Aggregator

The death toll from landslides that impacted southwestern China earlier this month has climbed to 51, as rescue teams have ended land operations.

Did Steve Lacy let a spoiler slip on the “Spiderman: Brand New Day” press tour? In addition to the singer possibly revealing a private detail about Sadie Sink’s character, people are questioning Tom Holland’s future with his long beloved character, obsessing over Zendaya’s red carpet looks and more. In this weeks Yap Session, Brian Faas,...

Did Steve Lacy let a spoiler slip on the “Spiderman: Brand New Day” press tour? In addition to the singer possibly revealing a private detail about Sadie Sink’s character, people are questioning Tom Holland’s future with his long beloved character, obsessing over Zendaya’s red carpet looks and more. In this weeks Yap Session, Brian Faas,...

And with every purchase, shoppers can score $58 worth of freebies.

See the heart-stopping moment a Las Vegas school bus slams into a teenage girl on an e-bike as her friend watched.

It's almost time for a little preseason NFL action!

Apple Tumbles On China, Service Revenue Miss

The Thursday rebound in the Nasdaq 100 - largely on the coattails of Microsoft and the expectations that further liquidations by that 25 year old Leopold guy are over - has been powerful, though much of the urgency has come from the same high-beta corners punished hardest during the semiconductor rout. That helps stabilize the tape, but it doesn’t resolve concerns around capex spend or Chinese chip capabilities. Amazon speaks directly to the hyperscaler debate through AWS and spending plans. And while Apple is not at the center of concerns about hyperscaler spreads, at nearly $5 trillion in market cap, its results carry enough weight to shape sentiment across a market short on conviction.

Consensus looks for Apple revenue growth of roughly 16% to nearly $109 billion, with the iPhone cycle and services doing the heavy lifting. The broader read-through is whether consumer demand remains firm, whether margins can absorb tariff and chip-cost pressure, and whether one of the world’s largest companies can still generate enough growth to support the premium embedded across mega-cap tech. A set of strong reports would give the rebound something more credible than short covering, even if it leaves the sector’s structural concerns intact.

There’s also some ceremony to the moment. Tim Cook’s final earnings call closes an extraordinary chapter before John Ternus takes the baton, but as Bloomberg's Brendan Fagan notes, nostalgia will not carry the stock or the broader sentiment. 

With that in mind, here is what Apple reported for the recently concluded June 30 (fiscal Q3) quarter:

• EPS $2.02 vs. $1.57 y/y, beating estimates of $1.89
• Revenue $109.42 billion, +16% y/y, beating estimates of $108.85 billion
  • Products revenue $78.68 billion, +18% y/y, beating estimate $77.25 billion
  • IPhone revenue $54.25 billion, +22% y/y, beating estimate $53.6 billion
  • Mac revenue $10.35 billion, +29% y/y, beating estimate $8.62 billion
  • IPad revenue $6.19 billion, -5.9% y/y, missing estimate $6.89 billion
  • Wearables, home and accessories $7.88 billion, +6.5% y/y, beating estimate $7.87 billion
• Services revenue $30.74 billion, +12% y/y, missing estimate $31.36 billion

Broken down by product:

... we see that Apple is in desperate need of a new revenue stream: even Services is now rolling over while the rest is a melting ice cube mess, and once AAPL's price hikes kick in, sales will crater. 

Mac sales beat expectations as pent up demand for the M5 MacBook Air, M5 Pro/Max MacBook Pro and of course the hot-selling MacBook Neo, should resulted in a big beat. The question is what is the margin on these products now that their components as much, much more expensive. 

Yet one place where revenue unexpectedly missed was Apple's heretofore Golden calf, namely Services, which unexpectedly came light by almost $1 billion to estimates, rising just 12% to $30.74 billion, and missing estimate $31.36 billion. Since this is the highest margin product line, any slowdown here will set off alarm bells for the bulls. 

Taking a closer look at the Geographic breakdown, China stood out because after several quarters of solid growth (after several years of disappointment) revenues missed again (along with Japan this time):

• Greater China rev. $18.82 billion, +22% y/y, missing estimate $19.58 billion
• Americas rev. $45.78 billion, +11% y/y, beating estimate $45.42 billion
• Europe revenue $29.40 billion, +22% y/y, beating estimate $27.58 billion
• Japan revenue $6.55 billion, +13% y/y, missing estimate $7.49 billion
• Rest of Asia Pacific revenue $8.87 billion, +16% y/y, beating estimate $8.71 billion

Here results were a mirror image of last quarter, when the US missed but was more than offset by Chinese sales; this time it's China (and Japan) that missed, in what appears to be another major slowdown in Chinese sales growth. 

Putting it all together, it appears that the stock which in recent weeks was priced to perfection - and as a FCF positive substitute to the rest of the AI complex - is getting hit on the Service revenue and China miss. As Bloomberg puts it, "though total revenue topped estimates, the China sales amounted to $18.8 billion in the fiscal third quarter, well short of the $19.6 billion estimated by analysts. Revenue from services was $30.7 billion, compared with a $31.4 billion projection."

Apple’s progress in China has been closely watched by investors and analysts as it recovers from a downturn in that country. The company is still growing in the market, but hasn’t bounced back as quickly as some were looking for, and as shown above, the growth rate is rapidly slowing... again.  

Apple also has been struggling with shortages of memory chips and computer processors, a situation that forced the company to raise prices on Macs and iPads last month. The supply crunch has led to extended wait times on key computers like the Mac mini and Mac Studio. Once the new iPhone hits the street with a price some 20% higher, watch for total sales to tumble. 

Elsewhere, this quarter serves as a swan song of sorts for CEO Tim Cook, who will hand the reins to hardware head John Ternus on Sept. 1. Cook, Apple’s leader since 2011, diversified the product lineup and increased annual sales to nearly half a trillion dollars. 

AAPL stock had been up 23% this year heading into the results, outpacing many tech peers. Apple reclaimed its title as the world’s most valuable company in recent days - overtaking Nvidia -  in part because it’s seen as a safe haven from runaway AI spending. The company has a current market value of almost $5 trillion, although it is now again below that after the slide after hours.

The company also is making some changes to how it offers products. On Tuesday, it rolled out a device leasing program called Apple Upgrade, allowing users to essentially subscribe to iPhones, iPads and Macs and trade them in at the end of their lease terms. The program, which resembles car leasing, will likely mitigate the recent price increases for many buyers.

Apple stock slumped more than 4% in after hours action, offsetting some of the surge in Amazon stock.

Tyler Durden Thu, 07/30/2026 - 17:25

"Mike and Mike" ran for 17 years on ESPN radio from 2000 to 2017.

They aren’t showering Zo with compliments.

'We Won Completely': Weinstein Says COVID 'Conspiracy Theorists' Were Totally Vindicated

Not so long ago, everything below was a bannable offense - usually based on the vapid logic of some 24-year-old "trust & safety" associate. In a clip circulating Thursday, evolutionary biologist Bret Weinstein takes stock of what the dissidents actually won for their trouble, Vigilant Fox reports.

WEINSTEIN: "We live in two worlds simultaneously at the moment. I remember conversations that I had with people I cared deeply about at the beginning of COVID right as the lab leak story was beginning to crack."

Bret Weinstein explains how the COVID conspiracy theorists were proven right about everything and it doesn't matter.

WEINSTEIN: "We live in two worlds simultaneously at the moment. I remember conversations that I had with people I cared deeply about at the beginning of COVID... pic.twitter.com/DFyBy6i2DH

— The Vigilant Fox (@VigilantFox) July 30, 2026

"What I saw was, actually, I think we're going to win the lab leak story. We're not yet winning the vaccine story, and we're way behind on the repurposed drug story.

"In 2026, here's what we see. We actually won. Completely. All of these things are now visible to anybody who wishes to see them.

Yet, while hearts and minds were won and 'conspiracy theorists' vindicated, we have a limp dicked government that won't hold anyone's feet to the fire. 

"And we've lost completely. Our capacity to do anything about this is now on full display. We have none."

"Your ability to simply get the story clear enough and enough evidence on the table does not have an impact on what happens next.

"We're still apparently dispensing these frickin shots. How crazy is that? Right after all that we have unearthed, after all the people who lost their careers to unearth this stuff, they're still dispensing the frickin shots."

WEINSTEIN: "We need to figure out now how to talk to the people who actually have goodness in their hearts, but are still so desperately confused.

"You have to figure out how to approach them with enough generosity of spirit that you can get them over the line to just seeing. You can get them to take off the blindfold."

h/t Modernity.news

Tyler Durden Thu, 07/30/2026 - 17:20

House Democrats Expand Midterm 'Red To Blue' Target Map To 30 Seats

Authored by Chase Smith via The Epoch Times (emphasis ours),

The Democratic Congressional Campaign Committee (DCCC) added five more seats to its Red to Blue program on July 28, and the National Republican Congressional Committee (NRCC) responded the same day with a separate statement criticizing each of the five Democratic candidates.

The U.S. Capitol on June 16, 2026. Madalina Kilroy/The Epoch Times

The expansion brings the program to 30 seats. Red to Blue candidates receive strategic guidance, staff resources, training, and fundraising support from the committee, according to the DCCC’s announcement. The committee said candidates qualify by surpassing goals for grassroots engagement, local support, campaign organization, and fundraising.

“In less than 100 days, Democrats will take back the House majority and it will be powered by our incredible candidates such as the five named to Red to Blue today,” DCCC Chair Rep. Suzan DelBene (D-Wash.) said in the release.

“Whether in suburban, rural, or redistricted seats, the American people have soured on Republicans’ broken promises and failure to lower costs. Voters are outraged by higher prices on everything and a war of choice spiraling out of control. They are eager for change and new leaders who will fight for them, not be a rubberstamp for Donald Trump.”

The five are Amish Shah in Arizona’s First District, Pia Dandiya in Florida’s 22nd, Lindsay James in Iowa’s Second District, Jake Johnson in Minnesota’s First, and Sam Forstag in Montana’s First.

The DCCC described Shah as an emergency room physician and former state representative who has already represented part of the district in the Arizona House.

Dandiya is a former teacher and high school principal from Palm Beach County. Both parties hold their Florida primaries on Aug. 18. Dandiya faces a contested Democratic field, with a challenge from Kaysia Earley. The DCCC’s endorsement puts the committee behind her before the election.

Florida’s 22nd District is currently held by Rep. Lois Frankel (D-Fla.), who is running in the new 23rd District this fall following redistricting.

James is a Presbyterian minister, former chaplain, and Iowa state representative running for an open seat against Republican Joe Mitchell, whom the DCCC release called a career politician and lobbyist.

Johnson is a public school math teacher and union leader challenging Rep. Brad Finstad (R-Minn.).

Forstag is a U.S. Forest Service smokejumper and vice president of National Federation of Federal Employees Local 60, running for the seat Rep. Ryan Zinke (R-Mont.) is leaving.

The DCCC release said Forstag organized against staffing cuts at public land agencies and described Republican nominee Aaron Flint as Zinke’s hand-picked successor.

The NRCC issued five statements within hours, one for each candidate. The statements largely characterized the candidates as too liberal for their districts.

NRCC spokesperson Ben Petersen noted for the Arizona race that the DCCC backed Shah’s opponent in the primary and that Republicans there are consolidating behind nominee Jay Feely. The DCCC did back Shah’s opponent in the Arizona primary but later endorsed Shah after he won.

NRCC spokeswoman Emily Tuttle referenced a Fox News report that James missed more than half of her votes in the Iowa House over the past year. Her campaign responded to that report at the time in a statement saying, “Lindsay has always fought for Iowa families, taking on corporate greed and predatory landlords and writing the bill to cap the cost of insulin.”

Tyler Durden Thu, 07/30/2026 - 17:00

Count President Trump’s former fixer Michael Cohen among the angry New Yorkers who say the city sent them invasive letters informing them they may have to pay Mayor Zohran Mamdani's new pied-à-terre tax, The Post has learned.

Golden State Warriors head coach Steve Kerr appears content running it back with the same core as last year. According to ESPN NBA reporter Anthony Slater, Kerr said the Warriors were “wise” not to mortgage their future for short-term upgrades. “[Sometimes] not making a move can be the best thing to do for your future,”...

Yeah, I know it is not going to happen. But don’t you have to make a call?

Uthmeier cited revelations from Rand Paul showing Fauci privately estimated a far lower COVID death rate than he testified.

Eagles defensive coordinator Vic Fangio couldn't help but laugh when he brought up controversial scientist, Dr. Anthony Fauci.

Max Sebastian Solomon, 25, of Irvine, was taken into custody Tuesday and is facing felony vandalism charges after investigators linked him to two separate vandalism sprees that left more than a dozen Teslas defaced with red spray paint,

Bank Of Japan Confirms Yen Intervention, Fed Conducted 'Rate Check'

Update (1645ET): Nikkei reports that market participants learned that the Japanese government and the Bank of Japan intervened in the foreign exchange market by buying yen and selling dollars.

Additionally, Nikkei confirmed that the US monetary authorities conducted a "rate check," a preliminary step before intervention.

This indicates that Japan and the US worked together to curb the yen's depreciation.

*  *  *

Having collapsed to its weakest relative to the dollar in 40 years, it appears the Ministry of Finance and Bank of Japan has had enough and intervened.

Having tagged 164/USD, the Japanese currency suddenly exploded stronger (below 160/USD, which was the prior level of intervention)...

The scale of the move is commensurate with the last large intervention in April.

Obviously, there is no confirmation, yet, but the timing, coming after the Fed and after Japan markets have closed, would certainly fit what we know about the MoF’s tactics, and that’s why there’s renewed speculation over official action. 

Tyler Durden Thu, 07/30/2026 - 16:45

The two were engaged in February and had planned to get married in Jerusalem

Amazon Jumps On Solid AWS Growth And Profit, Even As Outlook Disappoints And Free Cash Flow Turns Negative

As Bloomberg notes, "Microsoft’s solid earnings breathed new life into the tech sector Thursday, but Amazon’s report after the bell this evening could deflate the optimism again." To be sure, there’s a lot riding on Amazon results. The longevity of the AI spending boom is in doubt as shareholders punish ambitious capex plans, which has taken away some of the support away from the chipmaker stocks. 

Before Microsoft’s earnings, the Philadelphia Semiconductor Index had fallen 27% this month. It bounced more than 7% Thursday. Chipmaker Sandisk rose 23%, Micron and Microsoft itself both climbed more than 16%. The Seattle-based software giant announced better-than-expected results, emphasized its clear roadmap to AI monetization and refrained from increasing its capex plans. Amazon is going to have to produce something pretty special to keep the party going.  

In terms of expectations, analysts expect Amazon profits to rise 8.8% from a year earlier, based on revenue growth of 17.5%. Free cash flow is expected to come in negative for a second straight quarter. Revenue in the key Amazon Web Services business is expected to grow 31% from a year earlier to $40.6 billion.

While free cash flow for the AI hyperscalers as a group is expected to turn negative, for Amazon, it’s seen fluctuating, dipping below zero before recovering. Amazon was an early starter in the world of cloud computing. That has sometimes looked like a disadvantage. It’s among the cheapest of the big tech stocks, trading at a price to blended forward earnings ratio that’s 1.6 standard deviations below the 10-year average. Nevertheless, as Bloomberg's Sebastian Boyd writes, the tone from analysts has been largely positive. Estimates have been revised slightly higher, and climbed to $1.83 from $1.8 at the end of April. 

With all that in mind, this is what Amazon just reported for the recently concluded Q2:

• EPS of $5.75, beating exp of $1.81 (including a one-time profit on its holdings in Anthropic)

Revenue was stronger across the board (except for another modest miss in the small physical store sales category, and a new miss in subscription services).

• Net sales $200.61 billion, beating estimates of $197.01 billion
• Online stores net sales $70.43 billion, beating estimates of $69.92 billion
• Physical Stores net sales $5.79 billion, missing estimate $5.87 billion
• Third-Party Seller Services net sales $46.78 billion, beating estimates of $46.15 billion
• Subscription Services net sales $13.73 billion, missing estimates of $13.75 billion
• Advertising services net sales $19.81 billion, beating estimates of $19.32 billion

However, the most important revenue item, AWS, smashed smashed the sellside estimate...

• AWS net sales $42.23 billion, beating estimates of $40.57 billion, and rising a whopping 37%, the fastest pace of growth since the fourth quarter of 2021. 

Geographically the results were focused on North America beating again by more than $2 billion, even as international was a modest miss:

• North America net sales $116.18 billion, estimate $113.94 billion
• International net sales $42.20 billion, estimate $42.71 billion

Going down the line: 

• Operating income $27.46 billion, beating estimate $23.61 billion
• Operating margin 13.7%, beating estimate 12%
• North America operating margin +7.9%, beating estimate +7.48%
• International operating margin 4.1%, beating estimate 3.76%
• Fulfillment expense $29.63 billion, below the estimate $29.79 billion
• Seller unit mix 61%, beating estimates of 60.2%

While AWS sales growth was solid, just as impressive was the the margin for the segment also increased from 37.68% to 39.36%, just shy of the highest on record, and again beating the median Wall Street estimate of 33.52%. Elsewhere, North American profit unexpectedly jumped to $9.123 billion, resulting in a profit margin of 7.83%, down from 7.94% a quarter ago, while international margins rose to 4.07% from 3.58%, the highest since Q2 2025.

As a result of the rise in AWS profits, and generally solid sales margins, Amazon's consolidated operating margin posted a notable jump and in Q1 increased 9.7% to 11.7%, just shy of an all time high. 

Looking ahead, the company's guidance was unexpectedly weak: 

• Net sales for Q3 are expected to be between $197 billion and $202 billion; the midpoint of $197.5 billion was a big miss compared to the median estimate of $203.93 billion.
• Operating income for Q3 is expected between $22.0 billion to $26.40 billion, the midpoint also falling below the estimate of $25.07

The projected 10.7% revenue growth was the lowest since March 2025.

And while we wait to get some sense of what happened to AMZNs capex guidance, and whether it was revised higher again, here is a less than flattering view of the company's free cash flow: the company's LTM free cash flow plunged to $7.6 billion negative for the trailing twelve months, vs $18.2 billion for the trailing twelve months ended June 30, 2025.

And so, to fund its impressive AWS growth, where competition is becoming more fierce by the day, AMZN will need to issue stock or issue much more new debt to fund further capex growth. Indicatively, AMZN's debt soared to $129 billion in Q2, doubling from $65.6 billion at the end of 2025.

Amazon reported spending more than $53 billion on capex, including proceeds from some sales, in the period ended June 30. The company has said it expects to spend $200 billion — a 56% increase from 2025 — mostly on data centers, including those customized for AI services, prompting investors to focus on any signs of overspending.

After all that, AMZN shares were sharply higher this time - unlike last quarter - up about 8% higher largely on the AWS revenue growth and margin, as the market ignores the negative free cash flow... for now. 

Tyler Durden Thu, 07/30/2026 - 16:40