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WORD ON THE STREET 

• Overstock Buys “Bed, Bath & Beyond” Website And Loyalty Program – Behold the fate of a meme stock. Overstock has acquired Bed, Bath & Beyond’s brand and intellectual property and will reportedly use the bedbathandbeyond.com website as a new base. It paid a reported $21.5 million for the assets.

• “Exactly The Wrong Approach” – Senator Elizabeth Warren (D-Mass) called the Biden Administration’s willingness to allow more bank mergers “exactly the wrong approach” in an open letter. “Allowing additional bank consolidation would be a dereliction of your responsibilities, hurting American consumers and small businesses, betraying President Biden’s commitment to promoting competition in the economy, and threatening the stability of the financial system and the economy.

• This Is Fine – The Congressional Budget Office said the national debt will surge over the next 30 years and eventually reach 181% of the country’s total economic output. By 2053, it should reach levels not seen since World War II. It will reach 107% of GDP by 2029.

• Record Travel Expected For Fourth Of July – About 51 million people are expected to travel for the Fourth of July, a new record. “What this tells us is that despite inventory being limited and some prices 50% higher, consumers are not cutting back on travel this summer,” said AAA Travel’s senior vice president.

HOT SPOTS: What’s Going on in Geopolitics

• Biden Claims Russia Losing The War – President Joe Biden expressed confidence about America’s support of Ukraine in its fight against Russia. President Biden said that the exact extent of Putin’s support is “hard to tell, but he’s clearly losing the war.” Unfortunately for the president, he mistakenly referred to the war in Iraq rather than Ukraine, and the slip-up dominated headlines about the exchange.
  

• Belarus Leader Talking Out Of School – Belarussian leader Alexander Lukashenko is clearly relishing his role as peacemaker between Vladimir Putin and the Wagner Group, bragging about his role in the crisis. He revealed that Putin wanted to kill mercenary chief Yevgeny Prigozhin. Instead, Wagner’s leader is now in Belarus, drawing protests from NATO.

• USA May Expand Sanctions On China – The United States has already prevented China from getting equipment needed to produce semiconductors – now the sanctions may expand. The Biden Administration may prevent advanced chips that can be used for AI from being sold to China by firms like AMD and NVDA.

Bank collapses, corporate bankruptcies and more.

Silicon Valley is being gutted and completely reshaped.

Learn how one trigger could be the key to witnessing hundreds of triple digit wins in the aftermath of The Tech Reckoning

CUTTING EDGE: What‘s Happening In Tech

• Reddit User Engagement Falls – Moderators’ decision to protest Reddit move to sell user data is having an impact. Daily traffic is down by about 7% and time spent on the website is down about 16%. Some of the most popular subreddits have been made “private” until the company backs down.

• Micron Technology Reports Lower Revenue – MU reported a loss this quarter, but results were still better than expected. Shares rose in after-hours trading. CEO Sanjay Mehrotra said the memory industry “has passed its trough in revenue, and we expect margins to improve as industry supply-demand balance is gradually restored.”

• Microsoft CEO Slams Exclusive Gaming Agreements – CEO Satya Nadella said he’s against exclusive agreements between video games and gaming consoles. “I have no love for that world,” he said. MSFT is fighting hard to gain regulatory approval for its acquisition of Activision Blizzard.

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