Kohl’s keeps cashing checks while analysts call it a meme, Nvidia finds out it’s not the only chip in town, and the jobs market cools just enough to make everyone equally nervous. This issue sees earnings beats, $10B mystery orders, and tariffs that hit everyone—unless you’re big enough to dodge them.

- Managing Partners Drew Millegan & Quinn Millegan

In this episode of The Capital Call, we unpack the fallout from the “Big & Beautiful Bill”: surprise taxes on gambling, tips, and a deficit-busting combo of corporate cuts and entitlement trims. We break down the return of Trump-era tariffs, copper duties, and the strange case of disappearing cable lines.

Nvidia hits a $4 trillion valuation, sparking a comparison to entire national economies, while the Fed remains split on rate cuts. The U.S. dollar has its worst start since 1973, and we debate whether market highs mean anything when they’re driven by a handful of mega-caps.

We discuss reshoring, rare earths, Bitcoin’s run past $116K, and the case for doing nothing in a noisy market. Plus: bank earnings are coming, and in This Day in Economic History, we revisit Death Valley’s hottest day, the Scopes Monkey Trial, and Andrew Jackson’s war on the central bank.