The K-shape economy
Corporate profits as a % of nominal GDP: right near an all-time high Employee compensation as a % of corporate GDP: all-time low Source: Kevin Gordon
Vanguard S&P 500 $VOO becomes the first $1 trillion ETF in history
Source: Hedgeye, Bloomberg
The U.S. is proposing new tariffs of at least 10% on imports from 60 trading partners after a forced-labor-related trade investigation.
Canada, Mexico, the EU, Taiwan, and the UK would face a 10% tariff. China, India, Japan, South Korea, Brazil, Switzerland, and other major economies would face a 12.5% tariff. The tariffs are not immediate. Written comments are due July 6, with public hearings starting July 7, so the final rules could still change before implementation. Source: Wall St Engine
Uber is limiting its employees to $1,500 in monthly token spending per artificial intelligence coding tool, Bloomberg reported Tuesday (June 2).
The limits apply only to agentic coding software, and they apply to each tool, so employees can spend $1,500 on each different tool, according to the report, which cited an Uber spokesperson. Uber provides employees with a dashboard on which they can track their usage of different tools, and it allows individuals to seek permission to exceed the limits, per the report. “We think this is all a pretty straightforward way to responsibly encourage agentic AI adoption and experimentation at scale across the company,” the Uber spokesperson said in the report. The limits were implemented in recent months after Uber used up its AI budget for the full year by April, the report said, noting that The Information reported that fact in April. In The Information’s report, Uber Chief Technology Officer Praveen Neppalli Naga, who shared the news about the AI budget, said the company was “back to the drawing board. Source: Pymnts
In case you missed it... Better than expected ADP jobs data combined with Services PMI strength and soaring factory orders sent the US Macro Surprise Index ripping to its strongest since Sept 2023...
Source: zerohedge
The K-Shaped is now appearing with cryptos
Source: Hedgeye, Bloomberg
SpaceX $SPCX to IPO at $135 / share, with 555,555,555 shares available
Source: Trend Spider
The King of Tech... $EEM iShares Emerging Markets ETF isn't what it used to be.
Many still view it as a commodities and old-economy EM trade, but the ETF has quietly evolved into a tech beast driven by semiconductors and AI-related exposure. Source: TME, Bloomberg
