10 Wednesday AM Reads

My mid-week morning reads:

• Concentrated Wealth: The top 10 stocks in the S&P 500 account for nearly 40% of the index, with each company boasting a market valuation of $1 trillion or more. In 2015, this group comprised just 17% of the S&P 500. Ben Carlson explores twelve of the most significant companies currently valued above $1 trillion (A Wealth of Common Sense).

• Mortgage Regulations: Following the 2008 housing crisis, a new report suggests that mortgage accessibility may have been overly restricted. While some argue the pendulum has swung too far, others claim that lax standards once led to catastrophic consequences. A Pew Research Center report delves into the details (Washington Post).

• Fed Independence: Treasury Secretary Kenneth Rogoff suggests the Federal Reserve should postpone its rate decision until after the midterm elections to safeguard its autonomy from President Donald Trump's pressure. Rogoff's 1983 research paper underscores the importance of central bank credibility and the need for the central bank's head to prioritize inflation control over public opinion (Bloomberg free).

• AI Disaster: At age 19, Leo Aschenbrenner claimed to predict the future of artificial intelligence (AI) in a viral 165-page essay titled "Situational Awareness." His prediction suggested that advanced AI would surpass human capabilities by 2027. However, his AI hedge fund, Situational Awareness, imploded within days in late July, highlighting the potential risks and volatility of AI-related investments (The Atlantic).

• Box Office Surge: Hollywood's summer box office surpassed $10 billion, with ticket revenue reaching its highest level since 2013 and the second-highest overall. Despite the impressive numbers, critics argue that the claim of "second highest of all time" revenue overlooks ticket price inflation (New York Times).

• Costco's Retention Strategy: Costco employees earning $33 per hour as cashiers are part of the company's high-turnover retention strategy. The retailer has increased pay to $32.90 per hour, introduced larger bonuses, and implemented "culture coach" roles for long-tenured workers to maintain a stable workforce (Wall Street Journal).

• Dark Web Drivers' Licenses: A dark web marketplace has emerged, selling digital scans of over 153 million U.S. and Canadian driver's licenses. The source of these images appears to be linked to a Louisiana-based identity verification company. The FBI has launched an investigation into the origin of these compromised licenses (Krebs on Security).

• Mars Exploration: With no new landers or rovers in development, NASA's Mars program is relying on helicopters to explore the planet. The $2.1 billion SR-1 Freedom mission estimate does not include costs for these aerial vehicles, raising questions about the program's future (Ars Technica).

• MAGA Censorship Claims: Anne Applebaum investigates the State Department's operation that spent a year and a half examining old files and emails of former civil servants to support allegations of censorship. Despite the lack of evidence, conspiracy theories about the MAGA Right's censorship claims persist (The Atlantic).

• MapQuest Resurgence: MapQuest, the once-dominant mapping service, has seen a 50-fold increase in traffic after refusing to change the name of Lake Ontario to "Lake America." The dial-up-era service is experiencing a resurgence, drawing attention to its enduring presence on the App Store (CNN Business).