Good morning. On this day 80 years ago, Allied forces landed on the Nazi-occupied beaches of Normandy, France, kicking off the biggest seaborne invasion in history.

The invasion force included 7,000 ships, as well as landing craft manned by 195,000+ naval personnel from eight allied countries. ~133,000 troops from the US, the British Commonwealth, and their allies landed on what would be known as “D-Day.”

• ~4,400 Allied soldiers died on that day, which began the liberation of France and the rest of Western Europe, and laid the foundations of the Allied victory on the Western Front.

It probably goes without saying – but had the operation not succeeded, today’s world could have looked a lot different. Thank you to those who paid the ultimate price for freedom🙏.

🚀⏰ Ready, Set, Go: Today’s news should be a ~4.48-minute read (1,192 words).

P.S. First time reading? Subscribe here for free.

“It is amazing what you can accomplish if you do not care who gets the credit.”

–Harry S. Truman (1884-1972)

Texas, already filled with livestock, could soon get many more live stocks.

A group seeking to create a new national stock exchange, the Texas Stock Exchange (TXSE), has raised ~$120 million from dozens of individuals and investment firms, and plans to file registration with the SEC later this year, according to an announcement released yesterday.

• The Dallas-headquartered virtual exchange, which pledges to be “CEO-friendly,” is aiming to tap into disaffection with increasing compliance costs and rules at the NYSE and Nasdaq, the Wall Street Journal reports.

It won’t be easy

Like almost everything in the world except for relationships, the start is the hardest part – and the TXSE is facing off against a healthy amount of competition.

As it stands, there are ~16 equities exchanges with varying trading volumes. The NYSE and Nasdaq make up a significant portion of US equities trading volume; in May, these exchanges handled 20+% and 15+% of the overall figure, respectively, according to data reported by Bloomberg.

• Decades ago, there were dozens of regional stock exchanges outside of New York, but they either shut down or were acquired by larger players.
• Examples include the Boston Stock Exchange, Chicago Stock Exchange, and Philadelphia Stock Exchange, which have all been folded into the parent companies of the NYSE and Nasdaq over the last 20 years.

Two things going for the TXSE: 1) It’s backed by the world’s largest asset-management firm (BlackRock), as well as one of the world’s biggest electronic-trading firms (Citadel Securities). And 2) Texas is tied for second with New York in terms of the number of Fortune 500 companies, just behind California.

👀 Looking ahead… The TXSE, which still needs SEC approval to begin operating, aims to handle its first trades in 2025, and host its first listing in 2026.

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Our daily road trip flight around the world

🇨🇳 The Chinese city of Guangzhou is investing $1.4 billion in flying cars. The city’s government plans to build fleets of airborne taxis, 100+ takeoff and landing points, and a general airport by 2027. Officials in Guangzhou, already home to two prominent flying car companies, say the city is aiming to become a global hub for low-altitude piloted and autonomous aircraft.

🇮🇷 The UN’s nuclear watchdog censured Iran over access to its nuclear program. Officials say the censure came in response to Iran’s recent order barring UN inspectors from accessing its uranium enrichment program, which has made rapid advances over the past year. The UN’s nuclear watchdog also says it can no longer confirm Iran’s claims that its nuclear program is peaceful. By many estimates, Iran is now capable of producing fuel for three nuclear weapons within days or weeks – though actually making warheads could take a year or more.

🇯🇵 Tokyo unveiled a government-run dating app to promote marriage and increase birth rates. The app, launching this summer, will require documentation proving users’ income and the fact that they’re legally single. Users must also sign a letter stating they’re using the app to find a marriage partner – not just a casual relationship. Officials say the app is aimed at reversing the dwindling national birth rate, after Japan recorded more than twice as many deaths as births in 2023.

As the Celtics and Mavericks prepare to face off in Game 1 of the NBA Finals tonight, the league is also closing in on another major milestone.

According to a new Wall Street Journal report, the NBA is nearing agreements with Amazon, ESPN, and NBC on exclusive media rights deals that would collectively be worth ~$76 billion between 2025-2036.

• The deals, which include the increasingly valuable rights to WNBA telecasts, would pay the NBA 2.5x more per year than its previous contract – shining a spotlight on the crucial role that live sports holds in the modern TV industry.
• Sports rights have become one of the few reliable ways to draw cable TV audiences in recent years, while also representing an attractive option for streaming services looking to grow subscribers.

💧 Somewhere, Charles Barkley is shedding a tear: As reported by the Journal, the new NBA deal would leave Warner Bros. Discovery, whose Turner Sports network has broadcast the league’s games – along with Inside the NBA – for the past 35 years, on the outside looking in. WBD reportedly has the option to match either Amazon or NBC’s deal, though enforcing those rights would likely require winning a protracted legal battle.

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💬 Quoted: "Let's be real: A $15 charge may not seem like a lot to someone who has the means, but it can break the budget of a hardworking middle-class household."

• New York City is hitting the brakes on its plan to introduce America’s first congestion-pricing law, which involved a $15 toll on all vehicles traveling south of 60th Street in Manhattan. In a surprise decision yesterday, New York Gov. Kathy Hochul announced an “indefinite pause” for the plan, pushing back its previous June 30 start date. Gov. Hochul said she delayed the congestion pricing policy – which faces opposition from unions, business owners, and lawmakers in neighboring New Jersey – due to concerns about the rising cost of living and lower-than-expected office occupancy rates in New York City.

💰 Stat of the Day: Roughly a year after first entering the four-comma club, Nvidia has reached yet another market cap milestone. The chip giant yesterday became the third company in history to reach a $3 trillion valuation, narrowly surpassing Apple as the second-most valuable public US company.

🤔 Did You Know? Alaska pays a yearly dividend to all full-time residents – even babies. The payments, which come from a $75+ billion fund containing state oil and mining revenues, typically average ~$1,600/year.

📰 Worth a Read: An economist’s rule for making tough life decisions → (Quartz)

• ☝️ Boeing’s Starliner rocket successfully reached orbit yesterday in its first crewed test launch, which came after a series of previous delays; Starliner is expected to dock with the ISS later today.

BUSINESS & MARKETS

in partnership with The Cold Life

• 💰 US markets rose across the board (S&P: +1.2%; Dow: +0.2%; Nasdaq: +2.0%); both the S&P and Nasdaq closed at all-time highs.
• 👖 Lululemon reported better-than-expected earnings and revenue; the retailer’s shares rose 10% in after-hours trading. | 📹 TJX Companies, which owns TJ Maxx, Marshalls, and Home Goods, began outfitting some security workers with body cams in an attempt to curb shoplifting.
• ✈️ American Airlines is facing a potential flight attendant strike amid contract negotiations; the airline offered a 17% raise yesterday, short of workers’ 33% request.

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SPORTS, MEDIA & ENTERTAINMENT

• 🏰 Disney is working with Florida on a new development agreement that would see Disney invest up to $17 billion over the next 10-20 years; it would also set the stage for a fifth park at Disney World.
• 🎶 Sean “Diddy” Combs sold his majority stake in Revolt, the media company he founded in 2013.
• 🎮 Netflix announced 14 new video game titles, including an exclusive Lord of the Rings mobile game.

SCIENCE, SPACE & EMERGING TECH

in partnership with Spoak

• 🥤🌊 A sea-dwelling fungus can break down plastic polyethylene – the most common type of plastic pollutant in the oceans – after exposure to UV radiation from sunlight, per a new study.
• 👂 A Chinese gene therapy trial successfully restored hearing in both ears to five children who were born deaf, per a newly published study. | 🐦🦠 A strain of bird flu not previously detected in humans led to the death of a person in Mexico, per the WHO, which said the virus’ risk to the general population is currently low.
• 🚁 Archer Aviation, a United Airlines-backed electric air taxi startup based in California, received a key FAA certification that moves it closer to eventually flying travelers.

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MISCELLANEOUS

• 🌎 The Earth set its 12th consecutive monthly global average temperature record in May, with average surface temps measuring 1.52°C (2.73°F) above pre-industrial levels.
• ⚖️ A Georgia appeals court officially paused former President Trump’s election interference case until it resolves appeals seeking to disqualify Fulton County DA Fani Willis; the court is weighing whether to remove Willis over her romantic relationship with the case’s former top prosecutor. (Read more)
• 🏛️ The Wall Street Journal published a 3,000-word report detailing how President Biden “shows signs of slipping” in closed-door meetings with congressional leaders from both parties. (The report)

CLICKBAIT

• ✈️ This airline status is so exclusive, even elite fliers aren’t sure how they got it.

We bring you the most unusual, off-the-wall and occasionally laugh-out-loud headlines from this week.

• US Postal Service Releases Dog Bite National Rankings → (USPS)
• Flavor Flav Orders Entire Red Lobster Menu in Effort to Save Company → (Consequence of Sound)
• Singer Taylor Momsen bit by a bat while performing on stage → (CNN)
• Idaho man moves water by hand for Guinness World Record → (UPI)
• Italian village with 46 residents has 30 local election candidates → (The Guardian)

Yesterday, we covered President Biden’s new executive order effectively banning unauthorized migrants from claiming asylum at the southern US border, marking his most restrictive border policy to date.

❓ Our question to you: Do you support President Biden’s new policy that effectively bans asylum claims for migrants who cross the southern border illegally?

• 👍 Yes, I don’t have any major criticisms: 23%
• 😕 Yes – but it doesn’t go far enough and/or comes too late: 44%
• 👎 No: 21%
• 🤷 Unsure/other: 12%

Click here to read the most thoughtful longform responses.

+Note on sample size: We received 4,167 votes and 443 longform responses.

Meet Oreo👆, a California bear who's earned the nickname due to their affinity for the popular cookies🍪. 

• The bear recently broke into a Monrovia home through the window, emerging a few minutes later with a pack of Oreo cookies dangling from its mouth – then wandered away without any further disturbances. 

Repeat offender? Neighbor Vina Khoury said another sweet-toothed bear – who very well may have been Oreo – previously visited her garage to steal chocolate cake from her fridge.

The Niesen Stairway, pictured above, is the world's longest staircase. In which country is it located?

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Switzerland