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Western Digital is a stealth AI storage winner. It's HAMR tech boosts storage density 4x, just as AI drives massive data demand. Hyperscalers make up 87% of sales, and ASPs are rising fast. Trading at a 58% P/E discount to peers, WDC’s $2.7B HAMR potential by 2027 remains underpriced. (Price at call: $67.42, Current price: $66.53, Analyst expectation: $80)

Advanced Micro Devices (AMD) AMD surged in Q1 2025 with 36% revenue growth and a 57% jump in Data Center sales. Its MI chips are gaining ground on Nvidia, with MI350 shipping now and MI400 due in 2026. Regulatory relief in China boosts chip sales, while margins and operating income soared. At 36.8x EV/EBITDA, AMD looks well-positioned to grow in AI while staying profitable. (Current price: $160.08, Analyst expectation: $190)

Fed Independence Volatility Play: Trump's Powell firing threat showed market sensitivity to central bank independence concerns.

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Corporate Buyback Bonanza: Citadel estimates $1 trillion in corporate buybacks for 2025 as companies become the largest equity buyers.

Recipe:

Semiconductor China Relief Rally: AMD and Nvidia receiving export license approvals signal broader trade relationship improvement.

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Crypto Regulation Clarity Catalyst: House advancing cryptocurrency bills through procedural hurdles after nine hours of negotiations.

Recipe:

AI Data Center Infrastructure Surge: Legrand raising guidance on North American data center demand from AI model requirements.

Recipe:

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What if one letter could reshape global trade? That’s what President Trump is betting on. In a bold move, he’s preparing to send notices to over 150 countries, warning of a new blanket tariff rate—10% or maybe 15%. The target? Smaller economies with minimal U.S. trade, all treated the same, with no exceptions.

Trump calls it a “notice of payment.” No negotiations. No back-and-forth. Just a flat rate, starting August 1, unless a better deal is struck. Is it a deal... or a warning shot?

Asia—facing some of the steepest tariffs—may see this as relief. According to Natixis’ Alicia Garcia Herrero, the lower-than-feared rates offer rare certainty. But others, like the EU, caught off guard, were still chasing handshake agreements when the letters landed.

Is this leverage or just another layer of chaos for markets? Even Trump isn’t ruling out changes, especially for countries like Canada, which may face a 35% tariff on select goods.

Is a trade storm brewing—or is this just Trump’s way of negotiating without saying a word?

USD News

Thursday's Main Course

Corporate Buyback Tsunami: Citadel Securities predicts $1 trillion in corporate stock repurchases for 2025, with companies becoming the largest equity buyers. Buyback window reopening after the August earnings blackout period typically drives stock price appreciation across the market.

Oil Dollar Whipsaw: Crude giving up earlier gains after dollar volatility from the Trump-Powell saga. Brent is trading at $68.38 despite supply concerns from Cushing inventory declines and Kurdistan production losses from drone attacks.

ASML Technical Breakdown: Dutch chip equipment maker's shares breaking down from rising wedge pattern on 2026 growth uncertainty. Key support levels are at $695 and $650, with resistance near $775 and $855 as tariff concerns weigh.

China EV Battery Restrictions: Beijing is adding export controls on critical battery technologies to consolidate EV market dominance. Lithium processing and battery manufacturing tech now require government licenses for overseas transfer.

Legrand Data Center Surge: French electrical infrastructure company raising annual sales target to 10-12% from 6-10% on North American data center demand. Shares up 8% on AI-driven infrastructure buildout opportunities.

Volvo Tariff Strategy: CEO urging EU to cut 'unnecessary' 10% auto tariffs to defuse Trump's 30% threat. European automakers don't need protection from U.S. competitors, according to company leadership.

Novartis Buyback Confidence: Swiss drugmaker launching $10 billion share repurchase program through 2027 alongside raised outlook. Core operating income is now expected to grow low-teens percentage versus the previous low double-digits.

Taiwan Semi Guidance Beat: Global foundry raising 2025 outlook after Q2 profit surge of 60% to record levels. Strong AI chip demand from Apple, Nvidia, and AMD is driving capacity utilization.

Crypto Legislation Progress: House advancing three cryptocurrency bills after nine-hour negotiations. GENIUS Act (stablecoins), CLARITY Act (digital commodities), and Anti-CBDC bills are clearing procedural hurdles.

Over the last few weeks, roughly 30 million ounces of gold have been quietly moved from London vaults to the US. This isn't normal market activity - it's a signal.

As a 20-year veteran gold analyst, I've never seen a transfer this size. More importantly, I know why it's happening.

My sources tell me this massive gold movement is tied to an upcoming shift in the global monetary system. The kind that happens once every 50-100 years.

Smart money is already positioning. Central Banks are buying gold at the fastest pace on record.

I've identified 4 gold mining stocks perfectly positioned to potentially return 100x when this plays out.

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Best,

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Chief Analyst and Founder, Golden Portfolio**

Sarepta Therapeutics (SRPT ⬆️ 31%): Gene therapy company rockets after announcing 36% workforce reduction (500 jobs) and strategic pipeline refocus. Cost-cutting measures target $400M annual savings, with $100M expected by end-2025 and $300M non-personnel savings from 2026. New CFO Ryan Wong appointed as the company prioritizes siRNA platform assets over broader development. Restructuring validates a focused approach to profitability in a challenging biotech funding environment.

Taiwan Semiconductor (TSM ⬆️ 4%): World's largest contract chip maker rises despite mixed Q2 results, beating EPS but missing revenue. Record profit jumped 61% with quarterly revenue growing 39% to NT$933.8B driven by AI chip demand. Q3 guidance of $31.8B-$33B (midpoint $32.4B) exceeded $31.84B consensus expectations. Strong AI and data center demand offsetting currency headwinds and tariff policy uncertainty.

United Airlines (UAL ⬇️ 3%): Airline declines despite Q2 adjusted EPS beat of $3.87 vs $3.81 expected. Newark Liberty disruptions significantly impacted margins, with adjusted gross margin dropping 110 basis points to 11%. Full-year guidance revised to $9-$11 per share from previous dual scenario of $7-$9 (recession) or $11.50-$13.50 (stable). Business demand acceleration in July is offset by operational challenges at the key hub.

Alcoa (AA ⬆️ 0.9%): Aluminum producer beats Q2 EPS expectations with 39 cents vs 32 cents expected. The company incurred $115M in tariff costs on Canadian aluminum imports but mitigated this through export redirection. Strategic response to tariff pressures demonstrates operational flexibility in a challenging trade environment. Industrial metals exposure provides an inflation hedge as commodity prices respond to trade policies.

MP Materials (MP ⬇️ 5.8%): Rare earth miner falls after announcing $500M common stock offering. Stock closed at a record high $58.55 on Wednesday before an offering announcement triggered selling pressure. Proceeds targeted for 10X Facility acceleration, strategic growth opportunities, and general corporate purposes. Rare earth's strategic importance is offset by dilution concerns in the current market environment.

Archer Daniels Midland (ADM ⬇️ 5.2%): Food processor drops after Trump announces Coca-Cola agreement to use real cane sugar. The company produces high fructose corn syrup, used in various Coca-Cola products, and faces substitution risk. Ingredion (also -5.2%) is similarly affected as corn syrup suppliers face potential demand destruction. The food ingredient sector rotation reflects changing consumer preferences and policy influences.

Netflix (NFLX ⬆️ 0.4% premarket): Streaming giant rises ahead of Q2 earnings, expecting $7.08 EPS on $11.06B revenue. Revenue growth of nearly 16% year-over-year demonstrates continued streaming market expansion. Subscriber growth and pricing power are key metrics as competition intensifies globally. Content spending efficiency and international expansion are driving long-term growth prospects.

GE Aerospace, Abbott Labs, PepsiCo, Interactive Brokers, Elevance Health, Travelers, U.S. Bancorp: Diverse earnings lineup today. Industrial, healthcare, consumer staples, financial services, and insurance sectors represented. Earnings diversity provides broad economic health indicators across multiple industries. Results will gauge corporate America's resilience amid tariff pressures and economic uncertainty.

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🥡 Massive Fire Destroys Tomorrowland Main Stage: Just days before its opening, a huge blaze engulfed the main stage of Belgium's renowned electronic dance music festival, causing severe damage, though no injuries were reported—What does this mean for the festival's immediate future, and how will it impact tens of thousands of music fans?

🥡 France Debates Cutting Holidays to Tackle Debt: Prime Minister Bayrou's proposal to axe two national holidays to boost productivity and reduce France's €3.3 trillion debt has sparked fierce protests—What could such a move mean for worker rights and national finances?

🥡 Canadian Retail Giant Scraps $47 Billion 7-Eleven Bid: Alimentation Couche-Tard pulled its massive offer to acquire Seven & i Holdings, citing a "lack of constructive engagement"—What does this mean for foreign takeovers in Japan and global retail consolidation?

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