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Maverick Mountain ski resort destroyed by fire, Missoula Applebees closes, Yellowstone visits down, Boeing deliveries take a tumble, Montana State bringing American Wool back, US budget deficit approaching $2T, Washington senate race heading to recount.

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Joby Aviation Makes Massive $500 Million Defense Play. Here's What It Means For Investors. (MF)

CoreWeave stock pops 13% as revenue doubles on accelerating AI infrastructure demand (CNBC)

Trump Weighs Call for Capital Gains Tax Cuts as Midterm Boost (BBG)

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Big Grass fire now largest in state history, 35% contained (ORL)

MSU launches a new Wool Lab to revive an old industry (MTFP)

“On a hot August afternoon, wool expert Brent Roeder strode among sheep, combing his fingers through their fleece to assess color, length and uniformity. Roeder, an extension specialist at Montana State University, tends to the college-owned flock at an old off-campus cavalry barracks called the Fort Ellis Research and Teaching Farm. The flock exists to give agriculture students hands-on experience. That includes learning how to raise high-quality sheep for sales like the one in Miles City that Roeder plans to take six animals to this September.

“You’re taking your best of your best,” Roeder said. 

Roeder is on a mission to revitalize the regional wool industry. He manages the university’s new Wool Lab, a facility dedicated to making wool production more efficient and more profitable for Montana’s sheep ranchers. He has spent a lifetime watching synthetic fiber undermine demand for wool. Now, Roeder hopes the new facility can show students “why the wool industry is still important and relevant.”

“I’m a little gray-haired. Finding this next generation was part of the investment in this lab, to be able to teach that next generation so they could innovate,” Roeder said

The disappearance of wool labs tracks with the wool industry’s slow and steady decline. Over the last 80 years, the U.S. sheep herd has decreased by 90%. That’s partly driven by rising agricultural input costs, regional drought and an increase in imported lamb. 

Montana has not been immune to the squeeze. Over the last 30 years, in-state wool production has dwindled by two-thirds, and sheep-ranching operations have declined by half. As of 2024, Montana was home to about 190,000 sheep and about 1,100 wool operations. 

Synthetic fabric has overwhelmed the market share that wool once ruled, according to Roeder. 

“It’s really only been over the last 70 or 80 years that synthetics have come in. And they’ve completely dominated the whole fabric manufacturing system,” Roeder said.

One way the lab hopes to boost the regional market is by helping ranchers breed animals that produce wool that can be worn comfortably next to human skin. That requires that wool fibers be less than 30 microns (0.001 inches) thick. Next-to-skin wool doesn’t itch. And most of the country’s domestic supply of next-to-skin wool comes from Idaho, Utah, Wyoming and Montana, according to Leach.”

NuScale Power launches $750 million at-the-market stock offering program (INV)

“NuScale Power Corporation (NYSE:SMR) announced Tuesday that it has entered into a sales agreement with UBS Securities LLC, B. Riley Securities, Inc., Canaccord Genuity LLC, Craig-Hallum Capital Group, LLC, TCBI Securities, Inc. (doing business as Texas Capital Securities), and Tuohy Brothers Investment Research, Inc. The agreement establishes an at-the-market (ATM) equity offering program under which NuScale may offer and sell up to $750 million of its Class A common stock over time at its discretion. The capital raise comes as the company, with a market cap of $4.22 billion, continues to burn through cash with negative free cash flow of $778.82 million over the last twelve months.

According to the company’s statement, NuScale will determine the timing, amount, and price parameters for any stock sales under the program. The shares may be sold through the listed sales agents using methods that qualify as “at the market offerings” as defined under SEC regulations, including sales on the New York Stock Exchange or other trading markets.

The sales agents will receive a commission of up to 2% of the gross proceeds from any shares sold. The agreement includes customary indemnification and contribution provisions for the participating agents.

The ATM program will remain in effect until all $750 million in shares are sold or until the agreement is terminated in accordance with its terms.”

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