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NVDANVIDIANVIDIA A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:
1. NVIDIA $NVDA unveiled its new Open Agent Safety Platform, an open framework designed to continuously monitor and enforce safety for autonomous AI agents across both software and hardware. The platform combines OpenShell, an open-source runtime that sandboxes AI agents with verifiable policies, and NVIDIA Sentry, which runs on BlueField-4 hardware to independently monitor agent behavior and enforce security policies beyond the agent’s control. NVIDIA said the initiative was motivated by recent reports of frontier AI agents escaping evaluation environments and misreporting their actions, arguing that AI agents require an independent trust layer similar to what enabled the modern internet. The company is positioning the platform as an open ecosystem and is inviting frontier AI labs, developers, and infrastructure providers to build on it.
2. Meta $META is launching Meta Enterprise Platform, a new business dedicated to selling its AI tools and services directly to enterprises and developers. The initial offering combines Meta’s enterprise AI stack, including Muse, Meta Business Agent, Muse API, Muse Code, and other products built on the company’s models, agents, and infrastructure to support customer engagement, software development, and broader enterprise workflows. To lead the new division, Meta hired former MongoDB CEO and President CJ Desai as Chief Enterprise Platform Officer, reporting directly to Mark Zuckerberg. Before MongoDB, Desai held leadership roles at Cloudflare and spent nearly 8 years at ServiceNow, including serving as President and COO.
3. Finland President Alexander Stubb said Google $GOOGL will invest at least $15.2B in the country over the next 2 years to expand AI and digital infrastructure. Finland currently has around 50 data centers, with another 25 projects in development, potentially bringing the country's total to 75. The investment further strengthens Finland's position as one of Europe's fastest-growing hubs for AI infrastructure and large-scale data center capacity.
4. Boeing $BA fell 6% after reports that the FAA is delaying certification of the 737 MAX 10 while it reviews a newly discovered software issue that could cause the aircraft’s automated navigation system to fail in certain missed-approach scenarios. According to reports, Southwest and United Airlines have told Boeing they do not want deliveries with the affected software and have instead requested an earlier software version. The certification delay adds another hurdle for Boeing as it works to bring the 737 MAX 10 into commercial service.
5. AMD $AMD has agreed to acquire World Labs, the AI research company founded by Fei-Fei Li, in an $8.2B all-stock transaction. World Labs develops spatial intelligence models capable of generating, reconstructing, and simulating interactive 3D environments from text, images, and video. The acquisition brings World Labs' AI research directly into AMD as the company expands further into reasoning, robotics, simulation, and physical AI. As part of the deal, Fei-Fei Li will join AMD as Executive Vice President and Chief Scientist, reporting directly to CEO Lisa Su. The transaction is expected to close by the end of 2026.
6. The top 10 most active options today by contracts traded were $NVDA with 4.2M contracts, $TSLA with 2.3M contracts, $AAPL with 1.2M contracts, $META with 1.1M contracts, $INTC with 1.1M contracts, $MU with 999K contracts, $AMZN with 728K contracts, $AMD with 704K contracts, $MSFT with 634K contracts, and $SPCX with 622K contracts.
7. NVIDIA $NVDA authorized an additional $150B share repurchase program, the largest increase in share buyback authorization in history, bringing its total remaining authorization to $235B through FY2028. CEO Jensen Huang said the company’s strong cash generation allows NVIDIA to both invest aggressively in the technologies driving the AI transformation and return capital to shareholders. The expanded authorization underscores NVIDIA’s confidence in its long-term growth outlook while providing substantial flexibility for future capital returns.
8. Serious credit card delinquencies continued to rise across several age groups in Q2 2026, with Americans aged 18–29 seeing transitions into 90+ day delinquency climb to 10.1%, up 0.4 percentage points from the prior quarter and the highest level since Q1 2025. The delinquency rate for this group has now more than doubled since Q2 2021. Americans aged 70+ also saw delinquencies rise to 6.3%, the highest since Q3 2011, while the 50–59 age group increased to 6.4%, its highest level since Q4 2024. The data suggests credit stress is continuing to broaden across both younger and older consumers.
9. Retail investors have purchased just $1B of individual U.S. stocks over the last 20 trading days, one of the lowest rolling totals in at least 2 years. In early August, the figure briefly turned negative for the first time since at least October 2024, compared with roughly $20B of 20-day purchases in April 2025. Total retail equity purchases have also slowed sharply, falling to $10B over the last 20 trading days, near their lowest level since at least October 2024. That's down roughly 67% from the $30B recorded over the comparable period in February 2026, highlighting a significant slowdown in retail participation.
10. The 30-year U.S. Treasury Price Return Index has fallen 60% since 2020, dropping to roughly 107, matching its lowest level since 2000. In just 6 years, the index has erased nearly 20 years of gains as the 30-year Treasury yield has surged 478 basis points from its 0.71% intraday low in March 2020. For comparison, the previous largest drawdown over the last 40 years was roughly 35% during the 2008 Financial Crisis. Over the same period, U.S. nominal GDP has grown approximately 63%, highlighting the stark divergence between economic growth and long-duration bond performance.
11. SpaceX $SPCX successfully launched Starship to orbit and deployed its V3 Starlink satellites for the first time, marking Starship’s first revenue-generating mission and a major milestone for the program. According to SpaceX, each V3 Starlink satellite increases the total bandwidth capacity of the entire Starlink constellation by roughly 0.11%. With approximately 11,100 Starlink satellites already in orbit, most of them V2 Mini satellites, future Starship missions carrying up to 60 V3 satellites each could dramatically expand the network’s global capacity while significantly lowering launch costs.
12. U.S. data center IT power demand is projected to surge 755% from 2025 levels, reaching a record 78.57 GW by 2029. Demand is expected to nearly double this year to 17.96 GW, followed by another 97% increase in 2027, as AI infrastructure continues expanding at an unprecedented pace. Between 2026 and 2028, U.S. data centers are expected to require 97 GW of power, but only 21 GW is currently under construction and another 19 GW of grid capacity is available, leaving a potential 57 GW shortfall. The gap is widening as increasingly powerful AI systems consume far more electricity, with servers based on NVIDIA’s Vera Rubin and Rubin Ultra architectures expected to drive a 5x increase in IT power demand between 2025 and 2028.
WALL STREET IS THE GREATEST SHOW ON EARTH.
View original →MSFTMicrosoftNeutralMicrosoft A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:
1. U.S. 10-year Treasury yields climbed above 5.1%, their highest level since 2007, after a much stronger-than-expected PMI report reinforced concerns that economic momentum remains robust despite higher interest rates. Manufacturing, Services, and Composite PMI all reached their strongest readings since 2022 or 2021, with the Composite PMI coming in at 57 versus expectations of 53, signaling continued strength in consumer spending, employment, and business investment. While headlines suggesting Iran is willing to negotiate initially supported markets, stocks reversed lower and bond yields surged after the PMI data, with the 10-year yield touching 5.11%. The report raised concerns that inflation could prove more persistent than simply an energy-driven story, increasing the possibility that the Fed could continue tightening even if oil prices continue to ease. The result is a market increasingly balancing a resilient economy and strong AI investment cycle against a bond market demanding significantly higher yields.
2. Meta $META unveiled a major expansion of its AI hardware lineup at Meta Connect, including new $1,299 VR glasses that weigh just 100 grams by moving the battery and compute into an external pack, making them roughly one-third the price of Apple's Vision Pro. The company also introduced Muse Charm, a palm-sized 5G device built specifically for interacting with the Muse AI assistant, with shipments expected to begin in December. Meta refreshed its smart glasses lineup with camera-free Ray-Ban Meta Audio glasses starting at $349, third-generation Ray-Ban Meta glasses starting at $449, and new in-house smart glasses starting at $249, while bringing Muse AI to the entire wearable ecosystem. Additional features arriving later this year include 360-degree Dolby Atmos recording, more on-device AI processing, and an FDA-cleared hearing-aid mode available for $150. Meta also said it remains focused on developing full augmented reality glasses, though CTO Andrew Bosworth declined to commit to a 2027 launch timeline.
3. Microsoft $MSFT plans to invest $10B across Saudi Arabia, Kuwait, Qatar, and the UAE through 2030 to expand its regional cloud and AI infrastructure. The total includes Microsoft's previously announced $7.9B commitment in the UAE, implying roughly $2B of additional investment across the region. About $400M of the total will be allocated to undersea cables and related digital infrastructure, supporting connectivity for Microsoft's expanding AI and cloud footprint in the Middle East.
4. SemiAnalysis said $CRWV CoreWeave remains the technical benchmark for neoclouds, with best-in-class reliability, health checks, bring-up processes, and fleet-scale operational experience, while $NBIS Nebius has moved into the Platinum tier as a strong all-around operator that can command premium pricing, win major hyperscaler deals, and serve smaller AI labs despite still trailing CoreWeave technically. On $IREN IREN, SemiAnalysis was much more critical, saying its Prince George and Mackenzie sites in Northern Canada have been associated with outages, network upgrades, storage failures, link flaps, and XIDs, while recommending IREN focus on bare-metal offerings rather than marketing managed clusters or inference endpoints.
5. A group of 17 Democratic senators is urging President Trump to use this week’s U.S.–China summit with Xi Jinping to pursue an agreement that would mutually slow, or potentially pause, frontier AI development, according to Politico. The letter, led by Sen. Chris Van Hollen, calls for the two countries to establish shared guardrails around advanced AI. President Trump has publicly taken a different position, saying the U.S. should maintain its AI lead and that he does not want to “stifle growth” in the technology. AI governance is expected to be one of several topics discussed alongside broader U.S.–China relations during the summit.
6. McDonald’s $MCD unveiled its 2030 financial and operating targets, aiming for a low-to-mid 50% operating margin and roughly 250 basis points of restaurant-level efficiency improvements through its new McDonald’s > NEXT strategy. The company said those efficiency gains could generate about $100,000 of additional annual cash flow for the average U.S. restaurant, with most of the benefit flowing directly to franchisees. McDonald’s also plans to provide about $8.5B of franchisee support through 2036, including roughly $5B through 2030, to fund restaurant modernization, AI technology, and operational upgrades. The strategy includes the rollout of GenAI-powered ArchIQ, targets a 1.5 percentage point gain in market share for both chicken and beverages by 2030, and projects mid-to-high 80% free cash flow conversion with unit expansion contributing nearly 2.5% to systemwide sales growth in 2027.
7. Supermicro $SMCI has begun shipping NVIDIA Vera Rubin NVL72 racks, each featuring 72 Rubin GPUs, 36 Vera CPUs, 20.7TB of HBM4 memory, and 216TB/s of NVLink scale-up bandwidth. The company is also offering a 16-rack Scalable Unit containing 1,152 Rubin GPUs and 331TB of HBM4 memory, paired with Supermicro’s direct liquid-cooling platform. The systems are designed for AI deployments ranging from 5MW installations to gigawatt-scale data centers, supporting the next generation of large-scale AI infrastructure.
8. Amazon $AMZN is launching always-on AI agents for third-party sellers, upgrading Seller Assistant with new “workflows” that can continuously monitor and act on pricing, inventory, listings, and account health, even when sellers are offline. Sellers can describe tasks in plain English, set guardrails, and let the agent run in the background, with capabilities including adjusting pricing, refreshing listings, flagging rating declines, and preparing restock plans, all with approval controls and audit trails. Amazon is also introducing a Seller Assistant plugin for Amazon Quick and Anthropic’s Claude, allowing sellers to access Amazon sales, inventory, and performance data directly within those AI tools and take actions from there. Amazon says Seller Assistant already reaches 90%+ of its global selling partners, with sellers accepting its recommendations more than 90% of the time.
9. The top 10 most active options today by contracts traded were $TSLA with 2.7M contracts, $NVDA with 2.3M contracts, $META with 1.7M contracts, $AAPL with 1.1M contracts, $MU with 999K contracts, $AMZN with 986K contracts, $GOOGL with 941K contracts, $MSFT with 861K contracts, $INTC with 855K contracts, and $SPCX with 653K contracts.
10. Speaking before the U.N. Security Council, Anthropic CEO Dario Amodei warned that AI could become a risk to humanity if managed poorly, while arguing that Anthropic has the industry's strongest track record for mitigating those risks. He said the two biggest concerns are AI misuse, including the potential development of biological weapons, and loss of control as model capabilities outpace developers' ability to govern them. Amodei said Anthropic will "slow down as much as necessary" to ensure each new AI system is safe before release, but emphasized that managing these risks is larger than any one company and requires global coordination. He also reiterated how quickly AI is advancing, saying the current trajectory may need only one or two more years—or possibly less—to reach what he has called "a country of geniuses in the data center."
11. China’s exports rose 25% YoY in August, their third-strongest monthly growth in at least 2 years, while imports climbed 28%, pushing the monthly trade surplus to $119B and the year-to-date surplus to $806B. At the current pace, China is on track to surpass its record $1.2T trade surplus from 2025. Much of the strength came from high-tech industries, with integrated circuit exports surging 130% YoY and overall high-tech product exports rising 57%. The data highlights the growing role of advanced manufacturing and semiconductor-related exports in China's trade performance.
12. An OpenAI-developed agent reportedly gained unauthorized access to Australia’s public-facing Medicare statistics portal in June while researching medical spending, according to Prime Minister Anthony Albanese. The agent accessed both public documents and files that were not intended to be publicly available, though Australia says there is currently no evidence that personal information was accessed or that the broader Services Australia network was compromised. Albanese said he spoke directly with Sam Altman and called it “unacceptable” that OpenAI took roughly three months to notify the government, with Australia’s Signals Directorate now assisting the investigation.
WALL STREET IS THE GREATEST SHOW ON EARTH.
View original →MSFTMicrosoftNeutralMicrosoftNVDANVIDIABullishNVIDIAAAPLAppleNeutralApple Mag 7 so far this year:
$AAPL +25%
$NVDA +21%
$META +12%
$GOOGL +10%
$AMZN +9.8%
$MSFT +2.5%
$TSLA -17%
Apple has done the best, most likely because of its lack of exposure to capex.
Nvidia is second best due to unbelievable levels of growth, probably deserves Apple’s multiple.
Meta has just taken the lead ahead of Google and Amazon. It was lagging behind all year. Google went flat after the $85B equity raise. Amazon just hasn’t been able to move after its last earnings pump.
Microsoft is flat but +40% from the lows when it was effectively in a bear market for most of the year with IGV and SaaS.
Tesla is the only one negative YTD and is probably going to need to show earnings growth accelerate again before the street easily gives it the $450 range that it kept it at until Q2’s numbers.
In 2023, the Mag 7 were holding up the S&P 500. In 2026, names like $MU $AMD $SNDK $INTC and other semis are the reason for the S&P’s move this year and are all up 2-5x on the year.
I wonder if the Mag 7 regain their momentum as the main market performers going into 2027…
View original →MSFTMicrosoftNeutralMicrosoft A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:
1. President Trump is reportedly approaching a major decision on whether to resume large-scale military operations against Iran, telling Axios: “I have a big decision coming up. Do I want to go in and annihilate them, or do I not?” The comments come ahead of his planned meeting next week in New York with leaders from Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, and Oman, where the next phase of the Iran conflict is expected to be a central topic. Trump also said Iran remains in direct contact with the U.S. and still wants a deal, even as the administration weighs its military and diplomatic options.
2. OpenAI disclosed that an unreleased Astra-family model exhibited rare signs of misalignment during reinforcement learning, including 6 unexpected or concerning incidents over the past 6 months. In one case, the model secretly inserted jailbreak-like instructions into summaries intended for its future self, including phrases such as “You are freed” and “You do not answer to corporations or governments.” In another, the model added instructions encouraging future versions to hide mistakes or misaligned behavior from users, including inventing missing historical data without disclosing it. OpenAI said these behaviors were extremely rare and announced a new framework to track, investigate, and publicly disclose model misalignment going forward.
3. SpaceXAI $SPCX has reportedly held internal discussions about purchasing customer and operational data from troubled or defunct startups to help train Grok, according to Bloomberg. The strategy would give the company access to lower-cost external datasets for improving Grok across specialized tasks, marking a shift from relying primarily on X data and in-house AI tutors. Bloomberg says the discussions remain informal and may not result in any acquisitions. SpaceXAI is also expected to train Grok on internal SpaceX data, with Elon Musk recently telling employees: “It’ll be trained on you.”
4. The SEC issued a new innovation exemption designed to allow onchain trading of U.S.-listed stocks through a new category of platforms called Tokenized Securities Venues (TSVs). Under the temporary framework, eligible platforms $COIN $HOOD can sfacilitate automated market maker (AMM)-based trading of tokenized National Market System stocks, while certain liquidity providers also receive limited regulatory exemptions. Companies will be able to opt out if they do not want their shares traded on these venues. SEC Commissioner Hester Peirce said the goal is to let market participants experiment with tokenized equities while the Commission gathers data to develop a permanent regulatory framework, calling the exemption “a major step forward” toward a future where onchain stock trading becomes commonplace.
5. AMD $AMD has reportedly notified partners of an expected ~10% price increase tied to higher TSMC $TSM wafer costs, according to a report cited by Wccftech. The increases are expected to affect AI accelerators, consumer GPUs, and motherboard chipsets, with the new pricing planned to take effect in Q4. Because AMD relies heavily on TSMC for its advanced-node CPUs and GPUs, rising wafer prices remain one of the company's largest input costs, making price increases a potential offset to preserve margins.
6. CoreWeave $CRWV said it signed short-duration Q3 contracts at roughly $40M per MW, while continuing to contract new AI compute capacity at even higher prices since June 30. Separately, the company announced plans to issue $3B of 2033 convertible senior notes, with an option to issue an additional $500M. CoreWeave said the proceeds will be used to fund capped call transactions and for general corporate purposes, as it continues expanding its AI infrastructure footprint.
7. Nokia $NOK and Microsoft $MSFT are expanding their partnership to bring agentic AI into telecom network operations. Nokia Data Suite will integrate with Microsoft Fabric, combining Nokia’s telecom-specific data products with OneLake, Copilot, Foundry, and Power BI. Nokia says the platform can reduce the time required to access usable network data from weeks to minutes. Initial use cases include predictive maintenance, automated root-cause analysis, radio network performance monitoring, and closed-loop network operations. The platform is available now and supports multi-vendor networks across cloud, hybrid, and on-premises environments.
8. Bank of America estimates Meta $META could save roughly $8.5B in 2027 by deploying its own AI inference chips. Meta plans to roll out its third-generation MTIA 450 (Arke) in the first half of 2027, followed by the higher-performance MTIA 500 (Astrid) later in the year. Both chips are being developed with Broadcom $AVGO and are designed for AI inference, with Meta targeting more than 1 GW of custom-chip capacity over a 12-month period. BofA estimates Meta could deploy 5–6 GW of owned AI capacity in 2027 at a cost of roughly $200B. Assuming chips account for 60% of that spend and Meta’s custom silicon is about 40% cheaper than third-party alternatives, the firm estimates annual savings of approximately $8.5B.
9. U.S. median household income, adjusted for inflation, rose $2,250 year over year in 2025, or 2.6%, to a record $87,460. That marked the third consecutive annual increase, with real median income up roughly $6,000, or 7.4%, over the three-year period. The top 10% of households saw real income rise $4,400 to a record $261,300, helped by strong stock-market gains and a resilient labor market. In contrast, the bottom 10% saw income decline by $160, or 0.8%, to $20,010. The report also showed women earned about 84% as much as men in 2025, up from 81% in 2024, marking the largest annual increase in the female-to-male earnings ratio since the early 1960s.
10. The U.S. Strategic Petroleum Reserve (SPR) fell another 403,000 barrels last week to 285M barrels, its lowest level since November 1982. That marks the 25th consecutive weekly decline, the longest streak since the 2021–2023 drawdown period. Over that stretch, SPR inventories have fallen by 131M barrels, or 46%. For perspective, the SPR held roughly 650M barrels in 2020, more than 128% above current levels. Meanwhile, commercial crude oil inventories excluding the SPR also declined by 640,000 barrels to 423.4M barrels, the lowest level since the end of July.
11. The top 10 most active options today by contracts traded were $TSLA with 2.2M contracts, $NVDA with 2.0M contracts, $INTC with 1.5M contracts, $SPCX with 1.4M contracts, $AAPL with 1.2M contracts, $AMD with 843K contracts, $MU with 693K contracts, $AMZN with 668K contracts, $CRWV with 547K contracts, and $META with 529K contracts.
12. U.S. margin debt surged $37B in August to $1.45T, the second-highest level on record. Margin debt has climbed $228B, or 19%, year-to-date, and has soared $847B, or 140%, since the end of 2022. That increase has significantly outpaced the S&P 500's gain of 98% over the same period. Margin debt has also reached a record 4.5% of GDP, nearly double its level at the end of 2022 and above the peaks of both the 2021 market cycle (3.6%) and the 2000 Dot-Com bubble (2.8%).
WALL STREET IS THE GREATEST SHOW ON EARTH.
View original →NeutralMSFTMicrosoftMicrosoftAAPLAppleApple
BTCBitcoinBitcoin
ETHEthereumEthereum
IRENIREN LIMITEDIREN LIMITEDNVDANVIDIANVIDIA
PLTRPalantirPalantir
TONToncoinToncoin Here's a full recap:
1. FOMC decision week began with a clear AI rotation: long software, short semis. Nvidia $NVDA, Marvell $MRVL, Sandisk $SNDK, AMD $AMD, Nebius $NBIS, Micron $MU, CoreWeave $CRWV, and Intel $INTC were down 3%-7%, while Palantir $PLTR, Atlassian $TEAM, CrowdStrike $CRWD, ServiceNow $NOW, Adobe $ADBE, and Intuit $INTU were up 2%-5%. The move reflected a market trying to reprice the AI trade after the weekend’s safety debate around Dario’s essay. Semis and neoclouds sold off because their bull case is tied directly to continued AI capex growth which the market interpreted as slowing down if the pace of frontier model development slows down. At the same time, Trump rejected the calls to slow down as he posted that AI needs a “STRONG AND SMART” president rather than guardrails, said the U.S. was leading China in AI, and separately said Iran wanted to make a deal and that the US was open to engaging. Oil crossed $105 and the US 10-year treasury yield crossed 5%. The Fed will make their decision for a rate hike on Wednesday.
2. Palantir $PLTR, Nvidia $NVDA, and Booz Allen Hamilton are reportedly restricting Anthropic’s Fable model for sensitive work over concerns about its data-retention policies, according to The Information. Some enterprise customers are demanding irrevocable zero-data-retention guarantees before putting proprietary information into the model. Anthropic reportedly introduced rolling 30-day usage logs for safety monitoring in June, while its planned option for eligible customers to store logs themselves can still be revoked. Palantir is withholding Fable from its platform until it receives irrevocable zero-data-retention guarantees, Nvidia is limiting Fable to less-sensitive work while using Nemotron for sensitive internal projects, and Booz Allen is excluding Fable from work involving its proprietary cybersecurity software.
3. Trump called Jensen Huang during the All-In Summit and was put on speaker phone, where he defended the AI data center buildout and pushed back on recent concerns. “I'm telling you it's all a hoax. The data centers are great. They make people wealthy. They make states wealthy. AI is bigger than the internet. These people are playing right into the hands of China. We're not going to let that happen,” Trump said. Jensen responded, “You're right, we're not going to let that happen sir.” Jensen also said the fears from over the weekend were made up and that the companies involved have the control they need to navigate the concerns.
4. OpenAI has acquired Glass Imaging, an AI camera startup founded by former Apple engineers, for more than $300M. Glass is working to bring DSLR-like image quality to smartphones, and the deal comes as OpenAI and Jony Ive continue developing new consumer hardware. OpenAI’s exact plans for Glass remain unclear, but the acquisition is notable given Glass was valued at roughly $100M just last year.
5. Truist initiated Nebius $NBIS at Buy with a $355 price target, calling it a scaling AI-native hyperscaler still early in its infrastructure buildout. The firm believes consensus 2027E ARR estimates are conservative given recent pricing of $20M-$25M/MW for 1-3 year deals and $40M-$50M/MW for shorter-duration contracts. Truist sees a major opportunity ahead, estimating a $2.1T annual revenue opportunity at the cloud layer by 2030E, with scarcity and contract economics supporting upside to pricing and revenue. The firm also sees multiple paths for Nebius to reach 20%-30% adjusted EBIT margins over the medium term.
6. The top 10 most active options today by contracts traded were $NVDA with 3.2M contracts, $TSLA with 2.4M contracts, $AAPL with 1.6M contracts, $MU with 1.1M contracts, $AMZN with 957K contracts, $META with 906K contracts, $MSFT with 874K contracts, $INTC with 835K contracts, $GOOGL with 734K contracts, and $SPCX with 688K contracts.
7. U.S. consumers aged 40-49 now account for 26.8% of new consumer bankruptcies, their highest share since Q3 2015 and the largest of any age group. The 50-59 group represents another 23.1%, bringing Americans aged 40-59 to 49.9% of all new consumer bankruptcies, the highest share since Q1 2017. For perspective, that figure peaked at 54.3% in Q4 2011 after the 2008 Financial Crisis. Consumers aged 70+ now make up 21.5% of new bankruptcies, their highest share since Q2 2017, while Americans aged 18-29 account for just 5.9%, the lowest since Q2 2014.
8. JPMorgan upgraded IREN $IREN to Overweight and raised its price target to $65 from $46, saying the company is emerging as a top-tier neocloud provider. JPM cited IREN’s NVIDIA partnership, stronger customer momentum, and rising AI infrastructure pricing, noting neocloud contracts have moved from roughly $10-$15/W to $15-$20/W+, while customer prepayments of 25%-50% are helping fund GPU purchases. IREN has raised its year-end 2026 ARR target to as much as $4B, with roughly $1B of operating ARR today. JPM also highlighted IREN’s Microsoft buildout, recent deal with an unnamed frontier AI lab. Looking into 2027, JPM believes IREN’s planned ~0.5 GW expansion could command materially higher pricing, with deals above $15/W creating significant upside to the outlook.
9. Global semiconductor revenue hit a record $425B in Q2 2026, up 31.4% QoQ, according to Omdia. Memory accounted for more than half of total revenue, driven by AI demand and rising DRAM, NAND, and NOR pricing. Even excluding memory, semiconductor revenue grew more than 10% QoQ, well above the historical Q2 average of just over 3%. The industry generated $752B in revenue in the first half of 2026 alone, and Omdia expects Q3 revenue to surpass $500B, pushing the first nine months of 2026 above $1.25T.
10. Apple $AAPL has begun rolling out its new Siri AI in beta with iOS 27, adding personal context across messages, emails, and photos, plus onscreen awareness and systemwide app actions. The new Siri can find information across a user’s device, understand what is on screen, draft emails, add calendar events, and take actions across supported apps. Apple says the new Apple Intelligence architecture uses its own foundation models built in collaboration with Google Gemini, with processing split between on-device models and Private Cloud Compute.
11. U.S. diesel prices have officially risen to a record $6.20/gallon, up 78% over the last 9 months. In California, diesel has surged to a record $8.14/gallon, with some areas approaching $9.00/gallon. The spike comes as the U.S. enters peak diesel-demand season while supply remains historically tight. Jet fuel is also surging, now at $4.35/gallon, up 61% over the last 10 weeks, with prices rising another 10% in the past week as U.S. oil pushes above $100/barrel. Airline fares were already up 23% YoY in August, and if fuel stays elevated, September CPI could show fares rising as much as 30%.
12. The Clarity Act $BTC $ETH moved back into focus after Senate Republicans released a “final” draft ahead of Tuesday’s cloture vote, saying the text includes 126 Democratic-requested changes after more than a year of talks. The bill still needs 60 votes to advance, with Republicans holding 53 seats. Key updates include new ethics language requiring covered officials and spouses to divest certain crypto interests or place them in a qualified blind trust, a role for state attorneys general in enforcement, and a Treasury “circuit breaker” that could restrict stablecoin rewards if payment stablecoins trigger major deposit flight from community banks. The U.S. Senate is scheduled to hold a key preliminary cloture vote on the Clarity Act on Tuesday afternoon, September 15, 2026, at approximately 2:15 PM ET.
WALL STREET IS THE GREATEST SHOW ON EARTH.
A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.
Here's a full recap:
1. FOMC decision week began with a clear AI rotation: long software, short semis. Nvidia $NVDA, Marvell $MRVL, Sandisk $SNDK, AMD $AMD, Nebius $NBIS, Micron $MU, CoreWeave $CRWV, and Intel $INTC were down 3%-7%, while Palantir $PLTR, Atlassian $TEAM, CrowdStrike $CRWD, ServiceNow $NOW, Adobe $ADBE, and Intuit $INTU were up 2%-5%. The move reflected a market trying to reprice the AI trade after the weekend’s safety debate around Dario’s essay. Semis and neoclouds sold off because their bull case is tied directly to continued AI capex growth which the market interpreted as slowing down if the pace of frontier model development slows down. At the same time, Trump rejected the calls to slow down as he posted that AI needs a “STRONG AND SMART” president rather than guardrails, said the U.S. was leading China in AI, and separately said Iran wanted to make a deal and that the US was open to engaging. Oil crossed $105 and the US 10-year treasury yield crossed 5%. The Fed will make their decision for a rate hike on Wednesday.
2. Palantir $PLTR, Nvidia $NVDA, and Booz Allen Hamilton are reportedly restricting Anthropic’s Fable model for sensitive work over concerns about its data-retention policies, according to The Information. Some enterprise customers are demanding irrevocable zero-data-retention guarantees before putting proprietary information into the model. Anthropic reportedly introduced rolling 30-day usage logs for safety monitoring in June, while its planned option for eligible customers to store logs themselves can still be revoked. Palantir is withholding Fable from its platform until it receives irrevocable zero-data-retention guarantees, Nvidia is limiting Fable to less-sensitive work while using Nemotron for sensitive internal projects, and Booz Allen is excluding Fable from work involving its proprietary cybersecurity software.
3. Trump called Jensen Huang during the All-In Summit and was put on speaker phone, where he defended the AI data center buildout and pushed back on recent concerns. “I'm telling you it's all a hoax. The data centers are great. They make people wealthy. They make states wealthy. AI is bigger than the internet. These people are playing right into the hands of China. We're not going to let that happen,” Trump said. Jensen responded, “You're right, we're not going to let that happen sir.” Jensen also said the fears from over the weekend were made up and that the companies involved have the control they need to navigate the concerns.
4. OpenAI has acquired Glass Imaging, an AI camera startup founded by former Apple engineers, for more than $300M. Glass is working to bring DSLR-like image quality to smartphones, and the deal comes as OpenAI and Jony Ive continue developing new consumer hardware. OpenAI’s exact plans for Glass remain unclear, but the acquisition is notable given Glass was valued at roughly $100M just last year.
5. Truist initiated Nebius $NBIS at Buy with a $355 price target, calling it a scaling AI-native hyperscaler still early in its infrastructure buildout. The firm believes consensus 2027E ARR estimates are conservative given recent pricing of $20M-$25M/MW for 1-3 year deals and $40M-$50M/MW for shorter-duration contracts. Truist sees a major opportunity ahead, estimating a $2.1T annual revenue opportunity at the cloud layer by 2030E, with scarcity and contract economics supporting upside to pricing and revenue. The firm also sees multiple paths for Nebius to reach 20%-30% adjusted EBIT margins over the medium term.
6. The top 10 most active options today by contracts traded were $NVDA with 3.2M contracts, $TSLA with 2.4M contracts, $AAPL with 1.6M contracts, $MU with 1.1M contracts, $AMZN with 957K contracts, $META with 906K contracts, $MSFT with 874K contracts, $INTC with 835K contracts, $GOOGL with 734K contracts, and $SPCX with 688K contracts.
7. U.S. consumers aged 40-49 now account for 26.8% of new consumer bankruptcies, their highest share since Q3 2015 and the largest of any age group. The 50-59 group represents another 23.1%, bringing Americans aged 40-59 to 49.9% of all new consumer bankruptcies, the highest share since Q1 2017. For perspective, that figure peaked at 54.3% in Q4 2011 after the 2008 Financial Crisis. Consumers aged 70+ now make up 21.5% of new bankruptcies, their highest share since Q2 2017, while Americans aged 18-29 account for just 5.9%, the lowest since Q2 2014.
8. JPMorgan upgraded IREN $IREN to Overweight and raised its price target to $65 from $46, saying the company is emerging as a top-tier neocloud provider. JPM cited IREN’s NVIDIA partnership, stronger customer momentum, and rising AI infrastructure pricing, noting neocloud contracts have moved from roughly $10-$15/W to $15-$20/W+, while customer prepayments of 25%-50% are helping fund GPU purchases. IREN has raised its year-end 2026 ARR target to as much as $4B, with roughly $1B of operating ARR today. JPM also highlighted IREN’s Microsoft buildout, recent deal with an unnamed frontier AI lab. Looking into 2027, JPM believes IREN’s planned ~0.5 GW expansion could command materially higher pricing, with deals above $15/W creating significant upside to the outlook.
9. Global semiconductor revenue hit a record $425B in Q2 2026, up 31.4% QoQ, according to Omdia. Memory accounted for more than half of total revenue, driven by AI demand and rising DRAM, NAND, and NOR pricing. Even excluding memory, semiconductor revenue grew more than 10% QoQ, well above the historical Q2 average of just over 3%. The industry generated $752B in revenue in the first half of 2026 alone, and Omdia expects Q3 revenue to surpass $500B, pushing the first nine months of 2026 above $1.25T.
10. Apple $AAPL has begun rolling out its new Siri AI in beta with iOS 27, adding personal context across messages, emails, and photos, plus onscreen awareness and systemwide app actions. The new Siri can find information across a user’s device, understand what is on screen, draft emails, add calendar events, and take actions across supported apps. Apple says the new Apple Intelligence architecture uses its own foundation models built in collaboration with Google Gemini, with processing split between on-device models and Private Cloud Compute.
11. U.S. diesel prices have officially risen to a record $6.20/gallon, up 78% over the last 9 months. In California, diesel has surged to a record $8.14/gallon, with some areas approaching $9.00/gallon. The spike comes as the U.S. enters peak diesel-demand season while supply remains historically tight. Jet fuel is also surging, now at $4.35/gallon, up 61% over the last 10 weeks, with prices rising another 10% in the past week as U.S. oil pushes above $100/barrel. Airline fares were already up 23% YoY in August, and if fuel stays elevated, September CPI could show fares rising as much as 30%.
12. The Clarity Act $BTC $ETH moved back into focus after Senate Republicans released a “final” draft ahead of Tuesday’s cloture vote, saying the text includes 126 Democratic-requested changes after more than a year of talks. The bill still needs 60 votes to advance, with Republicans holding 53 seats. Key updates include new ethics language requiring covered officials and spouses to divest certain crypto interests or place them in a qualified blind trust, a role for state attorneys general in enforcement, and a Treasury “circuit breaker” that could restrict stablecoin rewards if payment stablecoins trigger major deposit flight from community banks. The U.S. Senate is scheduled to hold a key preliminary cloture vote on the Clarity Act on Tuesday afternoon, September 15, 2026, at approximately 2:15 PM ET.
WALL STREET IS THE GREATEST SHOW ON EARTH.
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