Good morning. This is horizons, Middle East and Africa. Our top stories this morning.Peace prospects dim. President Trump rules out extending the Iran truce as the 60 day window expires. Washington and Tehran remain divided over Hermas and Iran's nuclear program.Bond selloff deepens 30 year Treasury yields hit the highest since 2007. Fiscal concerns, sticky inflation and heavy borrowing pushed long term rates higher. Plus, BP's full year profit jumps by almost a third as the world's biggest miner gets a boo ...

>> THIS IS THE ASIA TRADE. THE TOP STORIES THIS HOUR. ASIAN STOCKS SET TO FOLLOW WALL STREET LOWER AS PRESIDENT TRUMP REJECTS AN EXTENSION OF THE DEAL WITH IRAN.OIL JUMPS FROM RAISING INFLATION WORRIES WHILE RAISING LONG-TERM BOND YIELDS. ANTHROPIC IS SAID TO BE ON TRACK FOR REVENUE OF MORE THAN $65 BILLION. CHINA'S ECONOMIC SLOWDOWN WORSENS.THE TECH BOOM FAILING TO LIFT OTHER SECTORS, WITH CONSUMPTION STAGNATING AT HOME. LET'S TAKE A LOOK ACROSS ASIA. WE DID HAVE SOMETHING OF A SOFTER LEAD IN FROM THE U.S. ...

Nvidia AI Financing Is The $500 Billion Risk Investors Aren’t Watching https://t.co/Fo8d9LWQR7 (Photo: Patrick T. Fallon/AFP via Getty Images) https://t.co/ns5btwPDuQ ...

Market Dynamics - South Korea denied local media reports regarding semiconductor project discussions as the initial investment [1] Investment and Policy - South Korea clarified the status of investments under the 350 billion US dollar commitment to the United States [1]

Geopolitical & Industry Dynamics - President Trump threatened to bomb Oman if it interferes with the reopening of the Strait of Hormuz after a 60-day memorandum of understanding expired without a final settlement [1][3][7] - The United States and Iran face a prolonged economic war of attrition over oil trade, with the U.S. treasury poised to enforce and issue more sanctions on top of the historical 2,200 sanctions already imposed[20][21][69] - President Trump decided to scale back joint military exercises with South Korea while citing a lack of South Korean cooperation regarding Iran and noting positive diplomatic overtures with North Korea's Kim Jong-un[2][11][55] Technology & Financial Markets - Anthropic reached an annualized revenue run rate of more than 65 billion dollars by the end of July, surging sevenfold from 9 billion dollars in May 2025 as the company prepares for its IPO alongside rival OpenAI[32][33] - NVIDIA agreed to spend up to 105 billion dollars to support a massive new data center investment project[35] - The S&P 500 pulled back from all-time highs amid elevated oil prices and inflation concerns ahead of the Federal Reserve meeting in September, while 30-year Treasury yields hit their highest level since 2007 due to government spending angst[34][35] Legal & Regulatory Developments - Venture capital firm Andreessen Horowitz faces a Department of Justice antitrust probe regarding investment partners improperly serving on the boards of competing artificial intelligence companies[86] - The Department of Justice issued a new regulation allowing certain individuals with felony convictions to apply to restore their gun rights, impacting a demographic where 30 million Americans were previously prohibited from owning firearms[88] - Newly appointed Attorney General Todd Blanche refused to pledge the Department of Justice's independence from the White House, sparking widespread debate over legal independence and institutional trust[89][90]

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>> THE COUNTDOWN IS ON. EVERYTHING YOU NEED TO GET THE EDGE AT THE END OF THE MARKET DAY. THIS IS THE CLOSE.>> AN OTHERWISE QUIET WEEK ALMOST REPAIRED FROM STUDIO TWO, IN NEW YORK, I'M SCARLET FU. >> I AM ISABELLE LEE. IT'S MONDAY AGAIN.>> MID AUGUST AND FAIRLY QUIET. NEVERTHELESS, STOCKS AND BONDS ARE FALLING, OIL RISING ON THE NEW GEOPOLITICAL TENSIONS. THE S&P 500 DOWN AFTER LAST WEEK'S RECORD HIGH.CHIPMAKERS ARE HIGHER FOR A FOURTH DAY. WTI IS AT THE HIGHEST LEVEL THIS MONTH SO A REMINDER THAT INFLATION ...

Fund Activities and Portfolios - Valley Forge Capital managed a $3 billion portfolio and experienced its longest streak of underperformance due to redemptions and market conditions[8][9][10][15] - Valley Forge Capital reduced its holdings in Mastercard by 28% and Visa by 22% prior to a stock price recovery[19] - Valley Forge Capital maintained its position in ASML, which surged around 62% year-to-date[20][21] - The TCI Fund managed a massive portfolio valued at $52.7 billion concentrated into around 11 stocks[29] - The TCI Fund completely eliminated its 17% position in Microsoft while increasing its position in Google by 12% in the last quarter[37][41] - Pershing Square increased its stake in Meta by 20% to reach 9% of the portfolio, and built an Uber position making it the top holding at 12.72%[51][54] Company News and Legal Risks - Meta faced critical legal challenges in California involving 29 state attorneys general regarding child safety regulations, comparable to historic tobacco industry lawsuits[70][71] - Meta lost a legal case in New Mexico requiring the company to pay nearly $1 billion and make service modifications[74] - Underage users (under 18) accounted for only 2% to 4% of Meta's total daily active user base[76] - Historical precedents show Meta shares traded at $130 per share during the Cambridge Analytica data scandal and later rose to around $560 per share[90]

Market Trends and Industry Dynamics - Anthropic reported preliminary second-quarter revenue reaching tens of billions, representing at least a 14-fold increase year-over-year, driving significant enthusiasm for AI stocks [7][9][61] - The artificial intelligence infrastructure buildout requires an estimated capital expenditure of 50 billion dollars per gigawatt, with projected capacity additions of 20 gigawatts this year and another 20 gigawatts next year [11] - WTI crude oil jumped nearly 3% to close in at 85 dollars a barrel amid concerns over Middle East violence and escalating war risks [5] Investment Opportunities and Corporate Financials - Alphabet tapped global bond markets with an issuance of 3.6 billion dollars in Australia, benefiting from strong unit economics and its own custom chips [15][16] - Nvidia agreed to invest 1.5 billion dollars in SP Energy to operate a massive new data center campus in Ohio leased by OpenAI, which will secure up to 8 gigawatts of computing capacity [18][35] - Private equity capital allocation reached 500 billion dollars supported by Nvidia's balance sheet investments, while family offices built significant exposure to SpaceX in the first half of 2026 [19][30] Regulatory and Macroeconomic Risks - The Trump administration maintained average tariff rates in the 10% to 11% range rather than fully restoring previous levels near 15% due to higher energy prices and inflation pressures driven by the war in Iran [41][42] - The U.S. government took 35 to 37 equity stakes valued at 60 billion to 70 billion dollars, with projections to reach 200 equity stakes totaling 200 billion dollars in market capitalization by the end of the term [47] - Ecuadorian shares traded higher as the company attempted to recoup 47 million dollars paid after being accused of privacy violations [6]

Market Trends and Macroeconomics - S&P 500 declined by 0.5% for the second consecutive day, with industrials also down by 0.5% and the Nasdaq down by 0.3% [5][6] - Treasury yields ticked higher amid concerns over the U.S. conflict in Iran, pushing West Texas Intermediate (WTI) crude up by 2.3% [2][3] - Goldman Sachs reported that earnings per share (EPS) growth is tracking at 31% year-over-year [4] - The 30-year Treasury yield reached its highest level since June 2007, prior to the financial crisis [20] Industry Insights and Investment Opportunities - Anthropic reported a preliminary second-quarter revenue of 11.5 billion dollars and an annual run rate exceeding 60 billion dollars [5][9] - Family offices and investment firms for ultra-wealthy individuals built at least 3.8 billion dollars in exposure to SpaceX through the first half of 2026, including a 2.2 billion dollar stake held by Harvard [12][13] - SanDisk emerged as a top-performing stock in the S&P 500 and Nasdaq 100, rising nearly 9% following an upbeat multi-year financial outlook, while Marvell gained 5.5%, Western Digital gained 5.3%, and Coherent rose 7.8% [8][10][11] Corporate Performance and Potential Risks - Drug developer Iveric Bio experienced a record stock drop after its experimental treatment for wet age-related macular degeneration failed to meet primary goals in late-stage trials, prompting Cantor to cut its rating to neutral [14][15] - Bally's warned investors of substantial doubt regarding its ability to continue as a going concern, weighed down by high leverage, a 30 million dollar purchase of Sam's Town, and ongoing projects including a 4 billion dollar downstate New York casino project [16][17][18] - JetBlue Airways shares dropped as much as 6.7% after Seaport Global Securities downgraded the airline from buy to neutral due to elevated debt levels and jet fuel volatility risks stemming from the closed Strait of Hormuz [18][19] - U.S. freight rail networks faced over 200 million dollars in losses from 75,000 cargo thefts in 2025, prompting companies like CSX to integrate high-tech security measures [23][25][26]