President Biden's reelection campaign is on its last legs as Democrats' fears extend beyond losing just the White House

President Joe Biden has desperately tried to convince his fellow Democrats that he's still their best hope after his disastrous debate.

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Good morning. A mass IT outage is affecting flights, banks, and supermarkets around the world. American Airlines, United Airlines, and Delta grounded some of their flights. The issue appears to be linked to the cybersecurity firm Crowdstrike.

In today's big story, President Biden's comeback plan isn't working, and Democratic leaders are ready to move on.

What's on deck:

• Markets: Blackstone wants to be the king of AI infrastructure.
• Tech: Netflix's earnings report knocked it out of the park again.
• Business: JPMorgan's Jamie Dimon isn't rushing to cut interest rates.

But first, the walls are closing in.

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The big story

Democrats' dilemma

The US presidential election will be decided in November, but one candidate's race could end shortly.

President Joe Biden's reelection campaign appears to be on its last legs as calls within his party have grown from whispers to shouts since his disastrous debate last month.

The president has worked hard over the past three weeks to quiet the doubters, but it's proved futile, writes Business Insider's Brent D. Griffiths.

Even those in Biden's corner aren't necessarily helping his cause. Sen. Bernie Sanders, who voiced his support for Biden, acknowledged Biden sometimes "doesn't put three sentences together."

That's led some Democratic leaders to take a more aggressive approach to get Biden off the ticket, writes BI's Bryan Metzger.

Reports emerged that Chuck Schumer, Hakeem Jeffries, and Nancy Pelosi have all privately spoken to Biden about concerns the party has with him staying the race, writes Sarah Gray and Kelsey Vlamis.

But perhaps the biggest blow to Biden's reelection campaign came with the news that his former running mate has doubts. Former President Barack Obama reportedly told allies he worries about donors' and voters' waning support.

Bumping Biden isn't just about the presidential election.

Yes, the majority of Democrats don't want Biden to run anymore, according to one new poll. And yes, an analysis by FiveThirtyEight of national polls has Trump leading Biden by 2.7 percentage points.

But for some Democrats, the risk of Biden continuing his reelection campaign could extend from the White House to Capitol Hill.

Schumer and Jeffries reportedly voiced concerns to Biden about the risk the president was putting on down-ballot Democrats vying for seats in Congress. Case in point: Rep. Adam Schiff, who is running for Senate this November, called on Biden to drop out.

Still, despite mounting pressure, Biden's campaign has remained steadfast about his reelection bid.

"He is not wavering on anything. The president has made his decision," Quentin Fulks, deputy campaign manager, said at a press conference Thursday morning.

And while the future of Biden's campaign ultimately sits with Biden, there is one outside factor that could play a role in his decision: his doctors.

Biden has previously said a medical condition could be something that would cause him to reevaluate running. So a recent COVID-19 diagnosis, his third in two years, could be what ultimately has Biden change his tune.

3 things in markets

1. A top Wall Street trading firm is turning to Google to supercharge its strategies. Hudson River Trading is using Google Cloud to quickly test new strategies and access powerful AI chips (a hot commodity these days). It's part of an ongoing trend making the public cloud table stakes for quant firms.
2. The biggest threat to the market is one no one can really see. In a Bank of America survey, investors said lending outside the traditional banking system, known as private credit, posed the biggest risk for a future credit event. So-called shadow banking even surpassed the beleaguered commercial real-estate market.
3. Blackstone aims high with lofty AI goals. CEO Steve Schwarzman revealed the private-equity giant's AI endgame on Thursday's earnings call: It wants to be the biggest investor in AI infrastructure in the world. Schwarzman compared AI to the lightbulb to underscore how transformative he thinks it'll be.

3 things in tech

1. Nvidia likely to shush AI chip critics. Jensen Huang's company is set to silence critics when it announces Q2 earnings in August. According to a Goldman Sachs note, the chipmaker is expected to emphasize how Nvidia's customers are generating profits and revenue from the use of its AI-enabled GPU chips.
2. Netflix stays winning. The streaming giant blew past subscriber expectations in Q2, adding more than 3 million new subscribers than expected. But its ads business is still a work in progress: ad sales VP Peter Naylor is moving on less than a year after he got a new boss in Amy Reinhard.
3. Starbucks: Your source for caffeine and EV charging. In a win for coffee lovers and electric-vehicle drivers alike, Mercedes-Benz is installing EV chargers at 100 Starbucks locations across the country. The move could be a jolt to the EV industry, helping drivers overcome range anxiety.

3 things in business

1. Is it time for a Warner Bros Discovery breakup? In 2022, Discovery merged with WarnerMedia to create Warner Bros Discovery. Investors hated the move, and now someone at WBD is floating the idea of undoing the merger. It's an indication that the mashup didn't work.
2. Jamie Dimon's hot take. The JPMorgan boss said he thinks the Fed should move slowly when it looks to cut interest rates, in contrast to the market's soft-landing optimism. He gave several reasons why he believes inflation could rise again in the near future.
3. How to get hired at a top consulting firm. With cushy paychecks and perks, jobs at firms like McKinsey, Ernst & Young, and PwC are lucrative — and hard to come by. BI spoke with four major firms about what they're looking for in applicants. (Hint: Problem-solving skills are a must.)

In other news

• Blackstone is doubling down on its efforts to woo the wealthy with 2 new funds, flying in the face of BREIT critics.
• Trump's stance on Taiwan could be devastating for the US economy.
• McDonald's $5 meal deal is working, and it shows how hungry diners are for value deals.
• Ex-CEO of company that helped Trump Media go public accused of securities fraud.
• Amazon delivery drivers share 8 things they wish customers would stop doing.
• Why the interview process is more annoying than ever.
• Cadillac revealed a swanky new Escalade with tech previously only found in EVs.
• The new phase of the US-China tech war risks a whole lot of collateral damage.
• The Olympics will be dominated by social media and influencers this year, as Gen Z and millennials look for fun and unique coverage.

What's happening today

• American Express and other companies are reporting.
• Democratic National Convention Rules Committee meets to plan nomination of Joe Biden and Kamala Harris. It's a procedural step that puts the Biden-Harris ticket one foot closer to locking in, even as calls for Biden to step down intensify.
• Harvey Weinstein appears in court as New York prosecutors seek a retrial for sex crimes.

The Insider Today team: Dan DeFrancesco, deputy editor and anchor, in New York. Jordan Parker Erb, editor, in New York. Hallam Bullock, senior editor, in London. Annie Smith, associate producer, in London. Amanda Yen, fellow, in New York.