Hey Capitalists,

Here’s everything you need to be following today:

• Cracker Barrel founder has some strong words for the embattled CEO

• Another Fed Chair candidate calls for cuts

• The Cook mortgage drama heads to court

• After the champagne of Nvidia’s earnings, worries start to creep in

Today’s markets:

• DOW: 45867.42 (⬇️0.43%)🔴

• S&P: 6439.04 (⬇️0.75%)🔴

• NASDAQ: 21465.98 (⬇️01.25%)🔴

• CBOE Volatility VIX: - $15.40 (⬆️6.72%) ⚠️⬆️

Cracker Barrel founder, 93, slams “pitiful” rebrand as disgraced CEO retreats

Cracker Barrel’s co-founder Tommy Lowe, 93, blasted the chain’s “pitiful” $700 million rebrand, urging CEO Julie Masino to “keep it country” after a failed logo change sparked nationwide backlash in Tennessee.

• Backlash Forces Logo Reversal: Cracker Barrel scrapped its new text-only logo, restoring the iconic “Old Timer” after customer outrage and a stock price drop, with President Trump praising the reversal.

• Lowe Criticizes Leadership: Lowe, who co-founded the chain in 1969, questioned Masino’s Taco Bell background, arguing the rebrand ignored the brand’s rustic roots and alienated loyal customers.

• Pride Page Removed: Amid rebrand criticism, Cracker Barrel quietly eliminated its Pride page and restructured LGBTQ business groups to focus on corporate giving, responding to conservative activist pressure.

• Financial Struggles Persist: The rebrand fiasco compounded Cracker Barrel’s financial woes, with declining stock value and mixed sales results prompting a broader transformation plan under Masino’s leadership.

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Fed Chair candidate comes out for a quarter percent cut to help the job market

Federal Reserve Governor Christopher Waller, a potential chair candidate, signaled openness to a half-point rate cut in September if the labor market weakens further, urging swift action to bolster employment.

• Waller Challenges Labor Narrative: Waller disputes the "solid" labor market claim, arguing the 4.2% unemployment rate masks weakening demand, which monetary policy should address proactively.

• Anticipates Weaker Jobs Data: He expects the August jobs report to show significant downward revisions, potentially indicating private-sector job losses over recent months.

• Dissent Marks Historic Shift: Waller’s dissent in July, alongside another governor, was the first multi-governor opposition to a Fed rate decision in over 30 years.

• Expects Multiple Future Cuts: Waller foresees additional rate cuts over the next three to six months to align policy closer to a neutral level.

Fed Gov’s firing goes to court as the Cook mortgage drama rumbles on

Federal Reserve Governor Lisa Cook battles President Trump’s firing attempt in a Washington, D.C., court Friday, challenging his authority in a historic clash threatening the Fed’s independence.

• Cook’s Lawsuit Challenges Trump: Cook’s legal fight, filed in D.C. federal court, argues Trump’s mortgage fraud allegations lack legal cause, potentially setting a precedent for Fed autonomy.

• Supreme Court Likely Decider: The case, assigned to Judge Jia Cobb, may escalate to the Supreme Court, raising questions about presidential power over Fed governors.

• Allegations Stem from Pulte: Federal Housing Finance Agency Director Bill Pulte’s claims of Cook’s mortgage fraud, including a new referral, fuel Trump’s removal push.

• Fed Maintains Neutral Stance: The Federal Reserve vows to abide by court rulings, emphasizing its commitment to independence amid Trump’s pressure for lower interest rates.

Nvidia’s blockbuster results throw up a startling revelation that has people concerned

Nvidia’s blockbuster Q2 revealed a startling dependency: two undisclosed customers drove 39% of its $46.74 billion revenue, sparking concerns over the chipmaker’s concentrated clientele in the AI-fueled market.

• Customer Concentration Rises: Nvidia’s top two customers, “Customer A” (23%) and “Customer B” (16%), significantly increased their share from 14% and 11% a year ago, highlighting growing reliance.

• Cloud Giants Suspected: Speculation points to major cloud providers like Microsoft, Amazon, Google, or Oracle as the mystery buyers, fueling Nvidia’s AI infrastructure dominance.

• Revenue Growth Continues: Nvidia’s Q2 revenue soared to $46.74 billion, beating estimates, with data center sales up 56% to $41.1 billion, despite slightly missing projections.

• Market Risks Highlighted: The heavy dependence on a few clients raises concerns about potential revenue volatility if these key customers reduce spending in the future.

Pepsi just made a huge move in to the energy drink mark

PepsiCo pumped $585 million into Celsius Holdings Friday, boosting its stake to 11% to capitalize on the energy drink maker’s surging popularity among health-conscious consumers in the U.S. and Canada.

• Celsius Acquires Rockstar: Celsius will acquire PepsiCo’s Rockstar Energy brand in the U.S. and Canada, strengthening its portfolio with a traditional energy drink alongside its health-focused offerings.

• Alani Nu Distribution: Celsius’ Alani Nu brand, acquired for $1.8 billion, will leverage PepsiCo’s distribution network in North America, targeting fitness-focused female consumers for expanded retail reach.

• Strategic Energy Lead: Celsius becomes PepsiCo’s “strategic energy lead” in the U.S., managing Celsius, Alani Nu, and Rockstar brands to drive innovation and market growth.

• Stock Surge Continues: Celsius shares, already doubled in value this year, jumped 11% in premarket trading, reflecting investor confidence in the deepened PepsiCo partnership.

Youtube and Fox strike a last minute deal to keep them on the platform

YouTube TV secured a last-minute deal with Fox Corp. on Friday, ensuring millions of subscribers in the U.S. can still watch Fox News, Fox Sports, and other channels without disruption ahead of the college football season.

• Negotiations Avoid Blackout: YouTube and Fox reached an agreement after tense talks, preventing Fox channels from going dark on YouTube TV, following a short-term extension announced Wednesday.

• Financial Terms Undisclosed: Neither YouTube nor Fox revealed the deal's financial details, but YouTube emphasized preserving service value for subscribers without passing on additional costs.

• Fox’s New Venture: Fox recently launched Fox One, a $19.99/month standalone streaming service, which may have influenced their push for higher payments from YouTube TV.

• Subscriber Impact Averted: The deal ensures YouTube TV’s estimated 9.4 million subscribers can access key sports content, including the high-profile Texas vs. Ohio State game.