WS #14007
The dominant themes remain unchanged: soft inflation data (PPI flat, core CPI at 2.5%) is reinforcing Fed rate-cut expectations, with the probability of a September hike falling to ~34-40%. Oil prices are retreating (~1.5-2%) as IEA cuts demand forecasts and Hormuz deadlock persists, but shipping data shows traffic at 2-month lows, contradicting US claims of 'total control.' The AI infrastructure trade is bifurcating: Cerebras' earnings validate the AI buildout bull thesis despite its own stock drop, while Cisco falls ~8% on margin guidance. OpenAI's executive exodus (CRO Denise Dresser, COO, ethics/safety heads) is escalating, raising IPO concerns. Tariff refunds continue to boost earnings (Dillard's, EnerSys, Acushnet). Tapestry plunges ~15% on weak FY27 guidance despite a beat. Tesla's Swedish strike ends after buyout. Anthropic IPO at $2T valuation is confirmed by multiple sources. Michael Burry's NVDA short thesis is gaining attention. The narrative is STABLE with no new counter-signals.
Topics
Key developments
- OpenAI CRO Denise Dresser departs, second major executive exit in days; COO and ethics/safety heads also quit
- Cerebras earnings validate AI infrastructure demand despite stock drop
- Iran rejects US claims of Hormuz control; shipping traffic at 2-month low
- Tapestry plunges ~15% on weak FY27 revenue guidance despite Q4 beat
- Tariff refunds continue to boost Q2 earnings: Dillard's, EnerSys, Acushnet
- Tesla's Swedish strike ends after nearly 3 years; union buys out members
- Anthropic IPO at $2T valuation confirmed by multiple sources
- Michael Burry doubles down on NVDA short, calls $500B financing deal a 'Wall Street stunt'