In 1975, Kodak engineer Steven Sasson invented the first digital camera, but the company shelved it to protect its film sales.
Despite pioneering digital imaging, Kodak executives feared the innovation would cannibalize their highly profitable film business, so the prototype was sidelined rather than commercialised. This short-sighted decision allowed competitors to dominate the emerging digital photography market.
It serves as a cautionary tale about the risks of ignoring disruptive innovation.
Market Wrap
Budget Battles Spark Sell-Off
A handful of House GOP holdouts refused to support Trump's tax‐cut plan without spending offsets, raising doubts about its passage; the package is projected to add $3–5 trillion to the federal debt.
Investors reacted by selling stocks late in the session and pushing U.S. Treasury yields higher on fears of larger budget deficits
Officials including Atlanta Fed’s Raphael Bostic and New York Fed’s John Williams signaled that markets should “wait and see,” effectively dashing expectations for a summer rate cut and emphasizing the need for further data amid ongoing economic and policy uncertainties.
Tesla Inc. shares rose 0.5% after CEO Elon Musk reassured investors he would remain at the helm until at least 2030 and planned to cut political spending.
Home Depot Inc. shares declined despite the home improvement retailer beating revenue expectations and saying it would largely keep prices stable despite tariffs.
Uber Technologies Inc. shares hit an all-time high after JPMorgan raised its price target, highlighting robust growth prospects and autonomous vehicle potential.
Airbnb Inc. shares dropped midday following a Spanish government mandate to remove tens of thousands of short-term rental listings over housing regulation violations.
Moderna Inc. shares surged after the FDA unveiled new guidance for COVID-19 booster approvals in healthy individuals, boosting the vaccine maker’s outlook.
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