Alternative Investing Report - July 21, 2026

Sponsored by

*as of 7/20; Sources: S&P, BTC, FTSE, DJRE, GOLD

U.S. single-family housing starts fell 0.2% in June and were down 3.2% year-over-year, while single-family building permits fell 2.4% monthly and are down 0.2% year-over-year. Conversely, multifamily starts grew by a whopping 76.3% in June and are up 19.3% year-over-year, while multifamily permits fell by 4.9% monthly and 3.0% annually. Forecasters have reduced construction expectations as mortgage rates remain elevated and home prices have mostly flattened out.

➨ TAKEAWAY: The decline in building permits signals a cooling pipeline ahead, even as the amount of multifamily projects under construction has grown. Long-term inventory, particularly for single-family housing, will remain tight, which should boost prices in the long run, particularly if and when rates go down and demand comes back. Investors should monitor construction data in their target markets, as an oversupply in apartments can lead to falling rents and competition for high-quality tenants.

Vincent's Slava Rubin is joined by Sacra's Jan-Erik Asplund to explore the rapidly growing AI infrastructure market, focusing on Fluidstack and other key companies alongside technological trends and investment opportunities. They discuss the energy demands of AI, the business models of neoclouds, and the risks and rewards of investing in this dynamic space.

🏀 Fanatics Fest: The annual collectibles convention drew an estimated 200,000 attendees, nearly double last year’s total of 125,000, with appearances from legendary athletes such as Tom Brady, LeBron James, Lionel Messi, and Novak Djokovic as well as a host of celebrities. The success of the event reflects the growing popularity of sports cards and memorabilia and how intertwined with culture collecting has become.

🏢 Retail deal volume rises: U.S. retail real estate transaction volume climbed 5% year-over-year in Q1, with limited new construction and near-record low vacancy rates drawing in investors. Retail now accounts for 14% of all real estate volume, the highest proportion in a decade, with institutional investors making up a quarter of that activity.

🚀 Valar Atomics fundraise: The nuclear energy startup is reportedly raising a $1 billion funding round at a valuation of $6 billion, triple its most recent valuation. The company is building smaller modular nuclear reactors designed to be cheaper than traditional nuclear power, which could be crucial in the AI-influenced search for cheaper sources of power.

🤖 Fireworks AI’s valuation quadruples: The AI cloud startup raised a $1.5 billion round at a $17.5 billion valuation, more than quadruple its $4 billion value from last Octobe, and nearly 30 times greater than its $552 million valuation two years ago. The company has now exceeded $1 billion in annualized revenue.

🥤 Beckham’s $1 billion raise: Former soccer star David Beckham’s health drink startup IM8 hauled in $1 billion from the VC firm General Catalyst’s Customer Value Fund. The funds are essentially a loan, as General Catalyst is not taking an ownership stake in the company, but gets the funds paid back as well as a percentage of the company’s revenue.

🧥 Jensen Huang’s jacket: A trademark leather jacket worn by the Nvidia CEO sold for $960,000, smashing the pre-sale high estimate of $60,000, showing the cult of personality that has developed around prominent tech CEOs.

Windfall Farms, the former estate of the late, longtime Jeopardy! host Alex Trebek is on the market, with an auction scheduled for August 5 if no one meets the current $33 million asking price. The 724-acre property located near Paso Robles in central California currently operates as a horse training and boarding facility alongside nearly 400 acres of working vineyards. The main house is 3,900 square feet with eight bedrooms and twelve bathrooms, and there are four barns and a full racetrack. The property currently hosts private events, corporate outings, and weddings, but there are 76 approved buildable lots if a potential buyer wants to develop the land into a residential community. Assuming it does not sell before the auction, there is no minimum bid and no reserve.