🌊 The Great Labubu Boom

114 years ago today…

An Italian museum worker snuck into the Louvre and stole the Mona Lisa. His scheme was straight out of National Treasure: He donned a white smock to blend in with museum staff and scheduled the heist on the day the museum was closed.

He held the smirky portrait in his trunk for two years before finally trying to sell it in Italy. Police then arrested him, although he served just six months in prison. Who knows? Maybe he was… framed.

–Max and Max

KEY STORY

UK Backs Off Apple

The UK dropped its demand for an iPhone “back door” amid US opposition

• In February, British security officials secretly ordered Apple to provide “backdoor” access to users’ encrypted data. The move – ostensibly to combat child abuse, terrorism, and other illegal online activities – would let the UK government retrieve all content Apple users worldwide have uploaded to the cloud. Apple and the Trump Administration fiercely opposed the move

• This week, the UK withdrew the request after an intervention by Tulsi Gabbard, President Trump, and VP JD Vance

• The move came days after Vance wrapped up a trip to the UK, and on Wednesday, the UK’s Telegraph reported that Vance explicitly intervened to get the proposal canceled

Dig Deeper

• The news sits at the confluence of two major trends: A growing relationship between Trump and Apple CEO Tim Cook, and growing concerns within the Trump Administration about the UK’s “Online Safety” policy

• Cook has cultivated a warm relationship with the president by pledging $100B+ in US investments. Trump has reciprocated by exempting iPhone components from tariffs and is potentially now lobbying on the company’s behalf in the UK

• Trump, Vance, and Gabbard have also been vocal critics of the UK’s clampdown on allegedly harmful internet speech, which has seen the country arrest thousands of people for social media content deemed offensive or obscene

KEY STORY

Labubu Boom

Shares in Labubu-maker Pop Mart soared after reporting record-breaking profits

• Labubus are mischievous elf-like collectible toys created by a Hong Kong artist and popularized worldwide by Pop Mart, which sells them in sealed mystery packages where buyers don’t know which figure they’ll get

• This week, Pop Mart reported that the popularity of Labubus helped sales more than triple in the first half of 2025 and reported a 400% increase in profit

• The news led shares up more than 10% to a record high, making Pop Mart worth more than double Hasbro and Mattel combined

Dig Deeper 

• Despite the boom, some analysts think the viral hype may soon die off and that the company needs to create more viral IP to justify its high market cap

• The company also faces political risks: In June, the People’s Daily, the Chinese Communist Party’s official news outlet, effectively threatened a crackdown by warning that the company’s “blind box” mystery format could induce addictive behaviour in kids

KEY STORY

Israel Enters Gaza City

Israel began its initial assault on Gaza City on Wednesday as a continuation of Operation Gideon's Chariots, which has enabled Israel to take control of at least 75% of Gaza since launching in May

• Gazans have fled the eastern and southern parts of the city over recent days

• Israeli forces moved into position around Gaza City on Wednesday, with troops already operating in the Zeitoun and Jabalia areas as preparations for a broader offensive

• Defense Minister Israel Katz approved mobilizing 60,000 additional reservists and extending orders for 20,000 current reservists, describing the planned operation as “gradual, precise and targeted”

Dig Deeper

• International organizations warned of humanitarian consequences, with hundreds of thousands of Palestinians expected to receive evacuation orders

• The UN and aid groups said forcing mass displacement southward “is a recipe for further disaster and could amount to forcible transfer,” noting southern areas were already overcrowded

• French President Emmanuel Macron warned the plan “can only lead to disaster for both peoples and risks plunging the entire region into a cycle of permanent war”

QUOTE OF THE DAY

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KEY STORY

Trump Admin Strips Clearances

Director of National Intelligence Tulsi Gabbard revoked the security clearances of 37 current and former national security officials

• In July, Gabbard claimed that Obama Administration officials conspired to undermine President Trump's 2016 victory by manipulating intelligence reports to show a Russia-Trump collusion. She declassified documents and sent criminal referrals to the Justice Department

• On Tuesday, Gabbard announced the revocations in a memo, stating the officials allegedly engaged in "politicizing and manipulating intelligence, leaking classified intelligence without authorization, and/or committing intentional egregious violations of tradecraft standards"

• Over two dozen of those on the list had signed a 2019 letter stating that allegations about Trump's request to President Zelensky to investigate Joe Biden while withholding military aid were serious enough to merit the House impeachment proceedings then underway

Dig Deeper 

• The list included three current senior intelligence officials who lost their positions along with their clearances. Among them were an official who briefed Congress about Russian election activities in 2020 and an NSA data scientist working on quantum computing and AI

• Senator Mark Warner (D-VA) stated the move was "a reckless abuse of the security clearance process" and an attempt to distract from the Epstein files

• Gabbard wrote that "being entrusted with a security clearance is a privilege, not a right" and that those who "betray their oath to the Constitution and put their own interests ahead of the interests of the American people have broken the sacred trust"

RUNDOWN
Some Quick Stories for the Office

🇺🇸 The Trump Administration has instructed the US Citizenship and Immigration Services (USCIS) to more rigorously evaluate whether citizenship applicants demonstrate “good moral character” through a comprehensive assessment of their behavior and societal contributions

🧑‍⚖️ A Manhattan federal judge rejected the government's request to unseal grand jury testimony from Jeffrey Epstein's sex trafficking prosecution, citing insufficient justification for the unusual move. The judge noted that only a single FBI agent testified before the grand jury, making the transcripts far less significant than other investigative materials already available

🇷🇺 Russia insisted Wednesday it must have veto power over any security guarantees for Ukraine, also demanding that China be included in any protection framework. Ukraine has protested giving Russia veto rights over its defense

🦟 A mosquito-borne virus causing prolonged joint pain is spreading globally as mosquito habitats expand

🇻🇦 Pope Leo will return to the traditional papal apartments in the Apostolic Palace, breaking with his predecessor, Francis, who lived in the simpler Santa Marta residence for 12 years. The new pope plans to share the apartments with companions, though the Vatican hasn't revealed who will join him

What does Roca Nation think?

🙏 Yesterday’s Question: What’s an uplifting quote or proverb that you think of often?

🥓 Today’s Question: What are your thoughts on Cracker Barrel?

Reply to this email with your response!

POPCORN
Some Quick Stories for Happy Hour

🤑 Game Over: India plans to ban all real-money online gaming under new legislation that would prohibit both skill- and chance-based games involving cash stakes

🏈 A-glove and Beyond: While competing in Copa Sudamericana, Brazilian goalkeeper Fabio Deivson Lopes Maciel broke the world record for most competitive football appearances with his 1,391st match, surpassing England's Peter Shilton

🏀 Assists to Analysis: Former NBA All-Star John Wall announced his retirement after 13 seasons, transitioning to a broadcasting role with Prime Video's new NBA studio show

👛 Lost and Ford: A Ford mechanic in Minnesota discovered a wallet that had been missing for 10 years while repairing a 2015 Ford Edge, reuniting it with the retired Ford employee who built the car

🚨 Ding Dong Danger: A Texas man was arrested for firing multiple shots at teenagers fleeing after they performed the “ding dong ditch” TikTok challenge at his home. Damon Wolfe, 58, faces three counts of aggravated assault after shooting at a vehicle containing three teens who had rung his doorbell and run away on July 28

ROCA WRAP
Reading Revival

Denmark

This Nordic country scrapped its 25% sales tax on books to address a national reading crisis.

Denmark is known for its high standard of living, progressive social policies, and cultural contributions, including fairy tales and modern design. The country has traditionally taken pride in its education and literacy, making recent developments particularly concerning for policymakers. Now, officials are grappling with alarming statistics that challenge Denmark's educational reputation.

According to research from the OECD, an intergovernmental forum, one in four Danish 15-year-olds cannot understand basic written text. Denmark’s culture minister described the situation as a “reading crisis” that has been “spreading in recent years” throughout the country. Another official said young people face constant distractions in the digital age, making it harder to develop essential reading skills.

This week, Denmark announced it would abolish the 25% value-added tax on books, making it one of the most aggressive policy responses to declining literacy in Europe. The measure will cost the government approximately 330M kroner ($50M) annually. The culture minister said he was “incredibly proud” of the decision and argued that “massive money should be spent on investing in the consumption and culture” of Danish citizens.

Danish officials warned that while younger children can still improve their reading abilities relatively easily, literacy gaps become much harder to close by age 15. The timing makes Denmark's intervention critical for preventing long-term educational consequences. In a country famous for storytelling, officials hope cheaper books will help write a better ending to the reading crisis.

EDITOR’S NOTE
Final Thoughts

We were surprised to see so many of you go to the mat to defend Millennials for ordering off the kids’ menu. As one Millennial and one Gen Z/Milllenial hybrid who’ve hard our fair share of chicken tender baskets, we appreciate the support.

The argument that it’s actually a healthy move because of portion size is an interesting one. Maybe RFK Jr. will do a press conference this week holding a tray of dino nuggies. Except with him it will probably be literal dinosaur nuggets.

–Max and Max