Business & Markets — August 6, 2026

Cook signals rate hike readiness. Fed Governor Lisa Cook said she is prepared to act on a rate hike to address inflation. Last week she voted with the 9-3 majority to hold rates at 3.5%-3.75%.

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Burry bets against AI stocks. Michael Burry of "The Big Short" fame is betting against Nvidia, Palantir, and other AI-boom stocks, warning record-setting leverage could make the next selloff a "1987-type fall."

Burry's warning comes as the stock market reached a record high, which Inc. reports he views as a warning sign rather than a reassurance. His concern centers on leverage: with borrowing at record levels, he argues a downturn could be sharply amplified, comparing the potential speed of a decline to the 1987 crash. His positions target companies at the center of the AI rally.

Inc. · Read more →

Zillow cuts 7% of jobs. Zillow will lay off just over 500 employees, about 7% of its workforce, in its second round of cuts this year as the housing market stays flat.

Fast Company · Read more →

SpaceX falls 11% after debut earnings. SpaceX shares fell 11% after its first earnings as a public company showed $18.4 billion in AI capital spending -- overshadowing nearly doubled revenue. An insider lockup partially expires Thursday.

Investor concern centered on the scale of capital spending directed toward AI rather than the company's top-line results, according to Ars Technica, since revenue nearly doubled in the quarter. Attention now turns to the partial expiration of the insider lockup, which will allow some early shareholders and employees to sell stock for the first time since the public listing.

Ars Technica · Read more →