| Palantir got a massive downgrade and fell more than 8%. | Though AI gave it a boost for most of this year (and it is still up 134% YTD), it may be finally out of gas. | PLTR was downgraded by Morgan Stanley analyst Keith Weiss. It's now "underweight." | "While bringing product to market was enough to inspire investor optimism in the past 6 months, we see the focus shifting to investors parsing out the companies that can drive revenue from these offerings in the most timely and effective ways," he said. "To that end, Palantir still appears very early as the company has clearly communicated that it has yet to determine a monetization strategy for its solution." | The company may have a path forward - but its current price is simply too high according to this analysis, with a far higher price compared to sales. The target price is also below the current closing price of $14.98. | Nvidia (NVDA) was up slightly yesterday, though it fell in after-hours as it got some bad news on international sales (more on that below). | AI is going to be used in an ever greater number of enterprises… though it's not always going to work out. | For example, Gannett stopped using an AI tool to write sports stories for newspapers after it failed to be able to even write out simple facts. | (Remember that when you see the excitable articles about AI that will let you talk to great historic figures or some other nonsense.) | Two things can be true simultaneously… | AI is going to change almost everything… except the need for companies to show a plausible path to revenue in the here and now, not just the distant future. | Put up or shut up. | Some things never change. | Get What's Yours, | Jeff Bishop | | WORD ON THE STREET | Showdown In Motor City - The United Auto Workers have officially filed unfair labor practice charges against General Motors and Stellantis to the National Labor Relations Board. Given the Biden Administration's support of organized labor, that could be a major threat to Motor City's automakers. Ford escaped a complaint for now, but the UAW heavily criticized a counterproposal Ford offered during negotiations. Don't rule out a strike for any and all of them.
| Portnoy Lays Off Barstool Staff - Dave Portnoy pulled off one of the best business deals in history when he reacquired Barstool Sports recently. But the bad thing about a takeover is that it usually means layoffs. So it is with Barstool, with Portnoy announcing that about 100 workers are being given the heave-ho. It represents about a quarter of the workforce.
| Oosh, Bad PR Headline - According to the U.S. Virgin Islands, JP Morgan Chase processed more than $1 billion for Jeffrey Epstein over 16 years. He was a client from 1998 to 2013. The Virgin Islands are suing JP Morgan Chase, but the bank has charged that the territory is at fault for having a close relationship with the financier. Epstein himself might know more, but remember, he "committed suicide."
Inflation Picks Up In July - The Fed's preferred inflation gauge ticked up in July, with the Personal Consumption Expenditures price index up 3.3% in July. That's a big decline from last year - but well above the Fed's ambitious 2% target for inflation. That might mean another interest rate hike.
| | HOT SPOTS: What's Going on in Geopolitics | | Ukraine Crosses Key Russian Trench Line - Russia has prepared three trench lines to guard its occupied territory in Ukraine, but Ukrainian forces have crossed the first of three trench lines after a bruising offensive. Drone footage shows Ukraine has crossed fortifications near Verbove. The so-called Surovikin Line is well prepared… but Ukraine has an advantage, as General Surovikin of the Russian army, considered perhaps the most competent commander, lost his job because of his closeness to Wagner paramilitary chief Yevgeny Prigozhin.
Niger Orders Out French Ambassador - If France was hoping to get the coup regime in Niger to back down, it has failed. The ruling junta has ordered out the French ambassador and police have been told to expel envoy Sylvain Itte. His visa and those of his family have also been canceled. France doesn't recognize the regime and says the actions are illegitimate.
| | CUTTING EDGE: What's Happening In Tech | No More Heated Gamer Moments - Activision will be using AI to perform real time chat moderation, including monitoring for hate speech. "ToxMod" will supposedly identify and act against "harmful language" in chat and text. I predict an arms race to invent new offensive terms.
Now This Is Pod Racing - It's never been more over than it is now. An AI has beaten humanity in indoor drone racing. It's one of the first times AI has beaten people in a real-world competitive sport. One, it shows that AI (despite mishaps) is becoming increasingly good at handling massive amounts of information. Two, I didn't know indoor drone racing counted as a real-world competitive sport.
| EU Forces Teams To Split From Office - The European Union is flexing its "regulatory superpower," and it has already forced change on Microsoft. MSFT will allow customers to buy Teams and Office separately after the EU began an investigation. The change will take effect on October 1. These days, when somebody says "begin an investigation," it means "do what we want or we take all your money."
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