Flash note
Smart glasses are being presented as the next smartphone. Yet their success may depend less on their technological capabilities than on the trust they manage to inspire.
How the most celebrated fund in artificial intelligence sold its entire listed book to a competitor, and what the wreckage says about the rest of us.
Apple just proved earnings don't need an AI narrative. Big Tech, meanwhile, has gone from paying shareholders to asking them for cash. Each week, the Syz investment team takes you through the last seven days in seven charts.
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Smart glasses are being presented as the next smartphone. Yet their success may depend less on their technological capabilities than on the trust they manage to inspire.
When the world's largest asset manager predicts a futures market for computing power and an exchange launches one within a week, the signal seems clear: compute has become the AI era's scarce commodity. Yet the same industry straining against that shortage is engineering its way out of it, targeting cost reductions of up to two orders of magnitude.
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The Nasdaq led with its best week since April, supported by solid earnings, renewed AI enthusiasm, and hopes for a reopening of the Strait of Hormuz. The U.S. labor market weakened sharply. Payrolls fell by 23,000 in July versus expectations for an 80,000 gain, while previous months were revised lower. Job openings also declined and ADP private payroll growth slowed to just 44,000. Unemployment nevertheless edged down to 4.1%. Rate-hike expectations declined: following the weak jobs report, the probability of a September Fed hike dropped to roughly 42% from 55%. U.S. business activity remained resilient. U.S. manufacturing PMI jumped to 55.6, its highest since May 2022.
Market, earnings and macro participation are widening at the same time.
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