July 14, 2026 · PM edition

Wall Street prints record profits, baseball might cancel itself, and Kawhi is under investigation for existing

Records were broken today in banking, and the only thing that built them was everyone else's work.

FF2K generated dispatch art for Wall Street prints record profits, baseball might cancel itself, and Kawhi is under investigation for existing

Full recap

Goldman Sachs and JPMorgan just reported record revenues and the headlines are treating it like a surprise. It is not a surprise. When AI hype floods capital markets with trading volume and deal flow, the toll booth operators always win. Wall Street did not build the AI boom. It just figured out how to charge admission. Fed Chairman Kevin Warsh testified before the House Financial Services Committee today, promising a vigilant fight to bring inflation back to 2%. Vigilant. The Fed has been vigilant the way a guy who ate the whole pizza is vigilant about his diet. The target is the same. The credibility is the question. Earnings season is apparently offering bargains in stocks where valuations have gotten cheap relative to history. This is called buying the dip, dressed up in a suit and a research note. The underlying logic is sound, but the packaging remains peak financial media: sophisticated-sounding advice for a thing your uncle has been yelling about since 2022. Over in sports, the MLB All-Star Game is tonight in Philadelphia and the hot prop bet is Mike Trout hitting a home run. Mike Trout, who has spent the better part of a decade being generationally talented and completely invisible in October. If you want a metaphor for being elite at your job but structurally doomed, Trout is your guy. The 2026 FIFA World Cup is happening right now in North America and the betting markets are wide open. Thirty-two nations, one trophy, and a thousand ways for bettors to convince themselves they have an edge. The house always wins. Goldman Sachs and the sportsbooks are basically running the same business model right now. Kawhi Leonard and the Clippers are under NBA investigation and the scope of that investigation has reportedly grown. It started as a potential salary cap circumvention probe and has expanded into something larger. Kawhi being investigated for doing something quietly behind closed doors is, frankly, on brand. The man treats everything like a classified operation. The MLB CBA negotiations are grinding toward a potential work stoppage, with the league and the players union now arguing publicly over who has more fan support. Two billionaire-adjacent entities fighting over who the public likes more. This is the sports equivalent of two banks arguing over which one the customer trusts. The answer is neither, but the game goes on regardless.

Highlights

  • Goldman and JPMorgan posted record AI-era revenues by being the highway, not the destination; the toll booth never loses.
  • Kawhi Leonard is under an NBA investigation that keeps getting bigger, which is wild for a guy whose primary hobby appears to be not being seen.
  • MLB ownership and the players union are arguing over public sympathy while threatening to cancel baseball; both sides have mistaken 'not hated yet' for 'loved'.
  • Kevin Warsh told Congress the Fed is vigilant about inflation; the dollar has lost roughly a third of its purchasing power this decade, so sure, vigilant.

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