A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Q3 2026 earnings season got underway with reports from JPMorgan $JPM, Goldman Sachs $GS, Citigroup $C, and Wells Fargo $WFC, delivering a mixed but generally resilient picture for the banking sector. Goldman Sachs led the group with a standout quarter, posting its second-best revenue quarter ever as equities trading surged 72%, while Citigroup reported its strongest third quarter in a decade, driven by strength in services, wealth management, and equities. JPMorgan delivered a rare earnings miss despite raising its 2026 net interest income outlook, and Wells Fargo beat on earnings but missed on revenue. Across the sector, banks continued to describe the U.S. consumer as resilient, highlighted ongoing AI-driven corporate investment, raised or maintained optimistic net interest income expectations, and pointed to strong equity trading activity, while cautioning that sticky inflation, higher-for-longer interest rates, elevated valuations, and geopolitical risks remain key challenges heading into 2027. 2. Bank of America said 10-year U.S. Treasury yields may need to approach 6% before investors meaningfully rotate out of stocks and into bonds, according to its latest Global Fund Manager Survey. The survey found 76% of respondents expect the Fed to leave rates unchanged in October, while technology allocations climbed to their highest level since August 2020 and long semiconductors remained the market’s most crowded trade. At the same time, consumer discretionary exposure fell to its lowest level since July 2008, with investors increasing allocations to bonds, utilities, Japan, and the U.K. while trimming exposure to banks and U.S. equities. Bank of America said equity sentiment remains resilient overall, but a disorderly rise in bond yields and the potential for an AI bubble are now viewed as the biggest risks facing markets. 3. Paul Tudor Jones warned that 2027 could be “a very challenging year for the market,” saying current conditions remind him “exactly like 1999.” He argued the market could continue performing well in the short term but believes long-term risks are building, noting that many investors have not experienced a similar cycle before. Jones also said he expects to remain short throughout 2027, arguing that valuations offer little value and drawing parallels to the 1998–2002 period, when heavy IPO issuance and insider share unlocks continually added supply to the market, creating what he described as one of the easiest environments to maintain short positions. 4. Apple $AAPL unveiled HomeView, its first dedicated smart home hub, at today’s “Welcome Home” event, marking the company’s biggest smart home expansion since HomeKit. The $299 device features a 7-inch Liquid Retina display, Siri AI, Face ID support for up to 6 users, FaceTime, Matter and Thread compatibility, and centralized control for cameras, locks, lights, thermostats, and other smart home devices, with pre-orders open now and shipments. Apple also introduced the HomePod mini 2 ($149), a new Apple TV 4K ($299), and the Apple Home Collection of smart home accessories, including cameras, a video doorbell, smart locks, thermostats, and sensors, developed with LG and Schneider Electric. The announcements represent Apple’s most aggressive push yet into the connected home, positioning the company to compete more directly with Amazon Echo and Google Nest while emphasizing privacy, on-device intelligence, and deep ecosystem integration. 5. Oracle $ORCL is urging federal regulators to expedite approval of the Green Chile natural gas pipeline, arguing the project is critical to keeping construction of its massive Project Jupiter AI data center in New Mexico on schedule. In a letter to FERC, Oracle SVP Josh Pitcock said further delays could jeopardize the project’s timeline, along with the associated jobs, economic activity, and community benefits. The Energy Transfer-owned pipeline is expected to supply roughly 400 million cubic feet of natural gas per day to Bloom Energy fuel cells powering Project Jupiter, but commissioning has slipped to February 2027 from the previously expected August 15 start date. 6. OpenAI said it discovered a sophisticated recording device inside one of its offices after an employee allegedly installed it several days earlier. The company said the employee has been terminated and the matter has been referred to the FBI. According to OpenAI, there is no evidence that the individual improperly accessed or exfiltrated model weights, source code, or customer data. The incident highlights the growing importance of physical and operational security as AI companies safeguard increasingly valuable intellectual property. 7. NVIDIA $NVDA CEO Jensen Huang said the company will announce an additional $2B investment in Europe next week, bringing NVIDIA's regional investment to roughly $10B over the past year. Huang, who is scheduled to visit London and Berlin, also announced new investments in four French AI startups: Doctolib, Genesis AI, Pigment, and Entalpic. Addressing concerns over AI safety and data center energy consumption, Huang argued that AI can be developed safely while driving economic growth, opposed slowing AI development, and said open-source models could help Europe narrow the AI gap with the U.S. by enabling language- and industry-specific customization. He urged Europe to accelerate its AI investment and innovation efforts as global competition intensifies. 8. The top 10 most active options today by contracts traded were $NVDA with 1.7M contracts, $AAPL with 1.2M contracts, $MU with 1.0M contracts, $META with 975K contracts, $SPCX with 971K contracts, $TSLA with 911K contracts, $INTC with 792K contracts, $MSFT with 507K contracts, $AMZN with 496K contracts, and $AMD with 489K contracts. 9. The latest ADP National Employment Report showed U.S. private employers added an average of 24,750 jobs per week over the four weeks ending September 26, down from a 25,250 weekly average previously and marking the end of five consecutive weeks of improving hiring. The latest reading represents a 2% decline in weekly job creation, although hiring remains well above the 8,250 weekly average recorded in late July. The softer hiring trend could point to a gradually cooling labor market, potentially easing wage pressures and inflation over time. Investors will now look to upcoming employment reports for confirmation of whether the slowdown is becoming more broad-based and what it could mean for future Federal Reserve policy. 10. Bank of America $BAC has been hit with $1.2B in penalties by the U.S. Treasury Department over alleged violations of anti-money laundering and sanctions laws, marking the third-largest Treasury enforcement action of its kind. BofA said they will take a 17C EPS hit on earnings in Q3 as this is not a tax deductible expense. 11. Netflix $NFLX has secured the exclusive broadcast rights to the 2030 FIFA Men’s World Cup in Spain and Andorra, covering all 104 matches, with financial terms undisclosed. The agreement significantly expands Netflix’s live sports portfolio, which already includes NFL games and the rights to the next two FIFA Women’s World Cups. Investors welcomed the announcement, with Netflix shares rising about 1% in premarket trading. The deal strengthens Netflix’s push into premium live sports as it continues broadening its content strategy beyond traditional streaming. 12. JPMorgan says a small group of 42 AI-related companies is driving the vast majority of corporate growth, accounting for roughly 60–80% of S&P 500 earnings growth. At the same time, market breadth has continued to deteriorate, with about 60% of S&P 500 stocks now trading at least 20% below their all-time highs. JPM also noted that only 30% of stocks have outperformed the S&P 500, the lowest participation rate since 1991, highlighting the increasingly concentrated nature of the current bull market. WALL STREET IS THE GREATEST SHOW ON EARTH.

Elon may not always be on time, but he ALWAYS delivers. Look at this 5-year $TSLA chart. High of $498.83. And even after today’s pop, we’re sitting at $367. The Tesla shorts had their time the last couple of years... I’m not going to lie. The stock ripped, dumped, ripped again, dumped again… and after all that, it hasn’t really gone anywhere. If you only looked at this ticker, you’d think Tesla was stuck. That’s probably why so many people gave up. On Elon. On the team. On the stock. On the whole thing. They got tired of waiting. They lost patience. Every delay felt like the last straw. Every red month felt like proof they were right to doubt. Friends told them to sell. The media told them it was over. And a lot of people finally said forget it and walked away. Now institutional investors outweigh the retail. I don’t even blame them tbh. Watching your shares bounce around for years and end up in the same spot is brutal. Tesla is not for the faint of heart. Trust me, I know. But the part that people forget is that the stock and the business are two completely different beasts. While $TSLA was doing all of this, the Tesla team have been grinding. 1/ Robotaxi launched in Austin in June 2025. I was there with real people getting rides on real city streets. 2/ Unsupervised Robotaxis are now driving in multiple cities. On the last earnings call, Tesla said they accumulated 380,000+ unsupervised miles across six cities, with ZERO notable incidents from the Tesla vehicles themselves. 3/ FSD kept getting better... I just downloaded v14.3.8 to my Cyberbeast and Grok was running the car while it drove me around, hands and feet off. 4/ Cybercab production started at Giga Texas. A car with no steering wheel and no pedals, coming off the line. 5/ Tesla still delivered over 1.6 million vehicles last year. Energy is still growing. Optimus is already working in the factory with an unveil coming soon. Now this week is the Cybercab launch event on September 3 in Austin, Texas. A two-seat robotaxi with no steering wheel and no pedals. The car itself is the driver. And I’ve heard this story before... Model 3 and Y was late… then the Y became the best selling car in the world. Cybertruck was late… now I drive one every day. FSD was “coming next year” for a long time… then I road tripped 4,161 miles across America this summer and it did all the driving. People said the Tesla Cybercab wouldn’t even ship this year. A lot of those same people already sold. And now I’m going to be in Austin this week watching Tesla launch it in person. The shorts got the delays... the sideways chart. They got their time. The impatient ones gave up. Now this is the part where he delivers. NEVER bet against Elon Musk and the Tesla team. It won't end well.

Physical AI companies are about to learn an old infrastructure lesson: A customer contract can be or unlock a form of capital. Gatik just announced a $200 million raise, but the more important numbers are the ones sitting behind the round: more than $600 million in contracted revenue, 85,000 fully driverless orders completed and 99% on-time delivery, all reported by the company. The contract details are not public and neither are recognized revenue, margins or capital required per deployed lane, all of which matter. However, investors across both equity and debt can look at backlog in two buckets (i) high-quality demand or (i) a potentially expensive promise. Nonetheless, I think this is still a useful signal/lesson for Physical AI founders. First, contracts can de-risk demand before a company scales the fleet. A signed route or workflow is more financeable than a general claim that a machine has a large market. Second, operating proof can separate technology capital from asset capital. Equity will fund building out autonomy, safety and the next product. Once the deployed unit is predictable, equipment finance or other lower-cost capital can fund more trucks or robots. Third, contracts force repeatability. A customer buying reliable throughput cares about on-time delivery, interventions, uptime and cost per order. After things are live in the field, your ability to perform is whats up for the test. Lower cost debt capital is a fundamental need for the current Physical AI valuations to fundamentally work longer-term if you are handling hardware. Therefore, being extremely intentional during contracting is critical. The top 5 things that would be on my mind as a Founder are: 1. Duration of contract 2. Cancellation rights 3. Minimum volume 4. Your own deployment capex and payment terms with suppliers 5. Your expected gross profit and what levers you need to believe in for it to be X vs. Y If you can pull forward customer payments to finance the business that's even better. But if you can't, making sure your contracts and ability to back it up are airtight is key.

my VERY 1st time on 🇺🇸 TV - and of all places @GMA @ABCGMA3 😱😱😱 super excited 🤩 and super nervous 🙏🏼 bibitans send me all ur good energy + vibes ✨✨✨ ill be on at 1 pm EST ❤️ let’s gooo #BIBIWKND# @88rising @gHoodmusic_