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Rep. Alexandria Ocasio-Cortez introduced articles of impeachment against Thomas on July 10 for influencing court decisions with "financial and personal entanglements."

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Welcome back! President Joe Biden's reelection campaign is facing a critical moment. Sen. Peter Welch became the first Senate Democrat to publicly call for the president to drop out of the race — and some Democratic leaders might also now be open to ditching Biden. Hollywood, too, is starting to change its tune.

All eyes will be on Biden's solo press conference today closing out this week's NATO summit.

But for now, we're turning to Wall Street in our big story, as big banks gear up to report their earnings.

What's on deck:

• Markets: Unless the Fed starts to cut rates soon, millions of Americans could lose their jobs.
• Tech: Samsung just unveiled a host of new products, including an AI-powered fitness ring.
• Business: Warner Bros. Discovery CEO David Zaslav would like a new president.

First, it's (almost) showtime.

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The big story

Earnings to watch

Just like that, it's Wall Street earnings season once again.

To kick things off, JPMorgan, Citigroup, and Wells Fargo will be reporting their second-quarter earnings tomorrow.

We'll continue to hear results next week, with Goldman Sachs and BlackRock reporting on Monday, and Bank of America and Morgan Stanley on Tuesday.

To get a sense of what we could expect from these calls, I spoke with Kaja Whitehouse, a senior finance editor at Business Insider.

She told me that, among other things, bankers and investors will be keeping an eye out for updates on Jamie Dimon's retirement, news on banks' AI adoption, and whether more banks will start charging consumers for their checking accounts.

To really break it down for you, here's my Slack conversation with Kaja.

Is investment-banking activity coming back?

Wall Street banks have been waiting for M&A, IPOs, and other fee-generating corporate dealmaking to come roaring back for two years. There are finally signs activity is picking up.

When Jefferies reported Q2 earnings in June, it said investment-banking revenues grew 8.6% from the previous quarter and 59.4% from the same quarter last year across all business lines. Jefferies is much smaller than JPMorgan and Goldman Sachs, but its earnings are still closely watched as an indication of what's to come.

Will Jamie Dimon share more details about his impending retirement?

In May, the CEO shocked Wall Street by saying he plans to step down in the next five years. As Wall Street's longest running and best known CEO, his replacement and what he plans to do next are big dinner-table topics.

Will banks start charging for everyday consumer products like checking accounts?

Last week, Marianne Lake, CEO of JPMorgan Chase's consumer and community banking, suggested banks could start charging for things that are currently free. That includes checking accounts and financial planning tools.

What's going on with AI?

We're always watching for news on AI adoption, including how the tech might help companies maximize their potential and cut costs. Last quarter, BlackRock CEO Larry Fink said AI has helped the asset manager increase productivity without increasing headcount.

3 things in markets

1. We're at the edge of an unemployment cliff. The labor market's post-pandemic boom has cooled. Unless the Fed cuts interest rates, the recent unexpected rise in unemployment is going to get worse, economist Neil Dutta argues.
2. Private equity preps for commercial real estate grab. Investors have more than $250 billion in cash earmarked for North American properties. That's a sign the firms are gearing up for a well-timed pounce on the beleaguered sector, which is beset by high interest rates and vacancies caused by the remote-work shift.
3. After Tesla's big win streak, Elon Musk is once again the world's richest person. Musk's net worth grew by $67 million during Tesla's 10-day stock soar, bringing his overall net worth to $274 billion. He surpassed Jeff Bezos, the previous No. 1 Rich Guy, by $53 billion.

3 things in tech

1. No rizz? Big Tech might be to blame. A 35-year-old FAANG manager is ready to settle down, but the demands of his job have made dating in Silicon Valley a struggle. He described the last decade of dating ups and downs — including one dreaded situationship.
2. Samsung's ring to rule them all. The Korean electronics giant unveiled its shiniest new device, an AI-powered fitness tracking ring. The Galaxy Ring is a direct competitor of the Oura Ring, and a step away from the smartwatch, though Samsung still has plenty of those to go around. It also launched two more foldable phones.
3. Can these new social apps make their 15 minutes last? You've heard of Instagram and TikTok. Then there was BeReal, followed by Lapse, NGL, and most recently Noplace. If these last few don't ring a bell, it's because they largely haven't lived past the initial buzz. Alternatives to Big Social pop up often, but so far, none have stuck around long.

3 things in business

1. Locked out with nowhere to go. Illegal eviction complaints are on the rise, with tenants often left stranded. Those at the margins of the rental market — living in long-stay motels or informal trailer parks, for instance — are especially vulnerable. To make matters worse, police rarely crack down on the landlords.
2. David Zaslav would like a new president. The Warner Bros. Discovery CEO, like many tech and media bosses, isn't a fan of Joe Biden's antitrust policies. But while others in the biz shy away from saying it outright, Zaslav has made it clear: He wants someone else in charge.
3. Montana's housing crisis is a warning for older homeowners. Owning a home doesn't guarantee financial security in old age, as Montana's current housing issue shows. Though home values have skyrocketed, so have the costs associated with ownership, which can leave older homeowners with no choice but to downsize.

In other news

• Biden faces a closer race in deep blue New York, a huge problem for swing-district Democrats.
• Costco is raising its membership fee for the first time in 7 years.
• A brain expert explains the cognitive test used to assess a president's mental fitness. It's not easy.
• An exodus of investors is underway at Index Ventures on the back of a $2.3 billion fundraise.
• Microsoft and Apple may be playing the long game by ditching OpenAI board roles.
• Why Amazon wants you to pick up your Prime Day orders this year.
• Costco's hourly workers are getting a raise — read the CEO's memo.
• Fisker founder cuts salary to $1 to cover bankruptcy costs.
• Donald Trump threatens to send Mark Zuckerberg to prison if he is elected.
• Gen Zs are better at 'loud budgeting,' but nearly half still need financial support from family: study.
• Clarence Thomas accepted a free yacht trip to Russia and got flown out on a complimentary helicopter ride to Putin's hometown, 2 Democratic senators say.

What's happening today

• Delta Air Lines, PepsiCo, and other companies are reporting earnings.
• CPI data is released by the Bureau of Labor Statistics.
• President Biden wraps NATO summit with a press conference.

The Insider Today team: Jordan Parker Erb, editor, in New York. Lisa Ryan, executive editor, in New York. Joe Ciolli, executive editor, in Chicago. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.

• Tesla currently has six massive Gigafactories building batteries and electric vehicles.
• The company also has plans to build a seventh Gigafactory in Mexico.
• Here's a look at Tesla's Gigafactories, which Elon Musk said he wants to build 10-12 of in the next several years. 

Elon Musk's Tesla's Gigafactory network is set to grow as the company aims to meet his ambition to build as many as 20 million electric cars a year.

There are already six gigafactories around the globe where Tesla builds its Model S, Model X, Model Y, and Model 3 vehicles as well as the Cybertruck. A seventh, Tesla's first factory in Mexico, is also in the works, and more are likely to come as Tesla's sales volume increases.

"Ultimately, we will end up building, I don't know, probably at least 10 or 12 Gigafactories," Musk said at Tesla's annual meeting in 2022.  

Here's a look at Tesla's Gigafactories and why they're so critical to the company's growth plans. 

How many Tesla Gigafactories exist?

Tesla currently has six massive Gigafactories located in Fremont, California; Sparks, Nevada; Berlin, Germany; Shanghai, China; Austin, Texas; and Buffalo, New York. 

In March of 2023, Tesla confirmed plans to build a Gigafactory in Mexico. The plant will sit in the industrial hub of Monterrey. After initially lauding the addition of a Mexico factory, Tesla has pumped the brakes on the project amid a tougher electric vehicle market.

Do Tesla Gigafactories produce cars?

Tesla's Gigafactories do a mix of battery and electric car production, depending on the location. 

• Fremont, California — the first Tesla gigafactory — has manufacturing capacity for 550,000 Model S and Model X vehicles annually and 100,000 Model S and X vehicles.
• Tesla's Nevada factory is where it will eventually produce the Tesla 18-wheeler Semi, thanks to a $3.6. billion investment it announced in 2023. Right now, the Gigafatory produces batteries and electric motors.
• Tesla's Berlin Gigafactory, which opened in 2022, manufactures battery cells and has a capacity for over 375,000 Model Y cars per year. 
• In Shanghai, China, Tesla builds Model 3 and Y cars, with capacity to ship more than 950,000 cars annually, up from an original capacity of 750,000 vehicles.
• Tesla's Gigafactory near Austin Texas — the company's global headquarters — produces Model Y cars the Tesla Cybertruck. It has a production capacity of 375,000 vehicles a year.
• Buffalo, New York is home to Tesla's Gigfactory where it produces batteries alongside its partner Panasonic. 

Musk has said he hopes to build 10 to 12 more Tesla Gigafactories to reach his goal of making 20 million cars a year by 2030.

Tesla says its Berlin Gigafactory is its "most advanced, sustainable and efficient facility yet." The plant was initially met with opposition from local environmental groups who decried the loss of forest land for the factory. Activism around the Berlin plant reignited this year over a planned expansion of the plant. Despite pushback, the German government recently gave Tesla the go-ahead on its expansion plans.

How much electricity does a Gigafactory use? 

Ahead of the Nevada Gigavactory's construction, state officials estimated it would need up to 2,300 GWh of electricity annually. For context, an average American home uses only about 10,000 KWh annually, according to the US Energy Information Administration. 

How many batteries will a Gigafactory produce? 

From its opening in 2014 through the start of last year, The Gigafactory Nevada produced:

• 7.3 billion battery cells (37 GWh+ annually)
• 1.5 million battery packs
• 3.6 million drive units

In Berlin, Tesla currently builds 6,000 cars per week. It took the company a year to reach the 5,000 car-per-week milestone. It's a model Tesla's set to copy for new factories and helps support the company's goals of 25,000 cars per year per factory. 

How expensive is a Gigafactory to build? 

Tesla's Gigafactory planned in Mexico would cost $10 billion, making it the most expensive Gigafactory yet. For comparison, the Berlin Gigafactory — the second most expensive facility — cost around $5.5 billion, according to Reuters. 

• Intuit's CEO wrote in an email to staff that 1,050 of 1,800 cut employees didn't meet expectations.
• The company plans to hire a roughly equal number of workers in roles in engineering and prudcut.
• The company is moving forward with a reorganization plan to focus on "key growth areas" like AI.

Intuit announced Wednesday that it's cutting 1,800 employees, 1,050 of whom weren't meeting expectations, according to an email from the CEO.

"We've significantly raised the bar on our expectations of employee performance," the CEO wrote in the email included in an SEC filing.

CEO Sasan Goodarzi added in the email that the company believes the staff would find more success elsewhere, the report said. Intuit did not respond to a request for comment.

The company is also reducing the number of executive employees by about 10% and will cut 300 employees to "streamline work and reallocate resources toward key growth areas," the email said. The tax-preparation software company, which offers products like Credit Karma and TurboTax, is moving forward with a "reorganization" plan to focus on these areas, according to the SEC filing.

The CEO noted in the email that the cuts aren't a cost-reduction measure. In fact, the company plans to hire a "nearly equivalent number of employees in fiscal 2025 " and expects its overall head count to grow, the filing stated.

"We do not do layoffs to cut costs, and that remains true in this case," Goodarzi said in the letter.

Some of the key areas include its AI-powered assistant Intuit Assist, according to the filing. The CEO also stated plans to make investments in data and AI, accelerate money solutions, and expand its international growth, the filing detailed. The company is consolidating 80 tech roles in sites with growing technology teams, like Tel Aviv, Toronto, and Bangalore.

The CEO said in the email that the "era of AI is one of the most significant technology shifts of our lifetime" and companies that don't take advantage of it will fall behind. Intuit plans to hire for roles in engineering and product, and customer-facing roles like sales and marketing, according to the filing.

Intuit isn't the only company shifting its staffing to make way for AI advancement. A number of tech companies have done the same, and CEOs at companies like Google, Microsoft, and Dropbox have cited AI in their reasoning for layoffs.

The cuts could cost the company up to $260 million, including severance, employee benefits, and charges related to share-based compensation and site closures. However, these estimates could vary, the company noted in the filing.

US employees who were cut will receive a minimum of 16 weeks of pay and two additional weeks for each year of employment. Employees will have 60 days before ending their time at Intuit, and international employees will receive similar support, with variations depending on local requirements.

"This timing allows everyone leaving to reach their July vesting date for restricted stock units and the July 31 eligibility date for annual IPI bonuses," Goodarzi said in the email.

• Elon Musk offered his sperm to seed a settlement on Mars, anonymous sources told The New York Times.
• Secretive teams at SpaceX are investigating options for a Mars colony, including reproduction, according to the report.
• It's unclear whether it's possible to have babies on Mars due to high radiation and low gravity.

Elon Musk's obsession with Mars has reached new heights.

The billionaire SpaceX CEO is so enamored with his vision of starting a colony on the red planet that he's offered to donate his sperm to the cause, according to a report The New York Times published on Thursday.

According to the report, which is based on over 20 interviews the NYT conducted and internal SpaceX documents, Musk has quietly directed SpaceX employees to investigate the details of how a Mars colony would work, with one team focusing on dome habitats, another team on spacesuits, and another on reproduction. Two anonymous sources told the Times that Musk had volunteered his sperm.

Musk has long touted a thriving Mars settlement as his life's top ambition, saying it's necessary to make the human species interplanetary in case of an extinction event like an asteroid impact.

But Musk has also been waging a personal battle against his fears of underpopulation — which he has called "the biggest danger civilization faces" — by fathering a lot of children.

He has had 12 known children with three different women, including with Shivon Zilis, one of his top executives.

It's only fitting that Musk might take that mission to Mars. However, it's not yet clear whether human reproduction is possible on the red planet.

Making babies in space

"Studies have shown that you can send freeze-dried sperm into space sealed, like freeze-dried coffee effectively," Adam Watkins, associate professor of reproductive biology at the University of Nottingham, previously told Business Insider.

"You would then do something like IVF with those sperm and eggs and transfer the embryos into females who are already established at the other end," such as in a Mars settlement, he explained.

At that point, though, things get complicated and risky. Being in space, with reduced gravity and lots of radiation, is tough on the human body.

"We don't even know if it's possible for someone to become pregnant in space," Dr. Kris Lehnhardt, who leads research at NASA on medical systems for deep-space exploration, previously told BI.

Even if a person could become pregnant beyond Earth, the intense radiation in space could be harmful to a developing embryo or fetus. Mars offers little protection from solar and cosmic rays. It's atmosphere is just 1% the volume of Earth's.

Musk has previously indicated that giant glass domes and possibly even living underground could help protect Mars residents from harmful radiation, but by how much is unclear.

A person standing on the surface of Mars would also experience only 38% of the gravity on Earth. It's uncertain how that would affect a pregnancy.

Musk isn't the only one trying to figure this out. A company called SpaceBorn United is researching the feasibility of in vitro fertilization (IVF) in space, planning to try space IVF on mouse embryos. Eventually, the initiative aims to test on human embryos.

"When you look at what will be needed for us to be an off-planet species, that starts to stick out as one of the really, really big unknowns," David Cullen, a professor of space biotechnology at Cranfield University who is working with SpaceBorn United, previously told BI.

Musk and SpaceX did not respond to a request for comment.

• Biden has insisted several times that he's staying in the race.
• Congressional Democrats keep responding: Have you really made that decision?
• "I think there's a sense that we need to have the conversation open still," said Rep. Ro Khanna.

After House Democrats' gathering to discuss President Joe Biden's future on Tuesday morning, Rep. Ro Khanna of California — a surrogate for Biden's reelection campaign — told me that the conversation among his colleagues on the topic was just about over.

"The consensus is that President Biden's our nominee," Khanna said. "I think there's a recognition that he's made a decision that he's running, and he enjoys the support of a lot of senior leaders and important caucuses, like the [Congressional Black Caucus], and we're moving forward."

On Thursday, the California Democrat offered a rather different assessment. "I think there's a sense that we need to have the conversation open still, and listen to people," he said. "It shifts every day. One day they're like, '100 percent, he's in.' The other day it's like, 'oh, maybe not.'"

Those shifts haven't been taking place at the White House, at least publicly. Biden has reiterated that he's staying in the race, he's the Democratic nominee, he won the party's (uncompetitive) primaries, and he doesn't want Democrats to continue talking about this. He's done it several times.

The shifts have been happening on Capitol Hill, spearheaded by Rep. Nancy Pelosi, the former speaker of the House who remains a well-respected figure in the party. During an appearance on MSNBC's "Morning Joe" on Wednesday — the same program where Biden urged his doubters to "challenge me at the convention" on Monday — Pelosi said that it's "up to the president to decide if he is going to run."

"We're all encouraging him to make that decision," Pelosi said. "Because time is running short."

"Gaslighting," a term far too often used as a substitute for "lying," refers to the manipulation of a person's perception of reality by feeding them false information. It's a charge that some Democrats made about the Biden campaign's messaging in the wake of the president's disastrous debate against former President Donald Trump last month. Everything's fine, we're moving forward, nothing to see here. Now, Democrats in Congress — by suggesting that Biden hasn't made his decision after all — sure look like they're returning the favor.

Pelosi's comments have shaken things up. After a lull at the beginning of this week, the calls for Biden to step aside from Democratic lawmakers are growing once more. The situation for the president once again feels untenable. As Khanna said, things shift every day, so it's still difficult to make a prediction about the end result at this point. Biden's press conference tonight will be pivotal. But for now, the silence that Biden and congressional leaders tried to enforce on Monday has failed to hold.

At Hakeem Jeffries weekly press conference on Thursday, I asked the House Minority Leader whether he believed Biden had made his final decision about whether to stay in the race. If that were the case, Jeffries could have said "yes." Instead, he offered a version of the statement that gave in response to three of the 11 questions he fielded about Biden.

"House Democrats are engaged in conversations with House Democrats at this moment in time. Those conversations have been candid, clear-eyed and comprehensive," Jeffries said. He likes alliteration. The Democratic leader clearly isn't taking "no" for an answer yet either.

It's probably a stretch to say that these Democrats are actually gaslighting Biden. What they're doing instead is something far more delicate: Signaling to the president that they're not satisfied with him staying in the race, while doing their best not to upset his ego, lest their efforts to nudge him out backfire. After all, the president is known to be stubborn. He's shown as much over the course of the last week as he's not only insisted that he's the best candidate to defeat Trump, but engaged in a straight-up denial of the reality of his poor polling.

That need for delicacy, however, has led to a degree of confusion. On Thursday, I asked Rep. Jim Clyburn — the South California Democrat who arguably saved Biden's candidacy in 2020 with his endorsement — whether he believes Biden's made his final decision.

"I am ridin' with Biden, no matter what his decision is. Whether or not it's final, I don't know," said Clyburn. "But I'm with him. I have no idea what's going on in his head. But I'm taking him at his word."