The One Market Where Meta's New AI Glasses Can't Be Sold

Global Demand Destruction: Subsidies, Empty Gas Stations, Rationing, Flight Cancelations, Export Limits, Price Controls In the past two weeks we have discussed demand destruction as a result of soaring oil prices (here and here), and we are increasingly seeing anecdotal evidence of just that (here is a table from Goldman we showed previously, laying out where demand destruction is most acute). We start, as always, with Asia which has emerged as ground zero of the global energy crisis - as a reminder last week we first presented a map by JPMorgan's...

'Apex Of Civilizational Ambition': Wall Street Bulls Pile In On SpaceX, Raymond James Street-High $800 Target A flurry of Wall Street analysts is turning incredibly bullish on SpaceX, with 12-month price targets ranging from Raymond James' $800 to Arete Research's $401 and Morgan Stanley's $300. The average price target across 34 analysts tracked by Bloomberg now sits at around $236, implying massive upside from current levels of about $150 and reinforcing the view that analysts are beginning to value SpaceX less as a rocket company and more as a foundational AI,...

Food Retailers Troubled By This Chart Consumer staples and food retail equity analyst Scott Marks at Jefferies told clients Saturday that one of the most concerning charts for food retailers is the sharp decline in average benefits per SNAP participant under the Trump administration, as the USDA intensifies efforts to root out fraud, waste, and abuse. SNAP's elevated payment error rates are setting up a new fiscal fight between the Trump administration and states. Marks said food retailers are caught in the crosshairs: SNAP error rates set up state cost-sharing showdown. USDA...