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UFOs, IPOs, & Everything In-between
Plus, the drought's impact on AI...
*past 24-hour performance
5.25% to 5.5%: The Federal Reserve resumed its campaign of interest rate increases, pushing its target rate up another 0.25 percentage points to the highest level in 22 years (Axios)
META earnings: Facebook parent META reported its highest quarterly sales growth since 2021, but the company also signaled that spending for its experimental metaverse unit would surge in 2024 (WSJ)
Data Centers are so hot right now: With drought spreading, battles over water are erupting between AI companies seeking computing power and communities where data centers are located. META expects just one data center to use 176 million gallons of water a year (Bloomberg)
Unidentified objects: Former U.S. intelligence official David Grusch claims under oath that aliens exist and that the U.S. government is in possession of UFOs and non-human bodies (AP)
Union Pacific gets their guy: Union Pacific Corp (UNP) named former operating chief Jim Vena as its next top boss, in a move cheered by Wall Street (Reuters)
Amazon Fresh job cuts: As Amazon (AMZN) tries to find a path to profitability for its struggling grocery chain, Amazon Fresh, the tech giant is eliminating hundreds of in-store roles (Washington Post)
Lockheed going to Mars: Weapons maker Lockheed Martin (LMT) has been awarded a contract by a U.S. Department of Defense agency to develop a nuclear-powered spacecraft for the purposes of exploration and national defense (Engadget)
Autopilot safety issues: The California attorney general's office is investigating Tesla (TSLA), seeking information from customers and former employees about Autopilot safety issues and false advertising complaints (CNBC)
Shell's weak Q: Shell (SHEL) reported a 56% fall in Q2 profit, prompting the energy giant to slow its share repurchase program, but would still raise its dividend to $0.33 per share (Reuters)
Fresh Listing: Electric aviation and regional air travel company, Surf Air Mobility, is going public through a direct listing today after cancelling its $1.42 billion SPAC deal from last year (Businesswire)
Where to Put Your Cash After the Fed’s Interest-Rate Increase
Though higher rates make it more expensive to borrow money for a home or car, the Fed’s move will likely make yields on savings more attractive. This would create a good opportunity for savers who may be worried they missed out to lock in higher CD rates that can pay off if rates drop in coming months and years. Read more >>
The Lithium Mystery, Starting to be Uncovered
"Obviously, as the title suggests, a deal was being structured around lithium. Dozens of companies in hot and trendy industries go public based on big dreams and tall tales, only to go bust a couple years later. Anyway, I invested in their lithium deal. (This is where you laugh.)" Read more >>
Biotech Stocks Join AI-Fueled Rally
Shares of Recursion Pharmaceuticals (RXRX), Schrodinger (SDGR), RadNet (RDNT), Exscientia (EXAI) and others that are implementing AI are surging. Read more >>
Boeing has now lost $1.1 billion on Starliner, with no crew flight in sight (ArsTechnica)
Love Subway? Hate your name? Now you can win free sandwiches for life (Food & Wine)
Charts of the Month (Lykeion)
Crypto miners are pivoting to AI (CoinSnacks)
Mitch McConnell freezes at press conference, unable to speak (Semafor)
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We take both a quantitative and qualitative approach to research and focus extensively on strategies for established money managers and everyday retail investors.
We are a small, self-funded team of real humans going up against the hype-filled, sensational news outlets in the world. You can check out a selection of our other publications below.
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