Sun

• US stock markets are showing increased vulnerability, with the Nasdaq dropping 1.5% yesterday as momentum stocks face defensive selling. • Despite benign June CPI and PPI figures, Dallas Fed President Logan warned that inflation is not yet on track to hit the 2% target, suggesting interest rates may need to remain modestly higher. • Risk aversion has spread to Asian markets this morning, with indices in China, Taiwan, and Japan seeing declines between 3% and 6%.

• The FCC has approved a test demonstration for Reflect Orbital, a company developing satellites designed to reflect sunlight to Earth after sunset. • The project aims to reduce reliance on fossil fuels during peak electricity demand spikes that typically occur around sundown. • While only one satellite is currently cleared, Reflect Orbital intends to eventually deploy a constellation of 50,000 satellites into orbit.

Businesses and traffic in West Hollywood doused after century-old pipe bursts belowgroundA century-old water pipe buried below a bustling boulevard in a Los Angeles county city burst early Thursday, sending a shock of water spewing into the streets and snarling traffic as several major roads shut down.The 36in riveted steel pipe’s rupture left a protruding sinkhole and cracked pavement in West Hollywood. Images of the aftermath showed local metro buses partially submerged in murky brown water. Continue reading...

• Asian chipmaker stocks are experiencing significant volatility and declines due to growing investor doubts regarding AI capital expenditure. • South Korea's KOSPI index dropped 6% on Thursday, marking a 27% decline from its June peak, with major impacts on Samsung Electronics and SK Hynix. • The market instability highlights a precarious shift in the AI-driven rally, affecting leveraged retail funds and broader regional indices.

• On July 15, the KOSPI surged 6.24%, triggering a buy-side circuit breaker and a temporary program trading halt due to the rapid market climb. • The rally was led by semiconductor stocks, with SK Hynix jumping nearly 9%, while Samsung Electronics and Kioxia both rose by approximately 6%. • This surge was driven by lower-than-expected U.S. June CPI data, which reduced investor concerns regarding potential Federal Reserve rate hikes.

• The Eärendil-1 space mirror has been cleared for launch, marking the first step toward a massive proposed constellation of 50,000 satellites. • The system is designed to reflect sunlight, though the project has sparked significant concerns regarding increased light pollution and its impact on astronomy. • This initiative represents a major shift in orbital infrastructure, potentially altering how sunlight is managed or distributed from space.

• Japanese and South Korean equity markets experienced a "deep V-shaped recovery" on July 14, with the Nikkei 225 and KOSPI both closing slightly higher after a period of intense volatility. • The rally was led by major technology firms, including Samsung, SK Hynix, SoftBank, and Kioxia, all of which saw gains of approximately 3%. • This rebound follows a "long-short shakeout" and a bottoming-out phase, signaling a temporary stabilization of Asian tech stocks.