Good Afternoon. From Wall Street’s most expensive stock to Argentina’s bond crash, today’s markets had no shortage of drama. Palantir’s fairy tale valuation faces a Grimm reality check, Argentina is reeling from a corruption scandal, JPMorgan is doubling down on credit cards, and crypto found its way back into the headlines with a new Trump Media tie-up. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

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Source: compareaccounts.com

1. Is Palantir Overvalued? Why One Analyst Predicts a 75% Crash

The News: Wall Street analysts are sounding alarms over Palantir’s sky-high valuation, with some warning the AI-focused data analytics company could face a correction of up to 75%. RBC’s Rishi Jaluria reiterated an Underperform rating, setting a $45 target—roughly 70% below current levels. Even short-seller Andrew Left argued that at $40 a share, Palantir would still be overpriced compared to OpenAI’s revenue multiple.

Why It Matters: Palantir has become the poster child for the AI stock boom, with shares up 2,700% since 2023 while revenue climbed just 80%. Its current multiples—244x forward earnings and 116x forward sales—are not only the steepest in the S&P 500, but far exceed Nvidia’s lofty 30x. Analysts say this disconnect leaves investors little margin for error. If Palantir can’t deliver years of 50% growth at elite profit margins, today’s prices may prove unsustainable. Palantir’s fairy tale run may not end with a castle and fireworks, but with something closer to a Brothers Grimm twist.
Source: aol.com

2. JPMorgan Doubles Down on Credit Cards

The News: JPMorgan Chase isn’t satisfied with just being the top U.S. credit card issuer, it’s doubling down. Already No. 1 in card spending, the bank is still growing faster than the overall industry, with spending volume rising more than 7% year-over-year. To keep the edge, JPMorgan has refreshed its Sapphire Reserve card, expanded into small-business cards, and made acquisitions like restaurant review service The Infatuation and luxury travel shop Frosch. The bank has even been in talks to take over Apple’s credit card program.

Why It Matters: Credit cards are now one of JPMorgan’s biggest growth engines. The bank added ~10 million new accounts annually from 2022 to 2024, with lifetime value per card up 40% since 2019. For investors, it’s proof JPMorgan can bankroll long-term bets other banks can’t—and make them pay off. For consumers, it means juicier rewards, flashier sign-up bonuses, and more card options as the arms race heats up. If you’re eyeing a new card yourself, check out today’s To-Do section for some Chase options worth a look.
Source: wsj.com

3. Trump media firm raises $6.4 billion to invest in CRO

The News: Trump Media and Crypto.com have struck a blockbuster deal to form the world’s largest CRO token treasury, amassing roughly 6.3 billion CRO (worth about $1 billion at announcement) alongside $200 million in cash and $220 million in warrants. A Yorkville affiliate also committed a $5 billion equity line of credit to support further CRO acquisitions. CRO surged 25% on the news, boosting its market cap to $6.6 billion.

Why It Matters: This is the most aggressive play yet in the growing trend of companies treating crypto like corporate treasuries, a path pioneered by MicroStrategy with Bitcoin. By staking and holding CRO, Trump Media not only aligns itself with Crypto.com but also ties its growth story to the fortunes of a single digital asset. For investors, that means Trump Media stock is becoming a proxy bet on CRO’s price and a risky one if the token’s momentum falters. Investors liked the news as Trump media is up ~5% on the news.
Source: fortune.com

4. Commerce Secretary considers taking equity stakes in defense giants

The News: The Trump administration is weighing whether to take equity stakes in major U.S. defense contractors, Commerce Secretary Howard Lutnick revealed Tuesday on CNBC. Lutnick pointed to Lockheed Martin—where 97% of revenue comes from federal contracts—as a prime candidate. The discussions, led by Deputy Defense Secretary and Cerberus Capital co-founder Steve Feinberg, follow the administration’s Intel deal, where $11 billion in CHIPS Act grants were converted into a nearly 10% ownership stake. Defense stocks jumped on the remarks, with Lockheed, Boeing, and RTX all posting gains.

Why It Matters: If Intel was the test case, Lockheed and its peers could be next. Government equity stakes would mark a fundamental shift in defense procurement, blurring the line between contractor and state-owned enterprise. For investors, this could mean steadier cash flows backed by Washington but also tighter oversight and less strategic independence for the companies themselves. With defense giants effectively becoming “too government to fail,” Wall Street may need to start valuing them less like private firms and more like extensions of the Pentagon.
Source: bloomberg.com

5. Small caps are finally getting rate cuts

The News: Small-cap stocks finally got the jolt they’ve been waiting for. After Jerome Powell’s Jackson Hole speech signaled rate cuts could land in September, the Russell 2000 surged ~4% this past month, its best run in years. The rally sparked hopes that Wall Street’s long-awaited “rotation” from Big Tech to smaller companies might be underway. But Monday’s pullback showed how fragile that optimism is, the Russell quickly slipped back into lagging territory even as mega-cap names held strong.

Why It Matters: Rate cuts are supposed to be rocket fuel for small caps, which rely more on borrowing than their trillion-dollar peers. Add in fiscal stimulus, trade deals, and a weaker dollar, and the setup looks promising. But history warns otherwise: when cuts arrive because the economy is weakening, small caps often underperform. With Nvidia set to report earnings this week, Big Tech still looks hard to bet against. In other words: small caps may finally have the wind at their backs but Big Tech’s shadow looms awfully large.
Source: finance.yahoo.com

1. Norway's $2T fund divests from Caterpillar, Israeli banks

The News: Norway’s $2 trillion sovereign wealth fund, the world’s largest, has divested from Caterpillar and five Israeli banks after concluding their activities contribute to violations of international law in Gaza and the West Bank. The Council on Ethics found Caterpillar’s bulldozers were used in “systematic violations of international humanitarian law,” while the Israeli banks were excluded for financing settlement construction. The sales, worth nearly $2.8 billion combined, mark one of the fund’s most significant ethical divestments in recent years.

Why It Matters: This decision underscores the growing role of ESG (environmental, social, and governance) considerations in global finance and the risks U.S. and Israeli firms face when their products are tied to conflict zones. While Caterpillar loses a $2B+ investor, the bigger picture is how sovereign wealth funds, pension funds, and institutional investors can use divestment as geopolitical leverage. For everyday investors, it’s a reminder: global politics doesn’t just move markets, it can reshape entire portfolios overnight.
Source: msn.com

2. China tests world's first megawatt airborne wind turbine

The News: China is preparing to test the world’s first megawatt-level airborne wind turbine, a helium-filled airship that floats 1,500 meters high to capture powerful winds beyond the reach of traditional turbines. Developed by Beijing SAWES Energy with Tsinghua University and the Chinese Academy of Sciences, the S1500 system could generate up to 27 times more power than ground-based turbines under the same conditions. Earlier prototypes set world records for airborne wind generation, but this will be the first test at utility scale.

Why It Matters: If successful, airborne turbines could unlock a new era of renewable energy, providing rapid-deployment power for disaster relief, remote communities, and off-grid industries. For China, it’s also a chance to extend its dominance in wind technology, where it already produces 70% of the world’s equipment. The big question is whether these floating giants can move from experimental novelty to commercial reality. You could say, this airship form of renewable energy is really taking off.
Source: scmp.com

3. Argentina bonds crash as corruption scandal hits Milei

The News: Argentina’s bonds and peso tumbled Monday after leaked recordings tied President Javier Milei’s inner circle to a kickback scheme with pharmaceutical companies. The 2038 bond dropped more than 4 cents to 65.71 cents on the dollar, its lowest in four months, while the peso slid 2.9% against the dollar and the benchmark stock index fell 3%. The scandal centers on Diego Spagnuolo, Milei’s recently fired disability agency chief, who allegedly implicated Milei’s sister and chief of staff, Karina, in taking 3–5% bribes.

Why It Matters: Argentina is no stranger to corruption headlines, but this one cuts particularly deep: Milei built his brand on an anti-corruption, anti-establishment platform. With provincial elections in September and national midterms in October, the scandal risks undermining investor confidence in his reform agenda just as he’s trying to stabilize a fragile economy. For bondholders, it’s a reminder that political risk, not just fiscal math, drives Argentine debt markets. Argentina’s bonds have long traded on hope and volatility. This week’s message: in Buenos Aires politics, the spread between promise and reality can blow out fast.
Source: news.bloomberglaw.com

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