JPMorgan Has Historic Q2 & New York Temporarily Bans Data Centers

**SPEAKER_1** (0:01)
Are you sucking wind from trying to keep up with AI and its impact? Take a breather and tune in to The Intelligence Shift, Morning Brew's new podcast with PwC. It bridges the gap between big picture AI concepts and what it actually means in practice. Host Dan Priest is joined by expert guests to discuss AI's role in sports, music, HR and more. Listen to The Intelligence Shift wherever you get your podcasts.

**Raymond Liu** (0:26)
Good Morning Brew Daily Show. I'm Raymond Liu.

**Kyle Hegge** (0:29)
And I'm Kyle Hegge.

**Raymond Liu** (0:30)
Today, it's a big bank earnings bonanza.

**Kyle Hegge** (0:33)
And we'll talk about the new status symbol for the ultra rich. It's Wednesday, July 15th. Let's ride.

**Raymond Liu** (0:49)
Good morning, here's something that might inspire you today. In a report by the New York Times, a 91-year-old man is attempting to become the oldest person to hike and complete the 2,190-mile trek through the Appalachian Trail. Dale Sanders, AKA Graybeard, has been chipping away at it since September and has so far completed roughly 70% of his journey. The Appalachian Trail is a beast. It runs from Georgia all the way up to Maine, with the most difficult part where you have to scramble through the White Mounds in New Hampshire and battle severe weather patterns. Graybeard has actually already completed the trail before where he set the record in 2017 at the age of 82 No small feat. But that record was broken in 2021 by an 83-year-old hiker named MJ Eberhart, AKA Nimble Will Nomad, these nicknames are great, who happens to be a very close friend of his. Kyle, if you ever needed to set a goal in your 90s, maybe put down the Triple Crown of through hiking.

**Kyle Hegge** (1:46)
I guess, I mean, look, Greybeard versus Nimble Will is like the MJ LeBron debate of 90-year-old hikers. We gotta interview Greybeard, that's an incredible feat. When I'm 90, definitely not doing this. I wanna do like city guide stuff, like I'm not going to any mountains or trails.
I'm staying close to hospitals.

**Raymond Liu** (2:06)
I mean, it's an amazing feat. I've done some backpacking of my time. It's definitely arduous. It's all of a mental game where you're out there at first, it's kind of fun. You're enjoying nature. You're like, oh, this is nice to see. But then like day two, day three, you're like, oh my God, I've been out here for so long. And you kind of have to relinquish all the conveniences that you have in life.

**Kyle Hegge** (2:26)
I think by like minute 16, I would have that feeling.

**Raymond Liu** (2:28)
But shout out to Greybeard. All best of luck to him to complete the record. And now a word from our sponsor, Ultra Running. Hey Kyle, do you know about the Ultra Fit?

**Kyle Hegge** (2:38)
There's no such thing as an Ultra Fit. No matter how stylish you may be, you'll never impress those middle schoolers I pass every morning on my commute.

**Raymond Liu** (2:45)
Ultra, not ultra, and stop letting tweens bully you. They actually make shoes shaped like feet.

**Kyle Hegge** (2:51)
Ultra Running shoes are designed to give you room for your toes for comfort, balance and strength. Most other shoes are narrow at the toe, but Ultra has more room for your toes so they can spread out and your feet can stay in a natural position.

**Raymond Liu** (3:04)
Use promo code MorningBrew10 for 10% off your first pair of Ultra Running shoes at ultrarunning.com/morningbrew.
Big bank take little bank. That's got to be the rallying cry across Wall Street this week as five out of the six largest US banks reported their quarterly earnings for Q2. JPMorgan Chase, Citigroup, Goldman Sachs, Bank of America and Wells Fargo, sounding like an all-star team, collectively nabbed $49 billion in revenue, a 39% jump from a year ago. JPMorgan, the point guard of the bunch, scored its biggest quarterly profit ever with $21.2 billion by spreading the ball around. $4.6 billion from its stake in Visa, $6 billion from equities training, and then a behind-the-back pass with investment banking fees that scored them $3.28 billion. But the other four put up some numbers too. Goldman Sachs, who dominated the paint with $6.6 billion from its equities business, the Wing player, Bank of America, going three for three from beyond the arc, bringing in $9 billion in profits. Then you have the Hustle players, the banks who do the dirty work, Citigroup and Wells Fargo bringing in roughly $6 billion each. Kyle, it's got to be all smiles over at Wall Street.

**Kyle Hegge** (4:20)
Very incredible bath ball analogy, I will have to say. Maybe LeBron will take his talents to JPMorgan.