*as of 8/31; Sources: S&P, BTC, FTSE, DJRE, GOLD

Last week’s Fanatics Collect Premier auction continued the streak of strong auction results in the collectibles world, with a couple of records set and multiple seven-figure sales. A 1 of 1 Shohei Ohtani card sold for $1.14 million, the fifth Ohtani card to top $1 million this year, while a 1 of 1 Rayquaza Pokémon card became the first English Pokémon card to sell for more than $1 million. Two separate Michael Jordan rookies sold for more than $500,000, one setting a record for the card and the other posting the highest sale for the grade in more than four years.

➨ TAKEAWAY: As interest in the collectibles market waned in the past few years, there were major auctions that struggled to sell any lots for more than $300,000, and this one alone saw 20 items exceed that mark after the prior week’s Heritage auction had nearly fifty lots do the same. It has taken some time, but the market has come back to where it was during the frothy post-pandemic collectibles boom, especially at the high end.

Vincent's Slava Rubin and Sacra’s Jan-Erik Asplund discuss why nuclear and alternative energy have become compelling sectors in Pre-IPO investing. Featuring Commonwealth Fusion Systems, TerraPower, X-energy, Helion Energy, and more, they explore the technologies, market forces, and capital driving the next generation of energy companies, and why investors are paying close attention.

📈 Rate hikes on the table: In his address at the Jackson Hole symposium, Fed Chair Kevin Warsh hinted that rate hikes could be coming soon if inflation does not head towards the Fed’s 2% target. This turnaround is a significant reversal for Warsh, who was expected to spearhead rate cuts. CME’s FedWatch tool now shows a 66% chance of a 25 basis point hike at the upcoming September meeting.

🚀 Biotech funding steady: Even as AI swallows most of the capital in the VC ecosystem, funding to biotech startups remains on track to match or surpass the totals from the last three years. Part of that continued momentum is from AI-adjacent startups such as Isomorphic Labs and Earendil Labs raising big rounds.

🏢 Multifamily permitting: Coastal metros are seeing huge jumps in multifamily housing permits, with permits in Los Angeles nearly doubling, and those in New York City rising nearly 50%. Previously booming Sun Belt markets like Dallas, Houston, and Phoenix all saw annual declines as prices have fallen due to oversupply.

🤖 Instinct fundraise: The four-month old AI assistant startup is raising a $350 million round at a valuation of $2.5 billion, an estimated 5x its value from just a month ago, as the wave of AI startups continues its exponential growth.

🏡 Rent growth accelerating: Zillow is forecasting single family rents to rise 2.1% annually by the end of the year and multifamily rents to grow 1.8%, both of which represent a significant increase over forecasts earlier in the year.

🪙 Cronos network attacked: The Crypto.com-linked blockchain suspended operations after an attacker exploited the lending protocol Tectonic and managed to steal $6 million, showing that even networks and protocols affiliated with big exchanges can be compromised.

A historic courthouse in Miami that once held a trial for Al Capone remains for sale after an auction with a minimum bid of $35.4 million attracted no bids. The auction was originally supposed to end last Friday but has been extended until September 18, though the minimum bid has not been lowered. Miami-Dade county has been trying for years to sell the 28-story, 265,000 square-foot building, which sits on 1.7 acres of land. It has a historic designation which limits the renovation possibilities, though the site does allow for up to 500 units per acre. Developers have suggested converting the space into offices, retail, or even condos or hotel rooms. In 2024, the county estimated the building’s value at $54 million, but the market clearly does not agree. It remains to be seen what will happen if the building gets no bids by the extended deadline.