1. Optimism tempered by rising yields.

Bond yields hit multi-year highs as the prospect of a prolonged conflict in the Middle East raised concerns that inflationary pressures may prove more persistent.
Investors fear not only higher inflation but also a rise in defence spending if geopolitical tensions persist, increasing debt issuance and adding to pressure on bond markets.

2. Traders are a record net short Nasdaq-100 futures.

The latest CFTC report shows a combined −$20.2B net position, the second most negative reading in the available history.

3. Meanwhile, tech insiders are near 15-year high in buying activity.

4. The AI infrastructure stack.

Piper Sandler mapped the new AI infrastructure stack across 8 layers from the power grid all the way to the agent as AI scaling creates bottlenecks across power, cooling, networking, storage, cloud & inference.

5. Anthropic outperforms OpenAI.

Anthropic’s second-quarter revenue jumped at least 14-fold from a year earlier, Bloomberg News reported.
The Claude chatbot maker posted preliminary revenue of more than $11.5 billion.

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