Syz the moment

Forbes found that nearly one in six billionaires (or 464 billionaires in 2025) made their money in finance and investments. Tech is the second most common sector to find billionaires in (401 in 2025, an increase of 59 billionaires since 2024). Source : Visualcapitalist

Including: Meta CEO Mark Zuckerberg, Microsoft CEO Satya Nadella, Google CEO Sundar Pichai, Apple CEO Tim Cook, AMD CEO Lisa Us and OpenAI CEO Sam Altman. Note that Tesla CEO Elon Musk is not around the table. Nvidia CEO Jensen Huang is missing as well. Key takeaways: 1) Trump said he would be placing semiconductors tariffs “very shortly,” and that they will be “fairly substantial.” 2) Trump also signaled that companies that invest in the U.S., like Apple, would be safe from the brunt of the tariffs. 3) President Donald Trump congratulated Google CEO Sundar Pichai on his company’s Tuesday antitrust penalties ruling, which came in lighter-than-expected and caused Alphabet shares to jump. Pichai said he is “glad it’s over” and thanked Trump for dialogue and resolution. Source: Evan on X

Barry Ritholtz: How little do we know about the future? A great way to figure that out is to look to our past, to see what we previously thought about what the future will hold. To wit: 26 years ago, the image above came from the cover story of Fortune magazine: “There’s a lot of buzz in the smartphone business lately, with Apple’s (AAPL) iPhone turning the mobile world upside down and Nokia’s (NOK) upcoming phone announcement providing a new challenge. Despite all the hype, though, Research in Motion’s (RIMM) BlackBerry is still the most formidable force in U.S. smartphones. This statement, of course, is gadget heresy. Popular opinion holds that the iPhone is today’s must-have device, and none of the others stand a chance. But while the iPhone is revolutionary, it’s not yet positioned to truly challenge RIM’s foothold in the smartphone market.” Source: Jon Erlichman @JonErlichman

As of August 29, 2025, the combined market capitalization of ten leading U.S. tech companies: Alphabet, Amazon, Apple, Broadcom, Meta, Microsoft, Netflix, Nvidia, Oracle, and Tesla, hit a record $21.95 trillion, representing roughly one-third of the U.S. equity market. From 2012 to 2025, their market cap grew at a 23% compound annual growth rate (CAGR), underscoring their dominant role in shaping market performance. Source: Econovis

Will AI CapEx follow? Chart: Goldman Sachs thru Markets & Mayhem

Someone spent $10.75 Billion with Nvidia during the quarter 😨 Half of $NVDA data center revenues this quarter tied to just two customers - Most likely amazon $AMZN and microsoft $MSFT 🤔... Source: Evan

From 2029, 10 high-speed trains could connect Stratford Intl to Brussels, Paris, Lille & more via the Channel Tunnel. Partnering with Gemini Trains, tickets may be booked directly in the app alongside cabs, bikes and more. ➡️ Transport multinational Uber, known for its ride-hailing app, has announced it is launching a new train service between the UK, France and Belgium. ➡️ Uber Trains aims to run 10 high-speed trains from London to Paris, Lille and Brussels using the Channel Tunnel. ➡️ The trains will depart from Stratford International Station in East London and are expected to initially focus on the London to Paris route. Passengers would be able to book tickets via the Uber app. ➡️ Uber will partner with start-up Gemini Trains to launch the new service, which could be operational as soon as 2029, subject to receiving the necessary permits.

Source: Michel A.Arouet