Most startup stories look obvious in hindsight. In reality, many of today's fastest-growing companies started with a very different product and only found their current direction after a major shift.
β’ Harvey started as an AI assistant for lawyers, then expanded into an enterprise platform for legal teams and large organizations.
The biggest startups often don't start with the right idea. They find it along the way.
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Moral of the story β do not chase hot IPOs β
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π± Year-1 median drawdown = 54%
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Nvidia CEO Jensen Huang (net worth about $150 billion) ignored protocol and sat on the floor at an expo to drink a beer with Gigabyte boss.
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Investor Ray Dalio says the AI bubble will burst in the next few years unless startups start making billions. Currently, AI companies spend about 8 times more than they earn. The sector needs to generate $2 trillion annually by 2030 to justify current investments.
Dalio compares the AI bubble to past tech bubbles like dotcoms, where stock prices rose on hype but lacked real profits. He acknowledges AI will change the world but doubts its economic viability so far.
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OpenAI's $110 billion funding round is roughly equivalent to the total amount invested in all US venture-backed startups in a typical year during the mid-2010s.
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Warren Buffett:
"The secret to life is weak competitionβ¦"
"'How do you beat Bobby Fischer?' You play him at any game except chess."
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"The secret to life is weak competitionβ¦"
"'How do you beat Bobby Fischer?' You play him at any game except chess."
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"The stock doesn't know you own it."
One of Peter Lynch's simplest lessons.
The market doesn't care about your conviction, your research, or your loyalty.
Only the business matters.
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One of Peter Lynch's simplest lessons.
The market doesn't care about your conviction, your research, or your loyalty.
Only the business matters.
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The U.S. added 172,000 jobs last month, about 2x above expectations. Markets reacted by pricing out Fed rate cuts and even started betting on a possible rate hike by December. The Nasdaq fell 4.2%, Bitcoin dropped below $60,000, and gold hit a 3 month low.
The shift came after the 10-year Treasury yield moved above 4.5%. But the details of the report were less straightforward.
Around 70,000 jobs came from leisure and hospitality.
Another 50,000 jobs came from local government, security, and infrastructure roles.
Some economists linked part of the increase to hiring ahead of the World Cup on June 11.
Wage growth slowed to 3.4%, yet the headline number was enough to change expectations for Fed policy and erase more than $1 trillion in market value.
A strong jobs report became a problem because markets were positioned for lower rates.
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Wise shares fell almost 20% after Belgian prosecutors confirmed an investigation into roughly β¬500M in suspicious transactions across more than 30 European countries. The stock later recovered most of the drop, closing down around 8%.
The market may be treating this like a short-term headline. The risk looks more structural.
The fine itself may not be the real problem. The bigger issue is what comes after: more compliance staff, more monitoring systems, possible historic account reviews, and years of regulatory pressure.
That can turn a high-margin fintech story into a heavier, slower, lower-margin business.
Wise may still have strong defences. The β¬500M figure is spread across 30 countries, and its scale makes it a natural target for regulators. But the pattern is now hard to ignore.
The stock bounce says βone bad headline.β
The regulatory trail says βmulti-year overhang.β
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Apple finally unveiled Siri AI at WWDC 2026, nearly 2 years after first announcing its AI assistant plans. The new version is built on Google Gemini models alongside Apple's own AI systems.
The assistant can understand context across apps, pull information from emails, access content on your screen, help write text, create photo albums from prompts, and edit photos using natural language. Apple also launched Siri AI as a standalone app, reflecting how many users have adopted tools like ChatGPT.
The rollout covers iPhone 15 Pro and newer devices, plus iPads and Macs with M1 chips or later. Some features have usage limits, while expanded access is included with many iCloud+ plans. Analysts estimate AI services could generate an additional $15B annually for Apple.
Apple first promised an AI-powered Siri in 2024.
The product is finally here.
Now it has to work.
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