SpaceX

➡️ Did someone forward you this email? If you would like to receive this information directly, every morning before the markets open in New York, sign up here . 8% after Elon Musk delivered the company’s Q2 results in its first-ever post IPO earnings call. 2 billion analysts had expected. 9 billion. The net loss declined by nearly half to $541 million, Fortune’s Amanda Gerut reports . As is his custom, Musk offered a rose-colored outlook for the rocket-and-connectivity AI giant, proclaiming that SpaceX’s internal target for hitting $1 trillion in annual revenue had moved forward a full year since the IPO from 2031 to 2030, with a “non-zero chance” it hits the mark in 2029.

In the not-so-distant future, Musk said, his robots will be manufacturing on the moon. From there, moon-based robots will enable SpaceX to build a mass accelerator with solar production. ” “It’s really a ridiculously profound difference,” he said. S. soccer - Catherina Gioino Europe’s AI sovereignty is under threat. Could Mistral be the answer? - Bea Nolan Europe’s tech sovereignty is facing its biggest test yet - Sam Forsdick Billionaires have been flooding the midterms with cash, but one of the GOP’s most reliable megadonors just went silent - Sydney Lake Trump’s tariffs were supposed to boost American manufacturing, but the new levies are actually pushing some companies back to China - Sasha Rogelberg Gen Z’s anti-capitalist brand says one thing.

Its spending data says something more interesting - Nick Lichtenberg President Trump could announce a deal to reopen the Strait of Hormuz as soon as today, according to Axios . Sources told the site that Iran and Oman have sketched an agreement in which Iran controls the northern route for inbound traffic while Oman controls the southern route for outgoing vessels. The agreement would include a 60-day ceasefire and no tolls on traffic. The news, while hopeful, comes with a truckload of caveats: Context: We have been on this carousel before. Both Iran and Trump can scuttle the deal with a single round of bombing.

And the Houthis, Iran’s Yemeni proxy terror group, attacked another Saudi ship in the Bab al-Mandeb this morning, their eighth strike on Saudi ships so far. There is no indication yet that any deal will include opening the Red Sea route. “This would probably mean tolls eventually (probably branded a ‘tariff’ or an ‘environmental charge’ according to political bias). A toll would be economically negligible. Iran cementing control of the Strait has implications for insurance, supply chain security, and Gulf infrastructure investment,” Paul Donovan at UBS commented this morning.

45% yesterday after it delivered Q2 earnings that vastly exceeded expectations. 85% in overnight trading. This chart says it all: The S&P 500 has been doing well recently and one reason for that is analysts’ estimates of future earnings keep being revised upwards, as this chart from Goldman Sachs’ Peter Oppenheimer shows. This is unusual, he said in a note, because analysts usually revise their estimates downward as the year rolls on. 0% and breadth improved: 61% of stocks beat the S&P 500, up from 46% in 1H26 and 30% in full-year 2025,” Bank of America’s Savita Subramanian said in an email.

Analysts have been grumbling for a while about Fed Chairman Kevin Warsh ending the “forward guidance” the central bank used to give about where monetary policy is heading. But on Monday one of the bigger beasts of Wall Street, Goldman Sachs Chief Economist Jan Hatzius, came out guns blazing at Warsh. ” It could, he said, lead to a “hall of mirrors” in which traders make a wrong guess that the Fed is about to hike rates and the Fed then accidentally takes it seriously. “Fed officials might take the resulting interest rate move as conveying new information about the economy and hike, market participants might take this as foreshadowing further hikes down the road, and so on,” he told clients.

“The problem with this approach is that participants in short-term interest rate markets—where Fed communication matters most—price what they think the Fed will do, not what it should do. This remains true if the FOMC provides less information about its reaction function, except that markets will then be more error-prone,” he wrote. ” This chart plots the National Federation of Independent Business survey on hiring intentions against the government’s private payroll numbers, and, as you can see, the NFIB line roughly predicts the direction of the job numbers four months in advance, according to Pantheon Macroeconomics’ Samuel Tombs.

He thus forecasts that the government will report 75,000 new jobs on Friday. That will not be strong enough to tempt Fed chair Kevin Warsh into hiking interest rates in September, Tombs and his colleague Oliver Allen say. 25%. “The pressure on the Fed to tighten this year will evaporate quickly, unless the inflation data are awful. That’s possible, but the wages data make it unlikely,” Allen said in a note to clients. Roughly 285 million tons of freight are shipped by barge along the Rhine annually, and with each barge holding the equivalent cargo of 100 trucks, it is one of Germany’s major logistics corridors.

But the long, hot European summer has reduced water levels in the Rhine to below critical levels. At Kaub, one of the shallowest points in the river, it’s now less than 24 centimetres deep, the lowest since records began in 1880, according to Carsten Brzeski of ING. 3% of German GDP this year, he believes. One of the reasons Cathie Wood’s ARK Invest is so keen on SpaceX is that Elon Musk’s rocket company is far faster at making replacement parts for its rockets than NASA ever was with the Space Shuttle. In turn, that lowers the costs for getting things into space.

This quote from ARK’s Tasha Keeney says it all: “Each tile on the Space Shuttle was unique, all of them taking two labor-years to attach and more than 17,000 labor-hours per flight for inspection, replacement, and maintenance. The project was born of blood, sweat, tears—and spit. Initially, the adhesive adhering to the tiles would dry so quickly that workers would spit on it to slow the process down, a practice NASA identified and discontinued. Starship's tiles are standardized and produced on an automated production line at a rate of one per 13 seconds, a fraction of the three days necessary to fabricate and install a single Shuttle tile.