🛥️ Meta sinks into an alphabet soup

⚖️ While the Ukraine / Israel / Taiwan / TikTok bill is signed into law

Yesterday, we announced that Alts 1 is open again to new investors, and we’ve already received over $400k in interest. If you would like to invest differently—in assets like blue-chip wine, British contemporary art, tequila barrels, and Pele rookie cards—please get in touch.

Oh, and don’t forget to check out our curated book recommendations.

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  • Nvidia's value went to $2 trillion

  • Cisco spent $28b on its largest AI acquisition ever, and

  • Reddit’s move to license data for AI has re-energized the IPO market.

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📰 Market Headlines

  • Mixed earnings reports kept stocks flat. The major indexes stalled waiting on more big earnings reports and the PCE print this Friday.

  • Meta slumped 15% on weak revenue projections for Q2.

  • Ford beat expectations and jumped up 1.6% as its commercial unit offset EV losses.

  • Though the markets might be obsessed with cuts, higher rates might be better for the economy overall.

  • Biden signed the odd-couple Fund Ukraine/Ban TikTok bill into law. TikTok has plans for an extended legal fight.

🕶️ Market Vibes

🎰 Market Forecasts and Futures

Forecasts via ​Kalshi​, the prediction market.

😱 Fear and Greed Index

Poco a poco.

🎤 What you said last time

You all are deeply skeptical of Mr. Musk.

📈 Trends you need to know

Both interest in and monthly average users for TikTok have been flat for the last few years.

🧠 What do you think?

💬 Have your say

Should TikTok be banned in the US?

Login or Subscribe to participate in polls.

📊 Stocks

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

Winners and losers

Earnings, upgrades, and acquisitions

  • Boeing reported its first quarterly revenue drop in seven quarters, dropping shares by 3%.

  • IBM slipped 5% after announcing a $6.4 billion deal to acquire HashiCorp and reporting another revenue miss.

  • Hasbro's turnaround efforts helped it beat Q1 profit estimates, sending shares soaring 12%.

  • Humana boosted its 2024 Medicare Advantage membership forecast by 50,000, yet shares still slid 3.7%.

  • Viking Therapeutics shares surged 4.6% and are up a staggering 93% year-to-date.

  • Chipotle’s revenue grew 14.1%, with same-store sales up 7%. Shares rose 3%.

Market movers

  • Amazon has suspended new US Green Card sponsorships for foreign workers until the end of 2024.

  • The FCC is set to restore net neutrality on Thursday, reclassifying ISPs as common carriers under Title II of the Communications Act.

  • Elon Musk floated the idea of turning Tesla's fleet into a distributed computing network for AI.

  • Bayer announced layoffs that will affect thousands of managers in an attempt to save $2.15 billion.

Ideas, trends, and analysis

🌍 Global Perspectives

  • 🇦🇷 Argentina's President Milei's economic team projects monthly inflation slowing to 3.8% by September.

  • 🇵🇸 🇮🇱 The Gaza Strip could surpass famine thresholds of food insecurity, malnutrition, and mortality in six weeks.

  • 🇺🇸 🇷🇺 🇺🇦 Russia's ambassador to the US told Newsweek "America has chosen the path of war" in response to President Biden's $61 billion aid bill.

  • 🇮🇷 An Iranian revolutionary court sentenced well-known rapper Toomaj Salehi to death for charges linked to Iran's 2022-23 unrest.

📊 Crypto

🧠 Errata

  • Riderless military horses covered in blood galloped through London, injuring civilians before being corralled by police.

  • Cops are testing AI body cams that can write police reports in just five minutes.

  • A flying car made history with its first passenger flight, piloted by electronic music legend Jean-Michel Jarre.

  • In a world first, a terminally ill woman underwent a combined pig kidney transplant and mechanical heart pump implant.

📺 What to Watch Today

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

Cheers,

Wyatt

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