WASHINGTON — Defense Secretary Pete Hegseth has issued a new directive telling troops they cannot use “nonpublic information” to make bets on prediction markets. “Our enemies watch movements in these markets,” Hegseth wrote in a memo dated Tuesday and reviewed by The Associated Press. “When an American Service member, intelligence professional, or other Department civilian
One Los Angeles restaurant group traded $60,000 on Kalshi to hedge against the Dodgers’ abbreviated playoff run, and it’s just one example of how prediction markets are transforming how companies, particularly small businesses, are calculating and responding to risks. Kalshi told Fortune that the hospitality group, which was unnamed but operates 25 bars, including several
It may not be long before the whole US stock market has a Situational Awareness moment. At least, that’s the worst-case scenario being mulled by some analysts on Wall Street, who have increasingly turned their attention to one eye-popping statistic in the market: Margin debt held by investors has swelled to records and grown at
CoreWeave—and the vast amount of debt it has taken on to fund its business—dragged down the entire stock market this week. According to its Q2 earnings release, it had operating lease liabilities of $16.3 billion and total debt of $35.6 billion. The company only made $4.6 billion in revenue for the first six months, and
In an exclusive interview with Fortune’s Jeremy Kahn and Bea Nolan, Nvidia CEO Jensen Huang shrugged off existential-risk warnings from many leaders in the AI space, including Anthropic’s Dario Amodei, saying the technology was “completely in our control.” “I don’t know why anybody would want to support the advancement of a technology that’s going to
In 2006 Congress passed a law called the Unlawful Internet Gambling Enforcement Act, which didn’t ban online betting but rather, banned banks from processing payments for it. It carved out one exception: fantasy sports, because Congress considered it a game of skill, not a game of chance like betting on a single game is. And
