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Warren Buffett claims credit for Berkshire's $10B AI strategy
Edgen Stock·Jul 17 2026, 14:20Share to
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[1] Warren Buffett Drops a Bombshell: He Was Responsible for Berkshire's Push Into AI (https://247wallst.com/investing/2026/07/17/wa ...)[2] Startups News (https://www.bizjournals.com/news/technology/s ...)[3] Berkshire Hathaway (BRK.A) Is Making An $8.5 Billion Bet On Homes And AI (https://finance.yahoo.com/real-estate/article ...)[4] The World’s Real-Time Billionaires (https://www.forbes.com/real-time-billionaires ...)[5] Here’s How Nancy Pelosi Beat the Stock Market and Warren Buffett (https://finance.yahoo.com/markets/stocks/arti ...)
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Jul 17 2026, 15:25
Meta slides 4.94% to $1.60 trillion as tech selloff deepens
**Meta Platforms lost roughly $83 billion in market value as a selloff in AI and semiconductor stocks deepened.** Meta Platforms Inc. fell 4.94% to a market capitalization of $1.60 trillion on Friday, extending a week-long rout in technology shares triggered by a record drop in South Korean memory chip stocks. "The selloff reflects growing unease about whether hyperscaler capital spending can sustain current valuation multiples as the AI infrastructure buildout faces new scrutiny," said Sarah Lin, equity strategist at Edgen. The decline erased gains from earlier in the week, when Meta had climbed about 6% after research firm SemiAnalysis published a positive assessment of the company's AI compute business. The broader technology sector came under pressure after SK Hynix plunged 15% in Seoul — its steepest drop on record — following its US trading debut, dragging Samsung Electronics down more than 10%. In pre-market US trading, Sandisk fell over 6% and Micron Technology dropped more than 5%. The $83 billion single-day loss shows the concentration risk embedded in the AI trade. With Meta guiding 2026 capital expenditure to as much as $145 billion and the Federal Reserve's policy path uncertain, any sign of softening AI demand could trigger further multiple compression across mega-cap technology stocks. The selloff extended beyond semiconductors. September Nasdaq 100 futures fell 0.94% and S&P 500 futures slipped 0.29%, pointing to a lower open for US equity benchmarks after the major indices closed higher on Thursday. The S&P 500 had finished at 7,527, up 0.38%, while the Nasdaq Composite closed at 26,269, gaining 0.62%, supported by a 0.3% drop in the June Producer Price Index. The weakness in tech stocks coincided with a rise in bond yields, with the 10-year US Treasury note climbing 2 basis points to 4.58%. The 30-year long bond yielded 5.09%. Higher oil prices stoked speculation that the Federal Reserve may need to raise interest rates to curb inflationary pressures, weighing on growth-sensitive sectors. Oil prices added to the macro uncertainty. WTI crude rose more than 3% to above $80 per barrel after the US and Iran exchanged fresh military strikes over the weekend. Tehran said the Strait of Hormuz would be closed "until further notice," though US maritime authorities said shipping continued through its southern route. Brent crude settled at $85.78 on Thursday, up 1.24%. Gold edged higher, closing at $4,056, up 0.13%, as the uptick in military activity drew safe-haven buyers. Bitcoin traded at $64,145, while Ethereum changed hands at $1,883. Investors now face a busy week of key events. Federal Reserve Chairman Kevin Warsh is scheduled to deliver his semi-annual monetary policy testimony before Congress on Tuesday and Wednesday, with markets watching for fresh insight into his views on inflation and interest rates. The June consumer price index report, due Thursday, is expected to show headline inflation easing to 3.8% year-over-year, while core inflation is projected to hold steady at 2.9%. The second-quarter earnings season also kicks off, with JPMorgan Chase, Goldman Sachs, Bank of America, Wells Fargo, and Citigroup all reporting. According to Bloomberg Intelligence, companies in the S&P 500 are expected to post an average 23% jump in quarterly earnings compared with the prior year. Rate futures have priced in a 33.7% probability of a 25-basis-point rate hike at the next Federal Reserve meeting, with a 66.3% chance of no change, according to market data. This article is for informational purposes only and does not constitute investment advice.
Jul 17 2026, 15:20
Strait of Hormuz traffic plunges to 3 vessels as US-Iran conflict escalates
**Only three commodity vessels crossed the Strait of Hormuz on Thursday, the lowest daily count since May, as renewed US-Iran hostilities sever the world's most critical oil chokepoint.** Only three commodity vessels crossed the Strait of Hormuz on Thursday, the lowest daily transit since May, after Iranian attacks on commercial shipping and a renewed US blockade choked the waterway through which one-fifth of global oil flows. "The strait has effectively become a military exclusion zone for commercial traffic," said Omar Tariq, a commodities analyst covering energy flows. "Every day the blockade holds, the risk of a sustained supply shock compounds." Brent crude traded at $84.95 a barrel Friday, down 0.28%, after touching a four-week high of $86.51 earlier in the session. West Texas Intermediate slipped 0.19% to $79.45. Before the conflict erupted in February, an average of 138 vessels transited the strait daily, according to global trade intelligence firm Kpler. That figure collapsed to single digits this week after Iran targeted commercial vessels and the US reimposed a naval blockade on Iran-linked shipping. The disruption threatens to reignite the oil price rally that pushed Brent near $126 a barrel in late April — the highest since Russia's invasion of Ukraine in 2022. US gasoline prices, which stood at a national average of $2.98 a gallon on Feb. 26, have already climbed to $3.94, according to AAA. With Iran threatening to extend the blockade to the Bab el-Mandeb Strait via its Houthi allies, analysts warn oil could surge past $150 a barrel if both chokepoints are severed simultaneously. **Strikes Expand Across the Gulf** The US military struck bridges in Iran's southern Hormozgan province and damaged infrastructure at the strategic Chabahar port during a sixth consecutive night of operations, according to US Central Command. Iran's state news agency IRNA reported at least seven people killed in strikes on bridges in Bandar Khamir, while eight more died and 20 were injured in subsequent overnight attacks Friday. Iran retaliated by launching missile and drone attacks targeting US military facilities in Bahrain, Kuwait and Qatar. Qatar activated air defenses and reported a child injured by falling missile interception debris. The Islamic Revolutionary Guard Corps also claimed it struck a US maritime surveillance radar installation in Oman, according to Iranian state media. The escalation follows the collapse of a fragile ceasefire that had briefly paused hostilities after both sides signed a memorandum of understanding in June. President Donald Trump said the US was "winning big" in Iran and warned of further strikes targeting power plants and bridges unless Tehran returns to negotiations. "Next week it gets really bad for them," Trump told Fox News. **Iran Threatens a Second Chokepoint** The IRGC warned it could target "all other export corridors that benefit the US and its allies," shifting attention to the Bab el-Mandeb Strait, the 18-mile-wide gateway between Yemen and the Horn of Africa that connects the Red Sea to the Gulf of Aden. A senior Houthi official said the group was prepared to close the strait in coordination with Iran, warning oil prices could "skyrocket to $200 a barrel." The Bab el-Mandeb has become increasingly vital as an alternative route since the Strait of Hormuz disruption began. Crude oil and condensate transiting the waterway rose to 5.4 million barrels per day in the first quarter of 2026, up from 3.7 million in the same period a year earlier, according to the US Energy Information Administration. Liquefied natural gas flows through the passage also resumed after halting in mid-2025, reaching 2.9 billion cubic feet per day. If both straits were closed, vessels would be forced to reroute around the Cape of Good Hope, adding weeks to transit times and sharply raising shipping costs. The last time the Bab el-Mandeb faced sustained disruption was during the Houthi campaign against Red Sea shipping that began in late 2023, which cut traffic through the waterway by more than half before a ceasefire with Israel paused attacks in October 2025. **Energy Markets Brace for Prolonged Disruption** The US State Department approved the potential sale of advanced precision kill weapon systems to Saudi Arabia for an estimated $1.96 billion, with BAE Systems as the principal contractor — a sign Washington is reinforcing Gulf allies as the conflict widens. Iran's foreign ministry said Tehran would not allow US interference in the Strait of Hormuz, calling it a "red line." Iran has continued prioritizing its own merchant vessels through the strait while foreign ships remain backed up or delay voyages, according to the Wall Street Journal, highlighting Tehran's ability to influence traffic through the waterway even under blockade. The UK Maritime Trade Operations reported a tanker transiting the strait near Oman came under attack Friday, the latest in a series of incidents targeting commercial shipping. Brent crude futures have gained nearly 8 percent since the renewed hostilities began last week, and options markets are pricing an elevated probability of prices exceeding $100 a barrel within the next month. The next catalyst for prices will be whether mediated talks — which have not formally ended despite the return to fighting — can resume. Trump said Friday he believes diplomacy remains possible, telling Newsmax there is "a good chance" US and Iranian officials could negotiate as early as this weekend. This article is for informational purposes only and does not constitute investment advice.
Jul 17 2026, 15:17
BofA names 3 senior executives to drive AI push in global markets
Bank of America named Kevin Milsom as head of platforms AI transformation and elevated two other executives, accelerating the deployment of generative AI tools across its global markets business, according to an internal memo seen by Reuters. "These appointments reflect our commitment to modernizing technology and increasing automation across the global markets platform," Ashok Krishnan, head of platforms within the global markets group, said in the memo. Amy Avery and her Analytics, Modelling & Insights team will join the global platforms group to oversee data-driven insights across the firm. Sonali Theisen was named head of the global digital assets platform, adding to her current role leading Global FICC E-trading and markets strategic investments. Krishnan, who oversees the modernization effort, has been leading the rollout of generative AI tools and other new technologies across the unit. The appointments signal BofA's push to embed AI across its fixed-income, currency and commodity trading desks, where automation can directly impact revenue. The bank's chief technology officer said late last year that BofA plans to spend billions of dollars on AI technologies to boost bankers' productivity and bring in more revenue, following earlier reports that AI tools were already lifting efficiency across the firm. **AI's Expanding Role in Banking Operations** BofA joins a growing list of Wall Street lenders reorganizing leadership around AI. JPMorgan Chase has deployed machine-learning models across its trading and payments businesses, while Goldman Sachs has integrated AI into its risk management and client analytics platforms. The moves come as the largest U.S. banks collectively spend an estimated $20 billion annually on technology, with AI-related investments accounting for a rising share. For BofA, the new structure consolidates AI oversight under Krishnan's platforms group, bringing together data analytics, digital assets and AI transformation under a single leadership chain. The appointment of Theisen to lead digital assets alongside her FICC e-trading role suggests the bank sees growing overlap between digital asset markets and traditional fixed-income trading infrastructure. **What's at Stake for BofA's Bottom Line** Each basis point of efficiency gained across BofA's global markets operations translates into meaningful revenue upside. The bank's global markets division generated $7.2 billion in revenue in the first half of fiscal 2026, according to company filings, with FICC accounting for the largest share. If AI-driven automation can reduce execution costs or improve pricing accuracy by even a fraction of a percent, the impact on profitability could be substantial. The bank has not disclosed specific AI investment targets or productivity metrics tied to the new leadership structure. BofA's CET1 ratio stood at 11.9 percent as of the most recent quarter, giving it room to fund technology investments while maintaining regulatory capital buffers. This article is for informational purposes only and does not constitute investment advice.