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2 years agoon
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adminWeWork co-founder Adam Neumann has submitted a bid to buy back the bankrupt office-sharing company for more than $500 million, a person familiar with the matter told Reuters.
It is not clear how Neumann is planning to line up financing for his bid, the source said, requesting anonymity as the discussions were confidential.
Last month, Reutersreportedfounder Neumann was trying to buy back the flexible workspace provider which had filed for bankruptcy in November.
“As we’ve said previously, WeWork is an extraordinary company and it’s no surprise we receive expressions of interest from third parties on a regular basis,” WeWork said in a statement.
“Our board and our advisors review those approaches in the ordinary course, to ensure we always act in the best long-term interests of the company,” it added.
WeWork said it remains focused on its restructuring efforts to “emerge from Chapter 11 in the second quarter as a financially strong and profitable company.”
Under Neumann, WeWork grew to be the most valuable US startup worth $47 billion. But his pursuit of growth at the expense of profit and revelations about his eccentric behavior led to his ouster and derailed an initial public offering in 2019.
Last month, Neumann’s lawyers had sent a letter to WeWork, saying he was exploring a joint bid for the company with Daniel Loeb’s hedge fund Third Point and other investors.
However, Third Point later told Reuters it had held “only preliminary conversations” with Neumann and his property company Flow and had not made any financial commitments.
The SoftBank-backed company racked up losses on its long-term lease obligations as more people began working from home during the COVID-19 pandemic and demand for office space plunged.
The Wall Street Journal first reported on Neumann’s bid earlier on Monday.
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UK
‘Heroic’ rail worker who tried to stop train knife attacker still in life-threatening condition
Published
41 mins agoon
November 3, 2025By
admin

A “heroic” rail worker who tried to stop a knife attacker as he carried out a mass stabbing on a high-speed train remains in a life-threatening condition.
A 32-year-old man who was arrested after the 6.25pm Doncaster to London King’s Cross LNER service on Saturday was stopped at Huntingdon, Cambridgeshire, is being treated as the only suspect, police said.
The man who is from Peterborough, where he boarded the train, is being held in custody on suspicion of attempted murder, while another man, 35, who was also arrested has been released with no further action.
Train stabbing latest: Two victims still fighting for lives
A knife was recovered at the scene after armed police were deployed to the train and made the arrests within eight minutes of the 999 call.
In total, 11 people were treated in hospital – nine were initially reported as having life-threatening injuries.
One of the two men arrested at Huntingdon Station by police
Five casualties have now been discharged and one – a member of LNER rail staff who tried to stop the attacker – remains in a life-threatening condition, British Transport Police (BTP) said in a statement on Sunday evening.
BTP Deputy Chief Constable Stuart Cundy said: “This was a horrific attack that has had a wide impact.
“My thoughts and those of everyone in British Transport Police are with those injured and their families – especially the brave member of rail staff whose family are being supported by specialist officers.
“Having viewed the CCTV from the train, the actions of the member of rail staff were nothing short of heroic and undoubtedly saved people’s lives.”
The train driver hailed as “courageous” for his actions during the stabbings has been named as Andrew Johnson.
“The driver did everything he was trained to do, at the right time and in the right way,” said Nigel Roebuck, full-time organiser in the north-east of England for the train drivers’ union Aslef.
“He brought the train into a station where passengers could disembark safely and where police, fire and rescue, and ambulance crew could get on to the train and attend to the victims and, we believe, catch the culprit.
“He showed real courage, real dedication, and real determination in the most difficult of circumstances.”
Emergency responders at Huntingdon station in Cambridgeshire on Saturday night. Pic: PA
Police earlier said the two men arrested included a 32-year-old male, a black British national, and a 35-year-old man, a British national of Caribbean descent. Both were born in the UK.
In an update, they said the 35-year-old, who is from London, was not involved.
A witness told Sky News that police fired a Taser at a man with a large knife, after he went on a bloody rampage on the high-speed train.
In a statement, the King and Queen said they were “truly appalled and shocked to hear of the dreadful knife attack,” and offered their “deepest sympathy and thoughts” to those affected.
Emergency crews spilled out onto the tracks. Pic: PA
Police erected a cordon outside the station. Pic: PA
Police examine ‘motivations’ for attack
Counter-terrorism police were initially supporting the investigation.
But BTP Superintendent John Loveless said there was “nothing to suggest that this is a terrorist incident”, adding that the investigation would continue to examine the “motivations” which led to the attack.
Investigators examine the scene outside Huntingdon station. Pic: PA
Pic: PA
BTP Dep Chief Con Cundy said: “Our investigation is moving at pace and we are confident we are not looking for anyone else in connection to the incident.
“As would be expected, specialist detectives are looking into the background of the suspect we have in custody and the events that led up to the attack.”
Witnesses told Sky News the stabbings started a few minutes after the train left Peterborough and passengers sounded the emergency alarm.
People described how some passengers were trampling over each other and hiding in the toilets to escape the attacker.
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1:54
Policing commentator Graham Wettone speaks to Gillian Joseph
Prime Minister Sir Keir Starmer said it was an “appalling incident” and was “deeply concerning”.
“My thoughts are with all those affected, and my thanks go to the emergency services for their response,” he wrote on X.
Armed police, paramedics, air ambulances, and transport police arrived within minutes. Pic: PA
Officers wearing forensic suits with a police dog outside the station. Pic: PA
‘Extraordinary bravery’
The main opposition leaders, Kemi Badenoch and Ed Davey, have also reacted.
The Tory leader initially said she was “deeply disturbed” by events. Later, she posted an update online suggesting “there’s clearly something going wrong in our society right now”.
The Lib Dem leader took a different approach in his statement, focusing on the “very best of Britain” and the “extraordinary bravery” of those at the scene.
Route of the LNER train service from Doncaster to London King’s Cross
‘Shocked and frightened’ passengers
Defence Secretary John Healey spoke to Sky News on Sunday Morning with Trevor Phillips and said he took the same train route just hours before the attack.
“It’s the service I use every week to get home to Rotherham, so I can’t begin to imagine how shocked and frightened those passengers were.”
Asked by Phillips if the attack has changed the UK’s terror threat level, he said no and that it remains “substantial” – meaning an attack is considered “likely”.
Read more:
‘They’ve got a knife’: Eyewitness recalls attack
How the attack unfolded
Watch: Moment armed police arrive at train stabbing
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0:32
Why stabbing ‘close to home’ for Defence Secretary
‘Like a horror film’
Mayor of Huntingdon, councillor Audrey McAdam, told Sky News she was “very emotional” after hearing about the stabbing and said it must have been like a “horror film” for the passengers.
“I’m still in shock… I’m very emotional, and as soon as I found out, I thought, ‘oh no’.
“I’m worried about the people actually in hospital at this moment… it’s something I never thought would ever happen around Huntingdon… it’s something so dreadful.
“But to live in that moment… it’s a horror film… complete horror. I just cannot imagine what the people must have [been] feeling… When you’re stuck on a train, what can you do? A moving train.”
Huntingdon’s mayor told Sky News it must have been like a ‘horror film’ for passengers
An ‘incredible’ response from emergency services
Huntingdon MP Ben Obese-Jecty spoke to Sky News at the scene on Saturday night. He said: “When I first arrived here, I’ve simply never seen as big a response to an emergency incident as there was in terms of police, fire and ambulance.”
On Sunday morning, Mr Obese-Jecty spoke again about the “rapid, incredible response” and praised the “brave officers who came to try and neutralise that threat”.
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1:06
Police prepared for marauding attack a week ago
Extra police are reportedly going to be deployed across the rail network for at least the next few days.
Government sources have told the PA news agency that there will be a “surge” in the police presence, lasting until Tuesday at least.
Officers are likely to focus on major terminals such as London, Birmingham, York, Leeds and Manchester, as well as at Huntingdon.
National Rail said some train routes to and from London King’s Cross on LNER, Great Northern and Thameslink services faced disruption on Sunday.
Sports
2025 Melbourne Cup Day tips: Who should you back in every race?
Published
1 hour agoon
November 2, 2025By
admin

We’re back! It’s the race that stops the nation and, in 2025, it’s shaping to be another classic. Vauban returns for a third attempt under a new camp, alongside former stablemate Absurde. Champion trainer Chris Waller dominates the field with five runners, while history will be made with the first-ever American-trained horse taking part. Half Yours is the favourite and will fly the flag for the locals.
But outside of that, there are plenty more races to sink your teeth into. Not sure who to back? Not to worry, as we take you through the best selections and some value runners in Tuesday’s 10-race card at the glorious Flemington racecourse.
TAB fixed odds correct as of 9am AEDT, 3rd November, 2025 (please visit tab.com.au for the latest).
RACE 1 – Darley Maribyrnong Plate (1000m), 10:45am
With only three of the 14 runners having race experience and the track set to be rain-affected, this is a tough way to kick off Cup Day. On exposed form, Tornado Valley was held up at a key stage in the Debutant Stakes but hit the line strongly once clear behind Free Flying. Among the unraced brigade, Carnevale and Diameter have shown glimpses in jump outs and could be anything on debut, while Brazen Dechambeau displayed a nice turn of foot when asked for an effort in his Cranbourne jumpout.
Top selections:
2. Tornado Valley ($7.00)
3. Brazen Dechambeau ($7.00)
5. Diameter ($6.00)
4. Carnevale ($4.80)
8. Free Flying ($11.00)
RACE 2 – MA Services Grand Handicap (2000m), 11:20am
It’s hard to go past Makdane, who’s in good form, maps nicely from barrier 1, and should handle the soft ground. Brave Miss will make her own luck up on speed, her last-start win at Cranbourne looks strong, and she finished third behind She’s A Hustler prior to that, who franked the form with a Group 3 Tesio Stakes win on Cox Plate Day. Party Crasher can be forgiven for the first-up run and I expect him to improve rising in distance second-up.
Top selections:
3. Makdane ($3.90)
7. Brave Miss ($6.50)
10. Party Crasher ($7.00)
14. Giggenbach ($7.50)
RACE 3 – TAB Trophy (1800m), 12:00pm
There looks to be a fair bit of value here. I’ve got Snitz Sonic on top, he’s been the strongest late in both of his runs and couldn’t have been more emphatic in his Echuca win. Arabian Prince was unlucky not to get a start in the 2500m Victoria Derby but will instead race at 1800m, he did seem to peak on his run late in the Caulfield Classic but profiles to be a contender here. Champagne Hero and Different Gravy both look like they have a bit to offer, and Island Boy looks a sneaky chance at big odds.
Top selections:
8. Snitz Sonic ($11.00)
9. Arabian Prince ($3.80)
3. Champagne Hero ($4.60)
4. Different Gravy ($4.60)
6. Island Boy ($41.00)
READ: 2025 Melbourne Cup field – complete guide
RACE 4 – The Schweppervescence Plate (1000m), 12:40pm
Bold Secret is having his third start for Phillip Stokes and looks to have plenty of upside. He was strong late off a slow tempo on debut, clocking the fastest final 200m of the race, before enduring a tough run wide without cover at The Valley. Drawn to get a softer run this time. Pallaton has been tackling stronger company than this, gets James McDonald on, and is a clear danger. As it Street Artist who is flying with consecutive wins for Team Freedman and warrants respect again.
Top selections:
9. Bold Secret ($9.00)
4. Street Artist ($4.40)
2. Pallaton ($2.70)
1. Aleppo Pine ($7.50)
RACE 5 – Australian Heritage Cup (2800m), 1:20pm
Golden Century looks ready to step up to 2800m and he’s a big-striding horse who will appreciate the big Flemington track over the tighter Caulfield circuit, where he was back in the field but closed off well last time out. Drops sharply in weight from that and looks a major player with Joao Moreira aboard. Don Diego De Vega was solid hitting the line for fourth in the Bendigo Cup, and while his Randwick run prior was below par, he hasn’t been suited by the slow tempos in recent starts. Draws kindly and handles soft ground.
Top selections:
10. Golden Century ($4.80)
3. Don Diego De Vega ($8.50)
9. Litzdeel ($4.40)
8. Arugamama ($6.50)
RACE 6 – Kirin Ichiban Plate (1800m), 1:55pm
Saint George was the eye-catcher first-up at Seymour and looks set to take big improvement from that run. The long Flemington straight plays perfectly to his strengths and, at his best, he’s more than capable of winning a race like this. Apulia was outstanding resuming after a year off, storming home from the back of the field to win and should only be fitter here. Athanatos is in terrific form this prep and his Toorak Handicap effort behind the likes of Leica Lucy, Evaporate, and Transatlantic reads well for this grade. The only query is how he handles the likely wet track.
Top selections:
5. Saint George ($4.40)
2. Apulia ($6.50)
6. Athanatos ($5.00)
3. Kingswood ($4.60)
RACE 7 – Lexus Melbourne Cup (3200m), 3:00pm
Once again, the Caulfield Cup looms as the key form reference, and it’s a race that produced several eye-catching performances. You couldn’t miss the big grey Presage Nocturne charging down the outside there. The French import is certain to improve off that run and should relish the step to 3200m at Flemington. He handles rain-affected ground, and while others may feel the pinch late, he’s proven to be able to power through the line at the end of a staying trip.
Valiant King was another standout from that race and is absolutely flying this campaign. A completely different horse this prep with the blinkers on, he was brilliant winning the Bart Cummings before unleashing the fastest closing splits in the Caulfield Cup. He gets in with a nice weight and maps for a soft run. As does Caulfield Cup winner Half Yours who deserves favouritism despite being up for a long campaign which began in a BM64 back in March. Tony and Calvin McEvoy have managed him superbly and set him to peak in the 2400m race so as much as the Melbourne Cup appears a bit of an afterthought, his wet-track ability, light weight and good draw makes him a winning chance again. Absurde returns for a third attempt at the Cup and was travelling well before being blocked for a run at his Caulfield tune-up. He was luckless last year when held up multiple times in the straight, but we know he stays, handles soft going, and maps ideally from gate four.
The Joseph O’Brien-trained Al Riffa is this year’s big boom horse. The Irish raider comes off wins in both the Irish St Leger and Curragh Cup and clearly brings elite European form. He’s earned the top weight (59kg) and history says that’s a brutal task, especially over two miles on rain-affected ground from a wide draw, but class can often defy history, and he has that in spades. The main challenge will be conceding weight to several in-form, lightly-weighted rivals.
Lightly-raced northern hemisphere three-year-old Furthur has had just eight starts and beats the handicapper with 52kg. He fits the successful profile of past winners like Rekindling and Cross Counter, as well as desperately-unlucky 2019 runner Il Paradiso. He displayed a devastating turn of foot when winning the Geoffrey Freer Stakes over 2715m two starts back, a race that has been a solid guide for the Melbourne Cup in past years. There’s a wet track query with him but he’s a good enough price to find out if he can handle it.
Buckaroo brings class and proven Group 1 Australian weight-for-age form, but the 3200m remains a genuine query and he’ll need a perfect ride to figure. German stayer Flatten The Curve is an interesting roughie in red-hot form winning six of his past seven races, and while the strength of that form is hard to line up, he’s a genuine two-miler and could surprise at decent odds. And Vauban — now under the care of Gai Waterhouse and Adrian Bott — while plain in the Caulfield Cup, is back on a more suitable Flemington track, gets rain-affected going, has drawn in barrier two with Blake Shinn on, and is more than capable of bouncing back.
Top selections:
6. Presage Nocturne ($9.00)
24. Valiant King ($8.50)
1. Al Riffa ($9.00)
9. Absurde ($18.00)
14. Half Yours ($7.00)
Best roughie:
17. Furthur ($26.00)
READ: 2025 Melbourne Cup field – complete guide
RACE 8 – The Amanda Elliott (1400m), 3:50pm
Ludlum was luckless on debut behind Tres Magnifique before winning a maiden at Seymour, doing it tough three wide without cover but still proving too strong. Navy Pilot was a second-up winner powering past key rival Bacash, and while he didn’t see out the mile in the Caulfield Guineas, the drop back to 1400m looks ideal. Bacash continues to hold his form well, he’s a proven wet tracker and was a dominant winner at this trip last start at Caulfield. Burma Star has won in heavy conditions and has been hitting the line well. This is tougher but he’s right in the mix.
Top selections:
15. Ludlum ($5.00)
2. Navy Pilot ($6.50)
4. Bacash ($5.50)
8. Burma Star ($9.00)
RACE 9 – The Hong Kong Jockey Club Stakes (1400m), 4:35pm
Surfin’ Bird was an arrogant winner at Caulfield last start, surging past her rivals to win by four lengths despite covering extra ground throughout, and she did it in very quick time. She’s clearly the one to beat and might simply be too good again. Pondalowie looks terrific value though as an each-way play. She’s improved with every run this prep, running the fastest last 200m at Group 2 level third-up before again closing strongly in the Vase behind Oh Too Good. She tends to get back in her races but has a blistering turn of foot and runs well at Flemington.
Top selections:
14. Pondalowie ($17.00)
15. Surfin’ Bird ($2.60)
10. Gumdrops ($7.50)
5. Bossy Nic ($13.00)
RACE 10 – Channel 9 Trophy (1400m), 5:15pm
Sabaj had no luck in the Silver Eagle. He was held up until the 100m and should have finished a lot closer to the classy Linebacker at Randwick. That’s elite form and with clear running he should be too good for these. I do have a of time for Sunshineinmypocket who had excuses last start behind Ndola. He was able to close off well with the fastest final furlong of the race and I think he can turn the tables on the winner.
Top selections:
8. Sabaj ($2.70)
7. Sunshineinmypocket ($7.00)
3. Ndola ($6.00)
12. Persian Spirit ($8.00)
Technology
Why the ‘Mag 7 is too much of the market, get out’ is money-losing, false narrative
Published
2 hours agoon
November 2, 2025By
admin
Investing is not just a game of giant Jenga. But the pessimistic hedge funds, or the ones who must have shorts on to justify their high fees, as well as their media acolytes who sound so painfully bearish even if they are just trying to sound like informed skeptics, sure make it seem that way when they fixate on the fate of the stock market and the “Magnificent Seven.” The presumption of the gang tackle of articles about the Seven is simple: The market is too heavily concentrated in these seven stocks: Alphabet , Apple, Amazon , Meta Platforms, Microsoft , Nvidia, and Tesla . (For the Club, we own five of them: Apple , Amazon, Meta , Microsoft, and Nvidia .) Seven stocks cannot make up 38% of the market. Something’s got to give. Now, you have all read this thesis. You know it cold. There’s a dint of intelligence to it, too, because it does seem odd that we could have such a concentration. But “odd” and discovering and exploiting “oddities” is about drawing an observation, not about creating an investment idea. That’s why Jenga comes to mind. I first started reading about this thesis, summed up as a “house this concentrated cannot stand,” when these stocks amounted to about 15% of the S & P 500. At every single milestone, the sirens have grown louder and ever more frightening. The implication is stark: If it gets to be one more percent, well then, “That’s it, that’s too much concentration,” so “GET OUT NOW,” a phrase we use in the office to commemorate a blown call of mine that I wrote about in my 2002 book, “Confessions of a Street Addict.” I like to use the “Get Out Now” analogy because it captures the emotion these articles’ arguments trigger. You don’t think, “wow, that’s a lot of concentration.” You think, “Oh boy, we have to sell everything because if it gets to be one more percent than the edifice, the whole darned edifice, is going to come tumbling down.” But it simply hasn’t worked. At every milestone, the flags are waved more furiously, the lights are flashing more intently, the noise is ever more excruciating, and then nothing happens. Nothing at all. Except you may have sold because of the fear that has been engendered, and you realize that you sold on a thesis that had nothing to do with the fundamentals and much more to do with some amorphous belief that if you put on one more percent, it’s all over and the tower collapses. The implication, of course, is that the concentration is so overwhelming that the collapse of the Seven would take down the whole market no matter what — which is why you have to “Get Out Now.” But if you get out from under the silly Jenga paradigm, it’s perfectly obvious that there could be many “cures” before the apocalypse. The first is that perhaps the Seven stay where they are, and the rest of the market grows bigger. It’s a nice thought, except that’s not how we invest. The Investment Company Institute’s data shows that for the 12 months ended June 2025, we had $899 billion in passive inflows, while active funds had net outflows of $230 billion. I don’t know how the Seven’s market capitalization stays where it is, and the rest of the market gets bigger, given the inflow/outflow ratio. In fact, the ratio breeds a sort of self — enforced treachery. It’s highly unlikely that active funds are losing their assets because they have too much of the Seven. That would be ridiculous. If you were running a fund with an overweight of the Seven, you would be crushing the averages. What’s happening is rather the opposite. A dollar out of an active fund into the so-called passive S & P 500 fund is a dollar that sends more money to the Seven than would otherwise be available. Sure, if you want to, you can take your money out of a traditional S & P 500 fund and put it into an equal-weighted fund, but you would have underperformed for the last one, three, five, and 10-year periods. Past performance does not equal — blah blah blah — but I don’t think it’s a reasonable supposition that the way out of the Jenga mess is to expect the money to go to other stocks. A second way is for SOME of the Seven to break down. We saw this occur to Tesla earlier in the year when the stock fell from the mid-$400s down to below $250 in the spring. The proximate cause: a combination of weak car sales and a sense that CEO Elon Musk had decided to spend more time in government helping out a president whose views were antithetical to the average Tesla car buyer. Car sales bottomed after Musk’s very high-profile blowup with President Donald Trump . They started climbing when he started spending more time with Tesla and, at least in this country, when car shoppers rushed to take advantage of the one-time tax credit before it expired. But then Tesla ultimately exploded to new high levels when the narrative changed and we began to think of Tesla as a way to invest in artificial intelligence, through robots, self-driving — aided by a huge supercomputer made up of Nvidia chips — and battery technology that could ultimately be used to help power the grid when not in use. Was this resurrection a failed way of looking at the perils of concentration? No, what it amounts to is a refutation of the Jenga game, or to take it out of the index-obsessed industry: who cares about the Jenga game? The Seven is an artificial construct. Tesla’s decline stopped the discussion. Tesla’s comeback made the Jenga discussion legitimate only in the eyes of those who wanted to emphasize the importance of the Mag Seven Artifice. Let’s further it. Instead of “GET OUT NOW” referring to the S & P 500 because it is so dominated by something that’s presumed to be doomed by its own weight, after these most recent quarters, what could doom our four megacap stocks that just reported? GOOGL YTD mountain Alphabet YTD Take, Alphabet , which needs no defense. It is has now been anointed as the winner in part because it is now no longer considered as a pariah monopolist worthy of being hobbled by the Justice Department and, in part, because it is the company that seems to be getting its money’s worth from its AI spend. It has its own chips, but it is appreciated for its use of Nvidia chips without breaking the bank. It had been a low multiple stock and it is still not expensive at 27 times next year’s earnings. It has solved its Google Search to Gemini AI transition, Youtube is extraordinary and underutilized, and its cloud is a stunning success. In short, it is everything that we loved about it with the real objection — the government — no longer a factor. Justice lost. Alphabet won. MSFT YTD mountain Microsoft YTD Microsoft . Until Friday’s decline we had all pretty much concluded that Microsoft was a true winner with no real flies on it. The Co-Pilot numbers were astounding. Only the nitpickers and those who question how much business is really from OpenAI would castigate the Azure cloud unit. Enterprise software dominance. Gaming and LinkedIn just OK, but both about to get better. Nothing negative. Seemingly UNDERVALUED. AAPL YTD mountain Apple YTD Apple is proof positive that if you don’t have to spend fortunes on AI and Nvidia, you can be the best there is. We now know that Apple’s multiple won’t be as high as we thought because of the iPhone 17 ramp. We also know that China has reversed and gotten back into growth mode. The stock’s inability to hold its gains I think had more to do with a belief that “now we know why it ran,” than anything else. The company seems unwilling to accept my idea that one of these chatbots — Perplexity being the most likely — will pay it to be exclusive. What’s more than likely is that Gemini pays Apple $20 billion in addition to the $20 billion-plus that it now gets from Alphabet for Google Search. It may turn out that Apple gets nearly $50 billion from Alphabet, and the multiple is even smaller than we thought. There is always an advantage to scale, and Apple’s got the best installed base there is. Right now, there is a level of vanilla to all of the chatbots, and we know it. I think there is a false pride in them. They are all run on the same hardware, albeit trained on different models. I personally believe the one that pays for The New York Times, Bloomberg, as well as ESPN and its official stat partner, the Elias Sports Bureau, wins. But no matter what, if you think Apple’s market capitalization getting bigger is a problem BECAUSE It makes the Seven too much of the S & P 500, I think you are rather uninformed because the big concerns about Seven concentration have more to do with paying Nvidia too much for their wares so Nvidia is practically zero-sum or because OpenAI is behind the spend and neither is the case with Apple. AMZN YTD mountain Amazon YTD Amazon? Oh, please. We all know this was the breakout quarter for this underperformer of the Seven as the company solved the enigma/disappointment of its Amazon Web Services. Not to be too self-centered — but excuse me for thinking that CEO Andy Jassy crafted that script for me — a conscientious objector to the narrative that AWS was doing great so stop worrying. The stock would have stopped and gained 10 points if AWS growth had accelerated from 17.5% growth to 19% growth. But 20%? Glory be. Not only that but in the previous quarter Microsoft had touted that it was taking big share from Amazon. Now, I have to wonder about that. Oh, and, what exactly is Azure’s base that it can be such a big percentage gain? Why don’t they reveal what their basis is? META YTD mountain Meta Platforms YTD Geez, I can’t believe the amount of skepticism about Meta Platforms and CEO Mark Zuckerberg. Right now, I am sure that OpenAI is trying to figure out which verticals it wants to compete in. It’s playing with the funny money of the year 2000 ilk, and might think it can get into any and all. But that’s not wise even for these folks. So, OpenAI and CEO Sam Altman survey the landscape and what do they come up with? They know they have to move quickly if they have to go with who is underspending. The one thing we know is that Zuckerberg is NOT underspending. The second thing you need to know about Zuckerberg is that he knows how to play the Wall Street game. He declares that he is going to pay $100 billion minimum to Nvidia et. al. What if he spends $80 billion? His stock goes up $100 per share, most likely, and he keeps OpenAI from spending on social. He kills two birds with one stone in addition to delivering a pretty perfect quarter, overlooked by the stealthy spending plan. That this isn’t self-evident had everything to do with Zuckerberg being tabbed as a reckless big spender when he should be viewed as someone who is creating the greatest moat of all time. OK, zoom back into the Magnificent Seven/Jenga. As is so often, I find myself at the other end of the ideological index stick. Maybe because I am not all-index-all-of-the-time centric, as I point out in my new book “How to Make Money in Any Market.” I don’t see the need to play the S & P 500 divided by the Seven market cap game. I like to look at individual stocks. I think the professionals abetted by The Wall Street Journal’s gang of market-opining index lovers are way too caught up in index ideology. If you stop thinking of these stocks as chunks of the index and start thinking of them the old-fashioned way, as companies worth investing in, you won’t be so misguided. Bottom line I am not oblivious to the concentration. In order to stay relevant, perhaps the S & P 500 does a rebalancing act that reduces the concentration somehow. Maybe some stocks transcend the index’s gravitational pull and advance to the trillion-dollar level as we suggested on “Mad Money” this past week. We suggested that JPMorgan could be next to hit a trillion. For the most part, you have to blame the index promulgators for the Seven’s dominance, BUT just because it helped vault them to where they are, does NOT mean that it sows the seed of their destruction. They won’t bring the S & P 500 down. Nor will Nvidia, as it remains the building block of the best of the chatbots, and you won’t exceed it by using Advanced Micro Devices . No, the destruction of the Seven’s preeminence will come from within, from weaknesses among the Seven itself — and for that we will have to wait another 90 days, until the next quarter is reported, which is a lifetime for all of us. (Jim Cramer’s Charitable Trust is long AAPL, AMZN, META, MSFT, NVDA. See here for a full list of the stocks.) As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Jim waits 45 minutes after sending a trade alert before buying or selling a stock in his charitable trust’s portfolio. If Jim has talked about a stock on CNBC TV, he waits 72 hours after issuing the trade alert before executing the trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER . NO FIDUCIARY OBLIGATION OR DUTY EXISTS, OR IS CREATED, BY VIRTUE OF YOUR RECEIPT OF ANY INFORMATION PROVIDED IN CONNECTION WITH THE INVESTING CLUB. NO SPECIFIC OUTCOME OR PROFIT IS GUARANTEED.
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