Top Overnight News Global bond yields surged Tuesday as renewed tension between the U.S. and Iran reinforced inflation expectations, which increased the prospect of interest-rate hikes in the coming months. The 10-year U.S. Treasury yield rose to 4.792%, the highest since January 2025, according to LSEG data. 30-Year Treasuries are on their worst run since 2006. The 10-year Japanese government bond yield crossed 3% to hit a 30-year high. The 10-year German Bund yield reached 3.364%, unseen since 2011. WSJ / BBG Two oil supertankers attempting to exit the Strait of Hormuz were struck late Monday by projectiles in quick succession, maritime security consultant Marisks said, the latest sign of renewed hostilities around the critical waterway. BBG Iranian President Masoud Pezeshkian told the Shanghai Cooperation Organization Summit on Tuesday that Tehran would immediately reciprocate if Washington agreed to return to its commitments under the interim deal signed in June. CNBC Anthropic has signed a cloud-computing deal worth $35 billion with Nvidia backed cloud provider Lambda, with Nvidia itself holding the lease on the data center, according to people familiar with the deal. The data center is being developed by Hut 8, a bitcoin miner and data-center developer, in Nueces County, Texas. Nvidia signed an agreement with Hut 8 a few weeks ago to secure the capacity, the people said. WSJ China’s factory activity expanded more than forecast in August after three straight months of slowdown, according to a private survey, showing resilience among the country’s export-oriented firms despite a broader slowdown in the economy. The RatingDog China manufacturing purchasing managers index rose to 51.5 from 50.9 in July, according to a statement on Tuesday. It’s been above the 50-threshold separating expansion from contraction for nine months, the longest upswing in five years. BBG South Korea’s exports for Aug came in ahead of expectations at +68.7% (vs. the Street +63%). BBG South Korea’s key policy chief Kim Yong-beom resigned. He had drawn criticism over the rapid introduction of single-stock leveraged ETFs and his proposal for a citizen dividend from the AI boom. BBG Eurozone CPI was inline w/the Street on the headline at +3.3% (up from +2.9% in Jul), but core ran a bit cooler at +2.4% (vs. the Street +2.5% and down from +2.5% in Jul). BBG Micron's Taiwanese labour unions are reportedly moving toward a possible strike unless the Co. agrees to reform its bonus system. Shipping costs at risk of rising further as the White House escalates its crackdown on immigrant commercial truck drivers Both the Department of Homeland Security and the Transportation Department are demanding licensing data across the U.S. about immigrants driving trucks, in a hunt for what they say is a rash of drivers with improper certifications. WSJ "Diesel remains at the epicenter of the rally, accounting for over 40% of the $40/bbl increase in average global refined product wholesale prices since February...Global exports of refined products declined 6mb/d (25%) year-over-year (yoy), with the Persian Gulf and Russia accounting for 75% of the decline." - Goldman Delta One

𝗜𝗻𝘁𝗲𝗹 𝗤𝟯 𝟮𝟬𝟮𝟲 𝗘𝗮𝗿𝗻𝗶𝗻𝗴𝘀: 𝗔𝗜 𝗮𝗻𝗱 𝗗𝗮𝘁𝗮 𝗖𝗲𝗻𝘁𝗲𝗿 𝗗𝗲𝗺𝗮𝗻𝗱 𝗗𝗿𝗶𝘃𝗲 𝟮𝟭% 𝗥𝗲𝘃𝗲𝗻𝘂𝗲 𝗚𝗿𝗼𝘄𝘁𝗵 @intel 𝗋𝖾𝗉𝗈𝗋𝗍𝖾𝖽 𝖰𝟥 𝟤𝟢𝟤𝟨 𝗋𝖾𝗏𝖾𝗇𝗎𝖾 𝗈𝖿 $𝟣𝟨.𝟧 𝖻𝗂𝗅𝗅𝗂𝗈𝗇, 𝗎𝗉 𝟤𝟣% 𝖸𝗈𝖸, 𝗐𝗂𝗍𝗁 𝖣𝖺𝗍𝖺 𝖢𝖾𝗇𝗍𝖾𝗋 & 𝖠𝖨 𝖽𝖾𝗅𝗂𝗏𝖾𝗋𝗂𝗇𝗀 𝗂𝗍𝗌 𝗌𝗍𝗋𝗈𝗇𝗀𝖾𝗌𝗍 𝗀𝗋𝗈𝗐𝗍𝗁 𝗂𝗇 𝟣𝟧 𝗒𝖾𝖺𝗋𝗌. 𝖧𝗈𝗐𝖾𝗏𝖾𝗋, 𝗆𝖾𝗆𝗈𝗋𝗒 𝗌𝗁𝗈𝗋𝗍𝖺𝗀𝖾𝗌, 𝖼𝖺𝗉𝖺𝖼𝗂𝗍𝗒 𝖼𝗈𝗇𝗌𝗍𝗋𝖺𝗂𝗇𝗍𝗌 𝖺𝗇𝖽 𝗌𝗈𝖿𝗍𝖾𝗋 𝖯𝖢 𝖽𝖾𝗆𝖺𝗇𝖽 𝖼𝗈𝗇𝗍𝗂𝗇𝗎𝖾 𝗍𝗈 𝗌𝗁𝖺𝗉𝖾 𝗍𝗁𝖾 𝖼𝗈𝗆𝗉𝖺𝗇𝗒'𝗌 𝗇𝖾𝖺𝗋-𝗍𝖾𝗋𝗆 𝗈𝗎𝗍𝗅𝗈𝗈𝗄. 𝗞𝗲𝘆 𝗧𝗮𝗸𝗲𝗮𝘄𝗮𝘆𝘀: • 𝗗𝗮𝘁𝗮 𝗖𝗲𝗻𝘁𝗲𝗿 & 𝗔𝗜 𝗹𝗲𝗮𝗱𝘀 𝗴𝗿𝗼𝘄𝘁𝗵: 𝖱𝖾𝗏𝖾𝗇𝗎𝖾 𝗌𝗎𝗋𝗀𝖾𝖽 𝟩𝟪% 𝖸𝗈𝖸 𝗍𝗈 $𝟩.𝟥 𝖻𝗂𝗅𝗅𝗂𝗈𝗇, 𝖽𝗋𝗂𝗏𝖾𝗇 𝖻𝗒 𝗌𝗍𝗋𝗈𝗇𝗀 𝗌𝖾𝗋𝗏𝖾𝗋 𝖢𝖯𝖴 𝖽𝖾𝗆𝖺𝗇𝖽, 𝗐𝗂𝗍𝗁 𝖦𝗋𝖺𝗇𝗂𝗍𝖾 𝖱𝖺𝗉𝗂𝖽𝗌 𝖾𝗆𝖾𝗋𝗀𝗂𝗇𝗀 𝖺𝗌 𝖨𝗇𝗍𝖾𝗅'𝗌 𝗅𝖺𝗋𝗀𝖾𝗌𝗍 𝗌𝖾𝗋𝗏𝖾𝗋 𝗉𝗋𝗈𝖽𝗎𝖼𝗍 𝖿𝖺𝗆𝗂𝗅𝗒. • 𝗙𝗼𝘂𝗻𝗱𝗿𝘆 𝗴𝗮𝗶𝗻𝘀 𝗺𝗼𝗺𝗲𝗻𝘁𝘂𝗺: 𝖨𝗇𝗍𝖾𝗅 𝖥𝗈𝗎𝗇𝖽𝗋𝗒 𝗋𝖾𝗏𝖾𝗇𝗎𝖾 𝗀𝗋𝖾𝗐 𝟧𝟪% 𝖸𝗈𝖸 𝗍𝗈 $𝟨.𝟩 𝖻𝗂𝗅𝗅𝗂𝗈𝗇, 𝗌𝗎𝗉𝗉𝗈𝗋𝗍𝖾𝖽 𝖻𝗒 𝗁𝗂𝗀𝗁𝖾𝗋 𝖨𝗇𝗍𝖾𝗅 𝟥 𝖺𝗇𝖽 𝟣𝟪𝖠 𝗏𝗈𝗅𝗎𝗆𝖾𝗌. 𝖨𝗆𝗉𝗋𝗈𝗏𝗂𝗇𝗀 𝗒𝗂𝖾𝗅𝖽𝗌 𝖺𝗇𝖽 𝗅𝗈𝗐𝖾𝗋 𝗐𝖺𝖿𝖾𝗋 𝖼𝗈𝗌𝗍𝗌 𝗌𝗂𝗀𝗇𝖺𝗅 𝗉𝗋𝗈𝗀𝗋𝖾𝗌𝗌. • 𝗖𝗹𝗶𝗲𝗻𝘁 𝗖𝗼𝗺𝗽𝘂𝘁𝗶𝗻𝗴 𝗳𝗮𝗰𝗲𝘀 𝗵𝗲𝗮𝗱𝘄𝗶𝗻𝗱𝘀: 𝖱𝖾𝗏𝖾𝗇𝗎𝖾 𝖽𝖾𝖼𝗅𝗂𝗇𝖾𝖽 𝟧% 𝖸𝗈𝖸 𝗍𝗈 $𝟪.𝟣 𝖻𝗂𝗅𝗅𝗂𝗈𝗇 𝖺𝗌 𝗆𝖾𝗆𝗈𝗋𝗒 𝗌𝗁𝗈𝗋𝗍𝖺𝗀𝖾𝗌 𝖺𝗇𝖽 𝖼𝖺𝗎𝗍𝗂𝗈𝗎𝗌 𝖨𝖳 𝗌𝗉𝖾𝗇𝖽𝗂𝗇𝗀 𝗐𝖾𝗂𝗀𝗁𝖾𝖽 𝗈𝗇 𝖯𝖢 𝖽𝖾𝗆𝖺𝗇𝖽, 𝖽𝖾𝗌𝗉𝗂𝗍𝖾 𝟥𝟧% 𝗀𝗋𝗈𝗐𝗍𝗁 𝗂𝗇 𝖠𝖨 𝖯𝖢 𝗋𝖾𝗏𝖾𝗇𝗎𝖾. 𝗪𝗮𝗻𝘁 𝗱𝗲𝗲𝗽𝗲𝗿 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗶𝗻𝘁𝗼 𝗳𝗼𝘂𝗻𝗱𝗿𝘆 𝗿𝗼𝗮𝗱𝗺𝗮𝗽 𝗮𝗻𝗱 𝗺𝗮𝗻𝘂𝗳𝗮𝗰𝘁𝘂𝗿𝗶𝗻𝗴 𝗽𝗿𝗼𝗴𝗿𝗲𝘀𝘀? 𝗦𝘂𝗯𝘀𝗰𝗿𝗶𝗯𝗶𝗻𝗴 𝗰𝗹𝗶𝗲𝗻𝘁𝘀 𝗰𝗮𝗻 𝗮𝗰𝗰𝗲𝘀𝘀 𝗼𝘂𝗿 𝗙𝗼𝘂𝗻𝗱𝗿𝘆 𝗠𝗼𝗻𝘁𝗵𝗹𝘆 𝗜𝗻𝘁𝗲𝗹𝗹𝗶𝗴𝗲𝗻𝗰𝗲 𝗥𝗲𝗽𝗼𝗿𝘁 𝗵𝗲𝗿𝗲: 𝗚𝗲𝘁 𝘁𝗵𝗲 𝗹𝗮𝘁𝗲𝘀𝘁 𝗺𝗮𝗿𝗸𝗲𝘁 𝘀𝗵𝗮𝗿𝗲 𝗱𝗮𝘁𝗮 𝗮𝗻𝗱 𝗰𝗼𝗺𝗽𝗲𝘁𝗶𝘁𝗶𝘃𝗲 𝗶𝗻𝘀𝗶𝗴𝗵𝘁𝘀 𝗼𝗻 𝘁𝗵𝗲 𝗴𝗹𝗼𝗯𝗮𝗹 𝗳𝗼𝘂𝗻𝗱𝗿𝘆 𝗶𝗻𝗱𝘂𝘀𝘁𝗿𝘆 𝗶𝗻 𝗼𝘂𝗿 𝗚𝗹𝗼𝗯𝗮𝗹 𝗣𝘂𝗿𝗲 𝗙𝗼𝘂𝗻𝗱𝗿𝘆 𝗠𝗮𝗿𝗸𝗲𝘁 𝗦𝗵𝗮𝗿𝗲: 𝗤𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝗱𝗮𝘁𝗮 𝗽𝗮𝗴𝗲. #Intel# #IntelEarnings# #Semiconductors# #AI# #DataCenter# #IntelFoundry# #ChipManufacturing# #ArtificialIntelligence# $INTC