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• @amitisinvesting neutral 2109 eng

  A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Tesla $TSLA rose 5% today, marking its best day since early July. The move comes ahead of Tesla’s upcoming Cybercab Launch Event, where investors will be watching for concrete updates on robotaxi deployment, Cybercab production, autonomy progress, and whether Tesla can turn the vehicle from a concept into a real revenue-generating fleet. Tesla has already disclosed that Cybercab production has started, with public-road engineering tests and employee rides beginning at Giga Texas. The key question is whether the event delivers actual deployment details rather than another demo, including timing, fleet size, city expansion, and cost-per-mile economics. 2. Treasury Secretary Bessent today at the G20 summit said he believes the Japanese government and Bank of Japan will take actions that lead to a stronger yen. On the Fed, he said he would not speculate on what policymakers may or may not do, but added that traditionally “you don’t raise into a supply shock.” On bonds, Bessent said he and Warsh are “on the same page,” while noting he does not believe he can change the market’s equilibrium price. He also said Trump believes Iran is not ready to make a deal yet, and that Operation Outcast is aimed at creating conditions that bring Iran back to the table. 3. Anthropic has reportedly signed a $35B cloud deal with Lambda, an Nvidia-backed cloud provider, according to WSJ. The twist: Nvidia $NVDA is effectively the landlord. The data center is being built by Hut 8 in Nueces County, Texas, and Nvidia signed its own agreement with Hut 8 a few weeks ago to lock down the capacity. Lambda will use that space to run chips it bought from Nvidia, which is also one of its investors. The deal highlights how Nvidia is extending its role beyond selling GPUs and deeper into the AI infrastructure stack with financing, capacity access, cloud partners, and the physical data center footprint behind frontier AI demand. 4. The FTC and 22 states are reportedly preparing to sue Amazon $AMZN over alleged secret ad price hikes. The FTC is expected to claim Amazon manipulated its ad auctions by inserting its own “soft reserve” bid above the runner-up bid, effectively raising the minimum price advertisers had to pay. The practice allegedly began in 2018 and generated tens of billions of dollars over 7 years. In recent years, Amazon allegedly used the mechanism to raise minimum bids 70%–80% of the time, with the FTC claiming it increased pay-per-click costs by as much as 50% on major shopping days. Amazon generated $68B in advertising revenue in 2025, and this would mark the FTC’s third major case against the company after its Prime case and ongoing monopoly lawsuit. 5. Retail investors bought roughly $250M of Nvidia $NVDA shares on Wednesday, their 3rd-largest daily purchase since mid-May. That extended the retail buying streak to 15 consecutive trading sessions, with investors purchasing more than $2.5B of Nvidia stock over that period. For context, the largest daily retail purchase came in late February at about $1.0B. Over the last 12 months, retail investors have bought roughly $30.0B of Nvidia shares, the most of any Magnificent 7 company. 6. The White House published details of the U.S.–Venezuela oil deal, saying Venezuela has granted North American Blue Energy Partners 100-year concessions for 17 oil fields. The fields reportedly contain roughly 65B barrels of proven oil reserves, while NABEP plans to invest up to $100B into Venezuelan oil infrastructure to rapidly increase production. As part of the deal, the U.S. government receives a 35% equity stake in NABEP’s parent company at “zero cost to taxpayers,” the right to purchase 20% of all current and future production at production cost, and the right of first refusal on the remaining 80%. The U.S. also gets veto power over board appointments, with a majority of NABEP’s board required to be U.S. citizens. Venezuela is expected to receive roughly $200B in royalties and tax payments over the first 25 years, while the White House is calling it the “biggest oil deal in world history.” 7. U.S. annual interest expense has climbed to a record 18.5% of federal government revenue, officially surpassing the prior record of 18.4% set in 1991. This share has more than quadrupled over the last 4 years as interest costs on public debt have surged. Annual interest expense now stands at a record $1.25T, more than 4x the level seen in 1991. Meanwhile, the 30-year Treasury yield is trading around 5.21%, just 13 bps below its highest level since 2007. For context, the 30-year yield was around 8.00% in 1991, highlighting how much larger the U.S. debt burden has become. 8. BofA reiterated its Buy rating on Meta $META with an $810 price target, highlighting the potential launch of Meta’s consumer AI agent Hatch in early September inside Instagram and WhatsApp. Hatch can reportedly browse websites and navigate user interfaces to complete autonomous tasks like purchases, restaurant bookings, form filling, and communications. Meta is also reportedly targeting an October launch for its new AI model, Watermelon, which has shown frontier-level performance on certain internal benchmarks, with Hatch expected to integrate Watermelon’s automation capabilities after launch. BofA sees a major long-term opportunity in consumer AI agents, with Meta’s global user base giving it a significant adoption advantage, but said success will depend on ease of use, real utility, ecosystem integration, user trust around automation and security, and subscription pricing that creates consumer value while earning a return on Meta’s compute investment. 9. The top 10 most active options today by contracts traded were $TSLA with 4.4M contracts, $NVDA with 3.3M contracts, $AAPL with 1.3M contracts, $AMZN with 1.0M contracts, $MU with 952K contracts, $META with 606K contracts, $SPCX with 561K contracts, $INTC with 470K contracts, $PCG with 460K contracts, and $GOOG with 453K contracts. 10. Trump said interest rates are “too high” and said he has “a lot of respect” for Fed’s Warsh, adding that Warsh will “do what he has to do.” On Iran, Trump said any strikes would be limited, while noting that a lot of oil is still coming out of the Strait of Hormuz. He said ships came through Hormuz last night with Navy assistance and that the U.S. is averaging about 30 ships per night out of the Strait. Trump also said Iran “doesn’t know who the leader is,” adding, “we’ll see what happens.” 11. Take-Two $TTWO fell 7% as GTA 6 leaks continued ahead of the November 19 release. Recent leaked footage has reportedly shown combat, vehicle theft, the return of the six-star wanted system, a biplane flight over Vice City, and a 4.5-minute Lucia story clip. The pressure reflects growing concern around how much of the game is being revealed before launch, even as GTA 6 remains one of the most anticipated releases in gaming history. 12. China’s CXMT has reportedly started small-scale production of HBM3E, the advanced memory used in AI processors including Nvidia’s H200 and Blackwell GPUs, according to The Information. Alibaba’s T-Head and Cambricon are already testing CXMT’s HBM with their AI chips and could begin using it in products as early as 2027, with CXMT planning to expand production next year. The development could ease a key bottleneck for China’s domestic AI-chip industry, which remains restricted from buying the most advanced foreign HBM. The caveat is that CXMT is still facing low yields and remains roughly 3–5 years behind the leading HBM players, while $SKHY SK Hynix, Samsung, and Micron $MU are already mass-producing HBM4 and sampling HBM4E. WALL STREET IS THE GREATEST SHOW ON EARTH.

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• @amitisinvesting neutral 1918 eng

  A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. $DELL DELL delivered another huge beat and raise, reporting record quarterly revenue of $47.0B versus $44.9B expected, up 58% YoY. Adjusted EPS came in at $7.04 versus $4.91 expected, up 203% YoY from $2.32. AI server revenue reached $16.4B, roughly doubling YoY, while Dell booked a massive $60.9B of AI server orders during the quarter. AI backlog surged to a record $95B, up from $51.3B last quarter, one of the biggest numbers in the report. Infrastructure also remained strong, with traditional servers and networking revenue up 122% YoY to $10.5B and storage revenue up 26% to $4.9B. Dell raised its FY27 revenue outlook sharply to roughly $192B, compared with its prior $165B–$169B range. If Dell's earnings are any insight into the AI trade, demand continues to be scaling rapidly. 2. Elon Musk’s G20 address today focused on one core idea: AI growth is now being constrained by power, not just chips. He said the world already faces an AI power crisis, citing a potential 15 GW shortfall by 2027, with AI chip production growing 40%–50% annually while power outside China grows only 10%–20%. Musk argued this creates a major opportunity for countries that can build new electricity capacity, host AI data centers, and monetize that infrastructure. He also said digital AI alone could lift the global economy by 20%–30%, or roughly $20T–$30T per year, with AI potentially becoming “Stockfish-level” at software and engineering within 12–18 months. On robotics, he said physical AI $TSLA $SPCX will take longer but could ultimately drive the economy up by 10x or more, especially once humanoid robots begin making more robots. 3. Two oil supertankers were reportedly hit by unknown projectiles while exiting the Persian Gulf through the Strait of Hormuz, according to maritime security firm Marisks. The U.S. embassy in Jerusalem also warned Americans in the Middle East to exercise heightened vigilance amid the risk of further regional escalation. The 10-year treasury passed 4.8%, reaching the highs from January 2025 and $WTI crude oil surpassed $90/barrel for the first time since July 23rd. 4. Treasury Secretary Bessent said the Strait of Hormuz will be “bypassed” within 2 years, arguing that oil will increasingly move through land pipelines instead of the Strait. He said that in two years, Hormuz will be like a “worthless piece of water,” while also noting the U.S. has held private discussions with China on Iran. On sanctions, Bessent said the Treasury is looking at airline leasing companies and that new bank sanctions on Iran are likely coming this week and next. 5. Palantir $PLTR won a new U.S. Army TITAN production contract, with the Army awarding Palantir a prime agreement to produce and deliver 8 new TITAN ground station systems: 4 Advanced and 4 Basic. TITAN is the Army’s next-generation AI/ML-powered deep-sensing platform, combining data from space, high-altitude, aerial, and terrestrial sensors to generate targeting intelligence for mission command and long-range precision fires. Palantir will serve as the prime contractor, overseeing manufacturing, delivery, and the software powering TITAN, alongside partners including Anduril, L3Harris, Sierra Nevada, Strategic Technology Consulting, and World Wide Technology. Palantir USG President and CTO Akash Jain said, “TITAN was shaped by the Soldiers who used it, in the conditions they used it in, against the standard they set. That is the only way a system like this earns its place in the field.” 6. Meta $META is exploring whether its AI glasses can be classified as an assistive device, a move that could potentially allow Medicare and Medicaid coverage for eligible blind and low-vision users. Meta’s wearables VP said the company is “very interested” in pursuing assistive-device classification through the U.S. government. Separately, Meta made Muse Voice Transcribe available through its model API, priced at $3 per 1,000 audio minutes, expanding access to its voice transcription capabilities for developers. 7. Apple claims in a new court filing that OpenAI is actively destroying crucial evidence in a trade secrets case, according to Bloomberg. Apple’s lawyers said an initial forensic review of an Apple-issued MacBook used by a former iPhone engineer found evidence that he and others at OpenAI were aware of his alleged unauthorized access to Apple’s cloud storage providers. The filing also claims he sent instructions for destroying evidence, escalating the dispute between Apple and OpenAI around alleged trade secret misuse. 8. Anthropic launched Claude Fable 5.1 and Mythos 5.1, with Fable 5.1 positioned as its most advanced model yet for coding, knowledge work, long-running agents, and scientific research. The biggest gains came in agentic and coding benchmarks. Anthropic says the larger step-change is in long-running work, with Fable 5.1 better at staying on task for hours, verifying its own work, and finding root causes instead of surface-level fixes. 9. Options activity is cooling, but the mix remains heavily skewed toward calls. The 5-day moving average of call volume has fallen to roughly 6.6M contracts, the lowest since early May, down 1.7M contracts or 20% since mid-July. Put volume has also declined, with the 5-day moving average falling to about 5.3M contracts, the lowest since February. As a result, the equity call-to-put volume ratio has climbed to 1.25x, near the highest level in 5 years and a reading that has been higher only 11% of the time since 2010. 10. Chevron $CVX is reportedly finalizing a deal to significantly expand its operations in Venezuela as part of President Trump’s push to increase Venezuelan oil production, according to Bloomberg. The deal would add 2 giant oil fields in the Orinoco Belt to Chevron’s operations and give the company operating rights to fields holding billions of barrels of oil. It is expected to be the largest of several agreements announced in the coming days as Trump encourages more U.S. investment in Venezuela’s oil industry. The deal is separate from negotiations for the U.S. government to take a direct stake in Venezuelan oil fields. 11. The top 10 most active options today by contracts traded were $NVDA with 2.5M contracts, $AAPL with 2.1M contracts, $TSLA with 1.8M contracts, $MU with 838K contracts, $AMZN with 665K contracts, $META with 614K contracts, $SPCX with 541K contracts, $INTC with 508K contracts, $PCG with 394K contracts, and $GPRO with 372K contracts. 12. Trump said the U.S. is currently striking Iranian targets near the Strait of Hormuz, calling the strikes “large and powerful” and saying they are retaliation for Iran’s failed attempt to place sea mines in the Strait and for launching 8 missiles at a U.S. military base in Jordan, all of which he said were intercepted. He said the Strait currently has no mines after they were “completely removed or detonated,” and warned that if Iran retaliates, it will be hit again at a “much harder and higher level.” Trump also said he “couldn’t care less” about Iran, likes the U.S. position on the Strait, and questioned when the Iranian people will “stand up and fight.” WALL STREET IS THE GREATEST SHOW ON EARTH.

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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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• @amitisinvesting neutral 1617 eng

  A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Nvidia $NVDA added roughly $453B in market cap in a single day, the largest one-day market-cap gain ever recorded in the U.S., as Wall Street rushed to reset targets after Q2 earnings. Raymond James raised its price target to $515 from $352 and reiterated Strong Buy, citing Nvidia’s FY28 outlook for approximately 70% revenue growth and saying $1T in annual sales by FY29 now looks possible. The firm highlighted architectural evolutions like NVL racks at 1:1 and agentic Vera CPU racks as growth accelerators, while also expecting non-hyperscale revenue to outgrow hyperscaler revenue. Other target hikes included JPMorgan to $320 from $280, Mizuho to $315 from $300, Melius to $425 from $400, Goldman Sachs to $300 from $285, Bernstein to $400 from $315, Citi to $315 from $300, and Stifel to $315 from $282. 2. Marvell $MRVL reported Q2’27 revenue of $2.7B, roughly in line with estimates of $2.71B and up 37% YoY. Adjusted EPS came in at $0.94 versus $0.92 expected, up 40% YoY, while Data Center revenue reached $2.2B, up 46% YoY. Marvell guided Q3 revenue to $3.15B +/- 5%, ahead of the $3.03B estimate, and adjusted EPS to $1.10 +/- $0.05 versus $1.07 expected. The bigger update was the long-term outlook: management now expects FY27 revenue to grow roughly 45% YoY to about $12B, with Data Center up around 60%, and FY28 revenue to reach roughly $18B, up about 50% YoY, with Data Center growing more than 60% and custom chip revenue more than doubling. Marvell also said revenue tied to the Google warrant agreement through FY28 is already included in its prior custom revenue target, while AI-related bookings remain “exceptionally robust.” 3. Wolfe Research named Google $GOOGL a top pick for 2027, reiterated an Outperform rating, and set a $460 price target while raising estimates. The firm now sees $595B of revenue, up 10% versus its prior estimate, and EPS of $15.89, up 6% versus prior. Wolfe estimates Google could generate more than $105B in TPU revenue next year at roughly 30% margins, producing about $32B of TPU operating income. The firm also sees cumulative TPU-related revenue reaching $300B through FY28, Google’s power capacity scaling to 21 GW next year and 28 GW in 2028, and GCP eventually contributing up to 40% of Alphabet’s total operating income. 4. The top 10 most active options today by contracts traded were $NVDA with 7.4M contracts, $TSLA with 1.6M contracts, $AAPL with 875K contracts, $MSTR with 840K contracts, $MU with 751K contracts, $SPCX with 743K contracts, $PLTR with 740K contracts, $AMZN with 668K contracts, $INTC with 660K contracts, and $PCG with 633K contracts. 5. The White House is weighing a new round of semiconductor tariffs that could extend beyond chips to products like servers, laptops, and gaming consoles, according to Politico. One proposal would link tariff-free import allowances to how much companies commit to U.S. chip manufacturing, while a phase-in period is also under discussion. No final tariff rate or framework has been set. Tech companies are warning that broader duties could raise AI data center costs and pressure chip designers like Nvidia $NVDA and AMD $AMD, which still rely heavily on overseas manufacturing. 6. BofA initiated coverage on Amkor $AMKR with a Buy rating and $70 price target, calling it an underappreciated beneficiary of rising semiconductor packaging complexity, AI/HPC advanced packaging demand, improving utilization, and U.S. supply-chain regionalization. Advanced Products made up 82% of Q2’26 revenue, with BofA seeing opportunities across 2.5D, HDFO-RDL, HDFO-bridge, co-packaged optics, and test. The firm expects computing to become Amkor’s largest end market by 2028, supported by programs including Nvidia’s Vera CPU, Microsoft’s Cobalt CPU, and AMD’s Venice server CPU. BofA also highlighted the planned Arizona facility, with Phase 1 expected to be fully committed, Apple and Nvidia identified as key customers, a 10-year TSMC agreement, and an expected $1.5B Nvidia prepayment in 2027. The firm forecasts EPS rising from $1.51 in 2025 to $3.41 in 2028, a 31% CAGR, and bases its $70 target on 21x 2028E EPS. 7. Meta $META could spend up to $10B a year on Anthropic AI, according to NYT. Meta has reportedly become one of Anthropic’s largest customers and is still spending hundreds of millions of dollars per month on its tools. The company has used Anthropic models to help power and test its upcoming personal AI agent, Hatch, even as it builds competing products internally. Meanwhile, employees are increasingly shifting to Meta’s Muse Code, while its new frontier model, Watermelon, has reportedly been delayed until at least October. 8. IREN $IREN reported Q4 FY26 revenue of $137.2M, roughly in line with estimates, while adjusted EBITDA came in at $19.2M versus $41.1M expected. AI Cloud revenue rose to $70.5M in Q4 from $33.6M, while FY26 AI Cloud revenue reached $128.8M, up roughly 8x YoY. Full-year revenue was $707.0M, below the $740M estimate, and net loss was $702.6M, including $638.8M of impairments tied largely to decommissioning Bitcoin mining hardware as sites are converted for AI Cloud growth. The bigger story is the AI infrastructure pipeline: IREN says operating ARR is $1B today, contracted ARR for 2026 capacity is $4B, 2026 capacity is largely sold out, and capacity delivery is expected to reach 0.3 GW in 2026 and 0.8 GW in 2027. The company also secured $2.8B of new GPU financing, has $14B of cash and committed financing, and says recent 3-year contract pricing has increased 125%, with active discussions around $25M of revenue per IT MW. 9. Hedge funds bought the most global energy stocks in nearly 4 years last week, marking their 12th weekly purchase over the last 13 weeks. As a result, hedge funds are now the most overweight energy relative to global stocks since June 2024. That is a sharp reversal from February 2026, when they were the most underweight energy since 2021. The only period with materially higher energy exposure relative to global equities was during the 2022 energy bull market. 10. U.S. corporate profits surged 22.8% YoY in Q2 2026 to a record $4.8T, the largest annual increase since Q4 2021. Excluding the pandemic recovery and the post-2008 Financial Crisis rebound, this was the strongest YoY profit growth in 21 years. Since Q2 2020, corporate profits have climbed $2.7T, or 131%. As a percentage of GDP, corporate profits jumped 1.0 percentage point in Q2 to 14.9%, an all-time high. 11. Citadel Securities posted a record Q2, with trading revenue reaching $7.3B, more than 3x YoY, and net income rising more than 250% YoY to $3.3B. The firm now handles more than one-third of U.S. retail stock trades, with high-touch equities helping drive the quarter’s results. Citadel Securities was also profitable in July and expects to remain profitable in August. 12. Trump praised Micron $MU after the company announced a $10B investment in new U.S. research labs focused on AI and advanced computing. He said the new investment comes on top of Micron’s previous $250B U.S. commitment and will help create tens of thousands of American jobs. Trump framed the announcement as part of a broader push to bring critical technologies back to the U.S., saying companies are investing trillions under his administration because America is the best place to build, invent, and grow. WALL STREET IS THE GREATEST SHOW ON EARTH.

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• @wallstengine neutral 74 eng

  Today's Key Events (All EST) — 07/23/2026 08:30: US Initial Jobless Claims 08:30: Chicago National Activity Index 13:00: US 10-Year TIPS Auction Before Open 👇 06:00: Thermo Fisher $TMO 06:00: Honeywell $HON 06:00: Cleveland-Cliffs $CLF 06:00: PG&E $PCG 06:30: Lockheed Martin $LMT 06:30: Ameriprise $AMP 06:30: Lazard $LAZ 06:45: Quest Diagnostics $DGX 06:55: RTX $RTX 06:55: Tractor Supply $TSCO 06:55: Dover $DOV 06:55: Roper Technologies $ROP 07:00: American Airlines $AAL 07:00: Comcast $CMCSA 07:00: Nasdaq $NDAQ 07:00: Harley-Davidson $HOG 07:00: Pool $POOL 07:15: Mobileye $MBLY 07:30: Albertsons $ACI 07:30: IMAX $IMAX 07:35: T-Mobile $TMUS 07:45: Union Pacific $UNP 08:00: Freeport-McMoRan $FCX 08:00: Norfolk Southern $NSC 09:30: Infosys $INFY Before Open: Blackstone $BX Before Open: RELX $RELX After Hours 👇 16:00: Intel $INTC 16:05: Comfort Systems USA $FIX 16:05: Deckers Brands $DECK 16:05: Newmont $NEM 16:05: Boyd Gaming $BYD 16:05: RingCentral $RNG 16:05: Digital Realty $DLR 16:05: Robert Half $RHI 16:05: Hartford Financial $HIG 16:05: SS&C Technologies $SSNC 16:05: VeriSign $VRSN 16:10: Kinsale Capital $KNSL 16:15: Edwards Lifesciences $EW 16:15: Boston Beer $SAM 16:30: Sallie Mae $SLM 17:00: Ovintiv $OVV Follow @wallstengine for detailed earnings highlights from many of these companies throughout the day.

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• @wallstengine bearish 45 eng

  PG&E $PCG and Edison International $EIX shares are falling after California lawmakers blocked Gov. Newsom’s push to stop insurers from recovering wildfire losses from utilities. The proposal was part of a broader plan to limit utility wildfire liabilities. With the legislative session ending Aug. 31, the larger structural reforms now appear off the table.

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• @WOLF_Financial neutral 35 eng

  DAVID EINHORN JUST UPDATED HIS $3.9 BILLION PORTFOLIO This is everything Einhorn owned as of the end of Q2 - Green Brick Partners $GRBK: 9,467,383 shares, $757.8M - Fluor $FLR: 4,658,750 shares, $244.1M - Core Natural Resources $CNR: 2,283,200 shares, $182.7M - Brighthouse Financial $BHF: 2,842,100 shares, $179.9M - Acadia Healthcare $ACHC: 4,400,641 shares, $130.0M - Penn National Gaming $PENN: 5,860,270 shares, $125.2M - Fortune Brands Innovations $FBIN: 2,241,875 shares, $123.1M - PG&E $PCG: 6,632,852 shares, $111.6M - Centene $CNC: 1,651,150 shares, $106.0M - Graphic Packaging Holding $GPK: 9,953,430 shares, $105.2M - SYNNEX $SNX: 381,042 shares, $101.9M - Teva Pharmaceutical Industries $TEVA: 2,886,059 shares, $97.8M - Versigent $VGNT: 2,277,640 shares, $95.7M - Capri Holdings $CPRI: 4,820,118 shares, $89.5M - BKV $BKV: 3,095,173 shares, $84.7M - DHT Holdings $DHT: 5,034,320 shares, $83.2M - Crocs $CROX: 669,140 shares, $80.7M - Roivant Sciences $ROIV: 2,152,669 shares, $76.2M - Sotera Health $SHC: 4,135,515 shares, $73.4M - Primo Brands $PRMB: 2,823,660 shares, $69.0M - Versant Media Group $VSNT: 1,922,172 shares, $69.2M - Dauch $DCH: 12,395,104 shares, $67.2M - PayPal Holdings $PYPL: 1,424,320 shares, $61.5M - Henry Schein $HSIC: 718,550 shares, $60.0M - Warner Bros Discovery $WBD: 2,246,180 shares, $59.9M - Liberty Global Cl A $LBTYA: 4,963,322 shares, $56.4M - Antero Resources $AR: 1,574,140 shares, $55.3M - StubHub Holdings $STUB: 4,233,200 shares, $54.5M - Resideo Technologies $REZI: 1,699,590 shares, $52.9M - Deckers Outdoor $DECK: 506,398 shares, $50.3M - Spectrum Brands Holdings $SPB: 561,438 shares, $48.1M - CNH Industrial $CNH: 4,188,940 shares, $47.0M - Viatris $VTRS: 2,773,470 shares, $44.0M - Paramount Skydance $PSKY: 3,926,080 shares, $38.7M - PVH $PVH: 520,800 shares, $38.7M - Comcast $CMCSA: 1,345,780 shares, $33.0M - Slide Insurance Holdings $SLDE: 1,686,630 shares, $32.7M - TripAdvisor $TRIP: 2,361,973 shares, $32.4M - SPDR Gold Trust $GLD: 83,421 shares, $30.7M - Cigna $CI: 88,400 shares, $24.4M - Lakefront Biotherapeutics $LKFT: 482,746 shares, $14.5M - Coya Therapeutics $COYA: 2,335,540 shares, $13.7M - Immunovant $IMVT: 93,520 shares, $3.6M - Gain Therapeutics $GANX: 566,130 shares, $1.1M - GoPro $GPRO: 1,693,860 shares, $1.3M - Nuvation Bio $NUVB: 34,995 shares, $0.2M

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• @tenet_research neutral 23 eng

  Tenet Market Wake-Up Summary 📷📷 July.23.26 $SPX $USAR $AMZN $LMT $NOC $RXT $PLTR $ONDS $AVAV $BA $RCAT $KTOS $TSLA $MU $IBM $INTC $SKHY $LLY $GOOGL $SPCX $UBER $XE $F $NOW $FULT $MOH $TXN $CSX $LUV $LBRT $NOK $PKG $STM $RTX $CMCSA $PCG $TMUS $T $PAYP $VRSK $DUK $ROL $AGL $ZION $DOMO $NVEC $MEDP $BTC @ripster47 | @TENETTRADEGROUP | @TenetCharts

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