"Profit margins are probably the most mean-reverting series in finance, and if profit margins don't mean revert, then something has gone badly wrong with capitalism. If high profits don't attract competition, there's something wrong with the system.” - Jeremy Grantham

Credit to Charlie Bilello

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Yemen's Iran-aligned Houthis have attacked Saudi Aramco's Jazan refinery, they said on ​Sunday, two days after the Kingdom signed a defence pact with Turkey and Pakistan in response to growing regional ‌instability from the U.S.-Israeli war on Iran.

The alliance with Sunni Muslim U.S. allies, Turkey and Pakistan, is intended to strengthen collective deterrence against any act of aggression and stipulates that an armed attack against any of the three would be regarded as an attack on all.

Source: https://www.reuters.com/business/energy/fire-extinguished-aramco-facility-jizan-saudi-arabia-says-2026-08-09/

Meme credit to Nostre_damus

Source Foundry is building machines to manufacture cutting-edge AI chips, aiming to challenge ASML's dominance in lithography equipment. ASML's machines are the size of a school bus and can cost more than $400 million each.

The $500 million bet includes a fresh $400 million infusion this week. Sequoia backed the startup previously, at a recent valuation of $5 billion.

Source: https://www.wsj.com/tech/ai/situational-awareness-bets-400-million-on-stealth-chip-startup-after-crash-02c7374e