July 8, 2026

This week’s Stifel Bits is being brought to you by our
CIO Office summer interns. Enjoy!

The Appetizer

“We’re going to chart a new course ... I want us to have a good family fight when we meet in four weeks.”

• Kevin Warsh, the new Federal Reserve Chair, speaking at the European Central Bank’s annual forum in Portugal, where he hinted at some internal debate ahead of the next rate decision.

Now, on to the numbers. Drum roll, please …

• 13%: The growth in the global billionaire population over the past year, to a record 3,302 people.
• 50 minutes: The average time it takes Germany’s Deniz Undav to score for his country, despite not being a full-time starter.
• 24: The record-extending NBA season LeBron James plans to play after ending his eight-year run with the Los Angeles Lakers and entering free agency.
• 112°F: The max heat index value reached in New York City last week.
• $4,000: The approximate price of gold after suffering its worst quarter in 13 years.

Dig In
Dear Summer Interns

If interning feels like a competitive sport this summer, that’s because it is – and no arena is tougher than New York. NYC is the most competitive city in the country to land an internship, with each posting drawing roughly 10.3 applicants a day, more than 600 over a typical 60-day window. It edges out Dallas, St. Paul, and San Francisco. The takeaway: If you’re interning in Manhattan, you’ve already come through the deepest field in the country.

But behind the 6:00 a.m. alarms and freshly memorized Excel shortcuts, every intern is quietly asking the same thing: Will artificial intelligence make this job disappear?

Tom Michaud, CEO of Stifel’s Keefe, Bruyette & Woods subsidiary, isn’t worried. “I don’t care how much AI there is. It’s not going to replace a human being who understands the analysis and can give good advice,” he said in a discussion in our recent NextGen Voices webinar. “I’m using AI to make me smarter so I can still be that trusted advisor.” In other words, AI is the calculator, not the accountant – a tool that sharpens judgment rather than replacing it.

So how do you become that person? Michaud’s mindset is refreshingly simple: “How can I be helpful? is powerful.” The interns who stand out are not waiting to be told what to do – they anticipate needs, raise their hands, and step in early.

From there, it comes down to the basics. Know what you are doing, because “You can’t fake it. You can’t wing it.” Build a strong reputation early and observe the people around you. Being reliable and easy to work with adds up, and those small wins tend to outlast the summer.

Weekly Specials

A fossil that sat in a museum drawer for 40 years just rewrote Antarctica’s history. Scientists rediscovered a bone that had been misidentified for decades and confirmed it belonged to a titanosaur’s tail – the first dinosaur bone ever found on the continent. The bigger reveal: Antarctica was once warm and forested. Not exactly the icebox we picture today.

“Neil the Seal is back.” The 1,000-kilogram southern elephant seal has returned to Tasmania and, true to form, wandered straight into town – knocking down bollards, blocking roads, and drawing crowds. Authorities are managing his movements for public safety while locals and tourists follow his every flop.

Fresh off the Knicks’ first title in 53 years, Karl-Anthony Towns partnered with UPS and Fanatics to personally hand-deliver championship merch across New York. He met fans and firefighters and stopped for photos along the way – a nice full-circle touch, given his own father once drove an ambulance. Same-day delivery, MVP edition.

Corporate Lunch

Verizon and BT Group are forming a joint venture to run their international operations across 180-plus countries and 3,000 clients. The idea is simple: cut costs, gain scale, and focus closer to home. Because nothing says efficiency like splitting the bill.

Rocket Lab acquired satellite communications provider Iridium in an $8 billion deal, accelerating its push to take on SpaceX and expand beyond launch services. The move takes Rocket Lab from launching satellites to owning the network above them.

Nike looks to have underestimated demand for USMNT jerseys, which are selling out across Fanatics, Dick’s Sporting Goods, and the official U.S. Soccer Store. The shortage suggests fan interest has blown past previous tournament cycles.

Ford is bringing back human engineers after AI-driven quality control fell short, hiring about 350 experienced “gray beard” workers. The move is already trimming warranty and recall costs by hundreds of millions. Turns out the future of efficiency might still come with a little gray hair.