Good morning.
Record highs for the S&P 500 don’t tell the whole story. From crypto’s quiet shake-up to restaurant stocks going in opposite directions and AI darling CoreWeave taking heat despite triple-digit revenue growth, the news is full of mixed signals. We’re pulling the most actionable ones together so you can see what’s really moving the market right now.
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📰 Market Headlines
The S&P 500 hit new all time highs yesterday, despite the fact that 91% of fund managers think stocks are overvalued, according to Bank of America. Call it the “most hated rally,” the AI effect, or impending interest rate cuts—but the market seems content to let the good times roll.
Notice: Everybody seems to be trading as if Powell has already announced rate cuts. So if he does announce them, that moment could actually be a “sell the news” angle. We wouldn’t be surprised if markets take a dip while traders take some profits at that point.
Bitcoin Dominance fell below 60%, breaking a 3-year trend line—largely thanks to Ethereum’s massive upswing over the past month. BTC is losing some of its market share as capital pours into other cryptos. This key breakpoint has analysts singing “It’s beginning to look a lot like altseason” (when investors rotate out of Bitcoin and into altcoins like ETH, SOL, XRP, etc.). If they sing loud enough, maybe Ethereum will break past $5,000—the next key psychological level to overcome.
We covered what’s coming next in the crypto market in our 2025 Guide to Altcoins.
Cava’s performance is looking like a half-filled salad bowl right now, and investors aren’t happy. $CAVA dropped 20% yesterday after the company announced only 1/3 of the same-store sales growth that analysts expected. Meanwhile, Chipotle reported a 4% drop in same-store sales and cut its guidance—but the stock is stable after Piper Sandler analysts upgraded $CMG to “overweight” this morning, citing that low sales were already priced in. In summary: investors think Cava’s ship is sinking, but that Chipotle could be an opportunity.
CoreWeave has analysts doing a double take: the stock has dropped 13.6% in the past 18 hours despite posting revenue and earnings beats yesterday. It’s probably because the company also posted increasing losses, declining cash and cash equivalents, and rising debt. Clearly, stats like a 746.26% increase in revenue YoY are incredible—but some investors are looking for companies that look healthy on all fronts, and $0.60 losses per share (vs. $0.49 loss estimated) sounded unhealthy to them. If you’re still optimistic about AI and $CRWV long term, this pullback could be a buying opportunity, though. Jim Cramer still thinks CoreWeave looks good—though he warns about lockup expirations.
AltIndex’s r/WallStreetBets alerts actually called $CRWV yesterday by sending this notification to users:
😱 Fear and Greed Index
🤖 AI/Future/Tech News
Nvidia launched two new Blackwell-powered professional GPUs delivering up to 2.5× faster AI acceleration in compact workstations.
Continua, founded by Google veteran David Petrou, secured $8 million in seed funding to build AI agents that enhance collaboration in group chats.
Google and IBM researchers reported significant progress toward building the first workable quantum computer.
🪙 Crypto
Ethereum surged to its highest since December 2021, after BitMine announced plans to raise $20 billion for ETH purchases.
Harvard University's endowment became the latest institutional investor to add direct crypto exposure through BlackRock's spot Bitcoin ETF.
Bank of America and Citigroup prepared to launch dollar-backed stablecoins after President Trump signed the GENIUS Act.
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🚨 Trending on Reddit
Rigetti Computing chatter rose on r/WallStreetBets by 337.5%, and users are overall pessimistic about the company’s direction (and even speculating about bankruptcy).
CoreWeave mentions are up 304.1% over the past day, for reasons mentioned above.
Cava mentions increased an astounding 2095%, and there has been a significant amount of discourse and concern about all the bowl stocks’ performance ($CAVA, $CMG, $SG).
🤫 Insider Trading
📊 IPOs and Earnings
Bullish’s IPO is today ($37/share, $5.4 billion total market value). The crypto exchange is backed by Peter Thiel, and BlackRock and Cathie Woods’ Ark Invest are planning to buy $200 million worth of shares (CoinDesk).
On Holding saw Q2 revenue soar 32% to CHF 749.2 million, with direct-to-consumer sales jumping 47.2% and stock surged nearly 9%.
Pony AI reported a 76% revenue surge with robotaxi fare-charging revenue quadrupling; shares tumbled 10% as net losses widened considerably.
Circle beat Q2 revenue expectations with better-than-expected results, but the stock sank more than 5% after announcing a 10 million share sale.
🥇 AltIndex: Stocks with Top AI Scores
Applied Digital $APLD: 78/100
Astera Labs $ALAB: 78/100
Allegiant $ALGT: 77/100
Steel Dynamics $STLD: 76/100
Alamos Gold $AGI: 76/100
🎙 What Do You Think?
How would markets respond to a rate cut?
🎤️ What you said last time
“Don't put in more than you are willing to lose and get out of you see double-digit returns on day one.”
🧠 The Missing (Market) Links
People are using ChatGPT and Grok for investing.
The GPT Investor gave GPT-5 $50,000 and control of an investment account—here are its stock picks for the month.
Onchain crypto analyst Willy Woo asked Grok for the best investment over the next 10 years, and it wouldn’t say anything but Bitcoin.
Food costs remained flat month-over-month but still hover 2.9% higher than last year. Some staples have skyrocketed: eggs jumped 16.4%, coffee surged 14.5%, and beef climbed 11.3%.
Banks reported a net -28.6% demand for commercial loans in Q2, the lowest since late 2023.
📜 Quote of the Day
“Someone's sitting in the shade today because someone planted a tree a long time ago.”
📢 We want to hear from you
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⭐️ What did you think of today's edition?
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Cheers,
Brandon with Stefan & Wyatt
Thumbnail image credit: Mike Mozart, Flickr
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