Quote of the Day
"Musk has categorized as superfluous a good deal of spending that actually makes the country more resilient, at a time when catastrophic risk is on the rise."
(Brian Klass)
Markets
- Sam Ro, "The stock market does not price in what’s going on today. It’s pricing in what’s expected in the weeks, months, and years ahead." (tker.co)
- Ben Carlson, "The stock market doesn’t care what you say or how you feel." (awealthofcommonsense.com)
Big Tech
- How Apple ($AAPL) whiffed so badly on AI. (spyglass.org)
- Amazon ($AMZN) plans to diversify away from Nvidia ($NVDA) chips. (semafor.com)
IPOs
- Keep an eye on the CoreWeave IPO for hints on the AI market. (semafor.com)
- BNPL provider Klarna has filed for an IPO. (cnbc.com)
DOGE
- The Social Security Administration was already struggling with customer service. (axios.com)
- A look at the chaos inside the IRS. (cnn.com)
- The Cybersecurity and Infrastructure Security Agency has been kneecapped. (wired.com)
- Cuts at the VA will mean cuts in care. (theconversation.com)
- In a warmer world, the U.S. Forest Service needs more workers, not fewer. (newyorker.com)
- The Voice of America is apparently 'unnecessary.' (politico.com)
- Trashing USAID will mean (many) lost lives. (newyorker.com)
- The CFPB is surprisingly not dead yet. (nytimes.com)
Global
- Deflation is over in Japan. (ft.com)
- China has no desire to see manufacturing thrive in India. (noahpinion.blog)
- On the security implications of a less reliable U.S. (foreignpolicy.com)
- The US is throwing away its soft power. (bloomberg.com)
Economy
- Consumer sentiment is deteriorating. (apolloacademy.com)
- DOGE cuts have yet to really affect the economy. (axios.com)
- The economic schedule for the coming week. (calculatedriskblog.com)
Earlier on Abnormal Returns
- Top clicks this week on the site. (abnormalreturns.com)
- What you missed in our Saturday linkfest. (abnormalreturns.com)
- You can now follow us on Bluesky. (bsky.app)
- Are you signed up for daily e-mail newsletter? Well, you should be. (abnormalreturns.com)
