Under the 21st Century ROAD to Housing Act, which passed into law last week despite President Trump’s refusal to sign it, investors who already own more than 350 family homes can’t buy any more from the existing housing stock. Eight large institutional investors were net sellers of more than 3,000 homes in the second quarter of this year, a fivefold increase in net-selling activity from the same period of last year.
Share Issuance
So far this year, companies have sold $344.7 billion of new shares to investors, exceeding the full-year totals for each year from 2022 to 2025. AI hyperscalers are selling shares and debt to fund capital expenditures, which are expected to rise from $450 billion last year to over $800 billion.
Data Center Design
In effort to soothe local opposition, architects plan data centers that resemble tech campuses or art museums, rather than bland boxes.
Brookfield Hudson Square
Brookfield is in exclusive talks to buy a 10% stake in Hudson Square Properties in a deal valuing the office complex at $3.5 billion. The deal would make Brookfield the long-term operating partner of the 13-building, 6.2 million-square-foot Manhattan portfolio.
AI Employment
Companies making the largest AI investments grew employment by roughly 10% more than otherwise similar companies that hadn’t yet adopted AI.
Rate Hikes
Forward markets are currently pricing in roughly 1.5 rate hikes by the end of Q1 2027.
Marriott Coke
Marriott has started putting Coca-Cola Co. products in its properties, replacing a longtime partnership with PepsiCo. Marriott expects to continue rolling out Coke products in guest rooms, restaurants and meeting spaces over the next several months.
Precious Metals
Gold fell 13% to $4,022.90 a troy ounce over the past three months, marking its biggest quarterly decline since 2013. Silver dropped 20% to $59.48, its worst quarter since 2020.
Quarterly Rally
The S&P 500 is up 14% and the Nasdaq has jumped 20%—the biggest quarterly rallies for both since the second quarter of 2020.
Wellstone
Welltower spent more than $40 billion over six years to acquire tens of thousands of senior-housing units and now owns more than 2,500 senior-living communities, the most of anyone in the industry. Welltower’s market value has increased close to sevenfold to about $160 billion since 2020, making it the world’s largest publicly traded real-estate company.