Monday links: the race to the bottom

Markets have experienced above average equity returns over the past 15 years, according to various sources. Finance experts now observe that the ETF industry average fees have ceased falling since 2023. Some companies are opposing the tokenization of shares, as reported by the Wall Street Journal. Anthropic, an AI company, is setting aside stock for public benefit, according to Axios.

AI companies are writing off significant investments for tax purposes, as stated in The New York Times. Training AI models has become akin to gig work for professionals, reported by Bloomberg. Artificial intelligence agents might disrupt shopping sites, as discussed in The Atlantic. For those in wealth management, Abnormal Returns offers a premium newsletter, while the daily newsletter from Abnormal Returns keeps readers informed.

Apple, the tech giant, is facing criticism for neglecting its Apple TV platform, as observed by Six Colors. The company is betting on the demand for an additional screen in households, as reported by Daring Fireball. A comprehensive profile of Apple's new CEO, John Ternus, has been published in Time. Apple's stance on gaming is examined by Polygon.

The economy continues to grow strongly, yet consumers face pressure from various dimensions. Despite robust growth, the wealth effect is driving consumer spending, as explained by Bond Dad. An increasing number of Americans are relying on food banks, reported by The New York Times.