BofA cuts Pony AI stock price target on valuation to $17

We thank Anna Dreber Almenberg, Martha Bailey, Jonathan Cohen, Emma Duchini, Alex Frankel, Ryan Kellogg, Jack Mountjoy, Virginia Minni, Matt Notowidigo, Mikkel Plagborg-Møller, Charlie Rafkin, Shanthi Ramanth, Lutz Sager, and Witold Więcek for helpful conversations. We thank Giuseppe Cognata, Shravan Haribalaraman, Ari Jacob, Sedona Jolly, and Min Seo Kim for their excellent research assistance. Ganong…

We thank Nick Barberis, Ray Fisman, Caroline Flammer, Xavier Gabaix, Janet Gao, Stefano Giglio, Niels Gormsen, Ben Hebert, Andy Howard, Philipp Krüger, Matt Levine, Hao Liang, Lubos Pastor, Jeff Pontiff, Adriano Rampini, Andrei Shleifer, Eric So, David Solomon, Amir Sufi, Luke Taylor, Neng Wang, Ayako Yasuda, as well as seminar participants at Alix Partners, American…

Silicon Valley admits AI may be a bubble, they just want to believe it is the right kind of bubble. But, when Meta reported it was selling excess AI capacity, it wiped $200bn off AI stocks in a day. But, what has really worried the likes of Anthropic and OpenAi is the arrival of cheaper…

The storage maker’s June-quarter results come in ahead of Wall Street’s expectations, and the stock rallies after hours

ECB publishes indicative operational calendars for 2027

Evolving geopolitical conflicts push maritime insurers to rethink war-risk coverage rules. This article appears in the July/August issue of Global Finance Magazine. An insurance consortium to help ships transit the Strait of Hormuz may reflect a new definition of war for purposes of maritime claims, depending on new armed-conflict provisions under debate. Lloyd’s of London…