France Industrial Production (M/M) Jul: -0.4% (est 0.2%; prev 0.1%; prev R -0.1%) - Industrial Production (Y/Y): -0.5% (est 0.4%; prev -0.1%) - Manufacturing Production (M/M): -0.8% (est 0.4%; prev -1.1%; prev R -1.0%) - Manufacturing Production (Y/Y): -2.0% (prev -1.7%; prev R -1.5%)

🇺🇸US DATA RUNS HOT: INFLATION STICKY, DEMAND FIRM INFLATION • Headline PCE MoM: +0.2% vs +0.1% est.; prior -0.1% • Headline PCE YoY: +3.7% vs +3.6% est.; prior +3.7% • Core PCE MoM: +0.2% vs +0.2% est.; prior +0.1% • Core PCE YoY: +3.3% vs +3.3% est.; prior +3.3% GDP • Q2 GDP annualized: +1.5% vs +1.5% est.; prior +1.5% • Personal consumption: +3.4% vs +3.2% est.; prior +3.2% • GDP Price Index: +6.4% vs +6.2% est.; prior +6.2% • Core PCE QoQ: +3.6% vs +3.4% est.; prior +3.4% INCOME & SPENDING • Personal income MoM: +0.4% vs +0.2% est.; prior +0.2% • Personal spending MoM: +0.2% vs +0.1% est.; prior +0.3% • Real personal spending MoM: 0.0% vs 0.0% est.; prior +0.4% DURABLE GOODS • Durable goods orders MoM: +1.1% vs +0.5% est.; prior +0.5% • Durables ex-transportation: +0.4% vs +0.6% est.; prior +0.7% • Core capital goods orders: +0.2% vs +0.7% est.; prior revised to +1.7% • Core capital goods shipments: +1.4% vs +1.0% est.; prior revised to +2.4% BOTTOM LINE: Inflation remains sticky while consumer demand and headline durable goods beat expectations. GDP growth was in line, but stronger price pressures could keep the Fed cautious on rates.

In 2023, more than 5,000 attended the 30th Annual "OWN IT!" Baron Conference at New York's iconic Met Opera House. The 2024, 31st Annual "Building Legacy" Baron Conference on November 15th at The Met… features exceptional executives of SpaceX...MSCI...Arch Capital...and Red Rock Resorts...the Baron Capital team...incredible entertainment...and an ice cream cone served by former ice cream truck driver Ron... Oh yeah...good luck winning one of three awesome Tesla Y door prizes. All expenses, including door prizes...are paid by @BaronCapital...not our clients... Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Please read them carefully before investing. Portfolio holdings as a percentage of net assets as of June 30, 2024 for securities mentioned are as follows: Space Exploration Technologies Corporation - Baron Asset Fund (2.9%), Baron Fifth Avenue Growth Fund (0.9%), Baron Focused Growth Fund (10.3%), Baron Global Advantage Fund (6.1%), Baron Opportunity Fund (2.8%), Baron Partners Fund (13.2%*); Tesla, Inc. - Baron Fifth Avenue Growth Fund (3.2%), Baron Focused Growth Fund (8.6%), Baron Global Advantage Fund (3.3%), Baron Opportunity Fund (3.5%), Baron Partners Fund (28.9%*), Baron Technology Fund (2.5%); MSCI Inc. - Baron Asset Fund (0.5%), Baron Durable Advantage Fund (2.1%), Baron FinTech Fund (2.5%), Baron Focused Growth Fund (3.1%), Baron Growth Fund (9.8%), Baron Partners Fund (1.8%*); Arch Capital Group Ltd. - Baron Asset Fund (4.8%), Baron Durable Advantage Fund (2.1%), Baron FinTech Fund (3.0%), Baron Focused Growth Fund (6.4%), Baron Growth Fund (12.7%), Baron International Growth Fund (2.8%), Baron Partners Fund (9.5%*); Red Rock Resorts, Inc. - Baron Discovery Fund (1.6%), Baron Focused Growth Fund (3.9%), Baron Growth Fund (1.5%), Baron Partners Fund (1.5%*), Baron Real Estate Fund (1.7%), Baron Small Cap Fund (3.6%). *% of Long Positions. Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).

Today, SPX ▪ Set the lowest point of the last 10 days ▪ But closed +0.97% off the daily low ▪ While VIX closed under 17 And how did SPX do the "next day" after the 10 most recent events just like this one? +0.1% -0.2% -2.4% -1.7% +1.3% -1.5% -0.1% -1.7% -1.6% -2.1%

📊 @Solana is the largest network by RWA holder count at 290,353, up 133.5% year-to-date Below is the breakdown by asset class and market share: 1) Stocks: 234.6K (80.8%) 2) Commodities: 27.2K (9.4%) 3) U.S. Treasury Debt: 8.9K (3.1%) 4) Specialty Finance: 8.1K (2.8%) 5) Asset-Backed Credit: 5.6K (1.9%) 6) Non-US Government Debt: 4.3K (1.5%) 7) Real Estate: 1.3K (0.5%) 8) Diversified Credit: 159 (0.1%) 9) Corporate Credit: 71 (0.02%) 10) Active Strategies: 27 (0.01%) 11) Private Equity: 20 (0.01%) 12) Cryptocurrencies: 12 (0.01%)

During Tesla Cybercab launch week in Austin, I took a total of 12 paid Cybercab rides and kept every receipt. TOTAL: • 12 rides • 29.7 miles traveled • $108.34 total spent • $3.65 average cost per mile • 2 hours and 19 minutes riding around Austin in a Cybercab • Compared to Uber and Waymo, every Cybercab ride was still ~30-50% cheaper EACH OF MY CYBERCAB RIDES: 1/ Sept 3 — 7:23 PM 3.9 miles · 16 min · $8.70 ≈ $2.23/mile 2/ Sept 3 — 7:53 PM 0.5 miles · 6 min · $4.65 ≈ $9.30/mile 3/ Sept 4 — 6:52 AM 2.5 miles · 12 min · $6.99 ≈ $2.80/mile 4/ Sept. 4 — 7:13 AM 2.4 miles · 11 min · $6.84 ≈ $2.85/mile 5/ Sept. 4 — 7:39 AM 1.8 miles · 11 min · $6.16 ≈ $3.42/mile 6/ Sept. 4 — 8:03 AM 1.4 miles · 8 min · $5.69 ≈ $4.06/mile 7/ Sept. 4 — 8:20 AM 3.3 miles · 15 min · $7.90 ≈ $2.39/mile 8/ Sept. 4 — 10:58 AM 4.0 miles · 19 min · $8.78 ≈ $2.20/mile 9/ Sept. 4 — 11:58 AM 2.6 miles · 8 min · $7.08 ≈ $2.72/mile 10/ Sept. 4 — 2:17 PM 2.8 miles · 11 min · $13.71 ≈ $4.90/mile 11/ Sept. 5 — 12:57 PM 2.4 miles · 10 min · $16.18 ≈ $6.74/mile 12/ Sept. 5 — 1:36 PM 2.1 miles · 12 min · $15.66 ≈ $7.46/mile One of the biggest things I learned from actually using Cybercab is that you cannot judge the economics from just one ride. Pricing is dynamic. Some of my longer rides came in cheaper around $2.20–$2.40 per mile. Some of the shorter or higher-demand rides were much more expensive. Sometimes, the Cybercab was even more expensive than the Model Y (Unsupervised) bc the demand was so high. Some of the rides also became more expensive as Cybercabs became bookable on September 4 to the general public. However, it’s hard for me to look at these receipts and not wonder how Uber and Lyft can compete if Tesla can scale Cybercab the way it wants to. Uber and Lyft were built around connecting riders with human drivers. That means every ride has to support a much bigger cost stack... like 1/ A human has to be paid. 2/ That person needs a car. 3/ That car has to be financed or purchased. 4/ It needs insurance. 5/ Maintenance. 6/ Fuel or charging. 7/ And then Uber or Lyft still needs its cut. Cybercab attacks the biggest cost in that entire system which is the driver... there is no driver waiting to be paid at the end of the ride. And Tesla is supplying the software. Tesla can build the car. Build the battery. Build the autonomy system. Operate the network. Control the app. Control the charging. And the team designed the Cybercab from Day 1 around being a Robotaxi instead of taking a normal consumer car and trying to make the economics work. This is a big deal. Bc if Tesla can manufacture these at huge scale, keep them on the road for most of the day, and keep bringing the cost per mile down, then Uber and Lyft are going to be competing with the company that built the vehicle, the driver, and the network ALL AT ONCE. And this was during launch week... with just ~45 Cybercabs, before this vehicle is anywhere close to mature scale. If Tesla can push that cost down further as the fleet grows to thousands and millions, while Uber and Lyft still have to pay a human being to sit behind the wheel… I really don't see how these companies can survive... I think the days of Uber and Lyft are limited.

Premarket movers Mag 7 stocks are higher (Nvidia +1.7%, Alphabet +0.4%, Tesla +0.7%, Amazon +0.5%, Microsoft +0.9%, Meta Platforms +0.4%, Apple +0.2%) Airbnb (ABNB) rises about 2% after KeyBanc Capital Markets upgraded the online travel company to overweight, seeing positive growth trends. Edison International (EIX) falls 2% after Jefferies cut its recommendation on the utilities company to underperform on California wildfire liability risk. Fair Isaac (FICO) falls 8% as the FHFA is planning to direct Fannie Mae and Freddie Mac within weeks to require lenders to pull credit data from two major credit reporting bureaus instead of three, according to a person familiar with the plans. TransUnion (TRU) falls 3% and Equifax (EFX) slumps 3%. Nike (NKE) slumps 9% after the sneaker and sportswear maker’s revenue guidance for the full year fell short of consensus estimates. Twilio (TWLO) rises 1% after S&P Dow Jones Indices noted that the stock will replace Warner Bros Discovery in the S&P 500 effective Oct. 6. ON Semi (ON) climbs 8% after the chipmaker said it will buy Synaptics for $123 per share, revising their earlier all-stock deal to an all-cash transaction. Synaptics (SYNA) rises 15%. Vylor (VYLR) climbs 3% after the Corteva Inc. seed spinoff was initiated with buy ratings on its growth profile. Western Digital (WDC) falls 8% and Seagate Technology (STX) drops 12% after Nikkei reported that Toshiba would invest ¥60 billion to double its production capacity for hard disk drives.

US STOCK FUTURES REBOUNDED, WITH S&P 500 FUTURES RISING 0.5% AND NASDAQ 100 FUTURES GAINING 0.8% AFTER LAST WEEK’S CHIP SELLOFF. ASIAN SHARES FELL 0.5%, WHILE BRENT CRUDE SLIPPED 1.7% TO $108 A BARREL AS TRADERS WEIGHED MIDDLE EAST TENSIONS AGAINST RELATIVELY STABLE REGIONAL SUPPLIES.