🚨 The FCC is coming after political deepfakes

⚖️ Plus Wells Fargo got smacked down for fake DEI

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📰 Market Headlines

  • Wall Street treaded water, with major indexes barely budging as investors awaited potential market-moving catalysts.

  • The FCC proposed the first federal rule on AI-generated political ads, requiring disclosure of artificially created content in TV and radio spots. Like this one.

  • A US judge ordered Wells Fargo to face a lawsuit for conducting sham job interviews while claiming commitment to diversity.

  • Apple announced its AI models were trained on Google’s custom chips, showing Big Tech's shift from Nvidia for AI training.

  • Bitcoin surged past $69,000, nearing its all-time high, after former President Trump pushed a pro-crypto agenda. It settled back below $67,000.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

🎤 What you said last time

📈 Trends you need to know

More than one in five Americans expects to lose their job.

🧠 What do you think?

Is your job safe (over the next 12 months)

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📊 Stocks

Get $20 free shares at ​public.com​ using code ALTSCO.

Winners and losers

Earnings, upgrades, and acquisitions

  • McDonald's reported a surprise 1% drop in global comparable sales, but its shares rose nearly 4% after it launched a $5 meal deal.

  • Philips saw Q2 profit surge, benefiting from insurance income related to Respironics claims as shares climbed 11%.

  • Tilray beat Q4 revenue and EPS estimates; shares jumped 9.84%.

Market movers

  • Nvidia released new software and services aimed at simplifying generative AI adoption for businesses.

  • The FDA approved Guardant Health's Shield blood test for colorectal cancer screening.

  • Southwest Airlines ended its 50-year-old open seating policy, pivoting to assigned seating.

  • Hewlett Packard Enterprise secured EU antitrust approval for its $14 billion acquisition of Juniper Networks.

  • Charter Communications agreed to pay a $15 million penalty to resolve an FCC investigation over violations of network outage notification rules.

  • Uber rolled out concurrent rides in India, allowing users to book up to three trips simultaneously for themselves or others.

Ideas, trends, and analysis

  • Sextortion scams targeting foreign victims surged 300%, while domestic cases dropped 86%, according to Homeland Security Investigations.

  • Vice President Kamala Harris' favorability rating jumped to 43% from 35% after President Biden's exit from the presidential race.

  • 70% of employees braced for perceived impending layoffs despite a slight year-over-year downswing in actual layoff figures.

  • Gen Z college students increasingly reneged on job offers, with 6% of full-time offers declined in 2024, nearly double the 2021 rate.

Recommended Newsletter

🌍 Global Perspectives

  • 🇻🇪 Protests erupted across Venezuela after President Maduro claimed victory, despite exit polls indicating a landslide opposition win.

  • 🇺🇸🇺🇦 The US announced $1.7 billion in new military aid to Ukraine, including munitions for air defense systems, artillery, and anti-tank missiles.

  • 🇿🇦 South Africa's ruling ANC party expelled former president Jacob Zuma after he pledged support for a rival party in the upcoming election.

  • 🇲🇦 Morocco's King Mohammed VI ordered the release of three jailed journalists and pardoned 2,476 convicts.

  • 🇷🇺 At least 140 people were injured in southern Russia when a passenger train carrying 800 people collided with a truck.

📊 Crypto

  • Bitcoin futures' open interest hit a record $39.46 billion.

  • El Salvador proposed using Bitcoin for trade with Russia to circumvent economic sanctions.

  • US spot Bitcoin ETFs saw $795 million in net inflows last week, marking the fourth consecutive week of positive inflows.

🧠 Errata

  • Thunderstorms caused flash flooding at Dollywood, injuring one person and leading to the park's temporary closure.

  • Physicists found that dark matter may be responsible for the "hydrogen forest" in the early universe.

  • A study claims complex life on Earth began 1.5 billion years earlier than previously thought.

  • A New Zealand woman was jailed for overfeeding her dog to death.

📺 What to Watch Today

Now offering log rides in the parking lot!

That’s all for today. Did I miss anything? Smash the reply button to let me know.

Cheers,

Wyatt

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