On Positive Earnings Revisions, Japan’s Challenges & Valuing AI IPOs

Joe reports that newly released July data on industry analysts’ earnings estimate revisions show that for all 11 S&P 500 sectors, the net direction was up. That sign of rising sights for earnings broadly across the economy is rare and last seen after the pandemic lockdowns ended. … Also: William reports that the Bank of Japan may pause its quantitative tightening given Japan’s flagging economy. That should reassure investors worried about the stock market repercussions of the BOJ’s selling its ETF holdings. … Also: Melissa examines prospective valuations of two AI providers planning IPOs, Anthropic and OpenAI.