Sony’s first product was a rice cooker, but it failed because it couldn’t consistently cook rice properly.
Created in the late 1940s, the simple wooden rice cooker used electric current to heat the pot, but lacked automation—resulting in either burnt or raw rice. Despite the failure, it marked the humble beginnings of what would become a global tech giant.
Even great companies often start with failed experiments—what matters is how they adapt and evolve.
Market Wrap
Tariffs Rise, Fed Holds Steady
Tariff Escalation:
President Trump announced a 50% tariff on Brazilian goods and copper, effective August 1, along with potential new levies on pharmaceuticals and semiconductors. Markets largely held steady, betting these threats may be softened or delayed.
Wholesale Inventories:
U.S. wholesale inventories for May declined by 0.3%, matching estimates ($905.5 billion), a mild dip that hints at slower economic activity in the supply chain, though markets appeared to shrug it off.
Fed Meeting Minutes:
The June FOMC minutes revealed little support among most Fed officials for an imminent rate cut, citing concerns around inflation and tariffs, which reinforced expectations for steady policy and prompted a modest boost in Treasury yields.
Balance Sheet Wind Down Delayed:
The Fed also indicated it will continue its balance sheet reduction beyond previously anticipated timelines, reflecting a cautious stance on liquidity withdrawal.
Nvidia Corp. shares rose ~1.8% after the company briefly reached a historic $4 trillion market cap, fueled by ongoing enthusiasm around AI momentum and strong gains in tech‑heavy Nasdaq stocks.
Kellogg Co. shares surged ~56% in after‑hours trading amid news that Ferrero is considering a $3 billion acquisition bid, signaling strong takeover interest in the packaged‑foods sector.
Aehr Test Systems Inc. shares fell ~12% due to order delays tied to tariff uncertainty, raising concerns about supply-chain disruptions in semiconductor testing equipment.
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