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Premarket movers Mag 7 stocks are all higher (Tesla +1.3%, Meta +0.7%, Alphabet +0.7%, Amazon +0.6%, Nvidia +0.5%, Apple +0.1%, Microsoft +0.1%) Cryptocurrency-linked stocks are rallying as Bitcoin rises, putting it on track for its best weekly gain in more than two years. Strategy (MSTR) climbs 8%, Coinbase (COIN) rises 5%. Mining stocks are rising as gold is on track for a third weekly gain after the US Treasury’s unexpected ramp-up in buybacks of long-dated government debt underscored concerns about its burden. Newmont (NEM) rises 3%. Flowers Foods (FLO) falls 4% after the maker of Wonder Bread cut its adjusted earnings-per-share forecast for the full year. O-I Glass (OI) rises 5% after Citi upgraded the packaging products company to buy, saying shares appear to be “meaningfully oversold.” OSI Systems (OSIS) falls 13% after the medical device maker’s forecast for fiscal 2027 revenue fell short of the average analyst estimate. Parsons Corp. (PSN) rises 2% after Baird upgraded the IT services company to outperform, saying guidance looks conservatively set. NetEase ADRs (NTES) rise 6% after the company’s core gaming business was seen as resilient and forecast to keep growing steadily. Ross Stores (ROST) climbs 8% after the off-price retailer boosted its earnings per share forecast for the full year.

Premarket movers Mag 7 names are all lower (Apple -0.1%, Alphabet -0.7%, Amazon -1.3%, Meta -1%, Microsoft -1.1%, Nvidia -1.3%, Tesla -1.2%) Capricor Therapeutics (CAPR) rises 4% after Piper Sandler upgraded the biotech company to overweight, optimistic about the prospects for deramiocel, a treatment for Duchenne muscular dystrophy Charter Communications (CHTR) inches 1% lower after the cable operator said CFO Jessica Fischer will step down in mid October to relocate for another professional opportunity. Duolingo (DUOL) is up 6% after Evercore ISI upgraded the language-learning software company to outperform, noting investor opportunity following severe weakness in the stock, which is down more than 70% off a peak hit in mid-2025. Fervo Energy (FRVO) jumps 13% on a Wall Street Journal report that the geothermal company has signed a deal to sell power to Alphabet’s Google. GoPro (GPRO) soars 76%, with the stock set to extend gains after rallying more than 46% Monday. Kroger (KR) slips 1% after Citi analyst Paul Lejuez cut his price target on the grocer to a Street-low $57 from $61, and adds a downside 30-day catalyst watch on the stock ahead of Kroger’s Sept. 11 earnings report. Medtronic (MDT) gains 4% after the medical device maker boosted its organic revenue forecast for the full year. Micron Technology (MU) dips about 2% after the Taipei-based Liberty Times reported that Micron will deliver its highest incentive pay plan to its Taiwan-based employees in response to a potential strike by its labor union. NIO ADRs (NIO) slip 1% after the carmaker reported vehicle deliveries for August that were largely flat from the previous month. Robinhood Markets (HOOD) rises 2% after Morgan Stanley raised its recommendation on the exchange to overweight on growth from prediction markets.

NEW ZEALAND'S FOOD PRICE INFLATION INDEX ROSE 0.1% IN JULY FROM THE PREVIOUS MONTH - STATS NZ NEW ZEALAND'S SEASONALLY ADJUSTED ELECTRONIC CARD RETAIL SALES ROSE 1.3% IN JULY FROM THE PRIOR MONTH, WITH ACTUAL SALES UP 3.4% FROM A YEAR EARLIER

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7D Top Tokens on Everything (May 15, 2026) 1. $BTC - $81,276 (+2.2%) 2. $ETH - $2,278 (-0.1%) 3. $SOL - $91.78 (+4.2%) 4. $E - $0.2400 (+20.9%) 5. $H - $0.2539 (+29.7%) Make your move on Everything. 🔗

Last wk despite WTI +10% & ylds +2-7 bps across the curve, S&P/Nas/R2K +0.1%/+0.4%/+0.1%. $NVDA acquisition of Hugging Face & $Meta release of Muse Spark 1.3 last wk make both names more attractive into year-end. My view is that LLMs increasingly bifurcate into 90%+ usage of open-source/ open-weight models in the future as companies optimize the right models for the right task. Since the focus on controlling AI expenditures, the Silicon Data token cost has fallen over 50% since late May but the weekly usage of tokens in models across OpenRouter has increased by 3.6x over this same time. In addition, enterprises are increasingly focused on making sure their own proprietary data does not leak out when they use third party closed frontier LLMs. Hugging Face is the premier central collaborative platform, repository, and toolkit for open-source and open-weight AI with over 18 million developers. Nvidia has three customers that accounted for 44% of their revenues over the past six months and their largest customers are increasingly designing their own ASICs and in some cases selling them externally. A more diversified customer base that owns their own AI compute stack instead of renting from the big cloud service providers would help Nvidia with both of these issues. With this acquisition, Nvidia is in an even better position to sell enterprises a complete alternative AI stack (from the model to chips) where the customer will own their own data. Valuation is also compelling. Nvidia trades at a 15x CY27 PE versus their own guidance for 70% revenue growth and the Big 3 public cloud service providers at 21-23x for 15-26% total revenue growth. The S&P trades at 19x for 9% revenue growth for comparison. Nvidia is also up “just”24% versus the Semiconductor Index up 66% following underperformance last year at up 39% versus 42%. As for Meta, the stock is down 7% year-to-date after being up just 13% last year driven largely by concerns that 1) they can only monetize their near doubling in AI capex spend through efficiencies in their own business and 2) they were falling behind in the AI model race. The launch of the Muse Spark 1.3 API last week, catapulted Meta back to near frontier status (Top four in the Artificial Analysis Intelligence Index out of 10 models) but with aggressive token pricing (Bottom four in Cost per Task.) Open-weight versions of the Muse Spark lineup are coming soon. This will give the company another way to monetize their aggressive capex plans. This follows Meta's settlement in late August with state AGs on their youth addiction trial which was another overhang on the stock. Trading at 16x CY27 PE for 20% revenue growth is compelling with the settlement and Spark 1.3 launch as catalysts. From a broader market perspective, I recommend caution between now and the US mid-terms for reasons I have fleshed out in prior posts including: 1) Don’t Fight the Fed given I believe a 9/16 hike is likely 2) September -0.5% on avg & up only 48% of the time 3) S&P drawdowns of 10% in lead-up to mid-terms 4) Bipartisan pushback against datacenter expansion 5) Iran dragging out hostilities through US mid-terms