Month: July 2026

I covered the balance of my SPY short at $740.35 for a sizeable gain.

Position: None

Here's my full interview with CNBC, covering my bear case against generative AI, OpenAI's questionable finances, AI's lack of ROI, and how all of this is a symptom of the tech industry running out of hypergrowth ideas.

It's great to see the mainstream media discussing this. pic.twitter.com/Mcio3bpmQi

— Ed Zitron (@edzitron) July 2, 2026

Position: None

From Randorama:

Randy

PepsiCo’s(PEP) efforts to reinvigorate top line growth in North America showed some initial signs of progress, but trends came under pressure for most of May and into early June, UBS Securities said in a note Wednesday.

It is unlikely that PepsiCo Foods North America could return to historical growth rates, the brokerage said. While the negative investor sentiment is not surprising, UBS said the argument that PepsiCo(PEP) should trade closer to other packaged food peers is overblown, as the company still has a credible path to delivering organic revenue and earnings growth.

The brokerage lowered its Q2 and 2026 earnings per growth forecasts to $2.18 and $8.56 respectively, from $2.21 and $8.60, to reflect weaker performance in PFNA, as well as shifts in commodities and currency.

Despite weaker consumption, analysts said the base case expectation is for PepsiCo(PEP) to maintain its 2026 guidance when it reports its Q2 results on July 9.

UBS Securities lowered its price target on the stock to $172 from $186, while keeping a buy rating.

Position: Long PEP (S)

With the whoosh lower in speculative tech, I am covering more of my high-beta, high-tech short basket. I am now down to tag ends:

* AMD $514.27 (-$27)

* MU $973.71 (-$59)

* INTC $120.05 (-$7)

* SNDK $1766 (-$267)

* AMAT $591.21 (-$60)

* CAT $963.52 (-$28)

* CRWV $81.20 (-$4.50) 

Position: Short all of the above (VS)

PEP, PG and KMB are getting jiggy.

Position: Long PEP (S), PG (S), KMB (VS)

I’m moving back from medium-sized to small-sized short SPY:

* Covered at $744.21

From earlier today:

SPY Short, a Size Up

I have moved to medium-sized short (SPY) at $751.01

Positions: Short SPY M

BY Doug Kass · Jul 2, 2026, 10:05 AM EDT

Position: Short SPY (S)

I covered some more of my high-beta, high-tech short basket:

* SNDK $1795  (-$236)

* AMD $517.13 (-$23)

* AMAT $600.25 (-$51)

* MU $997.19 (-$35)

* INTC  $122.90  (-$4)

Position: Short SNDK (VS), AMD (VS), AMAT (VS), MU (VS), INTC (VS)

Given my rising confidence level, I stepped up and added to MSOS just now at $4.86.

Position: Long MSOS (S)