Lots of News But Little Reaction as Market Yawns
The Dow held up on defensive strength while the Nasdaq lost 1%.
We’re Tracking 23 New Signals Across Our Investing Themes
Let’s scan through the headlines for the stories of the week that speak to our Pro Portfolio holdings.
With September Cool Comes Three Big Concerns
I’m looking forward to a break from the heat, but not to these economic worries that could add to already poor seasonality.
What’s Our Potential Pick-Up Point for Boeing?
Here are our thoughts on BA shares as Trump bumps up Canadian tariff prospects, raising uncertainty and potential inflation.
More on OpenAI and Shorting Nvidia
Per my “More Tales from Nvidia“ this morning, this excerpt is interesting too.
Again, I wonder how these things can go public and how auditors and bankers can sign off on this.
And look at what this implies about OpenAI’s valuation as it moves toward an IPO:
OpenAI’s equity — valued north of $850 billion — is functionally the junior tranche of a capital structure whose senior claims, the take-or-pay compute obligations, exceed any revenue path management itself has articulated.
On those numbers, the equity is effectively underwater, and the market has not priced it that way because it still treats those obligations as service agreements rather than what they are economically: debt.
The Teaser Period: Why The AI Boom Is Hitting A Reset Wall
I shorted Nvidia ($NVDA) on the early morning strength.
Position: Short NVDA (VS)
Iran Put on Notice, Partners Warned; How to Corral the Yield Curve
Trump vows economic pain for Iran; my colleague has an intriguing (and smart) economic plan; bracing for the week ahead.
Bessent Today, Warsh Friday: 8 Key Items Shaping the Stock Market Monday
Nvidia’s price increase, Trump and Canada, and other headlines are moving the market this morning.
Can Nvidia Fix the Interest Rate Problem?
Buckle up, Nvidia earnings and the Jackson Hole Economic meeting hit the market this week.
Charting the S&P 500: Giving Bulls the Benefit of the Doubt
Events this week will skew markets up or down.
Wall Street Has 2 New Favorite Phrases. I’m Not Buying Either One.
These catchphrases have certainly caught on in the past week. But do they hold water for what’s happening now — or are they just annoying?