Burry told his Substack followers the market may be near a major top and could tumble like the 1987 crash, even as the S&P 500 posts fresh records. He’s still shorting chips, Nvidia, Tesla and other names, arguing volatility‑driven leverage could magnify a sell‑off.
After a 42‑day lull, the S&P 500 closed at a fresh record, its 25th high of 2026, driven by a broad rally across major indices. The bounce validates investors who stayed put during last month’s sharp momentum crash, suggesting the market’s fundamentals remain strong and that patient, long‑term positioning still pays off.
SpaceX’s Q2 earnings showed revenue of $7.8 billion beating forecasts, but AI‑related capital expenditures surged to $15.8 billion, almost seven times last year’s spend and $2.7 billion above estimates. The AI binge left the company with a $541 million loss and a 7% after‑hours stock drop, flagging profitability risks as the IPO‑era fizzles.
At GTC 2026 Jensen Huang revealed Nvidia has poured about $150 billion into AI‑startup venture deals, funding the very companies that could become GPU rivals such as OpenAI and Anthropic. The bet lets Nvidia shape the wider AI ecosystem while its competitors grow, potentially reshaping market dynamics and Nvidia’s own revenue outlook.
The ISM July 2026 Manufacturing PMI jumped to 55.6, the strongest since May 2022, driven by a 6.3‑point surge in production and a 3.1‑point rise in employment, the first hiring expansion in 33 months. Yet the Prices Index stayed near 71, signaling persistent cost pressures that keep the Fed on edge.
Polymarket is in early talks to raise about $1 billion at a valuation north of $20 billion. The boost follows a June report that the platform’s annualized revenue topped $1 billion, underscoring rapid growth in the prediction‑market sector.
On CNBC’s Closing Bell, NYU finance professor Aswath Damodaran cautioned that the next AI shakeout will hit smaller, less‑capitalized AI firms hardest. He says the big ‘Magnificent Seven’ have cash and balance‑sheet strength, but the flood of overvalued niche players faces a painful correction as the market reprices AI hype.
You’re caught up.
That was all 7 stories in the 5 August issue.