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ONE BIG THING
Temu spent up to $962 million on ads that helped finance an army of fake creators on Meta, research claims
The top creator in Temu’s European partnership ad network on Facebook and Instagram is “YaLilly.” Her posts have been boosted by Temu and were seen more than 1 billion times across both platforms in a 16-month period ending in April 2026, according to Online Risk Labs, a cyber research organization. The only problem is that YaLilly doesn’t exist. In fact, of the top 100 creators boosted by Temu’s partnership ads, 73 are likely fakes, the research suggests.
And yet Temu spent as much as $962 million on ads like these in the period, in the U.K. and 27 E.U. countries, according to ORL.
It is not clear whether Temu is doing this deliberately or is being fooled by scammers into spending money on influencers who don’t exist. But the likely fake accounts could set up a legal quagmire for Temu, as European law bars the use of misleading advertising formats.
MORE FROM FORTUNE
Apple’s John Ternus era: Can a low-key engineer win the AI race? – Sebastian Herrera
Why Meta is Paying Billions to Settle This Case | Fortune Daily
The Strait of Hormuz crisis threatened Asia’s oil and gas lifeline. Here’s how the region is rewriting its energy playbook – Katie Silver
Why the head of Taiwan’s stock exchange wants you to look past TSMC—and embrace the ‘technology island’ – Nicholas Gordon
‘We’re facing a double whammy’: America’s hottest tinned fish snack is shrinking by nearly half thanks to climate change and war in Iran – Catherina Gioino
This Gen Xer spent 28 years in a cubicle and never made more than $70,000. At 59, she made $500,000 in the creator economy – Tatiana Sataua
31-year-old millionaire has zero sympathy for unemployed Gen Z’s ‘excuses’—he says ‘it is scarily easy’ to build a business and get rich right now – Orianna Rosa Royle
IRAN
Iran and the U.S. trade strikes
The price of Brent crude oil moved back above $90 today as hostilities between the U.S. and Iran intensified over the last 24 hours. On Sunday, the U.S. struck rocket launchers on Iran’s Larak Island, which Centcom said were being prepared to launch sea mines. Iran responded by bombing American military bases in Jordan. The attack was the first since late July.
The Islamic Revolutionary Guard Corps also reported that a tanker was disabled after it caught fire when it struck two sea mines in the Strait of Hormuz. The tanker had not followed Iran’s rules for transiting the Strait, Iranian media reported.
President Trump posted an AI-generated video on Truth Social showing “Kharg Island being blown to smithereens!!!” Kharg is the terminal through which Iran exports 90% of its oil.
Oil market shrugs at Venezuela deal
Oil’s rise came despite a post from Trump saying that the U.S. had struck a deal with Venezuela that “secured majority U.S. control of more than 65 BILLION BARRELS of proven Oil Reserves in Venezuela, at no cost to the American Taxpayer. This Historic Transaction MORE THAN DOUBLES American Oil Reserves, greatly increases our Oil Supply, and will substantially lower Gas Prices for all Americans.”
The agreement provides the U.S. government with a 55% stake in a joint venture with an unnamed private operator in Venezuela, a U.S. official told CBS News. Experts expressed some skepticism, saying that the deal would likely take months or years before new supplies come online.
THE MARKETS
Stocks mixed as traders eye hostilities in the Gulf
- S&P 500 futures were flat this morning. The index sank 0.25% on Friday.
- In Europe, the Stoxx 600 was down 0.11% in early trading. The U.K.’s markets were closed for the August bank holiday.
- Asia: South Korea’s KOSPI was up 0.46%. Japan’s Nikkei 225 was up 0.14%. India’s Nifty 50 was down 0.4%. China’s CSI 300 was up 0.35%.
- Brent crude was $91 per barrel this morning, up from a low of $87 in the previous 24 hours.
- Bitcoin was at $78,669.
Chart via TradingEconomics.com
The more they go up, the cheaper they get
The S&P 500 is up 12.65% year to date, and the Q2 earnings season was “exceptional,” according to J.P. Morgan Private Bank’s Kriti Gupta and Nick Roberts. Counterintuitively, stocks are technically cheaper now than they were a year ago. That’s because that near-13% increase has underpriced the performance of the companies within the index. “Revenue across the S&P 500 has grown 16% year-over-year. Earnings growth is approaching a 52% rise,” they said in an email. “Despite the strength of the underlying fundamentals, investors have yet to fully reward it in the stock market. … The result is an unusual backdrop: Earnings are accelerating while valuations move in the opposite direction.”
At Bank of America, it’s a hot stock summer as Trump’s ratings decline
President Trump’s declining approval ratings will force him to find an end to the Iran war, according to Michael Hartnett and his colleagues at Bank of America. “Trump economic (35%) and inflation approval (28%) slumping again so [the] consensus [that stocks will] grind higher continues as [a] quick end to US-Iran conflict [is the] easiest way back to approval,” they said in a recent note.
Meanwhile, the summer vibe on Wall Street is “no macro landing, no Fed hike, no AI capex cut, no DEM sweep midterms = no fear” and “EPS better than Champagne,” they said. That is setting up “contrarian” traders to sell when they see the next market peak.
CHART OF THE DAY
AI buildout is nowhere near dot-com bubble excess
AI infrastructure buildout—as measured via the proxy of non-residential fixed investment—is currently 17.7% of GDP, according to Liz Everett Krisberg and David Tinsley of Bank of America. That’s “slightly above its long-term average but still within the range of earlier peaks,” they said in an email to Fortune.
NUMBER OF THE DAY:
$566 billion
The potential cumulative value of the lunar economy through 2050, according to a forecast by Deloitte. That’s the value of investment and revenues attached to lunar transport, scientific advances, new energy sources, national security “high ground,” helium-3 extraction, rocket propellant, orbital compute, in-space manufacturing, and innovative commercial applications.
THE FRONT PAGES TODAY
Andrew Bailey warns G20 of danger AI poses to financial system – FT
British Museum hosted Palantir founder Peter Thiel in private viewing of Bayeux tapestry – The Guardian
Russia preparing ‘massive strikes’ on Ukraine’s energy sites after deadliest attack of the year – CNBC
Inside the socialists’ civil war over AOC and 2028 – Axios
The Sudden Unraveling of Wall Street’s Momentum Trade – WSJ
Crypto.com-Linked Lending Platform Hit by $74 Million Exploit – Bloomberg
What It Took to Dismantle the Most Powerful Company in the World – NYT
OpenAI to cut off AI models for SpaceX-owned Cursor, escalating feud with Musk – NY Post
ONE MORE THING
Singles are using LinkedIn to screen their dates
LinkedIn’s rules are very clear: it is not a dating site. “Do not use LinkedIn to pursue romantic connections, ask for romantic dates, or provide sexual commentary on someone’s appearance or perceived attractiveness,” its policy states.
But a June survey by Zety of more than 1,000 U.S. employees found that one in four believe it’s “fair game” for romantic advances. The survey also found that 22% had reached out or responded to someone on LinkedIn with romantic intent, while 12% had formed a romantic relationship that originated on LinkedIn, Fortune’s Sarah Glodek reports.
And half of survey respondents believe that information on the platform is more reliable than the jobs and college attendance people claim on dating apps such as Hinge.
