CHOOSE YOUR FIGHTER Warren Buffett vs Stanley Druckenmiller Buffett stepped down as Charman of Berkshire Hathaway $BRK.B today. Druckenmiller has never had a losing year in more than 30 years. Here are their full portfolios as of Q2 2026. BERKSHIRE HATHAWAY - Apple $AAPL: 22% - American Express $AXP: 17% - Google $GOOGL: about 12.6% across both share classes - Coca-Cola $KO: 11% - Bank of America $BAC: 9.2% - Chevron $CVX: 4.7% - Occidental $OXY: 4.3% - Chubb $CB: 3.9% - Moody's $MCO: 3.7% - Kraft Heinz $KHC: 2.6% - DaVita $DVA: 2.1% - Delta $DAL: 1.8% - SiriusXM $SIRI: 1.2% - VeriSign $VRSN: 0.8% - Kroger $KR: 0.7% - Liberty Live $LLYVA: about 0.6% across both share classes - Ally $ALLY: 0.4% - Lennar $LEN: 0.4% - New York Times $NYT: 0.4% - Capital One $COF: 0.2% - Louisiana-Pacific $LPX: 0.1% - Nucor $NUE: 0.1% - Macy's $M: 0.1% - NVR $NVR - Jefferies $JEF - D.R. Horton $DHI DUQUESNE FAMILY OFFICE - Natera $NTRA: 17% - Insmed $INSM: about 5.7% in shares and calls - Taiwan Semi $TSM: 5.4% - Brazil ETF $EWZ: about 5.1% in shares and calls - Amazon $AMZN: about 4.6% in shares and calls - STMicro $STM: 4.5% - S&P 500 Equal Weight $RSP: about 3.7% in calls and shares - Fox $FOXA: about 2.8% across both share classes - YPF $REPYY: 2.7% - CDW $CDW: about 2.7% in shares and calls - BBB Foods $TBBB: 2.3% - Google $GOOGL: 2.3% - Seagate blockstack:native: 2.3% - United Airlines $UAL: 2.1% - Sea $SE: 2.0% - NewAmsterdam Pharma $NAMS: 2.0% - Russell 2000 ETF $IWM: 1.9% in calls - Sandisk $SNDK: 1.5% - Revolution Medicines $RVMD: 1.4% - S&P 500 ETF: 1.3% in calls - Bitdeer: 1.2% - CRH: 1.1% - Delta: 1.1% - Tesla $TSLA: 1.0% in calls - Fluor: 1.0% - D.R. Horton: 0.9% - Coupang: 0.9% - AMD: 0.8% - Palo Alto Networks: 0.8% - Cleveland-Cliffs: 0.8% - Hut 8: 0.7% - Caris Life Sciences: 0.6% - Argentina ETF: 0.6% - Woodward: 0.5% - Meta: 0.5% in calls - Nuvation Bio: 0.5% - Protagonist Therapeutics: 0.5% - Roku: 0.5% - Cavco: 0.5% - ADMA Biologics: 0.4% - Hyperliquid Strategies: 0.4% - Rambus: 0.4% - Rhythm Pharmaceuticals: 0.4% - Champion Homes: 0.4% - Daktronics: 0.4% - PureCycle: 0.4% - Southern Copper: 0.4% - Linde: 0.4% - Entegris: 0.4% - Teva: 0.4% - Unity: 0.4% - Aeva: 0.4% - Riot Platforms: 0.4% - Qnity Electronics: 0.4% - Equinix: 0.4% - Lam Research: 0.4% - Definium Therapeutics: 0.3% - Belite Bio: 0.3% - 10x Genomics: 0.3% - Wabtec: 0.3% - Eli Lilly: 0.3% - Xenon Pharmaceuticals: 0.3% - Olema Pharmaceuticals: 0.2% - Repligen: 0.2% - Rocket Companies: 0.2% - Baidu: 0.2% - Arm: 0.2% - Carvana: 0.2% - Reddit: 0.2% - Alcoa: 0.2% - Thermo Fisher: 0.2% - Danaher: 0.2% - F5: 0.2% - Vista Energy: 0.2% - Skeena Resources: 0.2% - JBS: 0.1% - Monte Rosa Therapeutics: 0.1% - Relay Therapeutics: 0.1% - DBV Technologies: 0.1% - CCC Intelligent Solutions: 0.1% - UWM Holdings: 0.1% - Navitas Semiconductor: 0.1% - Solstice Advanced Materials: 0.1% - FTAI Aviation: 0.1% - Beam Therapeutics: 0.1% - Aurora Innovation: 0.1% - IREN: 0.1% - Grupo Financiero Galicia: 0.1% - Wave Life Sciences: under 0.1% Both own Google, Delta and D.R. Horton. Neither owns Nvidia $NVDA.

The CoinDesk 20 is currently trading at 2090.4, up 1.3% (+26.17) since 4 p.m. ET on Thursday. Sixteen of 20 assets are trading higher. Leaders: $TAO (+5.5%) and $BTC (+1.9%). Laggards: $ICP (-0.7%) and $DOT (-0.4%).

Countries by Crude Steel Production (in Million Metric Tons) 1. 🇨🇳 China - 960.8 2. 🇮🇳 India - 164.9 3. 🇺🇸 United States - 82.0 4. 🇯🇵 Japan - 80.7 5. 🇷🇺 Russia - 67.8 6. 🇰🇷 South Korea - 61.9 7. 🇹🇷 Turkey - 38.1 8. 🇩🇪 Germany - 34.1 9. 🇧🇷 Brazil - 33.3 10. 🇮🇷 Iran - 31.8 11. 🇻🇳 Vietnam - 24.7 12. 🇮🇹 Italy - 20.7 13. 🇮🇩 Indonesia - 19.0 14. 🇹🇼 Taiwan - 17.1 15. 🇲🇽 Mexico - 13.5 16. 🇪🇸 Spain - 11.9 17. 🇨🇦 Canada - 11.5 18. 🇸🇦 Saudi Arabia - 10.8 19. 🇪🇬 Egypt - 10.6 20. 🇫🇷 France - 9.8 Source: World Steel Association (2025/2026 Data)

Premarket movers: Mag 7 stocks are mostly higher (Tesla (TSLA) +1.1%, Nvidia (NVDA) +0.7%, Amazon (AMZN) +0.6%, Alphabet (GOOGL) +0.4%, Apple (AAPL) +0.1%, Microsoft (MSFT) little changed, Meta Platforms (META) -0.5%). Akamai Technologies (AKAM) rallies 20% after the cloud provider inked a seven-year $11.6 billion deal to provide computing power to Anthropic. Atlas Energy (AESI) gains 6.9% after it announced a purchase agreement with Wyoming Machinery Company for $340.5 million of Balance of Plant equipment for a power generation project. The companies also separately agreed to a 328 megawatt power deal under an agreement with Caterpillar Inc. Comcast Corp. (CMCSA) is down 1.9% after KeyBanc Capital Markets cut its recommendation to underweight from sector weight on weakness in broadband. Nike Inc. (NKE) is down 2% after BofA cut its recommendation on the athletic footwear and apparel company to underperform from neutral, and pushes the expectation for a sales turnaround into F2028. Nike reports 1Q earnings on Oct. 1. People Inc. (PPLI) jumps 9.9% on a report that MGM Resorts is discussing making a bid to purchase the Barry Diller-owned media giant. Twilio Inc. (TWLO) is down 3.5% as HSBC downgrades the communications software company to reduce from hold, seeing “limited evidence that Twilio will capture higher-margin AI software” revenue. Zscaler (ZS) falls 3.4% after the security software company announced the appointment of Ross Tackett as chief revenue officer, effective Oct. 1.

This week's largest unlocks ↓ • Hyperliquid ($HYPE): $797M to be unlocked (4.5% of supply) • Sui ($SUI): $9.7M to be unlocked (0.3% of supply) • EigenCloud (prev. EigenLayer) ($EIGEN): $6.9M to be unlocked (4.1% of supply) • Ethena ($ENA): $6.0M to be unlocked (0.4% of supply) • GoPlus Security ($GPS): $1.6M to be unlocked (2.8% of supply) • ZetaChain ($ZETA): $1.4M to be unlocked (2.9% of supply) • IOTA ($IOTA): $492K to be unlocked (0.3% of supply) • Wormhole ($W): $473K to be unlocked (0.8% of supply) Top-3 account for 99% of the week's total. Data: Tokenomist, Aug 31–Sep 7

Hawkish Fed, really?! Jun '25 SEP (before 75bps of cuts) vs Jun '26, for 2026 👇 Real GDP growth: 1.6 -> 2.3 Core PCE: 2.4 -> 3.4 UE Rate: 4.5 -> 4.1 Median FFR: 3.6 -> 4.1 Nominal GDP growth: 4.0 -> 6.0 Real FFR: 1.2 -> 0.4 Long-run rate: 3.0 -> 3.2 Actual FFR: 4.4 -> 3.9

BEST BUY $BBY JUST REPORTED Q2 EARNINGS - Revenue: $9.8B, beating est. of $9.59B 🟢 - Adj EPS: $1.47, beating est. of $1.38 🟢 - Comparable Sales: +4.1% - Operating Margin: 4.3%; +160 bps YoY RAISES FY27 GUIDANCE - Revenue: $42.3B-$42.8B, above est. of $42B 🟢 - Adj EPS: $6.70-$6.90, above est. of $6.58 🟢 - Comparable Sales: +1.9% to +3.0%, raised from -1.0% to +1.0% - Adj Operating Income Rate: 4.4% to 4.5%, raised from 4.3% to 4.4% - CapEx: ~$750M, unchanged Q3 GUIDANCE - Comparable Sales: +1.0% to +3.0% - Adjusted Operating Income Rate: 4.1% to 4.2%