1. Anthropic CEO called for a slowdown in AI development to better understand and control risks.

What’s really going on?
The real issue, beyond the sudden, insane calls that AI will kill us all: Investors are being asked to value the company before seeing the bill, and the valuation might be 300-400X actual operating profit.
While OpenAI and Anthropic are burning insane amounts of cash, they need frontier intelligence to remain scarce. They’re basically pushing for regulatory walls to restrain rivals.
No, Anthropic and gang need help because smaller models and massive money printing firms like BABA and META can easily match their LLM work.
If Uncle Sam steps in to regulate them ‘to save the world’ it looks way more like saving their nauseating pre-IPO valuations.

Below: Both open and closed LLM token indices declined, but the decline of the closed models is the dominant factor.

2. Every AI agent needs limited permissions, traceable actions, and a kill switch.

Conveniently, the cybersecurity business sells all of that.
Cybersecurity names surged as traders decided the answer to dangerous autonomous agents was buying the companies selling guardrails, permissions, and kill switches.

Hence, a cybersecurity bonanza!

3. The AI bubble has already started to deflate.

“Internet usage didn’t stop when the “2000 dotcom” bubble burst. Productivity outlived the investment boom. The math just no longer made sense for the enablers of the technology, leaving the adopters reaping the benefits.
The silver lining this time around is that valuations — which sowed the seeds of the dot-com demise — have already cooled. Exuberant price action in chip stocks has ebbed. The durability of the earnings boom is increasingly questioned. In other words, the AI bubble has already started to deflate.
There is still, however, a lot more downside if the investment cycle turns, with old-economy stocks best positioned to benefit from AI-driven productivity gains.”

4. The energy situation in the Middle East.

5. Time to revisit BESI.

BE Semiconductor (Besi) is a leading supplier of die placement, bonding and wafer level packaging equipment catering to the semiconductor industry. It is the market leader in hybrid bonding, a next-generation packaging technology that is poised for widespread adoption. AMD and Intel are known customers, with Nvidia and the major HBM suppliers evaluating the technology for next-generation chips. The indications are that the technology is on the cusp of “take-off”.
The co. sees continued order momentum and indicated that it sees the semiconductor cycle developing ever stronger. The co. is expecting more orders in Q3 than received in Q2 as AI is driving the volumes. High-end smartphones also require new technologies that are driving the orders.
Besi has also been a supplier to optical customers for a long time and sees very strong demand in the optical market.
The average target is €296 or an upside of 68%.

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