*as of 7/13; Sources: S&P, BTC, FTSE, DJRE, GOLD

Fractional collectibles platform Rally announced a major pivot, shifting from their original model of selling shares in individual assets to a publicly-traded fund holding a diversified portfolio of collectibles. Their new product — “PIKA” — aims to bring liquidity to the collectibles world by trading directly on the NYSE starting later this year. Rally’s existing assets are either going to be rolled into the new fund or liquidated before PIKA goes live, with exact details coming in the next few months.

➨ TAKEAWAY: Rally has outlasted its fractional collectible platform peers like Otis and Collectable by a significant margin, but last year’s SEC filings labeled the business as a “going-concern risk” with very little cash and a large deficit. The predicament necessitated a change of direction. If the company can pull off a publicly listed basket of collectibles it could be a watershed moment for the asset class. There are a lot of roadblocks in the way, but the market has been rebounding in 2026, so now is as good a time as ever to try this. Be sure to review initial valuations and terms before committing capital.

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In the newest episode of Smart Humans, Slava Rubin talks with Percent CEO Prath Reddy about the private credit market, investment strategies, and the U.S.'s economic outlook.

🚀 AI dominating VC: An incredible 86% of all venture dollars deployed in the first half of the year went to AI startups, and 87.5% went to fundraises of $100 million or more. Additionally, nearly half of all VC fundraising went to three funds - a16z, Thrive Capital and Founders Fund. Taken together, this shows an industry that is becoming heavily concentrated in at all levels, with the biggest firms chasing the biggest deals in one dominant sector.

🏡 Home prices hit new high: The median U.S. home sale price rose 2.2% year-over-year to a new record-high, largely due to high-end sales in the San Francisco Bay Area and South Florida. Existing home sales are up 4.2% year-over-year, and pending home sales are also up 4.5% annually, reflecting an uptick in buying demand.

🤖 Apple sues OpenAI: The AI startup is facing yet another major lawsuit, with Apple accusing it of trade secret theft. The tech giant claims that its former engineers who were recruited by OpenAI illegally shared proprietary data to help OpenAI launch a hardware business. The two companies have a partnership where ChatGPT is integrated in Siri and Apple Intelligence, but it would seem that is now in jeopardy.

🏢 Office vacancies dropping: U.S. office vacancy rates fell 10 basis points in Q2, with 49 of 92 markets recording lower vacancy rates. San Francisco, Orange County, CA and Midtown Manhattan have performed the best, as Class A properties in top markets have been seen a surge in demand.

📉 SpaceX’s price falling: After a blockbuster IPO that saw its stock price jump more than 50%, SpaceX stock has dropped nearly all the way back to its IPO price of $135 per share and below its initial listing price of $150. The drop has come despite its recent inclusion into the Nasdaq 100 and all of its lockup periods still in place. When big Pre-IPO holders are allowed to sell, the price might fall more significantly, as supply could exceed investor demand.

⚾ Heritage sports auction: There were thirty lots that sold for more than six figures in the most recent Heritage sports card auction, including a 1952 Topps Mickey Mantle that went for $1.55 million, and a 2000 Playoff Contender Tom Brady that went for $1.11 million.

(Michigan DNR)

From August 4-28, the State of Michigan is auctioning off almost 100 parcels of land across the state that are owned by the Department of Natural Resource. The lots range in size from under an acre to 120 acres, with starting bids ranging from $300 to more than $100,000. Many of them have frontage on rivers. Potential buyers should research the lots and contact local municipalities to confirm land use rules. Full details on the auction and instructions for bidding can be found here.