$AVGO 0.63 Developing

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• @amitisinvesting neutral 3429 eng

  A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Google $GOOGL is developing a new AI chip that could run Gemini models 6x to 10x more efficiently than its latest TPUs, per The Information. The chip, internally called “Frozen v2,” would bake parts of Gemini’s architecture directly into silicon, reducing data movement and simplifying inference decisions. Google is targeting deployment as early as 2028 to help ease its AI compute shortage, though the design would trade flexibility for major gains in speed and power efficiency. 2. Microsoft $MSFT is expanding its partnership with AMD $AMD and will deploy AMD’s Helios rack-scale systems on Azure for frontier AI inference. The platform combines MI455X GPUs, Venice CPUs, Pensando networking, and ROCm software, with shipments to Microsoft beginning in the second half of 2026. Azure will also add new AMD-powered virtual machines for agentic AI, data pipelines, and semiconductor design, marking a broader adoption of AMD’s full AI infrastructure stack. 3. AUM in U.S. leveraged semiconductor ETFs has fallen $63B from the June peak to $100B, the lowest level since late April. That marks a 39% decline, the largest drawdown since April 2025, when assets more than halved from their August high. The semiconductor unwind accounts for 63% of the broader $100B drop in AUM across all U.S. leveraged ETFs over the same period. The selloff follows a massive ramp, with assets in these funds nearly tripling between late March and the June peak. Even after the pullback, leveraged semiconductor ETF assets are still up 400% from January 2023 levels. 4. Archer $ACHR and Anduril unveiled Thunder, an autonomous attack VTOL aircraft, with first flight planned for 2027. The runway-independent hybrid-electric aircraft is designed to operate autonomously alongside crewed attack and assault aircraft. The dual-use platform features tiltrotors and modular payloads for both defense and commercial missions. Full-scale surrogate flights have already been completed, and Archer plans to announce its first commercial customers later this week. 5. Chinese AI models are taking record share among U.S. firms on OpenRouter. The proportion of tokens used by American companies running through Chinese models has climbed to roughly 58%, a record high. OpenRouter lets developers access and compare models from multiple providers, making it a useful real-world signal of AI model adoption. Chinese model usage has tripled since mid-January, overtaking U.S. peers on the platform for the first time in March and briefly hitting 63% in early July. At the start of 2025, Chinese models were under 10% of usage, while U.S. models were around 80%. DeepSeek has become the most popular choice among American firms in recent months. 6. The top 10 most active options today by contracts traded were $NVDA with 3.1M contracts, $TSLA with 2.4M contracts, $AAPL with 1.8M contracts, $MU with 951K contracts, $MSFT with 884K contracts, $AMZN with 691K contracts, $INTC with 640K contracts, $SPCX with 606K contracts, $AMD with 506K contracts, and $GOOGL with 492K contracts. 7. BofA reiterated its Buy rating on CoreWeave $CRWV with a $140 price target. Analyst Tal Liani raised FY26 capex estimates to $34B from $29B, saying capex remains a key indicator of buildout progress and hardware pricing. BofA expects Q2 operating margin of 2.4%, slightly below the Street at 2.8%, but sees margins improving through the rest of the year as active power drives revenue recognition. By Q4, BofA expects operating margin to reach 14.6%, up from 1.0% in Q1, showing strong operating leverage. The firm also pushed back on competition concerns from SpaceX and Meta, arguing AI compute demand still far exceeds supply, making access to capacity the real bottleneck rather than provider choice. 8. IREN $IREN raised its 2026 AI Cloud ARR target to over $4B, up from its prior target of $3.7B. The company announced new AI cloud contracts representing $2.8B in total contract value, with approximately 85% of the updated ARR target now under contract. Goldman Sachs estimates the newly announced contracts represent an additional roughly $1B in contracted revenue with an average term of around 3 years. IREN also said recent agreements include customer prepayments covering about 45% of GPU capex, with customer contracts having a weighted average term of approximately 4 years. 9. UBS says Micron $MU could repurchase more than 40% of its shares by the end of 2028. The firm expects Micron to generate over $40B in free cash flow through 2028, and once its buyback restriction expires on December 9, 2026, UBS says the company could potentially use that cash to buy back more than 40% of its shares at the current price. Morgan Stanley said that memory stocks are trading at attractive prices but their best risk to reward names in the semi space are $NVDA Nvidia and $AVGO Broadcom. 10. Bloom Energy $BE shares are trading lower after New Mexico regulators rejected permits for a gas pipeline planned to supply Oracle’s Project Jupiter data center for the second time. The decision could delay the campus, which is expected to use up to 2.5GW of Bloom Energy’s gas-powered fuel cells. Energy Transfer may now pursue an alternative pipeline route. 11. Intel $INTC plans additional layoffs in its data center group as part of a broader effort to become a more focused and efficient company, CNBC reports. Intel said the unit is realigning roles and skills for long-term success, though the number of affected employees was not disclosed. 12. Trump signed three proclamations under Section 338 of the Tariff Act of 1930 imposing additional 50% tariffs on certain Canadian goods in response to what the White House calls Canada’s discriminatory treatment of U.S. products. The tariffs cover different categories of Canadian imports, including products ranging from wine to hockey sticks to cement, and apply even if goods originate under USMCA. Exemptions include energy, potash, goods already subject to Section 232 tariffs, fish, critical minerals, and certain other products. The tariffs take effect 30 days after signing. WALL STREET IS THE GREATST SHOW ON EARTH,

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• @StockSavvyShay neutral 3410 eng

  UPDATED FIB LEVELS FOR POPULAR STOCKS AI Utilities • $IREN $51 • $NBIS $177 • $CIFR $17 • $CRWV $100 AI Power • $EOSE $7 • $BE $237 • $NVTS $22 • $VRT $282 AI Hardware • $NVDA $192 • $TSM $408 • $ASML $1,618 • $MU $730 AI Applications • $PLTR $129 • $NOW $109 • $CRWD $598 • $SNOW $181 AI Connectivity • $AVGO $377 • $ALAB $305 • $CRDO $195 • $MRVL $236 Space • $RKLB $106 • $ASTS $89 • $PL $31 • $BKSY $32 Quantum • $IONQ $52 • $RGTI $15 • $QBTS $20 • $INFQ $13 Drones • $ONDS $10 • $AVAV $175 • $KTOS $52 • $UMAC $24 Nuclear • $OKLO $50 • $UUUU $12 • $GEV $906 • $LEU $151 Photonics • $AAOI $164 • $LITE $698 • $COHR $283 • $AEHR $76 CPU Bottleneck • $AMD $383 • $INTC $91 • $ARM $299 • $AMKR $57 Physical AI • $TSLA $382 • $AMZN $230 • $GOOGL $357 • $ISRG $394

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• @amitisinvesting bullish 2529 eng

  A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. SpaceX $SPCX will be added to the Nasdaq 100 tomorrow before the market opens, creating forced buying from mutual funds and ETFs that track the index and collectively manage roughly $800B in AUM. SpaceX’s initial weighting will be about 1%, based on free-float market cap, which excludes insider and restricted shares. That weighting could grow over time as lockups lift, the public float expands, and Nasdaq rebalances the index in September and December. 2. Samsung Electronics prelim Q2 operating profit surged 19x YoY to roughly $58.4B, beating $55.3B consensus, driven by booming AI memory demand. Revenue came in slightly below expectations at about $111.8B vs. $113.1B consensus, but still rose 129% YoY. On an operating income basis, Samsung is now arguably the most profitable company in the world, generating more operating profit than Nvidia $NVDA did last quarter. 3. Robinhood $HOOD CEO Vlad Tenev says demand for Trump Accounts has been “tremendous,” with 6M kids signing up pre-launch to express interest and millions of accounts already invested. The accounts are now officially active and open for contributions, allowing parents, grandparents, family, friends, and employers to collectively contribute up to $5,000 annually for eligible American children. SpaceX $SPCX president Gwynne Shotwell and her husband are donating $320M of company stock to help fund Trump Accounts for more than 2M American children. 4. Broadcom $AVGO and Apple $AAPL expanded their long-standing technology partnership through 2031. Under the new multi-year agreements, Broadcom will develop and supply a range of custom ASIC silicon products for multiple generations of Apple devices. 5. The top 10 most active options today by contracts traded were $TSLA with 4.4M contracts, $NVDA with 2.3M contracts, $AAPL with 1.5M contracts, $AMZN with 790K contracts, $SPCX with 727K contracts, $META with 668K contracts, $MSFT with 637K contracts, $INTC with 566K contracts, $MU with 530K contracts, and $SOFI with 421K contracts. 6. TeraWulf $WULF signed a 20-year lease with Anthropic for its Justified Data campus in Kentucky, representing roughly $19B of contracted revenue over the initial term. The campus is expected to support about 401MW of critical IT load, with initial capacity coming online in H2 2027 and full capacity by early 2028. Separately, TeraWulf is selling its 50.1% stake in the Abernathy JV to a Fluidstack-led investor group, monetizing an approximately $450M investment. 7. Retail is levering up into options. 0DTE options now account for a record 48% of total retail options volume, more than tripling over the past five years. They also represented a record 30% of total U.S. options volume in May, well above the 2022 high of roughly 18% and the five-year average of about 21%. As short-dated trading keeps growing, the average options contract now expires in under 3 days. 8. JPMorgan says Meta $META potentially monetizing excess AI compute through a cloud business could be positive for returns on AI infrastructure, but the firm would rather see Meta use that capacity inside its own products. The report notes Meta could charge developers for access to models hosted on its infrastructure or rent raw compute to third parties, with JPM estimating 1GW of capacity could generate around $20B in annual revenue and several dollars of EPS. Still, JPM argues the bigger upside is Meta using its compute, 4B+ users, and AI products across Family of Apps to drive internal inference demand, which would support continued heavy capex rather than implying a slowdown. 9. Michael Saylor’s Strategy $MSTR sold 3,588 BTC over the last two weeks for roughly $216M as part of its new Bitcoin Monetization Program, which allows up to $1.25B of BTC sales. The latest sale included 2,225 BTC at an average price of $60,773, following the prior week’s sale of 1,363 BTC at $59,256. Strategy still holds 843,775 BTC, with an average acquisition cost of $75,476 per BTC. 10. AI giants OpenAI, Anthropic, and Google are handing out free compute credits worth hundreds of thousands of dollars to win startup customers, per WSJ. The battle for startups is intensifying as top AI labs offer discounts and credits to lock in the next generation of enterprise users. The strategy is simple: subsidize usage now, drive early adoption, and turn today’s startup customers into durable long-term revenue streams. 11. Deutsche Bank says U.S. public debt is the clearest macro risk to American dominance. Federal deficits have stayed around 5%–6% of GDP since 2022 despite the economy being near full employment, while debt held by the public is set to surpass 100% of GDP this year. Interest payments now exceed defense spending and are the fastest-growing budget item, with the CBO projecting a $1.9T FY2026 deficit and public debt rising to 120% of GDP by 2036. 12. Leopold Aschenbrenner’s next investment target filed for Nasdaq this Friday. SK Hynix $SKHY is raising $28B, with Situational Awareness indicating interest in up to $7B of shares. SK Hynix has roughly 59% of the global HBM market, about 70% of Nvidia’s $NVDA HBM4 allocation, Nvidia alone represents 27% of revenue, and its entire 2026 chip lineup is already sold out. SK Hynix will be going public on the Nasdaq via ADRs and will be one of the largest foreign memory companies, now worth $1T. WALL STREET IS THE GREATEST SHOW ON EARTH.

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• @Mr_Derivatives bullish 2467 eng

  Sometimes don’t overthink it: $MU $NVDA $META $AVGO https://t.co/rCMrvLD6AE

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• @amitisinvesting bullish 2296 eng

  WHY ARE THE SEMIS UP THIS MORNING? Well…a hyperscaler called $META just reminded the market how much they are willing to spend on capex: - Meta plans to double its AI computing capacity to 14GW in 2027 and begin manufacturing its in-house Iris AI chip in September, according to Reuters citing an internal memo. - The Iris chip, part of Meta’s MTIA program, is designed with $AVGO Broadcom and manufactured by $TSM TSMC, with the goal of reducing reliance on $NVDA Nvidia and $AMD GPUs. - Meta has also secured long-term supply agreements with Samsung (memory), $SNDK SanDisk (flash storage), and Sumitomo Electric (fiber-optic equipment). Once again, the market remembers how much Big Tech is willing to spend and how serious they are about creating their own custom silicon. Trump saying that Iran wants a deal last night + META getting ready to spend even more on capex is likely why the semis are starting to recover.

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• @amitisinvesting neutral 2064 eng

  A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Broadcom $AVGO said it has a “high degree of confidence” it will ship $350B of AI semiconductors over the next 2 years, even if all 30 GW of demand is not deployed because of land, power, and data center constraints. The company laid out a massive AI growth path, targeting AI semiconductor revenue of roughly $58B in FY26, $115B in FY27, and $230B in FY28 — a 4x increase in just 2 years. Broadcom said every 1 GW deployed by OpenAI or Anthropic could support about $30B in annual AI revenue, while AI networking revenue is expected to grow just as fast as its XPU business. In Q3’26, Broadcom reported revenue of $29.6B, beating estimates of $29.36B and up 86% YoY, with adjusted EPS of $3.32 versus $3.24 expected. AI semiconductor revenue surged 221% YoY to $16.7B, and Broadcom expects that to accelerate to $21.7B in Q4, up 236% YoY, while also targeting $30+ EPS in FY28. 2. Meta $META rolled out Muse Spark 1.3, saying the latest model delivers its biggest coding and agentic performance jump yet. Meta says Muse Spark 1.3 matches GPT-5.6 Sol on Terminal-Bench 2.1 with a score of 88.8 and reaches 75.4 on DeepSWE. The model is available now through Muse Code and the API. Zuckerberg also teased Watermelon and open weights coming next, signaling Meta is continuing to push aggressively on frontier coding agents and open AI distribution. 3. Nvidia-backed neocloud Nscale is telling prospective IPO investors it has roughly $103B in contracted revenue, up from $51B before its $45B compute deal with Anthropic, according to The Information. The contracts average 5.7 years, implying about $18B of future contracted revenue per year, though the figure is not current revenue or formal guidance and was described by one source as “illustrative.” Actual revenue is still much smaller but scaling quickly, rising from about $37M in Q1 2026 to more than $100M in Q2, excluding the Anthropic deal, as Nscale prepares for an IPO that could come as soon as this month. 4. HPE $HPE expanded its Oracle $ORCL AI data center deal, with HPE set to deploy Juniper networking gear across Oracle AI data centers globally under a potential multi-year agreement. The deal covers routing, switching, networking support, and financing for OCI’s AI clusters, regional data centers, and edge networks, while HPE also issued Oracle warrants to purchase HPE shares. Separately, HPE reported Q3’26 revenue of $12.2B, beating estimates of $11.91B and up 34% YoY, with adjusted EPS of $1.11 versus $0.93 expected. Networking revenue surged 74.9% YoY to $2.9B, while Cloud & AI revenue rose 25.4% YoY to $9.0B. HPE guided Q4 revenue to $13.9B–$14.8B, above the $12.96B estimate, raised FY26 guidance, and said AI is becoming a multi-year growth driver as record backlog supports the outlook. 5. Cantor Fitzgerald initiated Tempus $TEM at Overweight with an $80 price target, arguing the company is being mispriced as a traditional life sciences data vendor rather than an AI-powered platform business. The firm says Tempus’ Data & Applications segment has a stronger growth and margin profile than the market is giving it credit for, with 26% growth and 76% gross margins. Cantor believes the segment should be compared more closely to platform peers like $PLTR, $SNOW, $DDOG, and $RDDT rather than slower-growing data-vendor peers, creating a favorable upside risk/reward. 6. Google $GOOGL launched Gemini 3.8 Flash Cyber, a new cybersecurity-focused AI model that scored 86.2% on CyberGym and 47.2% on CWE-Bench. Google says the model has a 70%+ success rate identifying vulnerabilities across 20 programming languages and produced 2.6x more correct patches than larger models on real Chrome security bugs. Initial access is limited to government agencies and cybersecurity partners through Google’s Fairwind program. 7. The top 10 most active options today by contracts traded were $NVDA with 5.7M contracts, $TSLA with 2.8M contracts, $AAPL with 1.7M contracts, $META with 1.0M contracts, $MU with 959K contracts, $AMZN with 732K contracts, $PLTR with 675K contracts, $DELL with 633K contracts, $INTC with 557K contracts, and $GOOGL with 536K contracts. 8. JPMorgan says a 5% 10-year Treasury yield could be the level that starts to pressure stocks, with Grace Peters noting that “5% psychologically has an impact” and could trigger a knee-jerk equity selloff. She sees a potential 5%-8% correction into the midterms, but views that as a healthy pullback rather than a structural break. JPMorgan remains constructive on stocks longer term, with its thesis centered on a capex-driven earnings supercycle, while the key medium-term test for AI will be whether the spending translates into real returns. 9. Berenberg initiated Rocket Lab $RKLB at Buy with an $83 price target, implying about 29%-35% upside, calling it the only end-to-end public pure-play in space across launch, satellites, components, and spectrum. The firm says Rocket Lab has an effective monopoly in dedicated small-lift launch, is entering medium-lift with Neutron, and is benefiting from rapid growth in satellite manufacturing and components as space budgets hit records. Berenberg also said the Iridium acquisition adds scarce global spectrum and recurring applications revenue, while Rocket Lab’s vertical integration gives it long-term optionality not fully reflected in the stock’s valuation. While acknowledging execution risk and a high multiple, the firm called Rocket Lab one of the most compelling long-term assets in the space sector and said it would buy or add on volatility. 10. The 60+ day delinquency rate on U.S. subprime auto loans has climbed to roughly 5.2%, the highest level on record and more than double where it was four years ago. Serious subprime auto delinquencies are now about 1.7 percentage points above their 2008 financial crisis peak, while prime auto loan delinquencies have also risen to around 0.4%, near the highest level since 2011. At the same time, total U.S. auto debt increased by $28B in Q2 2026 to a record $1.71T. 11. Onchain tokenized equity holders have reached a record 1.9M, up 134% month-over-month and 1,360% year-to-date. Just 10 months ago, fewer than 100,000 people held tokenized assets, but demand for 24/7 markets and access to names tied to the record IPO wave, including SpaceX, OpenAI, and Anthropic, has accelerated adoption. Jupiter, the largest onchain trading platform on Solana, has driven much of the growth, with 61% of volume now happening during off-hours and active tokenized equity traders up 46% month-over-month. 12. Microsoft $MSFT will begin disclosing Azure revenue as part of a major FY27 reporting overhaul, shifting from three business segments to two: Agents & Infrastructure and Devices & Consumer. For Q1 FY27, Microsoft expects Azure growth of 44%-45% in constant currency, Agents & Infrastructure revenue of $75.15B-$75.75B, Devices & Consumer revenue of $14.7B-$15.2B, Microsoft 365 Commercial Cloud growth of about 17% in constant currency, and Search & Ads ex-TAC growth in the mid-to-high single digits. The new structure marks Microsoft’s biggest reporting change since adopting its prior three-segment model in FY2016. WALL STREET IS THE GREATEST SHOW ON EARTH.

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• @StockSavvyShay neutral 1956 eng

  SEMICONDUCTOR STOCKS BY PEG RATIO PEG < 1 usually means mispriced growth PEG > 2 starts to push into the danger zone Here’s how they stack up: • $ALAB ~2.9x • $ARM ~2.4x • $INTC ~2.2x • $LRCX ~2.2x • $KLAC ~2.0x • $AMAT ~1.7x • $ASML ~1.7x • $ANET ~1.7x • $TSM ~1.2x • $LITE ~1.1x • $COHR ~1.0x • $CRDO ~0.9x • $NVDA ~0.8x • $AMD ~0.7x • $AAOI ~0.7x • $MRVL ~0.6x • $ON ~0.6x • $AVGO ~0.6x • $SNDK ~0.4x • $MU ~0.4x

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• @amitisinvesting neutral 1772 eng

  A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Tesla $TSLA launched steering-wheel-free Cybercab rides in Austin, marking the first public deployment of its purpose-built autonomous vehicle. Customers can now book Cybercab rides through Tesla’s Robotaxi app, with Tesla having registered 45 Cybercabs in Texas, bringing its state robotaxi fleet to 420 vehicles. The two-seat Cybercab has no steering wheel, pedals, or mirrors, relying on cameras and neural networks instead of lidar or radar, while also featuring in-car entertainment and integrated Starlink V5. Cybercab is not yet available for sale, but Tesla has opened a form for potential fleet buyers. Federal safety rules still prevent commercial sales, and Tesla has not yet filed for an NHTSA exemption. 2. Fed Governor Chris Waller said he would support keeping rates at 3.50%–3.75% this month if upcoming inflation data continues to show progress toward the Fed’s 2% target. Waller said recent data suggest the economy is “finally seeing some signs of disinflation,” and that if the improvement continues in data due over the next 2 weeks, he would be inclined to hold rates steady. However, he warned that if August inflation data show the improvement was fleeting, “it may be appropriate to raise the policy rate.” He also noted that uncertainty remains around military conflicts, trade policy, and AI’s impact on prices and economic activity. 3. Nvidia $NVDA has agreed to acquire Hugging Face for $12.93B, giving it one of the largest open AI developer platforms in the world. Hugging Face says it now serves more than 18M developers, researchers, and creators, with over 3M models, 500K datasets, 1M applications, and 200K+ companies on the platform. Nvidia says Hugging Face will remain open to models and hardware across the ecosystem, with no requirement for developers to use Nvidia compute and continued support for multi-cloud and multi-accelerator deployment. Nvidia also plans to use its infrastructure and engineering resources to expand Hugging Face’s model evaluation, inference, deployment, safety, and platform reliability. 4. Morgan Stanley says Broadcom $AVGO delivered a quarter and outlook that were slightly better than prior guidance, while its 2027 AI revenue commentary of $115B came in slightly below the firm’s $120B estimate but still in line with management’s prior view for “well above $100B.” The bigger takeaway is that management said AI revenue should “double again” in 2028, with customer breadth improving and two AI labs expected to become Broadcom’s two largest customers by CY28. Morgan Stanley says it continues to haircut CY28 because semiconductor visibility rarely extends that far, but its numbers still move up considerably. The firm sees some near-term uncertainty from elevated CY27 AI expectations, but believes market-share expectations remain too low, with industry contacts supporting the view that Broadcom can drive 80%+ share of its serviceable markets over time. Morgan Stanley says valuation remains compelling, growth remains very robust, and $AVGO, along with $NVDA, continues to look like one of the most attractively valued AI names. 5. Meta $META CEO Mark Zuckerberg reportedly told President Trump in a private August call that he opposed a proposal to create a national AI regulator, according to Business Insider. The White House is considering a FINRA-style body that could review and test advanced AI models for risks before broader deployment, an idea originally proposed by Google DeepMind CEO Demis Hassabis. Zuckerberg has argued that delaying model releases, even by a month, could hurt U.S. leadership against China. The White House is reportedly weighing two paths: a formal FINRA-style AI regulator, or a more voluntary industry-led standards group similar to the Motion Picture Association, an approach backed by David Sacks. The proposal remains under consideration. 6. The top 10 most active options today by contracts traded were $NVDA with 3.5M contracts, $TSLA with 2.7M contracts, $SPCX with 1.4M contracts, $AAPL with 1.3M contracts, $AVGO with 1.0M contracts, $MSTR with 925K contracts, $MU with 806K contracts, $PCG with 720K contracts, $PLTR with 717K contracts, and $HOOD with 682K contracts. 7. OpenAI has started rolling out GPT-6 Astra, its new flagship model, calling it a “generational leap” in AI capability. President Greg Brockman went further, saying people may eventually look back at “about this time and about this model” as when AGI arrived, ending the briefing with: “Welcome to the AGI era.” Astra was trained on more than 100,000 GPUs at OpenAI’s Stargate site in Texas and is designed to work directly inside software, including creating spreadsheets and presentations, building 3D environments, designing circuit boards, handling financial modeling, and drafting tax forms. OpenAI says Astra leads across software engineering, science, reasoning, computer use, and cybersecurity, but the model also reached OpenAI’s “Critical” cybersecurity threshold, meaning its strongest cyber capabilities will initially be restricted to trusted organizations through Daybreak Access. 8. Lululemon $LULU reported Q2’26 revenue of $2.4B, below estimates of $2.46B and down 4% YoY, while comparable sales fell 9%. EPS came in at $2.92, including a $0.86 tariff-refund benefit, with gross margin up 200 bps YoY to 60.5%. The company cut FY26 guidance to $10.35B–$10.5B in revenue versus $11.04B expected and EPS of $9.48–$9.73 versus $10.88 expected. Q3 guidance was also weak, with revenue expected at $2.29B–$2.32B versus $2.53B expected and EPS of $0.93–$0.98 versus $2.40 expected. Management said it is taking a “prudent approach” with the revised full-year outlook, while Michael Burry said: “Today, lululemon (LULU) is the trickster in my portfolio. This time the trickster is my largest position, and it does seem determined to take me where mermaids fear to tread.” 9. Robinhood $HOOD had its best day in over a year, rising 15% after a Morgan Stanley upgrade and renewed attention around Robinhood Chain. Part of the move may have come after Ansem, one of crypto’s most influential voices, posted his Robinhood thesis to 1.3M followers, highlighting the company’s growing onchain opportunity. Since launching July 1, Robinhood Chain has generated $34.6B in cumulative DEX volume, 576M transactions, and 12.3M addresses, with daily DEX volume recently hitting a record $1.5B and users paying $3.75M in fees on September 1. More than 190 tokenized stocks are now live, producing over $3B in cumulative DEX volume, while RWA daily volume reached a record $390M, including $217M from memecoin/tokenized-stock pairs. Robinhood’s onchain ecosystem has also grown to more than $750M in TVL while generating billions in perpetual-futures volume. The market appears to be waking up to the idea that Robinhood Chain may not be fully priced in, with the potential to become a new 9-figure revenue stream — and possibly much larger if growth continues. 10. Mira Murati’s AI startup Thinking Machines is reportedly in talks to raise more than $1B at a roughly $40B valuation, according to The Information. Accel is in talks to lead the round, while Nvidia $NVDA is also considering participating. The raise follows the July launch of Thinking Machines’ first model, Inkling, and the company is already generating hundreds of millions in annualized revenue despite being less than 2 years old. The proposed valuation is below the $50B+ level the company sought late last year, when it discussed raising $4B–$5B. 11. U.S. diesel refining margins have surged to a record $106/barrel, topping $100 for the first time and surpassing the roughly $85/barrel peak seen during the 2022 energy crisis. The diesel crack spread has more than tripled since February, signaling extremely tight diesel supplies and much stronger potential profits for refiners. The spike reflects a severe shortage of global diesel supply amid the Iran War, with U.S. diesel inventories down to 103.4M barrels, the lowest on record for this time of year. Retail diesel prices have also climbed to $5.78/gallon, just 4 cents below the all-time high set in June 2022. 12. The Bank of Japan is reportedly leaning toward a 25 bps rate hike at its September 18 meeting, which would take rates from 1.00% to 1.25%, according to Bloomberg. Officials reportedly see inflation risks skewed to the upside, with Japan’s key inflation gauge expected to move back toward 3% as yen weakness and higher oil prices add pressure. A 50 bps hike is seen as unlikely for now, but the BOJ is leaving the door open to faster tightening later if inflation stays firm. A September move would come just 3 months after the June hike, marking the shortest gap between hikes under Governor Ueda. WALL STREET IS THE GREATEST SHOW ON EARTH.

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