AI Funding Landscape - AI 基础设施建设已演变成一场信贷竞赛，公司竞相获取资金 [2] - 一些公司，如 Coreweave，利用现有 GPU 作为抵押获得贷款，以购买更多 GPU，并承担双位数利率的巨额债务，目前已超过 170 亿美元的融资承诺 [2] - XAI 在 7 月份筹集了 100 亿美元，其中一半是债务，并据报道正在寻求额外的 120 亿美元融资，使用 Grock 模型 IP 等非常规抵押品 [3] - Meta 正在洽谈一项 290 亿美元的私募信贷交易，采用表外融资，以便在保持其信用指标的同时，大力投资于 AI 数据中心 [4] - OpenAI 的 Stargate 项目获得了超过 110 亿美元的资金，用于在德克萨斯州建设数据中心，并转向私人贷款机构而非银行或公共市场进行融资 [5] Financing Strategies & Risks - AI 正在改写科技公司借款、抵押和扩张的规则 [6] - 长期合同（如与 OpenAI 和 Microsoft 的合同）可以抵消部分风险，但公司仍在竞相在债务到期前创造收入 [2] - Meta 的表外融资虽然可以保护信用指标，但也降低了透明度 [4] - 拥有最智能的聊天机器人可能并不重要，重要的是能否支付账单 [6]

Our deficit is $2 trillion and you know you guys focused on the fact this is going to add two and a half or three trillion dollars and obviously there'll be some offset for tariffs. It's going to go from $30 trillion of debt to 50 trillion in 10 years. It's not the three trillion that matters. It's the extraordinary additions being added each year.And so I I'm happy we have the the tax bill in place. You know the tax side where you you know your R&D expension is you know your physical equipment expensing an ...

I know when we look at our data, I I think that the ones floating to the top tend to not be meme stocks. You look at what customers are trading and buying and what they're depositing for. It tends to really be AI and electric cars.It's sort of like frontier innovation companies are are driving most of the volume. So I mean you have some things moving moving down moving up and down sort of like lower but the the top of of what customer >> is there something that you think that it it says about where the mark ...

Financial Performance - ABMBBEV (Anheuser-Busch InBev) Q2 revenue missed expectations, leading to its worst day since March 2020 [1] - ABMBBEV delivered results in line or above consensus across most financial metrics, with EBITDA growth and strong cash flow generation [2] - ABMBBEV experienced a decline in volumes [2] Market Dynamics - Weakness in China and softness in Brazil significantly impacted ABMBBEV's volumes [2][3] - China's industry was improving but still negative, with ABMBBEV overindexing in weaker segments and geographies, presenting an opportunity to expand in off-trade channels [3][4] - Brazil experienced abnormal cold weather and revenue management initiatives (pricing) that led to a slowdown in volumes [4][5] - The US had one of its best quarters in years, driven by market share acceleration [6] - Michelob Ultra is the fastest-growing brand in the US, and Bud Light is the second-fastest [6] - Michelob Ultra Zero and Bud Light Apple innovations hit a sweet spot in the US market [7] Pricing Strategy - ABMBBEV's prices in the US tend to grow with inflation [7][8] - ABMBBEV is investing heavily in brand support through platforms like NBA, NFL, FIFA Clubs, and the World Cup [8]

Welcome back. Shell's profit falling more than 20% since last quarter, but it still beat estimates. Shell also announcing another $3.5% billion share buyback over the next three months.It's the 15th straight quarter of buybacks above $3 billion. Joining us now to talk about the business is Shell CEO while San. It's great to have you back while nice to see you. >> Good to see you, Sarah.Thank you for having me. So, so what is I mean I know there are are things like the chemical closure and sort of uh noise g ...

We've been talking all morning about AI given the new massive spending numbers we saw out of Meta last night and also Microsoft. What are you going to ultimately have to spend on AI and what does that therefore do to the business at least in the short term and what does that look like in the long term. Well, we'll go through an investment cycle uh where we are focused on making sure that we serve our customers.Uh and I think that you know think products like Figma make obviously they have inference. We publ ...

All right, we are getting some breaking news here on Trade with Mexico. Megan Castella has details. There was a phone call. Megan, there was a phone call, Sarah.President Trump posting on social media saying he just spoke with Mexican President Claudia Shinbomb and the two leaders agreed that for the next 90 days they are keeping trade at a status quo between the US and Mexico. They're keeping the exact same deal. So that means Mexico will continue to pay a 25% tariff on its uh exports to the US due to fent ...

After five years of the biggest issue being there's not enough inventory in the market, we now have are back to pre- pandemic levels. There's more inventory than any time in the last 6 years. So, that's a good thing.You're talking about nationwide. Nationwide, right. Yes.So, let's talk about sort of pockets of of the market. Where are things going gang busters and where are things going the opposite direction. I wouldn't say they're going gang busters anywhere.Anywhere. Anywhere. It's not right.But uh you k ...

AI's Impact on Productivity and the Economy - AI is viewed as a technology that will rapidly enhance productivity, potentially faster than the internet and electricity [3] - AI's impact on productivity may not be immediately apparent due to initial investments in infrastructure like data centers and increased electricity consumption [4] - AI is expected to improve efficiency across various jobs and industries, while also leading to job displacement, similar to previous technological advancements [4][5] Job Displacement and Mitigation Strategies - The company acknowledges that AI, like other technologies, will eliminate certain jobs, but anticipates the creation of new jobs to offset these losses [5] - The company suggests that government and business should collaborate to mitigate potential negative impacts of rapid job loss through retraining, reskilling, relocation assistance, and income support [6] - The company emphasizes its internal practice of redeploying employees and providing new skills to adapt to changing job requirements [7] Continuous Improvement and Efficiency - CEOs are generally focused on improving efficiency and productivity, with increased pressure potentially accelerating these efforts [8] - American businesses consistently enhance productivity, exemplified by the agriculture sector's annual efficiency gains of 15% [9][10] - These gains in agriculture are attributed to advancements in fertilizers, satellite technology for precise irrigation, improved farming techniques, and better refrigeration and farm equipment [9]

Inflation & Monetary Policy - Potential for the Federal Reserve to reduce rates if inflation decreases and the economy performs well [1] - Tariffs are one of many forces at work in the economy, including remilitarization, fiscal deficits, and demographics, which may drive slightly higher inflation [2] - Focus should be on growth, which is more important than minor fluctuations in inflation [2] Tariffs & Trade - Tariffs have been greatly moderated, with 15% applying to half of imports, which is manageable in many cases [3] - With imports around $4 trillion, an average tariff of 7-8% equates to $300 billion annually on a $30 trillion economy, which may have some effect [3] - The impact of tariffs is still uncertain, with some being passed on and some not, and more effects may be seen in the future [4] - Current tariffs are more moderate, thoughtful, and carefully implemented, potentially helping some companies export and encouraging manufacturing to return to the US [7] Fiscal Policy & Deficit - The US deficit is $2 trillion, and concerns exist about adding $2.5-3 trillion, leading to an increase from $30 trillion to $50 trillion in debt over 10 years [8] - The extraordinary additions to the deficit each year are more concerning than the $3 trillion figure [9] - The current tax bill is beneficial, but the deficit needs to be addressed, as 6.5-7% deficits cannot continue indefinitely [9] - There are too many tax breaks that should be eliminated, and multiyear budgeting could be implemented [10][11] Market & Risk Appetite - Risk appetite in the market is a little high, but not critically so [12] - $10 trillion was borrowed and spent in the last five years, likely globally, along with large amounts of quantitative easing (QE), which is still affecting the system and may be leading to higher asset prices [13] - High asset prices and low credit spreads suggest a longer way to fall, making the market cautious about valuations [13][14]