Thursday links: a smartphone replacement

Quote of the Day "So yes, no one is building a smartphone. But everyone is busy building a device that they hope will eventually replace the smartphone." (M.G. Siegler) Markets - Big changes in market structure are afoot including 'Retail has become the structural bid.' (citadelsecurities.com) - Ten charts going into the second half of 2026. (bilello.blog) - Some market insights including 'Since the end of 2024, the South Korean index is up 339.5% total return.' (novelinvestor.com) ETFs - The iShares Nasdaq 100 ETF ($IQQ) has launched. (thedailyupside.com) - Do leveraged ETFs represent a systemic risk? (advisorperspectives.com) Technology - What it means to work alongside humanoid robots. (wsj.com) - Technology is coming for your eyes. (asymco.com) - Why a keyboard is an inferior way to interact with AI. (spyglass.org) Companies - The new Paramount ($PSKY) is going to be debt-laden. (wsj.com) - Nvidia ($NVDA) is trading at lesss than 20x foward earnings. (msn.com) - Is Buc-ee's a tad too litigious? (wsj.com) Prediction markets - Congressional staffers are still trying to bet on elections. (npr.org) - How two sharps make money in prediction markets. (podcasts.apple.com) Stay in touch - Don't miss a thing! Sign up for our daily e-mail newsletter. (abnormalreturns.com) - Are you a financial advisor? Sign up for our exclusive Talking Wealth newsletter. (talkingwealthpod.com) Work - Younger workers are less reluctant to take leave for mental health. (bloomberg.com) - A look at the financial situation of long-time Costco ($COST) hourly workers. (wsj.com) - No matter whether you work remote or not, carve out time for focused work. (hbr.org) Economy - Still no sign of a pickup in weekly initial unemployment claims. (bonddad.blogspot.com) - Companies are still passing through tariff-related costs. (libertystreeteconomics.newyorkfed.org) - What if the payoff from AI just takes longer? (apollo.com) Earlier on Abnormal Returns - Longform links: expensive promises. (abnormalreturns.com) - What you missed in our Wednesday linkfest. (abnormalreturns.com) - Personal finance links: buying permission. (abnormalreturns.com)