Hello Capitalists,

Trump’s long standing feud with the junior Senator from California just boiled over. American rare earth mining is booming. Earning season is off with a bang and Kai Trump takes her first steps in to the world of business.

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Here’s everything you need to be following today:

Trump throws Adam Schiff’s mortgage scandal in the spotlight

President Donald Trump accused Sen. Adam Schiff, D-Calif., of mortgage fraud on Tuesday, alleging the senator falsely claimed a Maryland property as his primary residence to secure favorable loan terms while representing California.

• The allegations stem from a Truth Social post where Trump referenced findings from Fannie Mae’s financial crimes division, asserting the fraud began with a 2009 refinance and continued until the Maryland property was re-designated as a second home in 2020.

• The accusation follows a May 2025 USA Herald report of an ethics complaint filed in October 2024 accusing Schiff of mortgage fraud, voter fraud, and unlawful campaign filings over two decades.

• Similar mortgage fraud allegations have been made against other political figures, including New York Attorney General Letitia James, who faced a criminal investigation in May 2025 for allegedly falsifying her primary residence on a mortgage application.

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America’s only rare earth materials mine just signed a deal with Apple and the stock is soaring

Apple announced a $500 million deal with MP Materials on Tuesday to bolster its U.S. supply chain and reduce its reliance on China’s dominant rare earth market.

• Apple has partnered with MP Materials to source rare earth magnets from the company’s Fort Worth, Texas, facility, with shipments starting in 2027.

• The agreement includes building a rare earth magnet recycling facility in Mountain Pass, California, as part of Apple’s $500 billion commitment to enhance U.S. manufacturing.

• MP Materials, the operator of the only U.S. rare earth mine, saw its stock rise 12% after the announcement, while Apple’s shares saw marginal gains.

• The deal aligns with U.S. efforts to reduce dependence on China, which controls the global rare earth supply chain, following recent Pentagon investments in MP Materials.

• Off the back of these deals, MP Materials (MP) share price is now up 80.61% in a month and 107.31% in three months.

Citi just released their earnings and it was a barnstomer

Citigroup reported stronger-than-expected second-quarter earnings Tuesday, with net income rising 25% to $4.02 billion, driven by robust performance in equity and fixed income trading.

• Citigroup's Q2 2025 net income rose 25% to $4.02 billion, with earnings per share of $1.96, surpassing Wall Street estimates of $1.60, and revenue of $21.67 billion, exceeding the $20.98 billion forecast.

• The bank's stock outperformed the broader market, climbing over 3% after the report, fueled by strong results in equity and fixed income trading during a volatile market period starting in April.

• Citigroup reported a 16% increase in credit costs due to a higher allowance for credit losses, citing economic deterioration, and raised its quarterly dividend to 60 cents per share from 56 cents following Federal Reserve stress tests.

• The bank now expects full-year revenue of $84 billion, at the high end of prior guidance, as it continues its turnaround plan, including international market pullbacks and layoffs in China.

Nvidia soars to new highs after China export restrictions were lifted

NVIDIA Corp.'s stock surged toward a record high after the U.S. government lifted a ban, allowing the AI chipmaker to resume sales of its H20 chips in China.

• Stock Surge: NVIDIA’s stock rose nearly 4% in late trading, nearing a record high, driven by optimism over regained access to the Chinese market.

• Revenue Recovery: The resumption of H20 chip sales is projected to recover approximately $8 billion in previously forecasted lost revenue.

• Strategic Compliance: NVIDIA will sell a new, fully compliant GPU in China, following CEO Jensen Huang’s discussions with U.S. policymakers to align with job-creation initiatives.

DoD goes on an AI spending spree with $200m contracts for major players

The U.S. Department of Defense awarded contracts worth up to $200 million each to Anthropic, Google, OpenAI, and xAI on Monday to advance artificial intelligence development.

• The DoD’s Chief Digital and Artificial Intelligence Office stated the awards will help accelerate the adoption of AI agents across various mission areas to support warfighters and maintain strategic advantage.

• xAI announced "Grok for Government," a suite of AI products available to U.S. government customers through the General Services Administration schedule.

• OpenAI previously received a $200 million DoD contract in 2024 and launched OpenAI for Government in June for U.S. federal, state, and local government workers.

Trump’s Granddaughter Kai just scored her first business deal

Kai Trump, the 18-year-old granddaughter of President Donald Trump, announced her first major name, image, and likeness (NIL) partnership with Accelerator Active Energy on Tuesday, delivering a presidential-style speech at Trump International Golf Club in West Palm Beach, Florida, to unveil her role as an equity partner and brand ambassador.

• Kai Trump will be joining athletes like Travis Kelce and Livvy Dunne as an equity partner and brand ambassador.

• The announcement was made in a presidential-themed speech at Trump International Golf Club in West Palm Beach, Florida, where Kai highlighted her partnership and investment in the energy drink brand.

• Accelerator Active Energy, known for its zero-sugar, taurine-free formula with natural caffeine and plant-based thermogenics, supports Kai’s busy lifestyle, including golf, content creation, and studying.

• Andrew Wilkinson, CEO of Accelerator, praised Kai’s addition to the brand’s athlete roster, noting her demanding schedule and the drink’s role in providing sustained energy without sugar.

Trump plays hard ball with the EU as trade deadline approaches

President Donald Trump escalated trade tensions by announcing plans for 30% tariffs on imports from the European Union, starting August 1.

• EU’s Retaliation Warning: EU ministers have warned of imposing €21 billion in counter-tariffs on U.S. goods if no trade deal is reached, highlighting a deepening economic rift.

• Expanded Tariff Targets: Beyond the EU and Mexico, Trump’s tariff plans include 35% on Canada, 25% on Japan, and 25% on South Korea, while China is temporarily spared pending a mid-August deadline.

• Economic and Diplomatic Fallout: The proposed tariffs risk disrupting global trade, with the EU citing a “big gap” in talks, raising fears of a broader trade war impacting agricultural and other sectors.