Table of Contents

• The megacap tech story is far from over

• Kevin Durant’s PSG stake explained: Why has he bou …

• Top Tickers

• Bitcoin $59K price may swing ‘drastically’ amid el …

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The megacap tech story is far from over

Goldman Sachs’ Peter Callahan and Mike Washington discuss what drove the declines and what could power a comeback

The bullish case for megacap tech stocks remains intact, according to Peter Callahan, the US Technology, Media and Telecommunications sector specialist within Goldman Sachs Global Banking & Markets.

The biggest tech stocks, dubbed the “Magnificent 7,” fell sharply in July and early August. Callahan says the drop reflects mixed earnings reports and growing skepticism about AI.

The AI theme “has ebbed and flowed a bit, with investors oscillating between ‘This is very exciting, and this is going to change everything' to ‘The cost is really high, and it's going to take some time for this to monetize and really be impactful for an enterprise or a consumer environment,'" Callahan tells Mike Washington, equities sales trader with Goldman Sachs Global Banking & Markets, on The Markets podcast.

Yet Callahan remains optimistic. “I think the tech story is far from debunked, given strong defensive plus secular growth opportunities within these businesses — and, frankly, a generative AI story that is more ahead of us than behind us.”

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Kevin Durant’s PSG stake explained: Why has he bought in? Does he have a say?

Global Sports and Investment Crossover: Why Top U.S. Athletes Are Buying Stakes in European Football Clubs

In recent years, an intriguing trend has emerged: prominent American athletes, from LeBron James to Kevin Durant, are increasingly investing in European football clubs. This movement is more than just a financial strategy—it's a confluence of brand expansion, cultural influence, and global sports marketing.

Kevin Durant's recent minority stake in Paris Saint-Germain (PSG) is a prime example. Through his investment firm, Boardroom, Kevin isn't just buying into a football club; he's investing in a global brand that aligns with his vision of sports, entertainment, and culture. PSG, with its dominance in French football and global brand reach, offers a unique platform for Kevin to influence not only the game but also broader sports and cultural narratives.

Similarly, athletes like LeBron James and Tom Brady have recognized the untapped potential of European football to enhance their personal brands. These investments open doors for cross-market collaborations, where American athletes bring their substantial U.S. fanbases to European football, and vice versa.

What drives this trend? It's the passionate fanbases, the relatively low entry cost compared to U.S. sports franchises, and the growing cool factor of football in the U.S. As sports and entertainment increasingly intertwine, these investments are about more than just returns—they're about shaping the future of global sports culture.

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Top Tickers

Some of the most active and relevant securities and quotes (compared to previous day's closing price)

Bitcoin $59K price may swing ‘drastically’ amid election year parallels

Bitcoin's price fluctuations amid election Year: What to expect and how to navigate

As Bitcoin hovers around $59,000, its recent price movements echo patterns seen in previous U.S. election years. Historically, Bitcoin has experienced periods of extended consolidation followed by significant price swings as election day approaches. Crypto analyst Matthew Hyland highlights that Bitcoin's current trajectory mirrors past election cycles, suggesting that while August might remain relatively quiet, a breakout could occur in the following months.

Matthew's analysis points to a pattern where Bitcoin's price may stay within its current range, potentially dipping further before experiencing a notable upswing around October or November. This aligns with behaviors observed in 2012, 2016, and 2020, where Bitcoin saw a downturn before sharply rising post-election.

Despite this, market sentiment remains mixed. Some analysts, like Rager, predict a short-term recovery, while others anticipate a deeper correction, with the potential for Bitcoin to revisit the $40,000 range. Markus Thielen of 10x Research advises investors to wait for a possible dip into the low $40,000s to secure an optimal entry point for the next bull run.

For those invested in or considering entering the Bitcoin market, now is a time for strategic patience. Monitor the market closely, particularly as we approach October. Consider holding off on significant investments until a clearer breakout pattern emerges or the price dips to a more attractive entry point, potentially in the low $40,000s.

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Then, there’s Bradley Wiggins, 44, who retired in 2016 having won eight Olympic medals, five of them gold. In 2012 he became the first British rider to win the Tour in 2012. Now, he has offered the most detailed insight so far into the financial troubles that led to a declaration of bankruptcy, suggesting the issues took hold during his racing career when he admits assuming money “was going to be there forever.”

Speaking on WEDŪ's The Forward w/Lance Armstrong podcast, Bradley said “One of the things I regret is I never paid attention to my financial affairs when I was racing. But I realize now the importance… I should have paid more attention to it,” he said. “Because you get to the point then where I'm in this situation now but because of the mess that's been created, and because it's been rumbling on for quite a few years now this hasn't just happened overnight.”

Specifically, Bradley suggested that the financial structure through which his businesses were constructed made him liable for losses beyond his knowledge.

“Which is one of the things that happens to athletes you know, you make a lot of money and if you haven't got your eyes on it, people take advantage.”

So do you keep an eye on it? Better not to have to call Saul…

Have a great weekend!

Irg

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