Hedge funds have just delivered their best first half in 13 years, Millennium pods are printing billions, and the yen has sunk to a 40-year low - yet beneath the celebration, the industry is quietly splitting into AI winners and everyone else. This edition of Alternative Markets Weekly synthesizes the week's most important developments across performance, capital flows, talent, macro risk, activism and digital assets, anchored by this week's Opalesque Exclusives.