apple TV+'s strong showing indicates its growing influence despite having a smaller subscriber base compared to giants like Netflix and Disney Plus.

Toby Howell humorously critiques Apple TV+'s show naming strategy:

“Apple has made or is about to make 16 original shows that are one word titles that start with the letter S.” [15:12]

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5. Major League Baseball's Automated Umpires [16:43 - 21:07]

In a significant technological advancement, Major League Baseball introduced an Automated Ball Strike (ABS) system during the All-Star Game. This system leverages Sony's Hawkeye computer vision to enhance the accuracy of pitch calls.

Neal Freyman discusses the system's debut:

“Automated ball strike calling has been a long time coming in baseball.” [18:33]

Key Insights:

• Performance Metrics: The ABS system boasts an 88.2% correct call rate, the highest in a decade.
• Operational Mechanics: The strike zone adjusts based on the batter’s height, with the top at 53.5% and the bottom at 27% of the batter's stature.
• Challenges and Adaptations: Teams have shown mixed success rates in challenging calls, with pitchers being the least successful at 41%.

Toby Howell analyzes the system's implications:

“The automated strike zone is set at 53.5% of the batter's height. And at the bottom of the zone it's 27% of their height.” [21:07]

Future Prospects: The ABS system is expected to roll out more broadly next year, aiming to modernize the game while balancing tradition and technological innovation.

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6. Market and Corporate News [21:07 - 25:35]

The episode shifts focus to significant market movements and corporate developments, highlighting MP Materials' strategic partnership with Apple and the robust earnings reports from major banks.

Neal Freyman covers MP Materials' upward trajectory:

“Thanks to the Apple deal, MP stock continued its meteoric rise, jumping another 20% after a 50% gain last week.” [21:07]

Key Highlights:

• MP Materials and Apple: A $500 million agreement to supply rare earth magnets and establish a recycling line, aiming to reduce U.S. dependency on Chinese materials.
• Big Banks' Earnings:
  • JP Morgan Chase: Exceeded expectations with increased deal-making activity and resilient economy insights from CEO Jamie Dimon.
  • Wells Fargo: Reported a 12% profit jump, benefiting from relaxed asset constraints.
  • Citi: Noted a 4% rise in spending on branded cars and a cautious outlook on the macroeconomic environment.

Toby Howell underscores MP Materials' strategic importance:

“The only operational U.S. mine in the United States was going to get some love from, you know, the Department of Defense.” [22:27]

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7. Tribute to Fouger Singh [25:35 - 26:25]

Neal and Toby pay homage to Fouger Singh, revered as the oldest marathoner in the world. Singh's inspirational journey began at age 89, running over nine marathons and setting remarkable records before his passing at age 114.

Toby Howell celebrates Singh's legacy:

“This dude is incredible from top to bottom. The Turbine Torpedo, absolute legend.” [25:35]

Key Highlights:

• Marathon Achievements: Completed his first London Marathon in 2000 and became the oldest man to run a full marathon in Toronto at age 100.
• Philanthropy: Founded a running club and charity, inspiring countless individuals worldwide.
• Recognition Challenges: Despite his achievements, Singh lacked formal documentation to verify his age for Guinness World Records.

Neal Freyman reflects on Singh's impact:

“He founded a running club and charity with the incredible name seeks in the city.” [26:07]

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Conclusion

Neal and Toby wrap up the episode by highlighting the dynamic interplay between economic trends, technological advancements, and cultural milestones. From inflation dynamics and AI investments to groundbreaking developments in sports and heartfelt tributes, this episode of Morning Brew Daily offers a comprehensive overview of the day's most pertinent topics.

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Notable Quotes Summary:

• Neal Freyman:

  • “Yesterday's inflation report was like sitting down at a dinner party and being served a well-cooked salmon with a single strand of hair laying on top.” [02:33]
  • “Automated ball strike calling has been a long time coming in baseball.” [18:33]
  • “Thanks to the Apple deal, MP stock continued its meteoric rise, jumping another 20% after a 50% gain last week.” [21:07]

• Toby Howell:

  • “I really, really wanted to dislike this idea, but I'm afraid it would totally work on me as well.” [00:59]
  • “The automated strike zone is set at 53.5% of the batter's height. And at the bottom of the zone it's 27% of their height.” [21:07]
  • “This dude is incredible from top to bottom. The Turbine Torpedo, absolute legend.” [25:35]

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For more insights and daily updates, subscribe to Morning Brew Daily on your preferred podcast platform or watch on YouTube.

Transcript

[Toby Howell]

Foreign.

[Neal Freyman]

Daily Show. I'm Neal Freyman.

[Toby Howell]

And I'm Toby Howell.

[Neal Freyman]

Today the inflation report showed that tariffs are starting to bite.

[Toby Howell]

Then robo umpires who made some bad calls at Wimbledon are coming to Major League baseball. It's Wednesday, July 16th. Let's ride.

[Neal Freyman]

There's a new kind of party theme going viral I know you'll have strong opinions about. One x user said he was attending a quote forcing party where friends get together and force each other to do all the small but annoying tasks they've been putting off. Like finally making that personal website, applying for a passport and zeroing out that inbox. Toby, we learned last week that young Americans are hanging out with each other 70% less than they used to. Is the remedy just to rebrand work sessions as parties? Because I think that's what this guy is doing.

[Toby Howell]

All right. I thought I would hate this idea, Neil, but I kind of love it. As long as you take the party part seriously. Finally write that email. You've been putting off rage for five minutes. Apply for the job that you've been putting off shotgun something. I'm telling you. I really, really wanted to dislike this idea, but I'm afraid it would totally work on me as well. If any of you listeners try this, please let us know in an email how it goes. I want to see if this is actually a fun time or if it's literally the most boring party you've ever attended. Maybe it's somewhere in between. But first, a word from our sponsor, Mortgage Matchup. Neal, do you know any local experts?

[Neal Freyman]

Oh, yeah. My cheese guy is incredible. What are you in the market for? Because he's got some real funky stuff in the trunk of his car.

[Toby Howell]

I was more thinking about a local home loan expert, but please do not buy trunk cheese.

[Neal Freyman]

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[Toby Howell]

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[Neal Freyman]

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[Toby Howell]

So check out mortgage matchup.com to speak to a real home loan expert from the comfort of your own home. That's mortgage matchup.com disclaimer. United Wholesale Mortgage LLC. Equal housing lender and MLS number 3038. Licensed in all 50 states in the.

[Neal Freyman]

District of Columbia Yesterday's inflation report was like sitting down at a dinner party and being served a well cooked salmon with a single strand of hair laying on top. A little bit disturbing, but not enough to ruin your overall experience. The Consumer Price Index report showed that inflation increased 0.2% in June from the previous month and 2.7% over the past year, which was hotter than in May. However, the data came in mostly as expected, and core inflation, which strips out the most volatile categories, undershot projections for the fifth month in a row. So overall it was not an alarming inflation report. You're probably wondering about that Hair tariffs So far this year, much higher tariffs have not yet resulted in companies jacking up prices for consumers, but that seems to have changed somewhat in the June report. Sectors that are most vulnerable to tariffs I'm talking apparel, toys, electronics, appliances, furniture. They all got more expensive last month, indicating that elevated tariffs are perhaps beginning to bite, or at the very least, nibble. Big picture this inflation report was key not just because of the micro consequences, how it affects your wallet, but also because of the macro implications. Will it spur the Fed to finally cut interest rates earlier? Delay the cut even longer? The answer seems to be neither. With June inflation coming in mostly as expected, that is to say, still above target, but not extremely so. Jerome Powell can justify keeping rates steady at the Fed's next meeting and maybe begin lowering them in the fall. Stocks ended up mixed on the day the Dow and S and P fell, but the Nasdaq hit a record high.

[Toby Howell]

Now, I'm still kind of shaken from this salmon and hair analogy that you were rocking with Gross. I would send the salmon back. I don't care how good the salmon underneath is. But yes, there are a lot of different ways to look at this data. I mean, just look at some of the ways news outlets covered it. One Bloomberg headline Ready U.S. core CPI comes in below forecasts for a fifth month.

[Neal Freyman]

Woo.

[Toby Howell]

A CNBC headline read, inflation picks up again in June, rising at a 2.7% annual rate. Both are technically correct. Overall CPI did rise. It is technically going in the wrong direction, but is also accelerating at a forecasted rate. So it's not doing anything out of the ordinary that people didn't see coming. But you're right, the problem areas, those areas that tariffs are becoming visible are something that people are getting a little uneasy about. You mentioned household furnishings. They were up 1%. That was the biggest rise since January of 2022. Video and audio products are up 1.1. That's the most since February of last year. And then toy prices, another problem child area, up nearly 2% on the month. That is the biggest rise since April of 2021. So again, it doesn't sound like much, but we are getting creeping into uncomfortable territory in a lot of categories.

[Neal Freyman]

And if you want to look at some areas where inflation went down, because let always look at the bright side here. Airfares are 3, 3.5% lower from the year before. Car insurance posted its smallest rise since June 2022, and eggs fell another 7.4% in June from May. Meanwhile, housing prices, which account for the bulk of the CPI report, rose just 0.2% on a monthly basis, which is very tame. So the general analysis of this report was that underlying inflation seems to be holding in check. There are a few problem areas, there are a few hairs on the fish that, that economists are looking at to see how much tariffs are impacting prices. And the problem is we know that this is not the full impact of tariffs. There are more coming down. The pipeline companies had a lot of inventory stacked up that weren't, that weren't tariffs when they came into the United States, which just clouds, continues to cloud the overall picture from the Fed. We still, for the Fed, we don't the full impact of tariffs until a few more months over the summer. And then there are more tariffs coming on August 1st, which makes this picture even murkier.

[Toby Howell]

And if you looked at the market yesterday, you probably would say that, oh, it digested it pretty well because the NASDAQ 100 closed at a record high. The S&P 500 closed very close to one. So you're probably thinking that it just shrugged off this inflation data. But it was a little bit clouded by the fact that Nvidia, which is the biggest company is in the world. I rose 4% because it got permission to sell chips in China once more, which kind of buoyed everything up. So the market's becoming a little lopsided, propped up by big tech. Not necessarily because they really loved and really digested this inflation report very well, because it's got a hair on the fish, as you like to say. A hallmark of Trump's second term has been his attempt to return manufacturing might to places like Pittsburgh. But yesterday in the steel town, it was AI that took center stage at an AI and energy summit at Carnegie Mellon. A series of investments were laid out by the President geared to turn Pennsylvania into a tech and energy hub. First there was Google pledging to sink $25 billion into data centers and infrastructure in the surrounding region over the next two years. Then PE firm Blackstone followed that up with a promise of another $25 billion investment. Newly public core, we've said it planned to chip in $6 billion. And the event came right on the heels of Amazon's $20 billion commitment to to build data centers across the State and the $14 billion deal between Nippon Steel and U.S. steel aimed at strengthening domestic steel production. In total, around $70 billion in AI in energy investments were announced. So why are big tech and energy executives flocking to Pittsburgh outside a hankering for Wawas? Pennsylvania has very strong power infrastructure already, plus a high end university in Carnegie Mellon. If Trump wants to make increasing power generation a cornerstone of his plan to lead the world in AI, Pennsylvania is a good place to start. Neal, the sheer amount of money pouring into the state, more most important investment since the Saquon extension.

[Neal Freyman]

I mean, at this rate, there's going to be more data centers in Western Pennsylvania than sheets. And, you know, overall, I wasn't there, of course, but this feels a little bit like textile mills going up all over New England in the early 1800s. Because if you believe the most bullish forecast, the most bullish AI are looking at the next industrial revolution here. That's what Senator David McCormick said yesterday at the announcement. You need to build the infrastructure required for what people are calling the AI revolution. Instead of textile mills back then, it is now data centers. And not only data centers, but power sources in conjunction with those data centers. Because data centers are huge, huge energy guzzlers going to put unprecedented strain on the power grid. Department of Energy found that data centers consumed about 4.4% of U.S. electricity in 2023. By 2028, that could surge to 12% of total U.S. electricity. So a lot of these announcements were for data centers and then for natural gas plants or nuclear power plants in conjunction with them, because these data centers are so power hungry, you simply can't build them without finding another power source to feed it.

[Toby Howell]

Yeah, if you look at what the administration is doing right now, obviously they want to keep the US Ahead of China when it comes to the air race. How do you do that? You need the power. And, and the way that they're going about it is, you know, turning to traditional oil and gas power sources rather than going the renewables route. But so you can see how this is just a core tenet of let's raise electricity, let's raise energy production in the United States in order not to lose the race. And that's why you saw Pennsylvania as kind of the center point of that plan. It did have kind of it reminded me of earlier this year when this $100 billion investment in AI data centers was announced by SoftBank, OpenAI and Oracle. This was $70 billion. It remains to be seen how much that money actually ends up going to the places that are announced, because that is something that has been kind of a hallmark of the administration in the past. As you put these big numbers out there, does the investment actually come? We'll have to wait and see. But just the sheer and staggering amount. We were sending links in our slack yesterday going everyone is announcing something right now because there's clearly a concerted effort around this right now.

[Neal Freyman]

The Emmy nominations were released yesterday, honoring the best of television. And if you're wondering where we're at as a society, a show about getting surgery so you don't have to remember Going to Work scored the most nominations. Apple TV plus Severance, which aired its second season in the spring, picked up 27 Emmy noms, the most of any show this year. It's an early favorite in the best drama field that's loaded with heavyweight competitors including HBO Max's the Pit and White Lotus and Andor on Disney plus the Diplomat, the Last of Us, Slow Horses and Paradise. Other notable nominations are the pits. Noah Weil, the former ER star who will be up for an Emmy for the first time in 26 years in the best actor in a drama category. Kathy Bates, at age 77, became the oldest actress to get a nomination for best actress for a drama for her role in CBS's Matlock, and Netflix's acclaimed adolescents seem destined to clean up Best Limited series one year after Baby Reindeer, also from Netflix, won the category and a whole lot more Zooming out the Emmy nominations offers a heat check on the streaming wars, or which streaming service is getting the most bang for the billions of bucks they're spending on content. That severance was the top dog is a hopeful sign that Apple is finally making up some ground against the much bigger Disney, HBO Max and Netflix, not to mention its Seth Rogen comedy. The studio also scored 23 nominations. Still, HBO Max, or whatever its name is these days, ultimately came out on top, bringing home the most nominations of any streaming service or network with a record 142, thanks to White Lotus, the Last of Us and Hacks and the Penguin, which had the second most noms overall. You've got a couple of months to discuss the snubs, because the awards ceremony is taking place in September with Nate Bargazzi as host. There's a lot of TV watching to do before then. Toby.

[Toby Howell]

I haven't seen any of these shows. No, I'm kidding. I've seen a couple. I do want to talk a little bit about the studio, which set a record receiving 23 nominations. That's the most ever for a comedy series in its first season, passing Ted Lasso. Also. One of the funny aspects of this is that the studio is about, you know, a fictional movie studio. But four of the six nominees for guest actor in a comedy series played themselves in the studio. So Dave Franco got a nomination for playing Dave Franco. Ron Howard got one for playing Ron Howard. Anthony Mackie got one for playing Anthony Mackie, and Martin Scorsese got one for playing himself as well. So just a weird quirk as well go down at the supporting actress in a drama series category too. And it's just White Lotus from top to bottom. Carrie Coon, White Lotus. Parker Posey, White Lotus. Natasha Rothwell. Right Lotus. Amy Lee Wood, the White Lotus. So it really did seem like a couple of shows just absolutely cleaned up certain categories with, you know, the White Lotus being one of them.

[Neal Freyman]

Huge ensemble cast. And it's still a crime that you haven't seen that. Let's talk about Apple, because Severance got the most nominations of any show. The studio got 23. It's flexing a little bit right now. It just is coming off its first blockbuster with F1, which has made blockbuster movie, which has made nearly $400 million at the box office. It's going after F1, the actual racing sport, with a $150 million a year rights package. So it feels a little like it has the momentum behind its back. Right now it only still has 45 million subscribers to Apple TV plus, which is very small compared to Netflix's over 300 million. HBO Max is around 122 million. Disney Plus 125 million. So there's been so many swirling questions around why Apple is making this huge splash into the TV and movie industry. It's losing $1 billion a year on this thing. For the first time, we're starting to see it have a little success that it can show in terms of commercial success with F1 and also critical success with Severance, the studio and other shows.

[Toby Howell]

I have a really useless Apple TV fact that I want to share with you that I saw on X. Apple has made or is about to make 16 original shows that are one word titles that start with the letter S. I will go down a few of them, but Silo Sea Servant, Swagger, Suspicion, Severance, Surface, Shantrum, Silo, Sugar Smoke, Shimmer, God Shimaged in Shrinking Sunny Stick, Sheepdog and Stowaways what is going on over there? Make a show with multiple words, Apple. Not every show has to be a single word and not every show has to start.

[Neal Freyman]

And what is it? What is its AI Assistant?

[Toby Howell]

Yeah, exactly. That's definitely Apple intelligence right there, Siri. Up next, we're going to talk about robot umpires.

[Neal Freyman]

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[Toby Howell]

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[Neal Freyman]

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[Toby Howell]

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[Neal Freyman]

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[Toby Howell]

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[Neal Freyman]

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[Toby Howell]

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[Neal Freyman]

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[Toby Howell]

Start building toward The Future at deloitte.com/us/technology-innovation that's deloitte.com us/technology-innovation Last night was Major League Baseball's All Star Game. But the biggest change up didn't come from Paul Skins his right hands. It came via the introduction of the automated ball strike system for the first time in a major league setting. After being tested in the minors since 2019 and in spring training games, the robots calling balls and strikes got their prime time debut last night. Each team received two challenges that they would retain if successful, and it didn't take long for the system to be put to the test. During the bottom of the first inning, American League starter Tariq Skubal threw a pitch that was ruled a ball by the home plate umpire. School ball disagreed, tapped his head twice to signal a challenge and was right. The system handled the situation with good accuracy and the batter was sent packing. It was a small moment, one that required a long and controversial path to get to, with the chief roadblock being a powerful MLB umpires union who understandably want to preserve their presence in the game despite their qualms. The technology the ABS system runs on aims to be more precise than its human overseers. Right now the correct call percentage through the start of the season is sitting at 88.2%, which is actually the most accurate rate in the last 10 years. But Sony's Hawkeye computer vision system, which generates the pitch's trajectory based on footage from cameras mounted around the stadium and then feeds it to home plate umpires who make the final call, wants to raise that correct percentage. Its presence at the All Star game sets the stage for a wider rollout come next year. Neal Automated ball strike calling has been a long time coming in baseball. But as some controversies at Wimbledon this year showed, sometimes the robots still have their own kinks that need to be worked out.

[Neal Freyman]

Yeah. Wimbledon debuted its electronic electronic line calling system this year, which put its line judges who had been there for over a century out to pasture. Had a few malfunctions, some high profile malfunctions in some, in some key matches. Overall it was a success and it's going to stay because the Australian Open has it, the US Open has it, and the only holdout remaining in tennis is the French Open. Meanwhile, baseball is moving to this challenge system and automated balls and strikes. It's part of a broader push by the commissioner, Rob Manfred, to innovate this game and push it forward that is so tied up in history and tradition and that's why so many people love baseball. But in the past decade there had been a slump in viewership and attendance and scoring in baseball. He's really taken a lot of initiative to bring more tech into the game, to improve the product on the field and on our TVs, he instituted a pitch clock. We got bigger bases, eliminated the shift, and now there are going to be automated balls and strikes come 2026, as we saw get their debut last night.

[Toby Howell]

A big question here though is how do you set this automated strike zone? Because you know, Aaron Judge is a lot bigger than say Jose Altube. There was almost like a 4 foot of difference in height between those two. And the way that this system goes about it is that the automated strike zone is set at 53.5% of the batter's height. And at the bottom of the zone it's 27% of their height. So it's based off percentages, not necessarily a fixed zone, which does make a lot of sense. That was something pitchers were very concerned with. And it also bases the calls on when the ball crosses the midpoint of the plate, which is actually different from the way the strike zone is currently built by the rulebook. It is a 3D cube that the ball passes through. This just looks at a fixed point. So that's a little bit of a, of a twist there as well. How good are teams at challenging calls? We've seen it tested in the minor leagues, we've seen it tested in spring season and they're not very good. Teams won 52.2% of their challenges during the spring training test. Batters won exactly 50% of their challenges. Catchers were successful 56% of the time. Pitchers were by far the worst at 41%. So a lot of pitchers were saying, I think everything is a strike. So I'm just going to recuse myself, let my catcher do it, let someone else do it. Because clearly I'm emotionally invested in this being a strike or a ball. So it will be fascinating to see if this is rolled out wider, if those percentages go up or down based off the wider adoption.

[Neal Freyman]

And I'm just excited for the second half of baseball season because seems like so many more people are talking about it and watching it. Fox has its viewership is up 10% compared to last year. ESPN is up 22% from last year. It's having its best baseball, biggest baseball audience since 2017 and a lot more of you are going to stadiums at the ballpark. Fourth of July attendance on that day was the highest since 2015. So it seems like these innovations are paying off. Let's sprint to the finish with some final headlines. Remember MP Materials, the American rare earth miner that got a huge investment from the Pentagon last week? Well, it's on a Tiger woods circa 2000 level hot streak. Inking a major new deal with Apple Yesterday, Apple announced a $500 million agreement with MP Materials to buy rare earth magnets from its facility in Texas and start a recycling line in California. Apple, like all other tech companies, uses rare earth magnets in its hardware. And MP Materials operates the only rare earth mine in the U.S. the two are teaming up to establish a more Made in the USA supply chain as momentum grows to reduce dependency on China, which dominates the production of these critical raw materials. Thanks to the Apple deal, MP stock continued its meteoric rise, jumping another 20% after a 50% gain last week.

[Toby Howell]

Yeah, I Mean, this market, this company's market cap is now over $10 billion. It's nearly doubled over the last month. It has just been a string of good news after good news for NP Materials. And zooming out, you probably could have seen this coming because, you know, these rare earth mines and minerals have been such a focal point of this trade war. Of course, the only operational U.S. mine in the United States was going to get some love from, you know, the Department of Defense. But also, as we're seeing with Apple tech companies as well, everyone needs these rare earth elements. So MP Materials is, you know, the bell of the ball right now. A lot of major banks reported earnings yesterday. And the second Trump era is looking mighty profitable for Wall Street. JP Morgan Chase, Wells Fargo and Citi all reported strong numbers with JP Morgan beating expectation, thanks in part to rising dealmaking activity from corporate America. Thanks to tariff delays, extension of corporate tax breaks, and what CEO Jamie Dimon called a resilient economy. Wells Fargo posted a 12% profit jump after being free from the onerous asset cap constraint it's been subjected to for the last seven years. But part of the reason why everyone locks in on big bank earnings is one, they kick off earnings season, but two, they give a window into consumer spending. And the consumer looks to be doing all right. At JP Morgan, card spending rose 7% while Citi said spending on its branded cars rose 4%. Still, Citi, which also beat expectations, did say that consumers were in a worse macroeconomic environment compared to last year. But Neil JP Morgan CFO Jeremy Barnum told analysts, it's hard to imagine a set of conditions that would be any better for us. So it appear that big banks are doing just fine.

[Neal Freyman]

They're doing just fine. And look at their trading divisions. JP Morgan stock traders had their best second quarter ever. Citi's trading division had its best second quarter in five years. All this volatility that's happened as a result of Liberation Day tariffs, rollbacks and, you know, put putting tariffs back on is just been an absolute boon to anyone trading on the stock market. And that's exactly what banks are doing. They are really enjoying life right now. Finally, we are saying goodbye to a racing legend who inspired so many around the globe. Fouger Singh, believed to be the oldest marathoner in the world, died at age 114 after being hit by a car near his native village in India. Nicknamed the Turbine Torpedo, Singh didn't even start running until he was 89 as a way to overcome depression following the deaths of his wife and son. But once he started, he didn't stop. In 2000, Singh completed his first London Marathon, the first of nine full marathons he ran. Eleven years later, in 2011, at age 100, he became the oldest man reportedly to run a full marathon in Toronto. And he got even faster as he got older. His best time over the nine marathons was five hours and 40 minutes in 2003, over an hour improvement from his previous marathon. As he became more famous, Singh used his platform to help others. He founded a running club and charity with the incredible name seeks in the city.

[Toby Howell]

This dude is incredible from top to bottom. I do feel bad though, because Guinness World Records wanted to certify and recognize him as the oldest marathon runner, but he did not have a birth certificate dating back to 1911, which is just wild to think about. This guy lived for through multiple world wars and through it all became a 2012 London Olympics torchbearer. He lived just an incredible life. He in his youth, he said, I didn't even know the word marathon existed. But it just shows you you can reinvent yourself at a very late age. You probably have seen his face before because in 2004, Adidas kind of made him a focal point of their 2004 of their impossible is nothing advertising campaign. So he has attracted a lot of marketing dollars over the year because, I mean, his story is incredible. So the Turbine Torpedo, absolute legend.

[Neal Freyman]

That is all the time we have. Thanks so much for starting your morning with us and have a wonderful Wednesday. You'll never believe this. It's going to be hot and humid again. If you have any thoughts on today's episode, send an email with questions, comments or feedback to Morning Brew daily@morning brew.com let's roll the credits. Emily Milian is our executive producer. Raymond Lu is our producer. Our associate producers are Olivia Graham and Olivia Lake, hair and makeup. Enjoyed meeting everyone at our trivia event last night. Thanks so much for coming. Devin Emery is our president and our show is a production of Morning Brew.

[Toby Howell]

Great show today, Neil. Let's run it back tomorrow.