A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Tesla $TSLA launched steering-wheel-free Cybercab rides in Austin, marking the first public deployment of its purpose-built autonomous vehicle. Customers can now book Cybercab rides through Tesla’s Robotaxi app, with Tesla having registered 45 Cybercabs in Texas, bringing its state robotaxi fleet to 420 vehicles. The two-seat Cybercab has no steering wheel, pedals, or mirrors, relying on cameras and neural networks instead of lidar or radar, while also featuring in-car entertainment and integrated Starlink V5. Cybercab is not yet available for sale, but Tesla has opened a form for potential fleet buyers. Federal safety rules still prevent commercial sales, and Tesla has not yet filed for an NHTSA exemption. 2. Fed Governor Chris Waller said he would support keeping rates at 3.50%–3.75% this month if upcoming inflation data continues to show progress toward the Fed’s 2% target. Waller said recent data suggest the economy is “finally seeing some signs of disinflation,” and that if the improvement continues in data due over the next 2 weeks, he would be inclined to hold rates steady. However, he warned that if August inflation data show the improvement was fleeting, “it may be appropriate to raise the policy rate.” He also noted that uncertainty remains around military conflicts, trade policy, and AI’s impact on prices and economic activity. 3. Nvidia $NVDA has agreed to acquire Hugging Face for $12.93B, giving it one of the largest open AI developer platforms in the world. Hugging Face says it now serves more than 18M developers, researchers, and creators, with over 3M models, 500K datasets, 1M applications, and 200K+ companies on the platform. Nvidia says Hugging Face will remain open to models and hardware across the ecosystem, with no requirement for developers to use Nvidia compute and continued support for multi-cloud and multi-accelerator deployment. Nvidia also plans to use its infrastructure and engineering resources to expand Hugging Face’s model evaluation, inference, deployment, safety, and platform reliability. 4. Morgan Stanley says Broadcom $AVGO delivered a quarter and outlook that were slightly better than prior guidance, while its 2027 AI revenue commentary of $115B came in slightly below the firm’s $120B estimate but still in line with management’s prior view for “well above $100B.” The bigger takeaway is that management said AI revenue should “double again” in 2028, with customer breadth improving and two AI labs expected to become Broadcom’s two largest customers by CY28. Morgan Stanley says it continues to haircut CY28 because semiconductor visibility rarely extends that far, but its numbers still move up considerably. The firm sees some near-term uncertainty from elevated CY27 AI expectations, but believes market-share expectations remain too low, with industry contacts supporting the view that Broadcom can drive 80%+ share of its serviceable markets over time. Morgan Stanley says valuation remains compelling, growth remains very robust, and $AVGO, along with $NVDA, continues to look like one of the most attractively valued AI names. 5. Meta $META CEO Mark Zuckerberg reportedly told President Trump in a private August call that he opposed a proposal to create a national AI regulator, according to Business Insider. The White House is considering a FINRA-style body that could review and test advanced AI models for risks before broader deployment, an idea originally proposed by Google DeepMind CEO Demis Hassabis. Zuckerberg has argued that delaying model releases, even by a month, could hurt U.S. leadership against China. The White House is reportedly weighing two paths: a formal FINRA-style AI regulator, or a more voluntary industry-led standards group similar to the Motion Picture Association, an approach backed by David Sacks. The proposal remains under consideration. 6. The top 10 most active options today by contracts traded were $NVDA with 3.5M contracts, $TSLA with 2.7M contracts, $SPCX with 1.4M contracts, $AAPL with 1.3M contracts, $AVGO with 1.0M contracts, $MSTR with 925K contracts, $MU with 806K contracts, $PCG with 720K contracts, $PLTR with 717K contracts, and $HOOD with 682K contracts. 7. OpenAI has started rolling out GPT-6 Astra, its new flagship model, calling it a “generational leap” in AI capability. President Greg Brockman went further, saying people may eventually look back at “about this time and about this model” as when AGI arrived, ending the briefing with: “Welcome to the AGI era.” Astra was trained on more than 100,000 GPUs at OpenAI’s Stargate site in Texas and is designed to work directly inside software, including creating spreadsheets and presentations, building 3D environments, designing circuit boards, handling financial modeling, and drafting tax forms. OpenAI says Astra leads across software engineering, science, reasoning, computer use, and cybersecurity, but the model also reached OpenAI’s “Critical” cybersecurity threshold, meaning its strongest cyber capabilities will initially be restricted to trusted organizations through Daybreak Access. 8. Lululemon $LULU reported Q2’26 revenue of $2.4B, below estimates of $2.46B and down 4% YoY, while comparable sales fell 9%. EPS came in at $2.92, including a $0.86 tariff-refund benefit, with gross margin up 200 bps YoY to 60.5%. The company cut FY26 guidance to $10.35B–$10.5B in revenue versus $11.04B expected and EPS of $9.48–$9.73 versus $10.88 expected. Q3 guidance was also weak, with revenue expected at $2.29B–$2.32B versus $2.53B expected and EPS of $0.93–$0.98 versus $2.40 expected. Management said it is taking a “prudent approach” with the revised full-year outlook, while Michael Burry said: “Today, lululemon (LULU) is the trickster in my portfolio. This time the trickster is my largest position, and it does seem determined to take me where mermaids fear to tread.” 9. Robinhood $HOOD had its best day in over a year, rising 15% after a Morgan Stanley upgrade and renewed attention around Robinhood Chain. Part of the move may have come after Ansem, one of crypto’s most influential voices, posted his Robinhood thesis to 1.3M followers, highlighting the company’s growing onchain opportunity. Since launching July 1, Robinhood Chain has generated $34.6B in cumulative DEX volume, 576M transactions, and 12.3M addresses, with daily DEX volume recently hitting a record $1.5B and users paying $3.75M in fees on September 1. More than 190 tokenized stocks are now live, producing over $3B in cumulative DEX volume, while RWA daily volume reached a record $390M, including $217M from memecoin/tokenized-stock pairs. Robinhood’s onchain ecosystem has also grown to more than $750M in TVL while generating billions in perpetual-futures volume. The market appears to be waking up to the idea that Robinhood Chain may not be fully priced in, with the potential to become a new 9-figure revenue stream — and possibly much larger if growth continues. 10. Mira Murati’s AI startup Thinking Machines is reportedly in talks to raise more than $1B at a roughly $40B valuation, according to The Information. Accel is in talks to lead the round, while Nvidia $NVDA is also considering participating. The raise follows the July launch of Thinking Machines’ first model, Inkling, and the company is already generating hundreds of millions in annualized revenue despite being less than 2 years old. The proposed valuation is below the $50B+ level the company sought late last year, when it discussed raising $4B–$5B. 11. U.S. diesel refining margins have surged to a record $106/barrel, topping $100 for the first time and surpassing the roughly $85/barrel peak seen during the 2022 energy crisis. The diesel crack spread has more than tripled since February, signaling extremely tight diesel supplies and much stronger potential profits for refiners. The spike reflects a severe shortage of global diesel supply amid the Iran War, with U.S. diesel inventories down to 103.4M barrels, the lowest on record for this time of year. Retail diesel prices have also climbed to $5.78/gallon, just 4 cents below the all-time high set in June 2022. 12. The Bank of Japan is reportedly leaning toward a 25 bps rate hike at its September 18 meeting, which would take rates from 1.00% to 1.25%, according to Bloomberg. Officials reportedly see inflation risks skewed to the upside, with Japan’s key inflation gauge expected to move back toward 3% as yen weakness and higher oil prices add pressure. A 50 bps hike is seen as unlikely for now, but the BOJ is leaving the door open to faster tightening later if inflation stays firm. A September move would come just 3 months after the June hike, marking the shortest gap between hikes under Governor Ueda. WALL STREET IS THE GREATEST SHOW ON EARTH.

One of Donovan Mitchell's "Welcome to the NBA" moments... the night his future teammate James Harden dropped a then career-high 56 on 19-of-25 shooting 🤯 and Mitchell had to tip his cap 🫡 Happy 37th Birthday to 3x Scoring Champ, @JHarden13!

⚡ Power Unleashed: Welcome to Alchemax Headquarters! Step into the heart of corporate ambition and temporal chaos. Once the epicenter of Miguel O'Hara's groundbreaking genetic research, Alchemax HQ now stands as a high-stakes battlefield where the past, present, and future collide. From the sterile, high-tech intensity of the Main Gene Lab to the serene, deceptive beauty of the Babylon Garden, this corporate containment site for the raw, pulsing energy of Cyclops' optic blasts has been brought to the present by Moon Girl. Whether you're maneuvering through the sleek, nano-ceramic halls or taking in the view from the Infinity-Edge Pool overlooking the Manhattan skyline, remember: you're not just fighting for territory, you're fighting within the epicenter of a timeline-shattering rescue mission. Available from May 28th, 2026 UTC! The time has come to save the heroes and stop the sins of Alchemax!

🇸🇻 ANNOUNCEMENT | ANIA is proud to welcome Ginger Luckey Gaetz (@gingerlgaetz) as a Strategic Advisor to the agency. In this advisory role, Ginger will provide high-level leadership across ANIA's full portfolio. She will focus on expanding our international network, bridging the agency with top-tier US ecosystems, enterprise partners, and elite university pipelines to foster high-impact talent and startup creation. Her mandate aligns with our core mission: accelerating El Salvador’s trajectory to become a premier global destination for applied AI, measured by the speed and scale of real-world results. Bringing her on board ensures El Salvador remains at the frontier of global tech innovation. Welcome to the team, Ginger. Let’s build! 🌋🤖🇸🇻

GOOD MORNING & WELCOME TO FOMC DECISION WEEK. In addition to a potential rate hike, the fears over the weekend caused by Dario’s essay have led to a long software/short semis premarket. Nvidia, Marvell, Sandisk, AMD, Nebius, Micron, CoreWeave, Intel are all red from 3-7%. Palantir, Atlassian, Crowdstrike, Service Now, Adobe, Intuit are all green from 2-5%. Personally, I think the market is having a knee jerk reaction to the headlines over the weekend. In the past 24 hours, Anthropic themselves have signed multiple new compute deals (one with Rumble for $14B yesterday) and are preparing for their IPO by officially picking the Nasdaq as their exchange. In the face of all the “pace the frontier” slowdown news, the company creating that news is not slowing down their compute obligations. So why is the market reacting like this? Well, the entire AI trade is rooted in capex. Until there is more clarity on what it means to slow down model training and recursive learning, the market is assuming that means there is a closer end to the growth in capex than expected which obviously is bad for the AI names. Great for software as more money gets allocated to the application layer and great for hyperscalers since they can generate more FCF which is why those names are green premarket. I think this fear could flip within days if not within hours, but if you match this fear with a rate hike that might be priced in but still is not good for high-beta growth (which is what the AI trade is composed of) then you start to see how the market can make sense of taking these names down further. Jensen speaks at the All-In Summit today, he’s likely either going to completely reject Sam/Dario’s fear-inducing message by giving a more optimistic approach to think about AI or agree with it and still make the claim that compute obligations, even if not needed to train new models as fast as possible, are not slowing down. Going to be a big week. $NVDA $PLTR $MU $MRVL $SNDK

You guys really seem to enjoy when I take these super technical breakthroughs and try to break them down for the general public, so now we’re going to do that with this paper: ‘Q* has been solved. Welcome to the frontier of RL scaling.’ What the hell does that actually mean if you can’t interpret all of this high level math? I spent a couple hours going through what they’ve done, and this is probably the simplest way I can boil it down. So the goal they’re trying to do is train an agentic large language model using just one complete attempt per prompt. What does that mean? Basically, instead of needing the model to generate a bunch of different full attempts at the same problem before figuring out what worked, it can potentially learn from just one full attempt for that problem. A lot of current reinforcement learning methods either use what is called a ‘learned critic’ or ‘value model’, or they generate an entire group of responses and grade them against each other. Normally, the model needs all of that extra computation to estimate how good its decisions were before the model is updated. What this paper is trying to do is recover that learning signal from the final reward plus a small amount of extra sampling, without needing a learned critic or a group of full rollouts to estimate it. If this actually works at scale, we could make reinforcement learning for long running AI agents significantly cheaper and simpler, because instead of needing 8, 16, or 32 complete attempts to learn from one problem, you may only need one. Which means we could potentially RL much much harder and make much better models for the same compute costs. Also the authors themselves say that GPU training and paper scale benchmark reproduction have not yet been validated. So this is yet to be scene.

New Yorkers are being told to sweat through a brutal heat wave with escalators shut off and air conditioners capped at 78 degrees, while Taylor Swift and Travis Kelce’s Madison Square Garden wedding runs full power, unlimited air conditioning, and a massive security operation!! The city pushed strict energy conservation rules across all five boroughs as temperatures soared, yet the high-profile event at MSG operated without the same restrictions. Street closures, hundreds of NYPD officers on extended shifts, and heavy production demands created a clear contrast with everyday residents being asked to conserve. This is the kind of two-tier system that breeds resentment. Regular New Yorkers take the stairs in the heat while a celebrity wedding gets special treatment and city resources stretched thin. Welcome to communism, folks. #MamdaniNYC# #DoubleStandards#

Welcoming @triadxyz as a curator on FairClub. Triad operates at the intersection of AI, crypto, and venture building, supporting teams with engineering, advisory, strategic business development, capital introductions, exchange access, and creator-led distribution across global markets. As a FairClub curator, Triad will help surface high-conviction opportunities from its network and bring more context, reach, and trusted access to the private-raise process. Private capital runs on relationships. Great curators make those relationships more useful. Welcome to FairClub, Triadz.

"I thought I guarded him well, and he scored on me like it was nothing." When asked about his "Welcome to the NBA" moment, Wemby gave high praise to Luka and KD 👏 Wemby and the Spurs are one win away from the West Finals!

My father-in-law has been president of the residents' association in his apartment building in Yokohama for nineteen years. He writes every notice on the board by the mailboxes himself. By hand. Perfect handwriting. No exclamation points. No smiling. His notices are famous in that building. "Please close the door quietly." "Umbrellas belong in the umbrella stand. Not near it. In it." "The owner of the blue bicycle knows what he has done." Eighteen months ago, a family from Jacksonville, Florida, moved into Room 302. Darrin, Misty, three kids, and a laugh that reaches the fifth floor. My wife has been sending me photos of the board ever since. Here they are, in order. I translated. NOTICE, April 6 Welcome to the new residents of Room 302. Please note that garbage in this building is separated into six categories. An English chart is attached. The board stayed up until 2 a.m. making it. NOTICE, April 20 To all residents. Room 302 has left a bottle of homemade datil pepper sauce outside every door. The board attempted to return it. Room 302 refused. Please be careful. The board's mouth is still burning. The board would like to know where to get more. NOTICE, June 8 Room 302's children have been knocking on doors asking if anyone wants to "come out and play." They are playing a game called kickball in the parking lot. The board has reviewed the rules of kickball. There are no rules. Mr. Ogino in 501 is 81. He said yes. He is now the pitcher. The board has also been asked to play. The board is considering it. NOTICE, July 5 Several residents have asked whether the large American flag on the balcony of Room 302 is permitted. The board has checked the rules. There is no rule against it. The board president was also observed standing very straight in the parking lot while it was raised. This is unrelated. NOTICE, August 2 Room 302 has purchased a generator. For typhoon season. The board has seen forty typhoons in this building. The board does not see the need. Room 302's father says Japanese typhoons are "cute." The board reminds him that this is not a competition. Then, in September, the typhoon came. It knocked out the power for the whole neighborhood. Four days. No lights. No elevator. No fridges. In a building like that, no power also means no water above the second floor. On the first night, Darrin carried the generator into the parking lot, pulled the cord, and started knocking on doors with a flashlight. He wasn't asking if people were okay. He was asking something he'd learned after hurricanes back home. "Anybody got medicine that needs to stay cold?" By midnight, there was one refrigerator running in the parking lot, plugged into the generator nobody needed. Inside were insulin pens, eye drops, a baby's medicine, and Mr. Ogino's heart medicine. Every one labeled with a strip of duct tape and a name in Sharpie. Darrin sat next to it on a cooler all night. Every night. He said if it shut off, he wanted to hear it. None of us knew that my wife's mother has diabetes. She takes insulin. My father-in-law had never told anyone in the building. Not in nineteen years. In Japan, you don't make your private problems the building's problem. On the second night, around 3 a.m., my father-in-law came down the stairs in the dark, holding her insulin in both hands. Darrin asked nothing. He tore off a piece of duct tape, wrote HOSOKAWA on it, and held the fridge door open. My father-in-law put it inside. He didn't move right away. "Night, boss," Darrin said. My father-in-law went back upstairs. Then he came back down with two cans of coffee and sat on the curb next to him until it got light. They did that every night until the power came back. One of them speaks no English. The other speaks no Japanese. Later, my wife asked her father what they could possibly have talked about for four nights. "Typhoons," he said. "His are bigger." Then, after a while: "And his mother." On the first night, using a phone app and a flashlight, my father-in-law had asked him why a man four months into Japan would buy a generator. In 2017, Hurricane Irma took Darrin's neighborhood's power for six days. His mother is diabetic. Her insulin was going to go bad. The family next door ran a cord across the yard from their generator to her refrigerator and kept it running for six days. They didn't ask for anything. They wouldn't take gas money. Darrin was twenty-two. He promised himself that wherever he ended up living, he would be the guy next door with the cord. Every time. He just hadn't expected it to be Yokohama. Here is the next notice. It's the longest one my father-in-law has ever written. NOTICE, September 14 To all residents. During the power outage, Room 302 kept the medicine of eleven residents of this building cold for ninety-one hours. One of those residents is my wife. In August, the board said this building did not need a generator. The board was wrong. The board apologizes to Room 302. The board also apologizes to the generator. NOTICE, October 6 At 3:40 a.m. on Monday, a man in Room 302 screamed. The board went upstairs to investigate. The Jacksonville Jaguars had scored. The board was invited in. The board stayed for the fourth quarter. The Jaguars lost. The board is very upset and would like to know who is responsible. NOTICE, October 24 On October 31, children may knock on doors for candy. Residents who wish to take part should hang a paper pumpkin on their door. The board has made twenty-two paper pumpkins. This building has twenty-two doors. Thank you for your cooperation. The board president will be dressed as a jaguar. He was not consulted. NOTICE, March 2 Room 302's company is transferring them back to Florida. They depart on March 21. Residents are asked to gather in the lobby at seven in the morning. Crying is permitted. The board president will not be crying. The board president has allergies. On March 21, all twenty-two doors were in the lobby. Mr. Ogino brought the kickball. My father-in-law handed Darrin a residents' association armband. The real one. Honorary member, for life. Dues waived. Then my wife's mother stepped forward with a small package wrapped in cloth. "For your mother." Inside was a pouch for carrying insulin pens. She has sewn her own for two decades. This one was teal and black. Jaguars colors. She had asked my wife to look them up. Darrin read the note pinned to it. My wife had helped with the English. "From one diabetic mother to another. Thank you for your son." Darrin is six-foot-three and a former high school linebacker. His legs quit. He ended up sitting on the lobby floor. Once he was back on his feet, he put the armband on over his Jaguars jersey and saluted my father-in-law. My father-in-law bowed. Then Darrin hugged him. The president of the residents' association, who has not been hugged by a man since his own father, let him. According to my wife's mother, the allergies were very bad that morning. Here is the last notice. It went up that afternoon. NOTICE, March 21 Room 302 has returned to Florida. The board thanks all residents for their cooperation. The board will continue to make twenty-two paper pumpkins. Under that, in English. In pencil. Not in his perfect handwriting. He'd done it without a dictionary. "Night, boss." Notices on that board come down after seven days. That's a rule. He wrote it. That one has been up for eight months.