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The self-proclaimed "swampeprenuer" reportedly was inspired by the ongoing Florida Python Challenge.

U.K. Business Secretary Peter Kyle said the players’ behavior was “entirely inappropriate. I expect FIFA to do its investigation thoroughly.”

The tech shocked some shoppers who questioned why a store that was made famous for having items priced at $1 would even need a scanner.

A metal detectorist recently spotted a 2,700-year-old bronze sword in an unusual position — standing upright in the ground.

Das: Déjà Vu All Over Again! Are Stock Markets Repeating Dot.Com Mistakes?

Authored by Satyajit Das via NewIndiaExpress.com,

The sky-high valuations of space and AI firms today are similar to that of internet ventures before 2000. Herd instinct is leading promoters and investors, not financial and technological reality

Burning cash rapidly, with large unfunded commitments, space and AI businesses are all dependent on uncertain funding access (Express illustrations | Mandar Pardikar)

The listing of SpaceX and forthcoming artificial intelligence floats bear similarities to the lead-up to the 2000 dot-com crash, which resulted in losses of over $5 trillion.

Even survivors like Amazon, Microsoft, Cisco, Dell and eBay, which had sufficient cash to ride out the turmoil, suffered massive falls in share price that took years to recover.

Today, familiar mistakes around technology, investment approach, business models, valuation and oversight are being repeated. Like the actress Tallulah Bankhead, investors believe that if they have to live life again, they want to make the same mistakes—only sooner.

The dot-com boom was built around the internet, its enabling infrastructure and retail commercialisation as applications developed. Investors with little technical knowledge piled in, hoping for huge returns. Today’s focus is space and AI. 

Take SpaceX, an unwieldy conglomeration of Starlink satellite operations, a space launch business, a controversial social media service, a struggling AI venture as well as plans for orbital data centres, a moon base and an inter-planetary colonisation programme. The satellite broadband and X platforms use established technologies, but the launch business’s cost advantage relies on reusable rockets that remain a work in progress. Orbiting data centres and interplanetary colonies are technically unproven. The SpaceX prospectus provided unhelpful techno-babble—extending “the light of consciousness to the stars” and harnessing the sun “to power a truth-seeking AI”.

During booms, investors aggressively finance prospects with limited understanding and less due diligence, feeding herd-like tactics and poor business models that amplify risks and speculative excess. While some lessons have been learnt, others are recurring. SpaceX’s launch revenues are underwritten by the US government. That business and Starlink will face significant challenges from nationally sponsored and subsidised competitors, especially in Europe and Asia, because of increasing reluctance to outsource critical national infrastructure to US interests. 

Then there are other AI businesses hitting the stock market in the months ahead. One reason OpenAI pivoted away from a retail to an enterprise focus, replicating Anthropic’s strategy, was lacklustre conversion of free users to subscriptions. But companies have balked at the cost as suppliers switch from subscription models to payment for tokens, with many users now placing caps on usage.

OpenAI and Anthropic’s income and growth are also affected by increasing competition from cheaper, open-sourced—primarily Chinese—models, the threat of regulation and export bans because of potential AI security applications. The cost of the models themselves is growing because of scarcity of skills alongside shortages of processors, electricity and water for cooling.

These businesses all have uncertain paths to profitability, with SpaceX, whose primary profitable business currently is Starlink, warning in its prospectus: “We have a history of net losses and may not achieve profitability in the future.” Burning cash rapidly, with large unfunded commitments, these businesses are all dependent on uncertain funding access.

Yet, valuations have again decoupled from reality. In October 1999, shortly before the dot-com crash, the market cap of 199 internet stocks tracked by Morgan Stanley was $450 billion, against annual sales of about $21 billion and collective losses of $6.2 billion. Now consider that SpaceX raised around $75 billion in June, based on a market valuation of almost $1.8 trillion, or over 90 times of current revenue and 220 times earnings. Analysis by Morningstar argued that even using generous assumptions SpaceX was worth less than half that amount. OpenAI and Anthropic are expected to be valued in excess of $1 trillion. These values would be higher than those implied by their latest funding rounds. 

Current prices are not shaped by future free cash flows, but expressions of tribal affiliation and identity alongside deep faith in a technology. On the day that SpaceX listed, an equity trader gave a speech on the firm’s trading floor: “In 1969 we put a man on the moon… Now let’s go to Mars!” For many, SpaceX shares were cheap on a new extra-terrestrial measure: a price-to-universe ratio!

With negative earnings and cash flow, in a reprise of 2000, values are based on unreliable indicators like ‘eyeballs’ (unique website visitors or page views). With loss-making companies currently trading at a premium to money-making firms, as in the late 1990s, promoters do not want to be profitable as it would mean a lower valuation.

As in 2000, there is an absence of corporate governance. The imperious Elon Musk, the world’s first paper trillionaire, will control the world’s first ‘orbital infrastructure conglomerate’ using a dual-class share structure that reduces shareholder oversight and ensures that he cannot be removed. Musk’s known disregard for governance and self-dealing strategy shifts were dismissed. 

As in the dot-com bubble, banks, analysts and media, despite obvious conflicts of interest, play a pivotal role amplifying the ‘new economy’ narrative. Goldman Sachs, one of the underwriters, expects SpaceX’s AI revenue to increase 100-fold by 2030. Banks involved in the SpaceX offering received fees totalling more than $500 million. Exchanges desperate to boost the number of tech stocks listed agreed to include SpaceX in indices under expedited entry rules, meaning investors—especially passive investors—would have to sell existing holdings to make way for SpaceX, Anthropic and OpenAI shares. Intermediaries will benefit from large trading volumes. 

The real purpose of the current round of IPOs is to allow insiders to cash out, transferring risk to over-enthusiastic and unsuspecting investors. In 2000, once the 180-day lock-up period expired, allowing original funders and employees to sell restricted shares, there were widespread sell-offs as supply flooded the market. Listing overvalued stock also provides founders with currency for acquisitions. Musk may merge SpaceX with Tesla, consistent with his previous transactions involving Solar City, Twitter, and xAI. Given his unfettered control of SpaceX, it would obviate the need for an expensive and heavily-leveraged transaction to take Tesla private.

Like the dot-com episode, this too is likely to end badly. To paraphrase historian Christian Wolmar writing about British railways, booms cannot be sustained on “little more than optimism feeding on itself”.

Tyler Durden Thu, 07/16/2026 - 10:05

The hits just keep on coming for England after their devastating World Cup exit.

Bloomberg reported Wednesday that the FCC is also expected to escalate a separate investigation into Disney's broadcast television licenses.

"I'll never work again just based on people's fear that I would do this again and, and even if it wasn't true, I’m done," he testified in February.

"I'll never work again just based on people's fear that I would do this again and, and even if it wasn't true, I’m done," he testified in February.

Flood waters from a water main break filled the streets of West Hollywood Thursday morning.

When asked how she plans to tackle so much at once, she said with a laugh, “I don’t know, I’ve figured it out so far so I guess I’m just gonna keep figuring it out.”

Former Vanity Fair columnist George Wayne has penned a piece for Hampton Sheet Magazine in which he recalls a wild stay at the Chateau Marmont.

Israeli filmmaker Alma Har'el has set her follow up project to "Honey Boy" and is teaming with pro-Palestinian activist Javier Bardem.

An online fundraiser for a leftist Canadian woman cops say slapped a teenager at the Jersey Shore after getting triggered by her pro-Trump clothing has been taken offline for violating the site's policies around raising money for those accused of a violent crime.

Jeff Kober explains how he self-funded his own Emmy campaign and why he teaches meditation.

Eli Roth and Irv's Burgers, the vintage LA chain, have hatched a limited-time collab for his upcoming horror film "Ice Cream Man."

The doc is also expected to debut at a major fall film festival, like Venice, Telluride and Toronto, making it a high profile affair.

Vance Slams Israeli PR Campaign To Keep War Going 'Indefinitely', & Undermine Him

In a new interview on the world's largest podcast, Vice President JD Vance warned that "elements" of the Israeli government want to keep the Iran war going "indefinitely," and were pursuing an aggressive campaign to manipulate US public opinion -- going so far as to vilify Vance for his role in pursuing a diplomatic solution. In his nearly three-hour interview on the Joe Rogan Experience, Vance also tried to gently distance himself from Trump's decision to join Israel in launching a war on Iran and said the White House had botched its communications regarding the Epstein files. 

"There are some people within [Israel's] system, we know beyond a shadow of a doubt, who are manipulating and trying to change American public opinion to keep the war going on indefinitely. Again, not towards any objective, but just indefinitely," Vance said, noting that the attacks have not only been directed against US policy, but against him personally. He directed Rogan and his audience to read a recent Time article describing the big-budget mechanism Israel has sponsored to try to shore up Republican support for the war and for Israel. 

"It’s like worth reading because it lists a bunch of people who have quite literally been paid by a former Trump campaign person who was himself paid by certain elements within the Israeli government. And those people are attacking me viciously for quite literally trying to accomplish the negotiation objective that the president set for the country."

Vance was referring to former Trump campaign manager Brad Parscale, who now runs a communications firm called Clock Tower X. He is also Chief Strategy Officer of Salem Media Group, a conservative multimedia conglomerate. Last summer, Israel started paying Parscale's firm $1.5 million a month to create 100 pieces of digital content every month to be shared across multiple social media platforms. Controversially, Parscale also promised the “integration of narrative messaging into Salem Media Network properties and aligned distribution channels.”

Quite the listen pic.twitter.com/U9TpsTa1Yt

— Curt Mills (@CurtMills) July 15, 2026

As for how to end a war that's even less popular than the Vietnam War at its worst polling, Vance defended diplomacy and ridiculed hawkish critics whose grand plan is to only to "bomb them to oblivion." While Trump has been threatening to go on a rampage against Iran's bridges and energy infrastructure if the country doesn't bend to his wishes, Vance echoed the wisdom of many military and geopolitical observers who lampoon the idea that the US military can conquer any country -- much less one that's as large as Western Europe -- using only air power: 

“You can bomb them. You can take away their radar. You can take away some of their drones and some of their missiles, but it’s just too easy to fire at ships in the straits. So, you’ve got to actually be willing to talk and to try to figure out the problem.”

With each passing week and month, the unpopularity of the war on Iran looms larger and larger where Vance's 2028 presidential ambitions are concerned. Vance has been using interviews to delicately distance himself from the decision to attack, and he did so again with Rogan. When the podcaster asked Vance about the extent to which he agreed with Trump's decision to launch a war on Iran, Vance deftly used Trump's own characterizations to distance himself from the decision:

"Well, the president said publicly that 'JD was less enthusiastic about it.' I think that was the exact phrase that he used. I mean my attitude towards this, man, as you know, is the vice president— I’m not a public commentator. My job is to give the best advice I can to the president of the United States. I think he’s said a little bit about what that advice was. 

In April, a lengthy New York Times report on the decision to start the war portrayed Vance as a skeptic who warned that a war could unleash regional chaos and involve a high number of casualties -- including damage to Trump's coalition, a large segment of which was attracted by Trump's repeated promises not to start new wars. Describing the fateful meeting on Feb 26 that preceded the war's launch two days later, the Times paraphrased Vance as saying, "You know I think this is a bad idea, but if you want to do it, I’ll support you."

You can see Vance trying the thread the MAGA needle when it comes to Iran in this Rogan interview. He hints heavily that he's against the war, but he supports Trump publicly. pic.twitter.com/usuFwZPTGC

— Elijah Cone (@ElijahCone) July 15, 2026

Now, nearly five months later, 14 American service members are dead, more than 400 wounded, more than $100 billion has been squandered, the US arsenal significantly depleted, the Strait of Hormuz is largely closed, fuel prices have soared, a global economic catastrophe lurks, and the Iranian people have rallied around their government. Given the war has turned into such a fiasco, it's not clear how much credit Vance will get for having been anything less than a zealous opponent willing to publicly challenge the war from the start.  

Regarding the Epstein files, Vance disputed the notion that the Trump administration sought to hide anything from the American people, instead attributing the controversy to poor public communications about the files. “We absolutely screwed up the comms of the Epstein files,” Vance said. “We just did. But do I think the reason we screwed up the comms is because we were trying to hide something? No.” He faulted then-US Attorney General Pam Bondi for having "overstated what we had and what we didn’t have,” as she was caught up in "the political moment." 

JD Vance gets annoyed as Joe Rogan questions why MAGA influencers were given Epstein file binders pic.twitter.com/cbjjMMFlmy

— grizzy (@Furbeti) July 15, 2026

Though he stopped short of saying Epstein was working for Israel, Vance emphasized Epstein's links to both US and Israeli intelligence agencies. "He clearly had connections to the upper— the highest levels of American intelligence. He clearly had connections to the highest levels of Israeli intelligence," Vance said, later adding, "I’ve asked whether there were documents connecting Jeffrey Epstein directly to our intelligence agencies or anybody else’s, and the answer is no. But if that stuff existed, it wouldn’t exist in 2026." 

Here's the full interview: 

Tyler Durden Thu, 07/16/2026 - 09:45

The stars of “Next Gen NYC” are crashing out as tensions flare between Riley Burruss and Georgia McCann. Our “Virtual Reali-Tea” co-host Evan Real is joined by Social Editor Rachel Meller to recap season 2, episode 4. Riley and Georgia’s explosive argument takes a turn when a glass is almost thrown. Ariana Biermann’s romance with...

The stars of “Next Gen NYC” are crashing out as tensions flare between Riley Burruss and Georgia McCann. Our “Virtual Reali-Tea” co-host Evan Real is joined by Social Editor Rachel Meller to recap season 2, episode 4. Riley and Georgia’s explosive argument takes a turn when a glass is almost thrown. Ariana Biermann’s romance with...