Apple Is Back On Top… The AI race has largely become a contest of who can spend the most. Apple AAPL ( ▲ 1.17% ) quietly chose a different game. While Nvidia has reportedly guaranteed a $250 billion investment tied to OpenAI infrastructure, Apple’s AI strategy has centered on a partnership reportedly worth about $1 billion annually. The result? Apple reclaimed the crown as the world’s most valuable company while its own AI capital spending declined for three consecutive quarters. Here’s the full picture. ⇩ SPONSOR BREAK presented by MarketWise* 1 Stock to Own by July...

One Very Expensive Disagreement… SpaceX shares touched $110.85 this week — 18% below the IPO price, and closing in on a level Morgan Stanley says would mean the market is assigning zero, or even negative, value to the company’s entire AI business. Grok. Cursor. All of it. Worth nothing, at $100 a share. Morgan Stanley’s Adam Jonas — one of the most bullish analysts covering the stock — says that math is wrong, and that the gap between where the stock trades and where he thinks it should trade is really a referendum on how much investors trust an AI segment they’ve mostly...

We’ve Seen This Movie Before… US midterm elections are right around the corner, and Washington is already loud about it. Historically, markets don’t love that noise. Oddly enough, they’ve loved what comes next. But the data on what happens right after the noise stops is remarkably consistent Here’s the historical pattern, what may actually be driving it, and why prediction markets are turning election season into their next big business. ⇩ SPONSOR BREAK presented by Brownstone* What is Trump’s decade-long obsession? No president has moved markets like Trump. He...

SpaceX Bulls, Bears… Mark Your Calendar Musk says the shorts won’t survive. The shorts have never been bigger… Last week, Elon Musk warned that firms maintaining large short positions in SpaceX faced a “very low” survival probability. Wall Street’s response? Short sellers added roughly 21 million more shares to their bearish bets. Today, nearly one-third of SpaceX’s tradable float is sold short. Now the calendar gets involved. SpaceX reports earnings on August 4. The first lockup expires 48 hours later, potentially releasing $116 billion worth of shares...

Time To Retire? Scott Chronert of Citi says the label no longer describes where AI leadership actually is. In a note to clients this week, he argued the term has become “misleading” as the AI trade broadens beyond its original seven members. Ten days ago, we showed you the same trend: five of the Magnificent Seven were lagging the S&P 500, while their valuation premium had fallen to its lowest level in a decade. Chronert’s conclusion goes one step further. The biggest AI winners may no longer all be in the original club. Here’s what happened. ⇩ SPONSOR BREAK...