TLDR

MARKET RECAP → Stocks saw mixed results on Tuesday as investors moved away from tech. The Dow Jones Industrial Average scaled up as the S&P 500 (VOO) and Nasdaq (QQQ) fell down a notch.

BIG BILL, BIGGER BETS→ Trump’s upcoming energy bill nods to solar and wind, but the real muscle is behind oil, gas, and nuclear. IRA tax credits survive—less from love, more from lobbying.

APPLE SUES FORMER EXECUTIVE → Apple (AAPL) is suing ex-vision leader Di Liu for allegedly stealing secret tech behind its Vision Pro headset to fuel his new startup. The lawsuit claims Liu poached staff and sensitive data, threatening Apple’s edge in spatial computing.

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Big Bill, Bigger Bets

Trump softens tone on clean energy: President Donald Trump is now telling donors he plans to support solar and wind as part of a “big, beautiful” energy bill if reelected. While he’s previously mocked renewables, aides say this shift is about positioning, not policy—a strategic play to avoid alienating red-state clean energy jobs and lobbyists.

IRA tax credits likely to survive: Trump advisers told CNBC that the proposed energy bill would not repeal the core clean energy tax credits in the Inflation Reduction Act (IRA). These credits—especially those for solar and wind—are viewed as politically untouchable due to their popularity in red states and backing from major energy donors.

Fossil fuels still dominate the draft: The bill’s centerpiece remains boosting fossil fuels and nuclear energy. It aims to streamline permitting, expand LNG terminals and pipelines, and “unleash American energy.” Solar and wind were added late in the drafting process, reportedly after lobbying from billionaire donors and clean energy trade groups.

Tech

Apple Sues Former Executive

Apple targets ex-vision leader: Apple (AAPL) has filed a lawsuit against former executive Di Liu, accusing him of stealing trade secrets tied to its Vision Pro headset. Liu, who previously led teams working on Apple’s secretive spatial computing division, left in 2023 to launch a startup called Optic. Apple alleges the startup is built on confidential technologies taken from the company.

AI startup battle heats up: The lawsuit claims Liu downloaded thousands of proprietary files, including sensor designs, product roadmaps, and supplier information. His company, Optic, focuses on AI-driven headsets that directly compete with Apple's mixed-reality ambitions—raising the stakes in the rapidly growing spatial computing market.

Snap ties add intrigue: Apple also alleges Liu poached multiple employees from Apple, some with previous ties to Snap (SNAP), where Liu had worked before Apple. The complaint suggests this was not ordinary recruiting but a coordinated attempt to replicate Apple’s innovations outside its ecosystem. The legal battle highlights Apple’s aggressive stance on protecting its intellectual property in the competitive world of AI and spatial computing.

BULL VS. BEAR

KEEP READING

Powell confirms that Fed would have cut by now were it not for tariffs (CNBC)

What the Senate Republican tax and spending bill means for your money (CNBC)

Cluely, a startup that helps ‘cheat on everything,’ raises $15M from a16z (TechCrunch)

SEC Approves Grayscale ETF That Includes BTC, ETH, SOL, XRP, ADA (CoinDesk)

Sam Altman Slams Meta’s AI Talent-Poaching Spree: ‘Missionaries Will Beat Mercenaries’ (Wired)

What is a Money Order? How a Money Order Works (ML)

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