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ONE BIG THINGAirbnb CEO targeted by hackers in AI slop attack<\/p>\n
Airbnb cofounder and CEO Brian Chesky appears to have been the target of a cyberattack, a source with knowledge of the situation told Fortune\u2019s Rachel Ventresca. On Monday, Chesky\u2019s X account shared a multi-post thread setting out a bullish view on \u201creal-world asset tokenization,\u201d a term from the crypto world that describes converting traditional assets like stocks into digital tokens.<\/p>\n
\u201cI\u2019ve been quietly keeping an eye on real-world asset tokenization for a while now,\u201d the account wrote in the now-deleted series of tweets. \u201cMost of it is noise. But underneath the noise, something real is happening.\u201d<\/p>\n
When Fortune analyzed Chesky\u2019s thread through AI-detection tool Pangram, the system flagged it as 100% AI-generated. The posts have since been deleted. Airbnb declined to comment.\u00a0<\/p>\n
The hacked posts were flagged to X and escalated to platform security teams as a \u201chigh-profile compromise,\u201d according to correspondence between Airbnb and X employees reviewed by Fortune. X secured the account on Tuesday evening, and Chesky was able to regain access to his account. <\/p>\n
THE MARKETSTech stocks lead steep global sell-off<\/p>\n
U.S. futures were down this morning before the open in New York, following a significant global sell-off across Asia and Europe. There are multiple factors at play, but the triggers included earnings calls from chipmaker TSMC and Netflix, which both disappointed traders. The former lost 2.63% today and the latter was down 9.24% overnight. The tech-heavy Nikkei 225 in Japan and South Korea\u2019s KOSPI took huge steps down over the last 24 hours. The KOSPI (which is closed today) is particularly volatile because half its weight consists of just two stocks, Samsung and SK Hynix, and because the country has allowed retail investors to buy leveraged ETFs that magnify swings in trading.\u00a0<\/p>\n
In the U.S., chipmakers Intel, Micron, AMD, and Marvell all declined in overnight trading in addition to losing ground before yesterday’s close. Investors seem to regard the AI chip business as mostly overbought.<\/p>\n
Not helping: The war, obviously. The price of oil stayed in the mid-$80s. \u201cAnd in the background, fears about rate hikes and more persistent inflation are still there,\u201d Deutsche Bank\u2019s Jim Reid told clients this morning.<\/p>\n
S&P 500 futures were down 0.66% this morning. The index was down 0.51% yesterday.\u00a0
\nIn Europe, the Stoxx 600 was down 0.7% in early trading, and the U.K.\u2019s FTSE 100 was flat before lunch.
\nAsia: South Korea\u2019s KOSPI was down 6.37% yesterday; the index is closed today. Japan\u2019s Nikkei 225 was down 4.03%. India\u2019s Nifty 50 was up 1.22%. China\u2019s CSI 300 was down 3.6%.\u00a0
\nBrent crude was $84 per barrel this morning.
\nBitcoin was $62.7K.<\/p>\n
If the hyperscalers get their timing wrong, \u201cit would risk tipping the economy into recession,\u201d top analyst says<\/p>\n
Apollo Global Management\u2019s Torsten Sl\u00f8k is worried that there might be an impending timeline mismatch between capex and free cash flow among the AI hyperscalers. If revenues from the various AI models are not as robust as expected\u2014due to price competition from Chinese and open-source models\u2014then disappointing earnings could drag down the entire stock market, he believes. And if the hyperscalers reduce their data center construction budgets, that could hobble economic growth\u2014without IT-related capex, corporate investment in the U.S. would actually be negative right now.<\/p>\n
\u201cThe bottom line is that AI has been the one thing holding up both the economy and markets, and with so much riding on so few names, a slower payoff wouldn’t just be a sector problem, it would risk tipping the economy into recession and the S&P 500 into a correction,\u201d he says.<\/p>\n
Don\u2019t worry, the S&P 500 will add another 500 points, UBS says\u00a0\u00a0<\/p>\n
UBS Wealth Management svp Charlie Anderson forecasts that the S&P 500 will hit 7,900 by the end of the year. The reason? Investors are paying closer attention to earnings results and less attention to the headlines. \u201cWe’ve gone from a market driven by macro headlines to one increasingly driven by micro fundamentals. That’s a healthier environment for long-term investors because it rewards companies executing well rather than simply benefiting from liquidity,\u201d he said in an email.<\/p>\n
MORE FROM FORTUNE<\/p>\n
Kevin O\u2019Leary claimed opposition to his Utah data center was fueled by Chinese money. Now he and Fox News are being sued for defamation – Marco Quiroz-Gutierrez<\/p>\n
U.S. companies have finally gotten $71 billion in tariff refunds, but they\u2019re using it to offset inflation caused by the Iran war – Sasha Rogelberg<\/p>\n
Netflix used AI to produce 17 minutes of a documentary \u2018twice as fast and at half the cost\u2019\u2014as streaming competition drives up content spending to $20 billion – Amanda Gerut<\/p>\n
How Apollo-owned Michaels turned two rivals\u2019 bankruptcies into a growth strategy – Phil Wahba<\/p>\n
Airbnb CEO Brian Chesky\u2019s X account was hijacked in an AI slop hack pushing crypto tokenization – Rachel Ventresca<\/p>\n
Moonshot\u2019s Kimi K3 pushes Chinese AI into Fable-level territory – Nicholas Gordon<\/p>\n
IRANU.S. extends bombing campaign in Iran to bridges, trains, and airports<\/p>\n
The U.S. began bombing civilian infrastructure in Iran last night, the BBC reported, including bridges, a train station, a nuclear power plant, and an airport. Forces also targeted various coastal areas. Previously, the U.S. had targeted only Iran\u2019s military and its political leadership.<\/p>\n
Iran retaliated by targeting U.S. radar sites and targets in Oman, Kuwait, Bahrain, Syria, and Iraqi Kurdistan.<\/p>\n
Lurking in the background: The Bab al-Mandeb Strait. This is the other narrow sea passage on the Western side of the Arabian Peninsula that divides Saudi Arabia from Africa. Iran may allow the Houthis, its proxy terror group in Yemen, to harass shipping in that strait and effectively close it too, Al Jazeera\u2019s Tehran-based reporter said this morning.<\/p>\n
CHART OF THE DAYGovernment debt is bigger today than it was in the Great Financial Crisis\u2014and it\u2019s getting bigger<\/p>\n
The combined deficits of the U.S., China, and Germany are bigger today than they were at the worst point of the Great Financial Crisis, according to the Deutsche Bank Research Institute. \u201cAfter years of ever-larger deficits, we\u2019ve become conditioned to numbers that would once have seemed extraordinary. What would have been unimaginable in 2008-09 now barely raises an eyebrow, with numbers previously unseen outside major wars or big recessions,\u201d Deutsche Bank\u2019s Jim Reid says.<\/p>\n
NUMBER OF THE DAY$200 billion<\/p>\n
The projected profits of Samsung in 2026, \u201croughly the same as the combined earnings of all listed companies in India,\u201d according to Herald van der Linde, HSBC\u2019s head of equity strategy\/Asia Pacific.<\/p>\n
THE FRONT PAGES TODAY<\/p>\n
Hotel group Accor hired law firm to investigate conduct of CEO Bazin – FT<\/p>\n
World\u2019s largest olive oil company says market has \u2018definitively\u2019 entered new phase – CNBC<\/p>\n
Trump alleges vast conspiracy to commit and cover up election fraud – Axios<\/p>\n
The Inside Story of IBM\u2019s Shocking Profit Warning – WSJ<\/p>\n
Trump to Cut US Stays for China Journalists, Risking Retaliation – Bloomberg<\/p>\n
In Prime Time, Trump Criticizes Networks For Not Carrying His Speech – NYT<\/p>\n
ONE MORE THINGCongress might be about to stop the clock\u2014literally<\/p>\n
The twice-yearly changing of the clocks in the U.S. could be a thing of the past if legislation currently in Congress that calls for permanent daylight time makes it through. But as annoying as some find the back-and-forth of the time shift in the spring and the fall, it doesn\u2019t necessarily mean sticking to one would go over well. America has tried it before, in the 1970s, and it didn\u2019t last, the AP reports.<\/p>\n
The bill would keep America on \u201cspring forward\u201d time, which would generate permanently darker mornings but lighter evenings.<\/p>\n
Congress tried this same plan in a trial period from January 1974 to April 1975. It lasted until October, when it was repealed after public outcry: \u201cI had to get up for school and it was like it was midnight,\u201d said Kevin Birth, a professor of anthropology at Queens College who remembers it vividly. \u201cIt was just pitch black and it remained pitch black into the school day.\u201d<\/p>\n
\u00a0<\/p>\n
#Tech #stocks #lead #steep #global #selloff #investors #lose #faith #chip #trade<\/p>\n","protected":false},"excerpt":{"rendered":"
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