Fed Signals More Hikes as Inflation Persists · Memory-Chip Supercycle Tests AI Valuations · Oil Reserves Hit 1983 Low, Markets Near Dot-Com Valuations

Market Overview and Macro Backdrop

• Cleveland Fed President Beth Hammack told Yahoo Finance she expects more than one interest rate hike will be needed to tame broadening inflation, saying "one 25 basis point move probably doesn't do a whole lot" and that "some number of movements" is likely. The comments reinforce market expectations that the Fed is closer to hiking than cutting, especially after a surprise July jobs report showed a loss of 23,000 jobs while the unemployment rate fell to 4.1% on shrinking labor-force participation. 原文
• The Congressional Budget Office now projects the fiscal 2026 deficit will hit $2.1 trillion, up from the $1.9 trillion forecast in February, because the Supreme Court struck down President Trump's tariff program and eliminated an expected $200 billion tariff windfall. The report underlines how trade-policy reversals are blowing a fresh hole in federal finances. 原文
• Valuation alarms are flashing at levels last seen before the dot-com bust. The S&P 500's Shiller CAPE ratio stands at 41.4, second only to the 44.19 peak of November 1999, while the Buffett indicator — total market cap to GDP — has hit an all-time high of 232%. The S&P 500's dividend yield has dropped to a record low 1.04%, and U.S. investor margin debt has surged to a record $1.5 trillion. Warren Buffett recently warned that the market is acting like "a church with a casino attached" and that it is difficult to find value when everyone is "preferring gambling." 原文
• Vanguard's 10-year capital markets forecast projects U.S. stocks will return just 3.3% to 5.3% annually over the next decade, with growth stocks delivering only 1.9% to 3.9% — uncomfortably close to the 4% withdrawal rate many retirees rely on. By contrast, Vanguard sees U.S. Treasury bonds returning 3.8% to 4.8% with far less volatility. 原文
• A joint U.S.-Japan intervention to prop up the yen last week exposed the reality that dollar dominance is weaker than it used to be, according to Berkeley economist Barry Eichengreen. The coordinated action, he argued, reflected concern about rising long-term yields and underscored the growing friction in global currency markets. 原文

Energy and Commodities

• The U.S. Strategic Petroleum Reserve has fallen to 298.7 million barrels, the lowest level since 1983, after the Trump administration authorized a 182-million-barrel release following the outbreak of war with Iran. The Government Accountability Office reports that aging infrastructure and construction outages mean more than a quarter of the inventory — at least 103 million barrels per Rapidan Energy — is not currently accessible for drawdown. The Energy Department says the minimum safe operating level is roughly 70 million barrels, while GasBuddy's Patrick De Haan expects declines to continue for a few more weeks. 原文
• Oil prices jumped on Monday as hopes for a U.S.-Iran deal over the Strait of Hormuz faded and the SPR fell below 300 million barrels. The reserve dropped by 6.1 million barrels in August alone, adding to supply concerns that have already pushed gasoline prices sharply higher. 原文
• Gold just posted its best week since February, gaining nearly 7% and breaking the downtrend that had ruled prices since March. Wednesday's 4% surge — the biggest one-day jump since February — carried futures to a seven-week high. The rally follows an investor retreat that saw precious-metals ETF rolling 125-day flows swing from +$40 billion in February to nearly -$20 billion, a record reversal. Chinese gold ETFs have now attracted money for 14 straight sessions, collecting about $1.2 billion, while 89% of central-bank reserve managers expect global official gold holdings to rise over the next year. 原文
• For income investors, Chevron and Enbridge stand out as energy companies that have never cut their dividends. Chevron has raised its payout for 39 consecutive years with a forward yield of 3.8%, while Enbridge — which moves nearly one-third of North America's crude oil through its pipeline network — has increased its dividend for 31 straight years. 原文

AI and Semiconductors

• UBS argues Micron is poised for a "structural reset" in earnings power, citing memory supply so tight that Nvidia was forced to cut HBM content in its upcoming VR300 GPU to 512GB of HBM4E per chip from 768GB. The bank raised its 2027 HBM consumption estimate to 61.5 billion gigabits, modeled a ~79% year-over-year increase in 2027 blended HBM ASP, and lifted Micron EPS estimates to $74.13 (FY26), $184.89 (FY27) and $265.65 (FY28), with a $1,625 price target. 原文
• Micron's near-term financials remain extraordinary: fiscal Q3 revenue quadrupled year over year to $41.5 billion, gross margin hit 84.6%, and operating cash flow quintupled to $25.4 billion. Management guides fiscal Q4 revenue near $50 billion and EPS around $30.73. The stock trades near $878, roughly 6 times next year's earnings, because investors fear a cyclical downturn. Yet SK Hynix's newly approved $38 billion of fab capacity in Yongin and Cheongju won't open clean rooms until December 2028 and June 2029 respectively, suggesting tight supply extends well into 2028. 原文
• Memory-cycle warning: SK Hynix and Samsung both delivered strong sequential DRAM price increases — roughly 30% for SK Hynix and over 40% for Samsung — and even stronger NAND pricing, but the numbers came in below analyst expectations. Goldman Sachs had looked for 39% DRAM pricing growth for SK Hynix and now expects just 19% this quarter; Morningstar expected Samsung to hit 48%. The shortfall raises the risk that Micron, reporting in September, also disappoints. 原文
• The memory supply chain has shifted dramatically in Micron's favor. Reports indicate Chinese memory maker ChangXin Memory Technologies (CXMT) rejected Apple's demand for price cuts, instead quoting prices similar to or higher than SK Hynix and Samsung. With Huawei and Xiaomi already taking most of CXMT's capacity under long-term contracts, Apple's "cheaper Chinese alternative" card no longer exists — structurally boosting pricing power for the established memory oligopoly. 原文
• Intel shares have nearly tripled this year, outrunning AMD, Nvidia and the Philadelphia Semiconductor Index's ~75% climb. On August 10, Intel announced a $15 billion new-stock sale to fund contract chip manufacturing, and shares fell over 4%. The company posted strong Q2 results: data center and AI revenue rose 59% year over year, total revenue grew 25% (fastest in 15+ years), operating margin jumped to 39.5% from 16.1%, and foundry revenue grew 31% to $5.8 billion. Tesla signed on as a 14A process customer, though the foundry unit still lost $2.1 billion in the quarter. 原文
• Advanced Micro Devices fell 18% in July as a sector-wide semiconductor selloff and fears of AI overspending hit sentiment. Making matters worse, a report said China's DeepSeek is developing its own AI processor. Despite beating Q2 estimates — EPS $1.66 vs. $1.62 expected on revenue of $11.55 billion — the stock still sold off because expectations were stretched; AMD's trailing P/E of 123 sits far above the tech sector's 35. 原文
• Billionaire Mark Cuban has warned that Nvidia's aggressive AI financing could "crumble" the market. Nvidia has committed more than $40 billion to AI investments in early 2026 and is subsidizing GPU purchases through revenue-sharing and minimum-revenue guarantees. Cuban compares Nvidia's role to the dot-com IPO machine, arguing that if one large customer stumbles, the layered private credit, securitizations and off-balance-sheet vehicles that financed the data-center boom could transmit stress into banks, insurers and pension funds. 原文
• Broadcom looks attractive heading into 2027: fiscal Q2 AI semiconductor revenue hit $10.8 billion, up 143%, and management expects the division to generate at least $100 billion in revenue in 2027. The stock trades at roughly 36 times FY2026 earnings but under 22 times FY2027 estimates, giving investors a cheaper entry into the custom-AI-chip boom. 原文
• Super Micro Computer (SMCI) is a high-risk, high-reward AI infrastructure play. The stock trades at ~$31 with a forward P/E of 9; fiscal Q3 net income surged 344% to $483 million, and management guided FY26 revenue to $38.9-$40.4 billion. But Q3 results remain unaudited pending an export-control board review, debt has ballooned to $8.8 billion, and gross margin, while recovering to 9.9%, remains far below historical mid-teens levels. 原文
• SanDisk has become a datacenter-memory juggernaut: shares are up 2,879% over the past year, and fiscal Q4 revenue jumped 371.6% to $8.965 billion with non-GAAP EPS of $39.25 beating consensus by 18%. Datacenter revenue exploded from $269 million in Q1 FY26 to $2.977 billion in Q4, and the CEO called it a "fundamental inflection point." Management's Q1 FY27 guide calls for revenue of $10.30-$10.80 billion and EPS of $44-$46. 原文
• Microsoft is scaling up its homegrown Maia AI chip as an Nvidia alternative. The company is reportedly discussing capacity with TSMC for more than 300,000 Maia chips in 2027 and wants major cloud customers, including Anthropic, to adopt the hardware. A next-generation Maia 300 chip could be unveiled as soon as September, giving Azure more control over AI infrastructure costs and margins. 原文
• Nebius Group is one of the most dramatic AI stories: Q1 revenue soared 684% to $399 million, and net operating income swung from a $104 million loss to a $621 million profit. The neocloud provider raised its 2026 AI-compute capacity guidance to 4 gigawatts, signed a $27 billion five-year compute deal with Meta, and received a $2 billion investment from Nvidia. Earnings are due August 12. 原文
• SoundHound AI's Q2 revenue rose 45% to $61.9 million with gross margin expanding to 45%, and the net loss narrowed to $42.8 million from $74.7 million. The company raised its full-year revenue outlook to $230-$260 million, but cash burn of nearly $60 million in six months and acquisition-driven growth leave the investment case uncertain. 原文
• ServiceNow's new Autonomous Security platform, launched under the "Shift Zero" banner, is built on a security and risk franchise that has surpassed $1 billion in annual contract value. Q2 subscription revenue grew 23% to $3.88 billion, remaining performance obligations reached $29 billion, and the company lifted its full-year subscription outlook to $15.76 billion. However, shares are still down 41% over the trailing 12 months as investors question workflow-software terminal value in an AI-agent world. 原文
• IBM CEO Arvind Krishna expects quantum computing to have a "measurable impact" on revenue and profit in 2028 or 2029, and sees a "trillion dollars of value" by the end of the 2030s. IBM shares, down 19% in 2026, trade at a P/E of 21 versus the S&P 500's 26. 原文

Tech and Mega-Cap Earnings

• Apple was downgraded to underperform at Jefferies, which cited supply-chain checks that the 20th-anniversary all-glass iPhone was canceled due to poor production yield. The foldable iPhone, expected next month, will be the only key driver of higher ASPs, but Jefferies believes such an expensive phone will remain a niche product. The price target was cut to $263.66 from $285.56; six firms now have sell-equivalent ratings, the most since 2012, and consensus is at its lowest since 2019. 原文
• Apple's market value has reached $4.54 trillion, up 51% over the past year — a $1.5 trillion increase. A $10,000 investment a decade ago would be worth about $126,000 with dividends reinvested, driven by a 4x increase in EPS and aggressive share buybacks. Apple will see a CEO transition at the end of August, with Tim Cook stepping down and John Ternus taking over on Sept. 1. 原文
• Palantir's Q2 revenue soared 93% year over year to $1.9 billion, with U.S. commercial revenue up 149% to $764 million and U.S. government revenue up 90% to $809 million. GAAP net income margin was a stunning 55%, and the full-year revenue target was lifted to $8.2 billion. The stock jumped 40% in a week, yet Michael Burry has re-entered out-of-the-money March 2027 put options, arguing that Palantir's stock-based compensation and off-balance-sheet commitments imply an intrinsic value of under $1. 原文
• Palantir closed Friday at $172.01, valuing the company at about $413 billion — within 55 cents of the $500 billion threshold. The stock remains about 21% below its all-time high, while trading at roughly 100 times 2026 earnings and 68 times 2027 estimates. CEO Alex Karp called the quarter "otherworldly," with total contract value of $3.4 billion booked in Q2, up 49% year over year. 原文
• Berkshire Hathaway ended a 14-quarter net-selling streak in Q2, buying $23.47 billion of stocks and selling just $3.69 billion. A highlight was a $10 billion private placement in Alphabet, priced at $351.81 per Class A share — slightly below the $355.20 public offering price. Buybacks jumped to $4.53 billion, operating earnings rose 16% to $12.98 billion, and the cash pile fell from a record $397.4 billion to $365.5 billion. Michael Burry, however, says Berkshire is no longer attractive now that Greg Abel is deploying the cash hoard more aggressively. 原文
• Under new CEO Greg Abel, Berkshire has shifted decisively toward deployment. Regulatory filings show Alphabet has been the most aggressively bought stock, with Abel tripling the stake in Q1 and adding another $10 billion in Q2; it is now Berkshire's No. 5 holding. The company also repurchased $4.5 billion of its own shares, becoming a net buyer of stocks for the first time in more than three years. 原文

Space, Defense and New Mobility

• SpaceX stock has been a wild ride since its June IPO: it opened at $150, spiked to $192.50 in three days to briefly surpass Amazon, then repeatedly dipped below the $135 IPO price. More than 911.5 million shares became eligible for sale on August 6, yet the stock rose nearly 3% that day. Morgan Stanley's Adam Jonas called SpaceX a "potential generational compounder" with an Overweight rating and $300 mid-2027 price target, attributing more than half of that value to AI. 原文
• Deutsche Bank sees a plausible path for SpaceX to reach $100 billion in annual recurring revenue by year-end, up from a $31 billion run-rate in Q2, driven mainly by neocloud and Cursor contribution. Investors holding SPCX are advised to plan for tax-efficient profit-taking, rebalancing, stop-loss orders and options collars because IPOs often underperform in the six months after lock-up expirations — historically, 1 in 10 drops at least 62%. 原文
• A sad cautionary tale: a SpaceX pre-IPO investor who thought his shares were worth roughly $300,000 discovered that Late Stage Capital, the firm that sold him access, had disposed of the position in 2024 for just $45,450 without notice. About 100 other investors report similar issues, and many have filed complaints with the SEC. 原文
• Rocket Lab reported record Q2 revenue of $234.06 million, up 62% year over year, though adjusted EPS of -$0.08 missed estimates. Backlog soared 137% to a record $2.36 billion, and Q3 guidance of $250-$265 million is well above consensus. The company also landed a $397 million U.S. Space Force contract, and its Neutron medium-lift rocket remains on track for first launch in late 2026. 原文
• Rocket Lab shares have fallen 57% from their June peak, while analysts' average price target implies 49% upside. The bull case rests on record launch contracts (31 in Q1 alone), a backlog worth $2.2 billion, and expanding government deals. But the stock trades at a P/S ratio of 53, far above the tech sector's 7, and remains unprofitable. 原文
• Archer Aviation surged over 20% in pre-market trading after agreeing to acquire Boeing's Wisk Aero, SkyGrid and Insitu businesses in an all-stock deal that gives Boeing a 19.75% stake in Archer plus warrants and a board seat. Insitu alone brings more than $200 million in annual defense revenue across 35 countries, instantly adding real customers to Archer's pre-revenue air-taxi business. Archer's Q2 net loss widened to $263.2 million, with cash at $1.56 billion. 原文
• Rivian is building momentum around the R2 SUV: Q2 revenue rose 27% to $1.66 billion, deliveries jumped 14% to 12,194 vehicles, and the company raised its full-year delivery outlook to 65,000-70,000. Software and services revenue generated a 42% gross margin, and Amazon now operates over 40,000 Rivian delivery vans. Still, the full-year adjusted EBITDA loss is guided to $1.8-$2.0 billion, and the stock trades near $16 with a P/S of 3.9x vs. the industry's 0.6x. 原文
• Tesla is at the center of fresh rumors that it may separate or spin off its China business ahead of a potential merger with SpaceX, though Musk and Tesla have publicly denied the talks. The Shanghai plant accounts for over half of global deliveries, making any structural separation a major test of Tesla's integrated vertical model. Musk owns roughly 20% of Tesla, a stake worth about $200 billion, giving him enormous voting influence. 原文
• Elon Musk and SpaceX formally confirmed Terafab, a jointly built semiconductor megafactory in Grimes County, Texas, with more than 100 million square feet of manufacturing space. Tesla and SpaceX have committed $16.8 billion for phase one of a project that could eventually cost $119 billion. Intel has agreed to contribute but has not disclosed its commitment; SpaceX's binding floor is $5 billion and 1,800 jobs by 2035. 原文
• QuantumScape shares rose 16.5% after the company pivoted to a licensing-focused model and delayed EV battery commercialization to around 2029. Management now expects solid-state battery technology to be ready for licensing rather than company-owned manufacturing. The company still operates without revenue, relying on its cash balance and partnerships such as the multi-year research deal with Honda R&D. 原文

Healthcare and Biotechnology

• Johnson & Johnson delivered strong fiscal Q2 results: sales grew nearly 7% to $25.31 billion, adjusted EPS hit $2.90, and the company raised its full-year outlook to about $101.1 billion in revenue. Stelara sales fell over 55% to $740 million on patent loss, but Tremfya surged 72.5% to $2 billion, offsetting the decline. The stock has gained nearly 80% since the end of 2024 as J&J pivots aggressively into oncology. 原文
• Abbott Laboratories also beat estimates, with reported sales up 13% and comparable sales up 4.8%, driven by cancer diagnostics and medical devices. Both healthcare giants raised guidance, but J&J's pharma-driven growth story and 64-year dividend streak make it the more compelling compounder for income investors. 原文
• Pfizer is struggling with growth: year-to-date net income fell 58% to $2.4 billion, and Q2 produced a net loss of $248 million after $3.8 billion of impairment charges. However, free cash flow of $11 billion over the past four quarters comfortably covers the roughly $9.8 billion dividend payout. The 6.4% yield appears safe for now, but a cut remains possible if management needs to conserve cash. 原文
• AbCellera's ABCL-635, a non-hormonal treatment for menopause hot flashes, cut moderate-to-severe events by 83% from baseline after four weeks, versus 33% for placebo. The placebo-adjusted treatment difference was 5.3 fewer events per day, with statistically significant separation by week one. The company is prioritizing the program and evaluating Phase III options, including a potential head-to-head study. 原文
• Vertex Pharmaceuticals popped after competitor Sionna Therapeutics missed the mark in a highly anticipated cystic fibrosis trial, with Sionna's shares collapsing 92%. The read-through boosts Vertex's dominant position in CF. 原文

Dividend and Income Investing

• A new IRS $6,000 senior deduction for taxpayers 65 and older can be redirected into dividend ETFs such as VIG, DGRO and HDV. VIG charges just 0.04% in expenses, pays quarterly, and has delivered a 246% total return over the past decade. Staggering purchases across the three funds can convert quarterly dividends into steady monthly retirement income. 原文
• A $10,000 investment split equally among Realty Income (5.1% yield), Enterprise Products Partners (5.8%) and Hormel Foods (4.6%) would generate about $1,550 a year in dividends. All three have long histories of annual increases, and Realty Income's 15,500-property portfolio provides a strong safety margin. 原文
• A 50/50 blend of SCHD and JEPQ produces roughly a 5.7% blended yield, requiring about $737,000 to generate $42,000 a year. JEPQ's 8.5% yield comes from writing covered calls on the Nasdaq-100 and carries meaningful equity/options risk; holding it inside an IRA or Roth is advisable because its distributions are taxed as ordinary income. 原文
• Procter & Gamble has extended its dividend increase streak to 70 consecutive years. The company plans to return about $10 billion in dividends and $5 billion in buybacks during fiscal 2026. Its Beauty segment is the surprising growth engine, with Q3 net sales up 11% to $3.866 billion, organic sales up 7%, and pre-tax earnings up 11% to $761 million. 原文
• Caterpillar's second-quarter sales jumped 24% to $20.5 billion, the first $20 billion quarter in company history, with adjusted EPS of $8.17. The order backlog climbed to a record $72 billion, up 92% from a year ago. The stock is up 101.8% over the past 52 weeks and has raised its dividend for 32 straight years. 原文
• Restaurant Brands International, Bill Ackman's longtime holding, pays a $0.65 quarterly dividend with a 3.49% yield and 10 consecutive years of increases. Pershing Square owns 22.6 million shares, generating roughly $58.8 million in annual dividend income. Q2 results topped revenue and earnings estimates. 原文

Cryptocurrency and Digital Assets

• Cryptocurrency investor Harry Chun Tak Yeh was found dead outside his luxury apartment in Asunción, Paraguay, after falling from the 30th floor. The apartment was ransacked and his body was found under a black plastic bag; Paraguayan prosecutors are open to hypotheses of accident, suicide or third-party involvement. Yeh founded the Quantum Fintech Group hedge fund and was a seed investor in LIF3 and L3 Reserve. 原文
• A dormant Bitcoin wallet that first received coins on January 31, 2014 — when BTC traded under $1,000 — awakened after 12.5 years. A single transaction in block 961845 swept the balance to a fresh address, potentially realizing a gain of about $1.73 million, a 7,975% return from an average cost near $803 per coin. Such awakenings show supply moving that most observers had assumed was lost. 原文

Consumer, Retail and Real Economy

• Wendy's disclosed that 289 U.S. locations closed during the first half of the year out of roughly 5,700, as franchisees struggle with two years of sales declines. New CEO Bob Wright acknowledged that "the health of franchisees certainly is pressured right now" and promised a more targeted approach to closures. 原文
• Ahold Delhaize USA and Americold Realty Trust agreed to wind down a distribution center in Lancaster, Pennsylvania, and halt plans for another in Plainville, Connecticut. Americold expects a non-cash impairment charge of $305-$320 million. The move reverses Ahold's 2020 plan to build two fully automated frozen warehouses as part of a supply-chain transformation. 原文
• A viral TikTok video showed a Shake Shack kiosk order increasing after a customer selected "No Tip," sparking a nationwide tipping debate. Shake Shack denied that it is a policy and said it is investigating with licensee HMSHost. A Popmenu study finds 78% of consumers now experience "tipping fatigue," and 44% report tipping less this year. 原文
• The furniture industry is staging a recovery led by wealthy shoppers, according to the National Retail Federation, with consumers' intent to purchase furniture rising steadily over the past year after a post-pandemic slump. 原文
• A state-by-state cost-of-living analysis shows Hawaii's prices run 84% above the U.S. average — more than double Oklahoma's — with housing costs nearly four times higher. Oklahoma offers the most purchasing power of any state. 原文

Personal Finance and Retirement

• A 67-year-old retired teacher with a $500,000 pension rollover is being pressured by her adult children to give them an "early inheritance." Financial advisors stress that gifting away retirement assets can create Medicaid look-back penalties — in Pennsylvania, a five-year look-back can trigger penalty periods — and that long-term care costs remain the biggest uninsured risk in retirement. 原文
• Caregiving can destroy retirement savings. Brian and Rose Armstrong, both 66, have spent a decade as full-time caregivers for their grandson, and their financial strain mirrors a broader problem: millions of family caregivers face greater financial insecurity, lower retirement confidence and more worry about the future. 原文
• Tax planning is critical for large 401(k) balances: a $1.5 million account at age 73 triggers a required minimum distribution of $56,603 in 2026, fully taxable as ordinary income. The IRS Uniform Lifetime Table increases that amount every year, forcing retirees to plan for rising taxable income regardless of cash-flow needs. 原文
• Dave Ramsey advises a mother considering disinheriting an estranged daughter that no child is "entitled to a freaking dime." He warns that conditional wills can force executors to police behavior for years, with fees typically running 1% of assets annually, and recommends a spendthrift trust or clear disinheritance instead. 原文
• A 46-year-old woman described her husband's desire to sell their paid-off home and take on a $4,200 monthly mortgage to "get rich like his parents did in the 1980s." Housing economists note that nearly 40% of U.S. homeowners now own free and clear, and upgrading in today's market brings higher property taxes, insurance, maintenance and interest costs that reduce net returns. 原文
• Two Gen-Z founders, Ireland McCaughey and Ben Razin, bought a Brooklyn laundromat, betting on "boring businesses" that younger generations overlook. Their story illustrates how small-business ownership can offer financial independence outside the tech sector. 原文

Other Notable Corporate News

• Trump Media & Technology Group lost $238.1 million in Q2 2026 on just $1.7 million of revenue, a widening loss from roughly $20 million a year earlier, driven partly by $190.4 million in unrealized losses. The company is pushing into cryptocurrency, financial services (Truth.Fi), streaming (Truth+) and data licensing (Truth API), and has agreed to merge with fusion energy company TAE Technologies. Total assets ended the quarter near $2 billion. 原文
• Senator Elizabeth Warren criticized Trump Media's Truth API, which charges Wall Street firms up to $100,000 a month for faster access to presidential posts. During a hearing, no committee members raised their hands when asked whether the arrangement is good for capital-market integrity. Economist Justin Wolfers called it difficult to imagine a clearer conflict of interest. 原文
• Plug Power beat Q2 revenue estimates with $178.3 million in sales, raised its full-year growth guidance to 15%-16%, and improved gross margin to roughly breakeven from -31% a year ago. Shares rose 5% after the results, helped by a 125% surge in GenDrive fuel cell deployments and a 27% service margin. 原文
• Outdoor Holding (POWW) reported Q1 net revenue of $14.5 million, up 22.1%, and swung to net income from continuing operations of $3.6 million from a $5.9 million loss. Adjusted EBITDA jumped 152% to $7.9 million, and the new FFL transfer service added $0.9 million of revenue. 原文
• Hims & Hers fell after its Q2 loss came in bigger than expected, spoiling a revenue beat and raising fresh questions about profitability in the weight-loss and telehealth space. 原文
• Meta CEO Mark Zuckerberg published a lengthy AI manifesto arguing for building "AI superintelligence for everyone" while criticizing rival labs for concentrating power. He predicts an "abundance of jobs" and a wave of new careers such as world builders and personal biologists, pushing back against doomsday labor forecasts from other tech leaders. 原文
• Airbnb CEO Brian Chesky publicly acknowledged for the first time that he is working on a new AI lab, while keeping details under wraps. He also discussed building a "super app" and how travel will change as AI agents become more prevalent. 原文
• Spotify stock is down 37% from its all-time high even as management pivots from aggressive growth to profitability. Wall Street remains bullish: most analysts rate it a buy with no sells, and the average price target implies substantial upside. AI features such as AI DJ, Prompted Playlist and Running Mode are lifting engagement and retention. 原文
• Iren has carved out an edge in the neocloud market by keeping capacity uncommitted. CEO Mark Zuckerberg's comment that Meta receives offers for compute "at a significant premium over what we paid for it" validates Iren's strategy. The company has signed $2.8 billion in new multiyear contracts, raised its AI-cloud run-rate target to $4 billion, and controls roughly 5 gigawatts of power across North American sites. 原文

Data Roundup and Market Outlook

• The market's first week after Big Tech earnings ended in record territory, with the S&P 500 closing Friday up 0.6% at a fresh high. This week's key tests are Wednesday's CPI reading (expected +0.2% core and headline), Thursday's PPI, and Friday's retail sales and University of Michigan consumer sentiment. AI infrastructure spending checks and inflation data will determine whether the Fed moves toward tightening or remains on hold. 原文
• History offers both a warning and a road map. Since 1919, every single 20-year period for the S&P 500 has ended with positive total returns, according to Crestmont Research. Even an investor who bought at the March 2000 peak and held through the dot-com crash eventually made money — a reminder that time in the market, not timing, is the most reliable response to extreme valuations. 原文