NFL x PE

Good morning! The Paris Paralympics start today, with ~4,400 athletes from more than 180 nations set to take part in the [opening ceremony parade]( in a few hours — this time, on land. Today we’re exploring: - Most wanted: All eyes are on Nvidia, Wall Street’s most traded stock. - NFL x PE: America’s biggest sports league just changed its financial future forever. - Telegram: 950 million users, 1 arrested CEO, and ~50 workers. Have feedback for us? Just hit reply - we'd love to hear from you! TOGETHER WITH [Sponsor Logo](   All eyes are on Nvidia today, as the best performing stock in the S&P 500 in 2024 so far (+159% year-to-date) prepares to release its Q2 earnings. Those earnings have become a phenomenon, not just because they’ll add another data point to [a series of charts about the company]( that are increasingly remarkable, but because the quarterly updates have taken on a life of their own. Billions of dollars have been wagered in options markets ahead of the announcement, implying another big move up or down in Nvidia stock (about ~10% based on the latest [data](), and there’s even an Nvidia [earnings watch party]( at a New York city bar this afternoon. Yesterday, more people searched Google for “nvidia” than they did for “donald trump”, “kamala harris”, or “taylor swift”. That’s just the sort of hullabaloo that you can expect when you become Wall Street’s most traded stock, a crown which Nvidia took from Tesla earlier this year. Indeed, data from FactSet reveals that in the last 50 trading sessions, people were trading more than $40 billion of Nvidia stock per day. Tesla, which for a long time was the go to instrument of choice for speculation in equities, is trading “just” $22.8 billion a day. Even Apple, which is still technically a more valuable company than both, is only averaging $13 billion a day. Of course, it’s not just Nvidia’s share price that depends on the upcoming release: the fortunes of many other companies that have ridden the AI wave are wrapped up in it, as Nvidia has become the metaphorical, and often literal, talisman for AI stocks. Nvidia releases its earnings today (August 28th) after the bell. Analysts are expecting a 143% jump in profit to more than $15 billion. [Read this on the web instead](   Yesterday, a special meeting of the 32 NFL team owners [approved]( a measure allowing select private equity firms to purchase up to a 10% stake in a team, loosening a long-standing ownership restriction. The move comes as NFL franchises reach stratospheric valuations, with the Dallas Cowboys — a team that hasn't clinched a Super Bowl since 1996 — recently becoming the first team to reach a $10 billion valuation, per [Sportico](. Allowing pooled institutional investment seems like a no-brainer. After all, there are [only so many billionaires capable of buying teams](, with the average NFL franchise now worth a staggering ~$6 billion. By opening the doors to private equity, the NFL is unlocking a treasure trove of capital: according to data compiled by [S&P Global](, private equity and venture capital funds currently hold a record $2.6 trillion in uncommitted capital, often referred to as "dry powder". This enormous sum is burning a hole in the pockets of some firms. After convincing investors to entrust them with their money, which many PE shops did very successfully during massive fundraising efforts in 2020-2021, they then have to actually do something with it — people don’t typically like paying management fees while their money is parked on the sidelines. However, faced with only being able to build a 10% stake in a team, a hypothetical investment of ~$600 million would barely scratch the surface for the largest funds. Investing in multiple teams might help them deliver the impact they want, with the new NFL rules allowing funds to invest in up to 6 individual teams. [Read this on the web instead](   Sponsored by EvonSys Get Ready: 75% of Apps May Soon Require This The next technology renaissance is about making things simple. EvonSys has been doing this for 50 Fortune 500 companies already, plus some of the world’s biggest banks and governments – and you can now [invest ahead of their 2026 IPO goals.](1 - [Leading “low-code” platform]( helping organizations design the software they need without hiring expensive coders. - By 2026, Gartner predicts about 75% of all new apps will be built using low-code technologies. - Low code market size is projected to be a $3.6B market opportunity by 2031, and the rise of AI will create even more demand for these tools. - EvonSys saw 158% revenue growth2 from 2018 to 2021, and they’re just getting started. [Invest in EvonSys as they take their next steps towards becoming a global player. 3]( [Invest in EvonSys as they take their next steps towards becoming a global player. 3](   Once a tech platform approaches a billion users, it stands to reason that most people have heard of it. Telegram might have been the exception… at least until its founder, Pavel Durov, was [arrested in Paris]( as part of a wider investigation into an array of crimes taking place on the platform, from the spread of child sexual abuse material to drug trafficking. Mark as unread Some 950 million people [reportedly]( use Telegram every month, a figure that’s steadily climbed every year since it was launched in 2013, and one that makes it more popular than Twitter/X, Snapchat, and Pinterest. While millions use Telegram as a simple messaging service like WhatsApp or iMessage, many flock to the platform to take advantage of Durov’s laissez-faire approach to content moderation, which has seen it become “a theater of war, a clandestine marketplace, a safe haven for the deplatformed” and, according to the same [Atlantic piece](, “the world’s most important app”. The way that Durov’s been running Telegram made the Russian-born billionaire’s arrest inevitable, writes Casey Newton in a [new Sherwood piece](, with the defense of its content moderation as “within industry standards” seeming “obviously false”. However, the longstanding accusations against Telegram and its position on criminal activity don’t seem to have hurt it on the road to 1 billion users. Durovs’ arrest is perhaps even more important than it would be for any other founder-led company because of its remarkably small headcount: the business reportedly employs just ~50 [full-time staff](, meaning that the Telegrammer:worker ratio sits at around 19 million to 1. [Read this on the web instead](   More Data - Office usage in North America is about half what it was pre-pandemic, according to a [new report](. - Pixar’s Inside Out 2 has become the first animated film ever to cross the $1 billion mark at the [global box office](. - Oasis have announced a UK and Ireland reunion tour 15 years after breaking up, which could see the Gallagher bros earn more over 14 dates than they did throughout the [entire ‘90s](… - … while another set of brothers, NFL players Jason and Travis Kelce, have just reached New Heights by signing a $100+ million [podcast deal]( with Amazon’s studio Wondery. - A New York Yankees jersey worn by Babe Ruth has sold for over $24 million — making it the most expensive sports collectible ever sold [at auction](. They’re targeting $100M in revenue in the next five years – and a planned IPO1 in 2026. Become an [EvonSys shareholder before they reach those goals](.3 Ad   Hi-Viz - Phantom Threads: Just how chaotic the Meta platform’s [“For You” feed]( really is. - The WSJ explains how to interpret fuzzy election polls with [kittens](. Off the charts: Which toymaker is massively outstripping its major competitors so far this year? [Answer here.](   Thanks for stopping by! Have some [feedback](mailto:daily@chartr.co?subject=Feedback&body=Hi, I like the newsletters, but I had a thought for you...) or want to [sponsor this newsletter](mailto:advertising@sherwoodmedia.com?subject=I’m interested in advertising with Sherwood Media)?   Not a subscriber? Sign up for free below. [Subscribe](   Advertiser’s disclosures: 1 Their IPO roadmap is based on assumptions of technological compatibility, market acceptance, and regulatory stability. It is subject to risks including rapid technological changes, competitive pressures, and shifts in regulatory landscapes, which could alter the feasibility and timing of their IPO plans. The plans on their IPO roadmap are subject to change. Listing on NASDAQ is subject to approvals that cannot be guaranteed. 2 Past performance is not indicative of future performance. 3 This is a paid advertisement for EvonSys’ Regulation CF offering. Please read the offering circular and related risks at [(. Equity crowdfunding investments in private placements, and start-up investments in particular, are speculative and involve a high degree of risk and those investors who cannot afford to lose their entire investment should not invest in start-ups. Companies seeking startup investment through equity crowdfunding tend to be in earlier stages of development and their business model, products and services may not yet be fully developed, operational or tested in the public marketplace. There is no guarantee that the stated valuation and other terms are accurate or in agreement with the market or industry valuations. Further, investors may receive illiquid and/or restricted stock that may be subject to holding period requirements and/or liquidity concerns. DealMaker Securities LLC, a registered broker-dealer, and member of FINRA | SIPC, located at 105 Maxess Road, Suite 124, Melville, NY 11747, is the Intermediary for this offering and is not an affiliate of or connected with the Issuer. Please check our background on FINRA's BrokerCheck.   [X]( [Instagram]( [Chartr Logo]( Sherwood Media, LLC produces fresh and unique perspectives on topical financial news and is a fully owned subsidiary of Robinhood Markets, Inc., and any views expressed here do not necessarily reflect the views of any other Robinhood affiliate... 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