Good morning readers. Another "mysterious" monolith has surfaced, this time on a Las Vegas hiking trail, according to the Las Vegas PD. The mirrored structure, reminiscent of those appearing globally since late 2020, was spotted near Gass Peak. As expected, social media lit up with a tone of theories, from aliens walking among us to the monolith being some sort of portal to another dimension. Either both of those are true, or someone is taking extreme measures to mess with the rest of us.

Let’s jump into today’s storylines.

In today’s digest:

• The S&P just keeps on climbing

• Headline Hustle: Russia and North Korea sign a partnership agreement, Tennessee becomes first state to requiring Ten Commandments be posted in classrooms, Elon Musk walks back his “go f-- yourself” comment

• How one company is revolutionizing healthcare with AI

• Pulse Points: What’s Trending

BUSINESS

Wall Street bears hibernate as S&P 500 soars

For the bears on Wall Street, hibernation isn't just a winter strategy—it's become a year-round necessity. With the S&P 500 notching a 15% gain and dancing through 30 record-high closes this year, pessimists are finding it tough to catch a break.

Initially fueled by robust corporate earnings and the growth of the AI sector, the stock market has seemingly shrugged off earlier inflation jitters. Despite a flurry of reports suggesting that the Federal Reserve might hold back on rate cuts due to persistent inflation, recent data showing a cooling trend has reignited optimism. Now, with inflation inching towards the Fed's 2% comfort zone and the central bank signaling a potential rate cut in 2024, the mood has distinctly shifted.

A shift in sentiment and strategy

Amidst this newfound economic serenity, heavyweight analysts are adjusting their spectacles—and their predictions. Goldman Sachs has boldly adjusted its year-end target for the S&P 500 to 5,600, buoyed by the sunny outlook for corporate profits. Not to be outdone, Evercore ISI has flipped its forecast to an even more optimistic 6,000, signaling potential gains that would make even the most cautious investor’s heart skip a beat.

But the current market calm, characterized by its lack of significant sell-offs, hides a risky undertow.

• This recent tranquility suggests a market teetering on over-optimism, vulnerable to unexpected shifts.

• And with the market's gains heavily leaning on the performance of the Magnificent Seven mega-cap tech stocks, any stumble from these giants could send shockwaves across portfolios.

Looking ahead…as we edge closer to the US presidential election, and with Goldman Sachs still hedging bets against a potential 12.3% tumble if economic winds shift, investors would do well to remember: even Goldilocks sometimes meets bears.

IN THE KNOW

Headline Hustle

🤝 Russia and North Korea sign a partnership agreement. Russia and North Korea signed a "comprehensive strategic partnership," including a mutual defense pact, during President Vladimir Putin's visit to North Korea. The agreement, which follows North Korean leader Kim Jong Un's strong support for Russia's actions in Ukraine, raises concerns in the West about implications for the Ukraine war and Korean Peninsula tensions. The partnership covers cooperation in politics, economics, culture, and security, with potential for North Korean weapon supplies to support Russia, possibly in exchange for nuclear program assistance.

🏫 Louisiana becomes 1st state requiring Ten Commandments be posted in classrooms. Louisiana public schools must now display the Ten Commandments in all classrooms after Governor Jeff Landry signed House Bill 71 into law. The law mandates poster-size displays with the Ten Commandments in large, readable font in schools receiving state funding, from kindergarten to universities. Opponents argue it violates the First Amendment's establishment clause, with civil liberties groups planning legal challenges. Supporters cite a 2022 Supreme Court decision allowing more religious expression in public spaces as justification for the law.

🤷 Elon Musk backtracks on “go f-- yourself” comment in an attempt to woo back advertisers to X. Elon Musk attempted to clarify his previous remarks aimed at advertisers who threatened to leave his X social media platform. Speaking at the Cannes Lions advertising festival, Musk said his comments were meant to support free speech, not to attack the advertising industry. Musk emphasized the importance of a global free speech platform and said that if faced with a choice between censorship and losing money, he would choose free speech. He acknowledged that advertisers have the right to choose where their ads appear but stressed that X must remain a platform for diverse opinions.

HEALTH

The unsung hero of AI in healthcare

In the healthcare sector, where paperwork often seems more viral than the common cold, one underdog startup, Abridge, is making waves far beyond its Pittsburgh base. The company is quietly revolutionizing the way healthcare professionals interact with their notes, turning tedious typing into a task of the past.

Back in 2019, Shiv Rao, a cardiologist with a foot in venture capitalism, pitched what he described as SoundCloud meets RapGenius—but for medicine. Despite the quirky analogy, the idea struck a chord with investors: a tool that could significantly cut down the hours doctors spend typing out notes, a notorious catalyst for physician burnout.

Changing lives, one note at a time

The magic of Abridge lies in its ability to let doctors focus on what they do best—caring for patients—without the distraction of post-visit paperwork. This AI-powered scribe captures the nuances of medical dialogue, crafting notes that are ready to be reviewed and integrated into patient records with minimal fuss and intervention. The technology not only frees up to 2 hours a day for doctors, it also enriches the quality of patient care.

As Abridge integrates seamlessly with Epic—one of the largest electronic health records systems—the company stands out not just for its technology but also for its multilingual capabilities, supporting an impressive array of 14 languages. This inclusivity broadens its appeal and usability across diverse patient populations, enhancing the physician's ability to connect with and treat patients without language barriers.

Big picture: The company’s virtual scribe product, trained on thousands of doctor-patient interactions, is now a hot commodity in hospitals, described by many as “magical” and a “paradigm shift” in healthcare.

SNIPPETS

Pulse Points

• OpenAI co-founder Ilya Sutskever, who left the AI startup last month, has started his own AI company, Safe Superintelligence (SSI).

• Ferrari’s first electric car will start at $535,000, according to a source familiar with the matter, as the luxury automaker prepares to open a plant that could increase group production by up to a third.

• Amazon employees are criticizing the company for reportedly hosting a private Foo Fighters concert for senior leaders after years of layoffs and cost-cutting, according to internal Slack messages viewed by Business Insider.

• The European Union is getting closer to passing new rules that would allow the bulk scanning of digital messages, including encrypted ones, to detect child sexual abuse material (CSAM). On Thursday, EU governments will vote on the proposed legislation to decide if it has enough support to advance in the law-making process.

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