🌎 Labubu Bubble

Why Wall Street thinks Labubus are a fad, criticism mounts over the Epstein files, and the largest piece of Mars on Earth just sold for a record amount. Come see what you need to know.

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Criticism mounts over Justice Department’s handling of Epstein files

J. David Ake / Getty Images

Can’t say I didn’t see this one coming. A group of House Republicans is backing a bill that would force the DOJ to release classified documents tied to the Jeffrey Epstein case, joining a broader bipartisan push for transparency.

The effort, which will require a House majority, came as President Trump defended Attorney General Pam Bondi and publicly lambasted Republican supporters and lawmakers calling for the release of the files.

What’s the deal with the Epstein case?

Despite years of speculation and mounting pressure from the public, the Justice Department has closed the door on further action in the Epstein case, ending the investigation into the late financier and convicted sex offender.

  • In a brief two-page memo released last week (read here), officials claimed Epstein did not leave behind a “client list” and confirmed that no new charges would be filed against alleged co-conspirators.

  • It also reaffirmed that Jeffrey Epstein’s 2019 death was a suicide.

The announcement sparked renewed speculation and public frustration, particularly among Trump’s base, who argue that the public deserves greater transparency and co-conspirators should be brought to justice.

It’s not a popular decision: According to a new poll released Tuesday, only 3% of Americans are satisfied with the government’s handling of the Epstein files. Meanwhile, Trump’s net approval rating has declined nearly two points since early July, now standing at -7.6.

Apple and the DOJ put nearly $1 billion into this company

Joe Buglewicz / Bloomberg via Getty Images

All for some novel “Made in America” stickers. Riding off the coattails of the DOJ, Apple finalized a $500 million multi-year agreement with MP Materials, the only active rare-earth miner in the US, to secure domestically made magnets for its devices.

Strategic shift

The announcement comes less than a week after the US Department of Defense purchased $400 million of stock in MP Materials, making the Pentagon its single largest shareholder.

  • That deal requires MP to build a new magnet manufacturing facility in Fort Worth, Texas.

  • It also shot up the company’s stock nearly 50%, its highest point in three years.

After news broke of Apple’s investment on Wednesday, MP’s stock surged another 20%, marking a 500% gain since it went public in 2020. As part of its deal with Apple:

  • Apple is prepaying $200 million, with deliveries of its magnets expected to begin in 2027 from its new plant in Texas.

It’s a win-win-win: Apple gets dependable components, MP gains financial stability and scale, and the US advances its industrial policy to reduce dependence on Chinese minerals amid growing export restrictions.

Why does this matter?

While there are only 17 rare-earth minerals (or rare-earths) in the world, they aren’t actually rare; they’re just hard to extract and process.

  • The minerals are crucial for making high-powered magnets that are used in almost every piece of advanced tech, from cars and smartphones to weapons like missiles and submarines.

Currently, China dominates the rare-earths market, controlling 70% of the global supply and operating the world’s largest mine. MP, however, owns the second-largest rare-earths mine, located 50 miles south of Las Vegas.

Looking forward: The two deals represent a broader push to shift rare-earth supply away from China, as the Trump administration is racing to build US stockpiles and chip away at Beijing’s superiority.

Largest piece of Mars ever found on Earth sold for $5.3 million

Sotheby’s

I’ll bet you $5 it’s really from Nevada. At a Sotheby’s “Geek Week” auction in New York, the largest known piece of Mars on Earth sold for $5.3 million, becoming the most expensive meteorite ever sold.

It’s a pretty cool rock

The meteorite, named NWA 16788, was found in the Sahara Desert by a meteorite hunter in late 2023, and like most things up for auction, the rock had an interesting journey up to the bidding table:

  • The rock, notable for its red Martian hue, travelled roughly 140 million miles to Earth after being blasted from Mars by an asteroid impact.

  • Additionally, it’s made up of over 20% glass, which likely formed under the intense heat and pressure caused by the same asteroid impact that sent it to Earth.

See photos of the historic Martian meteorite here.

The rock’s scientific name reflects its discovery in Northwestern Africa (hence the NWA), and was confirmed earlier this year to be of Martian origin by a peer-reviewed study published in the leading journal for meteoritic science.

The price tag reflects its rarity: Less than 400 Martian meteorites have been identified among over 77,000 on Earth; most meteors simply burn up in Earth’s atmosphere or land in the ocean, never to be found or identified.

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Will Labubu stay relevant? Wall Street doesn’t think so

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It’s bell-bottom jeans all over again. Pop Mart, the toymaker behind Labubu, saw its stock drop over 6% on Wednesday—even as the company estimated its revenue tripled in the first half of 2025—showing investors aren’t as keen on the creepy monster dolls as consumers are.

Fading fad or financial boon?

No one seems to know, but Beijing-based Pop Mart knows one thing for sure: Labubus are bringing in the cash
 a lot of it.

  • In the first half of 2024, Pop Mart’s profit jumped 93.3% to $128.4 million, with revenue rising 62% to over $640 million.

  • This quarter, the company projected a 200% rise in first-half revenue and a 350% surge in profit compared to last year.

With help from celebrity endorsements (even Rihana was seen with one) and viral appeal, the pointy-eared plush toy has taken the world by storm, becoming an international sensation:

  • Almost 40% of its revenue came from outside mainland China last year.

  • In the US alone, Labubu sales jumped 5,000% this year, with each doll selling for $27.99 or more.

Currently, Pop Mart’s stock is up 170% on the year, making it worth more than toy giants Mattel and Hasbro put together. However, Wall Street says this is just temporary staying power.

Labubad outlook: Morningstar analyst Jeff Zhang told CNBC Pop Mart’s shares are “overvalued,” and will likely see a slowdown in the next half of this year. So far, other investors tend to agree.

Delta is removing engines from its planes to sidestep tariffs

Jetlinerimages / Getty Images

I guess they get an A for effort? After Delta was faced with a 10% tariff on new European-built Airbus jets, the airline recently confirmed it was removing engines from the planes in Europe and sending them to the US to be installed.

Why do this?

By sending only the engines over (which are ironically made in the US) instead of the whole aircraft, Delta can dodge the 10% tariff on European planes, which would've exacerbated its already meager financial situation.

The tactic solves two of the airline’s problems at once:

  • It supplies grounded jets with much-needed engines and builds up its fleet without having to import new planes.

On top of that, Delta doesn’t have to pay the pesky import fee. Delta CEO Ed Bastian has confirmed the strategy, noting that Delta “will not be paying tariffs on any aircraft deliveries.”

Tariff dodging isn’t a new practice: Companies have been attempting to sidestep unwanted levies forever, but more recently, some have reworked supply chains from China to more tariff-friendly countries like Vietnam. The Commerce Department said it was already investigating such maneuvers under Section 232, potentially expanding tariffs to cover parts and components.

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FAST FACTS
Catch up on this week’s weird news

Dc Superman GIF by Warner Bros. Pictures

Superman / Warner Bros.

Superdog Adoption: James Gunn’s Superman, which raked in $217 million globally and features the CGI superdog Krypto, sparked a 513% surge in Google searches for “adopt a dog near me” during its opening weekend.

New Knees: MIT’s research team developed a bionic knee anchored directly to muscle and bone that helped amputees walk faster, climb stairs, and feel the limb as part of their own body in early clinical trials.

Stage Destruction: A massive fire destroyed Tomorrowland 2025’s mainstage in Belgium—just a day before the festival’s start—though organizers said the event will still proceed. See the video here.

Charity Concert: Ozzy Ozbourne's final concert—which boasted 40,000 live fans and over 5.8 million online viewers—raised $190 million for Cure Parkinson’s and children’s hospitals, setting a new charity-concert record.

Volcano Evacuation: A volcanic eruption in southwestern Ireland has forced more than 100 residents and tourists from GrindavĂ­k and the iconic Blue Lagoon spa to evacuate; as of writing, no infrastructure has been damaged (see footage).

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