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ONE BIG THINGTemu spent up to $962 million on ads that helped finance an army of fake creators on Meta, research claims<\/p>\n
The top creator in Temu\u2019s European partnership ad network on Facebook and Instagram is \u201cYaLilly.\u201d Her posts have been boosted by Temu and were seen more than 1 billion times across both platforms in a 16-month period ending in April 2026, according to Online Risk Labs, a cyber research organization. The only problem is that YaLilly doesn\u2019t exist. In fact, of the top 100 creators boosted by Temu\u2019s partnership ads, 73 are likely fakes, the research suggests.<\/p>\n
And yet Temu spent as much as $962 million on ads like these in the period, in the U.K. and 27 E.U. countries, according to ORL.<\/p>\n
It is not clear whether Temu is doing this deliberately or is being fooled by scammers into spending money on influencers who don\u2019t exist. But the likely fake accounts could set up a legal quagmire for Temu, as European law bars the use of misleading advertising formats. <\/p>\n
MORE FROM FORTUNE<\/p>\n
Apple\u2019s John Ternus era: Can a low-key engineer win the AI race? – Sebastian Herrera<\/p>\n
Why Meta is Paying Billions to Settle This Case | Fortune Daily<\/p>\n
The Strait of Hormuz crisis threatened Asia\u2019s oil and gas lifeline. Here\u2019s how the region is rewriting its energy playbook – Katie Silver<\/p>\n
Why the head of Taiwan\u2019s stock exchange wants you to look past TSMC\u2014and embrace the \u2018technology island\u2019 – Nicholas Gordon<\/p>\n
\u2018We\u2019re facing a double whammy\u2019: America\u2019s hottest tinned fish snack is shrinking by nearly half thanks to climate change and war in Iran – Catherina Gioino<\/p>\n
This Gen Xer spent 28 years in a cubicle and never made more than $70,000. At 59, she made $500,000 in the creator economy – Tatiana Sataua<\/p>\n
31-year-old millionaire has zero sympathy for unemployed Gen Z\u2019s \u2018excuses\u2019\u2014he says \u2018it is scarily easy\u2019 to build a business and get rich right now – Orianna Rosa Royle<\/p>\n
IRANIran and the U.S. trade strikes<\/p>\n
The price of Brent crude oil moved back above $90 today as hostilities between the U.S. and Iran intensified over the last 24 hours. On Sunday, the U.S. struck rocket launchers on Iran\u2019s Larak Island, which Centcom said were being prepared to launch sea mines. Iran responded by bombing American military bases in Jordan. The attack was the first since late July.<\/p>\n
The Islamic Revolutionary Guard Corps also reported that a tanker was disabled after it caught fire when it struck two sea mines in the Strait of Hormuz. The tanker had not followed Iran\u2019s rules for transiting the Strait, Iranian media reported.<\/p>\n
President Trump posted an AI-generated video on Truth Social showing \u201cKharg Island being blown to smithereens!!!\u201d Kharg is the terminal through which Iran exports 90% of its oil.\u00a0<\/p>\n
Oil market shrugs at Venezuela deal<\/p>\n
Oil\u2019s rise came despite a post from Trump saying that the U.S. had struck a deal with Venezuela that \u201csecured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans.\u201d<\/p>\n
The agreement provides the U.S. government with a 55% stake in a joint venture with an unnamed private operator in Venezuela, a U.S. official told CBS News. Experts expressed some skepticism, saying that the deal would likely take months or years before new supplies come online.<\/p>\n
THE MARKETSStocks mixed as traders eye hostilities in the Gulf<\/p>\n
S&P 500 futures were flat this morning. The index sank 0.25% on Friday.\u00a0
\nIn Europe, the Stoxx 600 was down 0.11% in early trading. The U.K.\u2019s markets were closed for the August bank holiday.
\nAsia: South Korea\u2019s KOSPI was up 0.46%. Japan\u2019s Nikkei 225 was up 0.14%. India\u2019s Nifty 50 was down 0.4%. China\u2019s CSI 300 was up 0.35%.\u00a0
\nBrent crude was $91 per barrel this morning, up from a low of $87 in the previous 24 hours.
\nBitcoin was at $78,669.<\/p>\n
Chart via TradingEconomics.com<\/p>\n
The more they go up, the cheaper they get<\/p>\n
The S&P 500 is up 12.65% year to date, and the Q2 earnings season was \u201cexceptional,\u201d according to J.P. Morgan Private Bank\u2019s Kriti Gupta and Nick Roberts. Counterintuitively, stocks are technically cheaper now than they were a year ago. That\u2019s because that near-13% increase has underpriced the performance of the companies within the index. \u201cRevenue across the S&P 500 has grown 16% year-over-year. Earnings growth is approaching a 52% rise,\u201d they said in an email. \u201cDespite the strength of the underlying fundamentals, investors have yet to fully reward it in the stock market. … The result is an unusual backdrop: Earnings are accelerating while valuations move in the opposite direction.\u201d<\/p>\n<\/p>\n
At Bank of America, it\u2019s a hot stock summer as Trump\u2019s ratings decline<\/p>\n
President Trump\u2019s declining approval ratings will force him to find an end to the Iran war, according to Michael Hartnett and his colleagues at Bank of America. \u201cTrump economic (35%) and inflation approval (28%) slumping again so [the] consensus [that stocks will] grind higher continues as [a] quick end to US-Iran conflict [is the] easiest way back to approval,\u201d they said in a recent note.<\/p>\n
Meanwhile, the summer vibe on Wall Street is “no macro landing, no Fed hike, no AI capex cut, no DEM sweep midterms = no fear” and “EPS better than Champagne,” they said. That is setting up \u201ccontrarian\u201d traders to sell when they see the next market peak.<\/p>\n<\/p>\n
CHART OF THE DAYAI buildout is nowhere near dot-com bubble excess<\/p>\n
AI infrastructure buildout\u2014as measured via the proxy of non-residential fixed investment\u2014is currently 17.7% of GDP, according to Liz Everett Krisberg and David Tinsley of Bank of America. That\u2019s \u201cslightly above its long-term average but still within the range of earlier peaks,\u201d they said in an email to Fortune.<\/p>\n
NUMBER OF THE DAY:\u00a0$566 billion<\/p>\n
The potential cumulative value of the lunar economy through 2050, according to a forecast by Deloitte. That\u2019s the value of investment and revenues attached to lunar transport, scientific advances, new energy sources, national security \u201chigh ground,\u201d helium-3 extraction, rocket propellant, orbital compute, in-space manufacturing, and innovative commercial applications.<\/p>\n
THE FRONT PAGES TODAY<\/p>\n
Andrew Bailey warns G20 of danger AI poses to financial system – FT<\/p>\n
British Museum hosted Palantir founder Peter Thiel in private viewing of Bayeux tapestry – The Guardian<\/p>\n
Russia preparing \u2018massive strikes\u2019 on Ukraine\u2019s energy sites after deadliest attack of the year – CNBC<\/p>\n
Inside the socialists’ civil war over AOC and 2028 – Axios<\/p>\n
The Sudden Unraveling of Wall Street\u2019s Momentum Trade – WSJ<\/p>\n
Crypto.com-Linked Lending Platform Hit by $74 Million Exploit – Bloomberg<\/p>\n
What It Took to Dismantle the Most Powerful Company in the World – NYT<\/p>\n
OpenAI to cut off AI models for SpaceX-owned Cursor, escalating feud with Musk – NY Post<\/p>\n
ONE MORE THINGSingles are using LinkedIn to screen their dates<\/p>\n
LinkedIn\u2019s rules are very clear: it is not a dating site. \u201cDo not use LinkedIn to pursue romantic connections, ask for romantic dates, or provide sexual commentary on someone\u2019s appearance or perceived attractiveness,\u201d its policy states.<\/p>\n
But a June survey by Zety of more than 1,000 U.S. employees found that one in four believe it\u2019s \u201cfair game\u201d for romantic advances. The survey also found that 22% had reached out or responded to someone on LinkedIn with romantic intent, while 12% had formed a romantic relationship that originated on LinkedIn, Fortune\u2019s Sarah Glodek reports.<\/p>\n
And half of survey respondents believe that information on the platform is more reliable than the jobs and college attendance people claim on dating apps such as Hinge.<\/p>\n
ONE MORE THING
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#Trump #threatens #blow #Kharg #Island #smithereens #U.S #Iran #trade #fresh #strikes<\/p>\n","protected":false},"excerpt":{"rendered":"
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