July 9, 2026
Online Sports Betting: State Tax Risk, New State Openings, the Prediction-Market Wild Card and Federal Regulation and Legislation
We believe the online sports betting debate is moving in two directions. In already-legal states, the risk is higher tax rates on online sports betting operators (DKNG, FLUT, MGM, CZR) as states look for revenue…
July 7, 2026
Midterm Election Preview: House Very Likely Flips, Senate Still Leans Republican
We continue to believe that divided government is the most likely scenario after the midterm elections as we view Democrats as having an over 80% probability of retaking the House, while Republicans have roughly a…
June 17, 2026
(NVDA, AMD, GOOGL, META, CRWV, Anthropic, OpenAI) AI Regulation: State Patchwork, Federal Export Controls, and NDAA Chip Watch
We remain skeptical that Congress will pass comprehensive federal AI legislation this year or likely next year, leaving companies to navigate a state-by-state regulatory patchwork since no current federal law exists that broadly preempts state…