Good Afternoon. Gold is acting like it just found out it’s in a group project, volatile and stressed. Meanwhile, EV buyers are stampeding showrooms like it’s Black Friday, and the IRS commissioner seat is just a revolving door. If you’re a history buff, be sure to check out today’s To-Do List. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

🔥 What’s Hot: 🔥

🥶 What’s Not: 🥶

1. Trump Eyes $30B IPO for Fannie Mae & Freddie Mac

The News: The Trump administration is reportedly preparing to launch initial public offerings for mortgage giants Fannie Mae and Freddie Mac later this year, aiming to raise as much as $30 billion and value the government-sponsored enterprises at a combined $500 billion. Shares of both companies soared more than 20% on Friday after the news broke, marking their biggest jump in months. Here’s the twist: While you can already buy Fannie and Freddie shares over-the-counter (OTC), those stocks are “stub” shares—remnants from before 2008. Since then, Uncle Sam has owned nearly 80% of the equity through warrants and senior preferred shares, and the FHFA has run the show. The proposed IPO would be a reset: It could see the government selling a portion of its massive stake and/or issuing new shares to raise capital, setting Fannie and Freddie on a path back toward genuine public ownership.

Why It Matters: If this IPO goes ahead, it would be the first real shot at returning Fannie and Freddie to the market as functioning private companies after 16 years of government control. That means a true public float, fresh capital, and possibly more market discipline. But critics warn the risks are real: Privatization could raise mortgage rates, reduce access to credit for first-time buyers, and unsettle the entire housing finance system if not handled carefully. And make no mistake: the value of today’s OTC “stub” shares is still highly uncertain, and any recapitalization could dramatically change the ownership landscape. This IPO is about more than a stock listing—it’s a test of whether America can take its mortgage giants off life support without triggering another crisis. Stay tuned.
Source: wsj.com

2. Gold Bulls Hope to Ride Tariff Turmoil to New Highs

The News: Gold futures surged to a record $3,534 per ounce after reports that U.S. Customs will slap new tariffs on Swiss gold bullion imports, blindsiding traders who expected precious metals to be spared from Trump’s latest tariff push. The move disrupts global flows, as Switzerland is the world’s biggest gold refiner and a critical hub for converting London’s large bars to U.S.-traded sizes.

Why It Matters: When both gold & equities hit new highs, it’s no wonder why Berkshire Hathaway is holding so much cash. Gold has soared 30% this year as investors hunt for safe havens amid inflation fears, Fed rate cuts, and concerns about U.S. fiscal stability. New tariffs add fuel to the fire, with futures trading at a $120 premium over spot. Central banks, especially China, are likely to keep buying as trade wars drag on, and ETF inflows remain strong. The tariff twist could reshape how gold is priced and traded worldwide.
Source: barrons.com

3. Trump to Replace I.R.S. Commissioner…Again

The News: The IRS faces unprecedented turmoil under President Trump, who has removed six commissioners this year, most recently Billy Long, a former congressman with little tax experience. More than 25% of IRS staff have exited since January as aggressive budget cuts and restructuring continue. Key audit and enforcement divisions have lost nearly a third of their workforce, threatening basic tax compliance. Meanwhile, the administration abruptly ended the free IRS Direct File tax portal, pushing millions back to paid preparers.

Why It Matters: For a country with an ever growing deficit, we sure could use more people collecting revenue they’re supposed to collect for the government. These severe staff losses and slashed funding risk slower refunds, more tax fraud, and billions in lost revenue. Killing Direct File especially hurts lower-income filers, raising costs and complexity. With political interference rising and experience walking out the door, the IRS’s ability to collect taxes and serve the public is at its weakest point in decades putting tax fairness and government finances in jeopardy.
Source: nytimes.com

4. Eco-Driving Tech Could Slash City Emissions by Up to 22%

The News: New MIT research shows that “eco-driving” measures, using AI to automatically control vehicle speeds at intersections, could cut carbon emissions from city traffic by 11 to 22 percent. The study used deep reinforcement learning to simulate over a million traffic scenarios in Atlanta, San Francisco, and Los Angeles. Even if only 10% of vehicles adopted eco-driving, cities would see up to half the total emissions benefit, thanks to other cars mimicking smoother driving patterns. Adjusting speed limits at just 20% of intersections delivered most of the gains, making it possible to phase in the technology gradually.

Why It Matters: Idling at red lights and stop-and-go driving wastes fuel and generates up to 15% of all transportation emissions in the U.S. MIT’s study shows that AI-driven speed control could deliver big carbon cuts without slowing traffic or compromising safety. Because eco-driving can be rolled out with apps or future car tech, it’s a “shovel-ready” solution to urban pollution, especially when combined with the rise of hybrid and electric vehicles. It’s a low-cost, high-impact way to clean up city air and fight climate change, while paving the road for smarter, greener mobility. Added bonus for hitting all green lights on the way home.
Source: news.mit.edu

5. EV Sales Surge as $7,500 Federal Tax Credit Faces Sudden Sunset

The News: Electric vehicle sales are soaring across the U.S. as buyers rush to claim a $7,500 federal tax credit before it disappears at the end of September. Under President Trump’s new “big beautiful bill,” the popular EV incentive, originally set to last through 2032, is being axed for all new, used, and leased EVs purchased after September 30. Dealers and automakers are sounding the alarm, with Tesla and others urging shoppers to “take delivery now.” July saw nearly 130,000 new EVs sold, the second-highest monthly total ever, and used EVs also hit a record. High-profile models like the Chevy Equinox EV and Hyundai IONIQ 5 posted all-time best sales outside the Tesla lineup.

Why It Matters: The end of the tax credit is pulling demand forward triggering a pre-deadline buying frenzy. Once the credit vanishes, analysts warn that EV sales could slump, with price parity vanishing for many buyers just as the U.S. tries to cut auto emissions. The rapid shift may also benefit the used EV market, as more buyers look for affordable options in a changed incentive landscape. State and local perks may offer some relief, but the loss of the federal credit marks a major turning point for both automakers and the clean energy transition.
Source: cnbc.com

1. Life-like Robots for Sale as China Opens First Robot Mall

The News: China just took consumer robotics mainstream, opening “Robot Mall” in Beijing, a one-stop shop selling everything from humanoid butlers to Einstein lookalikes. Shoppers can test-drive more than 100 types of robots, get maintenance, and browse spare parts, with prices ranging from $278 to several million yuan. The launch coincides with the World Robot Conference and comes as China pours over $20 billion in subsidies into its robotics and AI sector, with plans for a massive $140 billion startup fund.

Why It Matters: China continues to lead the global robotics race, not just in factories but now in everyday life. With robot restaurants, lifelike companions, and a focus on aging population solutions, China’s tech push is making sci-fi a retail reality and aiming to dominate a trillion-dollar market. The Robot Mall debut signals a shift from lab prototypes to mass adoption, setting a new standard for the rest of the world to follow. Maybe we’ll finally get Rosie from the Jetsons.
Source: bbc.com

2. Japan Breakthrough: Hydrogen Fuel Cells, Slashing Costs

The News: Researchers at Kyushu University have developed a new solid-oxide hydrogen fuel cell that operates efficiently at just 300°C, less than half the temperature of conventional designs. The secret: adding high concentrations of scandium to common ceramics, creating a “ScO₆ highway” for proton movement and overcoming the usual trade-off between doping and efficiency. The result is a fuel cell with industry-leading conductivity at much lower temperatures, making it cheaper and safer for consumer use. The findings, published in Nature Materials, mark a major advance in hydrogen power tech.

Why It Matters: This innovation could make hydrogen power practical for everyday applications, not just industrial settings. Lower temperatures mean cheaper materials, easier manufacturing, and better safety potentially unlocking hydrogen fuel cells for home, car, and portable use. The principle could also boost other clean-energy tech, from low-temp hydrogen pumps to CO₂ conversion reactors. With global demand for clean power soaring, this “scandium superhighway” might help bring affordable, green hydrogen into daily life.
Source: fuelcellworks.com

3. India Halts U.S. Arms Buys After Trump Slaps 50% Tariffs

The News: India has paused high-profile purchases of U.S. weapons including Stryker armored vehicles, Javelin missiles, and Boeing surveillance planes, following President Trump’s move to double tariffs on Indian exports to 50%. Defense Minister Rajnath Singh canceled a planned trip to Washington as talks stalled, sources told Reuters, in what’s seen as New Delhi’s strongest signal yet of discontent with the U.S. tariff escalation. The purchases, worth billions, were expected to be announced soon but are now on hold until India gets clarity on the direction of bilateral ties and U.S. trade policy. The government denied an official pause, but multiple sources confirmed “no forward movement for now.”

Why It Matters: The tariff dispute is having ripple effects on defense, trade, and the strategic partnership aimed at countering China. India has become a major U.S. arms customer, spending over $20 billion since 2008 as it diversifies away from Russian suppliers. Pausing these deals threatens joint military projects and undercuts recent progress in intelligence sharing and technology transfer. With oil discounts from Russia shrinking, and pressure building on India to cut Moscow ties, Trump’s tariffs could drive New Delhi back toward its old ally or force it to seek arms from other Western suppliers. The episode highlights how fast geopolitics can shift and how trade fights risk spilling into vital security partnerships.
Source: reuters.com

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A forecast of the total expected cost of a project based on current performance and estimates of remaining work.

“After several unexpected expenses, the team revised the EAC to reflect a higher total project cost.”

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