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Happy Thursday Zingernation! Nvidia’s ‘iPhone moment’ was the rise of AI products like ChatGPT that boosted demand for its powerful AI chips. Microsoft’s ‘iPhone moment’ has been its investments in cloud computing and servers. But one analyst thinks Apple, of all companies, will struggle to have another ‘iPhone moment’ in 2025.

—Aaron Bry & Nic Chahine

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MARKET SNAPSHOT

On Wednesday: New all-time highs… again. Driven by what else other than big tech and chip stocks like Nvidia and Micron.

On Our Radar: CPI came in light, driving stocks higher. June’s CPI came in at -0.1% against the positive 0.1% projections. Will the Fed finally be able to cut rates?

TOP STORY

Inflation Slows More Expected To 3% In June, Heightens Expectations For Rate Cuts: Treasury Yields Tumble

Briefly: The Consumer Price Index in the United States slowed more than expected in June, providing further signs of progress Thursday toward returning to the Federal Reserve’s 2% inflation target and maintaining high expectations for a near-term kickoff of interest rate cuts.

Basically: Last month, the average increase in a basket of goods and services measured by the Bureau of Labor Statistics was 3% compared to June 2023, slightly cooler than economist forecasts of 3.1%. The June report marks the third consecutive decline in the inflation rate, a trend not observed since May 2023. But does the softer-than-expected inflation mean that the Fed will cut?

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FIVE ZINGERS

Rank The Banks: The big banks are set to report earnings tomorrow, and here are the ones that analysts like into the reports.

Buy The Dip?: Housing prices might not be coming down, but some real estate is. And distressed investors are having a field day.

Cramer + Cava: Cava’s stock has taken a hit throughout the past month, but CNBC’s Jim Cramer says you shouldn’t worry. Here’s why.

At Least It’s Not The Hot Dog: Costco is raising prices, but not on its famous hot dog and soda combo.

Who Cares About The Cars: Tesla’s stock is on an 11-day winning streak, and one analyst is bullish, but not because of the cars.

ONE FOR THE ROAD

Delta Air Lines Q2 Earnings: EPS Miss, Revenue Beat, Underwhelming Q3 EPS Outlook And More

Briefly: Delta shares are trading lower by ~9% premarket on Thursday following the release of its second-quarter 2024 results.

Basically: Delta reported second-quarter 2024 operating revenue growth of 7% year-over-year to $16.658 billion, beating the consensus of $15.452 billion. Adjusted operating revenue was $15.407 billion (+5.4% YoY).

The Numbers: Adjusted average fuel price of $2.64 per gallon, up 5% from last year’s quarter. Adjusted EPS was $2.36, missing the consensus of $2.37. Total passenger revenue was $13.841 billion, a 5% increase YoY; Cargo revenue grew 16% YoY to $199 million, and Other revenue was $2.618 billion (+19% YoY). Could Delta’s earnings be a sign of things to come for other companies in the industry?

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