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Money is moving in two directions this morning, and the split is easy to read. On one side, buyers are paying up for anything with a named catalyst attached: an all-cash takeout at a fat premium in biotech, a quantum computing name landing a blue-chip enterprise customer, and a memory stock riding an overseas listing that went vertical.

On the other side, a geopolitical de-escalation is draining risk premium straight out of crude, and the producers are wearing it. Specific news is getting rewarded. Anything held only for the headline is giving it back.

As high-growth technology companies stay private longer, much of venture’s value creation has been out of reach for public investors. Powerlaw Corp. aims to narrow that gap.  Through a single Nasdaq-listed stock (PWRL), the Powerlaw 15* seeks to offer exposure to 15 iconic private technology leaders—including OpenAI, SpaceX, Anthropic, Anduril, xAI, Databricks, Canva, Kraken, Kalshi, Groq, Perplexity, Deel, Colossal, Mercor, and one confidential company—bringing private-market opportunity into a transparent, publicly traded structure.

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*The Powerlaw 15 refers to a high-conviction portfolio typically composed of approximately 15 investments; holdings may change over time, as described in the Fund’s registration statement.

Forte Biosciences (FBRX): +39%

Argenx (ARGX) is taking out the biotech for $2.2 billion in cash at $77 a share, a 40% premium to Friday's close. All-cash deals at that premium are the cleanest signal a large-cap buyer can send about how it values clinical-stage assets. Argenx's US-listed shares were only marginally lower, a mild reaction for an acquirer writing a check this size.

D-Wave Quantum (QBTS): +8%

The company announced a partnership with AT&T (T) to put its annealing quantum computers behind the telecom's AI efforts. This is the pattern quantum bulls have been waiting for: a blue-chip enterprise customer attaching its name to the technology instead of another research milestone. Commercial validation is what separates the quantum trade from a science story.

SK Hynix (SKHY): +4%

Chinese chipmaker CXMT debuted in Shanghai and ripped more than 466%, and the enthusiasm carried straight into US-listed memory names. SK Hynix took the largest sympathy bid in the group. Traders are reading a Chinese rival's blowout debut as confirmation of memory demand rather than as a competitive threat, which tells you how one-directional this trade has become.

IonQ (IONQ): +4%

IonQ moved on D-Wave's AT&T partnership, the standard reflex in a sector where one commercial contract lifts the entire basket. Nothing company-specific is behind this move, which is worth knowing if you own it.

APA Corporation (APA): -4%

Oil moved lower after the US and Iran agreed to pause attacks on each other, and the pure-play producers absorbed the sharpest of it. A de-escalation headline pulls risk premium out of crude far faster than it pulls barrels out of the market. That gap is why producers fall harder than the integrated names on days like this.

Diamondback Energy (FANG): -4%

Same trade, same magnitude. Diamondback is moving on the crude tape rather than on anything out of the company. Sessions like this are less about any single operator and more about how quickly a peace headline can drain a sector's premium.

ExxonMobil (XOM): -3%

The supermajor tracked crude lower after the US and Iran agreed to stand down. It fell less than the pure-play producers, the usual hierarchy when oil sells off on a headline rather than on demand. Nothing here is a verdict on the company.

As high-growth technology companies stay private longer, much of venture’s value creation has been out of reach for public investors. Powerlaw Corp. aims to narrow that gap.  Through a single Nasdaq-listed stock (PWRL), the Powerlaw 15* seeks to offer exposure to 15 iconic private technology leaders—including OpenAI, SpaceX, Anthropic, Anduril, xAI, Databricks, Canva, Kraken, Kalshi, Groq, Perplexity, Deel, Colossal, Mercor, and one confidential company—bringing private-market opportunity into a transparent, publicly traded structure.

Trade on Nasdaq

*The Powerlaw 15 refers to a high-conviction portfolio typically composed of approximately 15 investments; holdings may change over time, as described in the Fund’s registration statement.

Berkshire Hathaway (BRK.B)

Berkshire is pulling unusual retail attention heading into second-quarter results at the start of August, and the conversation has almost nothing to do with earnings. It is about the cash: roughly $397 billion at the end of March, and a growing camp of shareholders who want to see Greg Abel prove he will actually spend it.

Abel took over as CEO on January 1 and has put money to work since, most visibly in the roughly $8.5 billion Taylor Morrison deal. This quarter gives retail its first real look at his buyback appetite alongside that acquisition, which could either quiet the argument that the Buffett premium is gone or add fuel to it.

✌️That’s it for today.