Markets roared higher today as softer-than-expected inflation data put September Fed rate cut hopes back on the table. The S&P 500 and Nasdaq both closed at fresh record highs, driven by a rotation into mega-cap tech. Treasury yields were largely unmoved on CPI relief, and traders cheered news of a temporary US–China tariff truce. The mood is cautiously euphoric, but with geopolitical flare ups always on the cusp of breaking out, it’s far from a “set and forget” environment.
1. Palantir: “Most Overvalued Firm of All Time”?
The Economist is out swinging, arguing that Palantir’s $400B+ market cap defies logic given its revenue scale, margins, and competitive moat. The case: PLTR is priced for flawless execution across government, commercial, and AI, yet execution risk is huge. A big portion of its AI hype is still theoretical, and government budgets aren’t bottomless.
Investor Takeaway: Momentum traders may keep it bid, but the valuation gap vs. peers like Snowflake and Datadog leaves no room for disappointment. A single earnings miss could be brutal.
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2. Nvidia Runs Into China’s Wall
Nvidia CEO Jensen Huang is navigating a tightening vise: U.S. export restrictions on AI chips and now a fresh Chinese rule that may limit the sale of “critical AI infrastructure” to foreign firms. Beijing’s move could force Nvidia to localize production or risk losing its fastest-growing overseas market.
Macro Watch:
China’s AI sector is racing to self-sufficiency
U.S. tech policy is entering tit-for-tat mode
The semiconductor rally’s global growth pillar just took a hit
3. Perplexity + Google Chrome: Search War Reloaded
Perplexity AI is now baked into Google Chrome as a default AI assistant, a move that pits Google directly against itself. Perplexity’s rapid growth is built on fast, conversational answers, and integration into the world’s most-used browser could supercharge adoption. But Google’s core search ad model is at risk if AI answers cannibalize clicks.
Investor Angle: Chrome’s dominance means Perplexity now has the distribution firepower to be more than a niche tool. Expect Google to counter with more aggressive AI-native features.
4. Musk vs. Altman: Now With Apple in the Mix
The long-running rivalry between Elon Musk and Sam Altman has escalated. Musk accused Apple of “blindly trusting” OpenAI’s code in its ecosystem, reigniting debate over AI safety and control. The public spat, already amplified by their competing AI ventures, now threatens to pull in corporate alliances as Apple stands by its OpenAI partnership.
What’s Changing:
Expect louder calls for AI regulation from Musk’s camp
Apple may accelerate its own internal AI projects to avoid perception risk
OpenAI gets free PR, and also fresh political heat
5. Boeing Deliveries Slump Again
Boeing delivered just 22 aircraft in July, well below expectations and its lowest pace of the year. Ongoing supply chain snarls, quality control setbacks, and slower-than-expected 737 MAX output are weighing on the recovery narrative. With global air travel still growing, rivals like Airbus are quietly taking market share.
Reality Check: Boeing’s turnaround hinges on restoring delivery cadence, not just order books. Investors betting on a rebound are facing a longer runway than hoped.
Why This Week Matters
Geopolitics, valuation extremes, and AI turf wars are colliding. The winners won’t be those who simply ride the hype cycle, but those who see where the fault lines are forming and position before the breaks happen.