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Bullish sentiment decreased 2.3 percentage points to 34.7%. Neutral sentiment increased 2.4 percentage points to 27.4%.
Key Takeaways The market is unusually disconnected from today's economy. The market is focused on the future of AI rather than the near-term economy.
A federal trade court upheld President Donald Trump's elimination of the "de minimis" loophole, which allowed low-value goods to be imported to the U.S. tax free. Trump, a major proponent of tariffs and other forms of protectionism, celebrated the continued closure of the exemption, which he claims has cost the U.S. billions of dollars in uncollected tax revenue.
For a market braced for an inflation surprise, July's CPI report provided none of the sort. Core CPI rose 0.2% and headline CPI increased 0.1%, both matching expectations.
White Mountains Insurance Group, Ltd. is downgraded to Hold after a 20% share price run-up and signs of the underwriting cycle peaking. WTM remains discounted to book value and trades at a low P/E under 5x, with no evidence of a re-rating despite recent outperformance. Recent asset sales and acquisitions have left WTM with 14% undeployed capital, but management signals the current market is unfavorable for new deals.
Cellebrite DI Ltd. experienced a 33% post-earnings drop, but I view this as an overreaction given its robust fundamentals. Q2 saw ARR and revenue growth miss guidance, management transition, and slower-than-expected Inseyets conversions, but core products and retention remain strong. CLBT maintains high gross margins (80%+), strong free cash flow (28%), and guides for high-teens revenue growth despite execution risks and rising stock-based compensation.
As analysts call for AI capex to hit $1 trillion in 2027, Big Tech showed strong progress on AI monetization in Q2. Despite strong increases for AI revenue un rates, Big Tech's capex to AI revenue ratios remain elevated from 1.5X to 4X.
Investors need to be on their guard against the pumpkin-spice latte effect, which is about to rear its ugly head.
The average rate on a 30-year fixed mortgage fell this week to 6.67%, according to the latest Freddie Mac data released Thursday. That is down from last week's reading of 6.69%.
The billionaire investor's portfolio has trailed the broader market since he took the fund, Pershing Square USA, and his firm public in April.
Crypto firms have already dabbled in tokenized stocks, though they're prevented from offering them to U.S. investors except in limited cases.
Well-appointed buildings in locations near transit have been in high demand as employers calling workers back to the office seek to improve the experience.
The hedge fund manager has added Visa, Mastercard, Netflix and three other new investments to his portfolios.
The surveillance-technology company has faced criticism over the risks of police abuse of its AI-enabled camera system.
July CPI came in at 0.1% monthly and 3.4% annually, and markets cut the odds of a September hike. In my view the tightening risk did not go away.
