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Michael Burry warns that the U.S. stock market will face a long-term bear market similar to that of 2000 due to the dominance of passive investing. He bets that Palantir will significantly decline in two years because this highly valued company "barely makes any money but has created a bunch of billionaires." He believes that the high costs of AI will threaten Google's search business and that large model services will become highly commoditized. He stated, "We do not need the Federal Reserve," and revealed that he holds gold
Hassett eyed as Trump’s next Fed chair, Comcast’s cable spinoff could be valued at $10 billion, Hovnanian earnings sank the sector, more news to start your day.
The EU fined Elon Musk's X €120 million for violating the Digital Services Act, marking the first penalty under this law. The fine addresses deceptive practices like the blue checkmark system and lack of transparency in ads. X can appeal or settle by complying with DSA rules. The investigation into X's moderation and disinformation practices continues, with potential further penalties.
U.S. President Trump met with Nvidia CEO Jensen Huang, discussing AI trade and export controls. Regulators are considering Nvidia's ability to sell H200 chips to China. Huang expressed concerns about U.S. regulations slowing AI progress and opposed a bill requiring domestic chip sales before exporting. At a CSIS event, Huang downplayed smuggling concerns, emphasizing the logistical challenges of transporting GPUs. The meeting highlights potential regulatory impacts on Nvidia's global growth.
Arete Research upgraded Meta Platforms (NASDAQ:META) from a "hold" to a "strong-buy" rating. Other analysts have also adjusted their price targets, with Rosenblatt Securities increasing theirs to $1,117.00 and Bank of America lowering theirs to $810.00. Meta's stock opened at $661.53, with a market cap of $1.67 trillion. Recent earnings exceeded expectations, and insider trading activity was noted. Institutional investors have been adjusting their positions in the company.
