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Weekly Travel Update GOOGLE BUYS A DEAD AIRLINE'S DATA TO TRAIN ITS AI $GOOGL agreed to pay $10 million for Spirit Airlines' enterprise dataset, including internal emails, spreadsheets, booking and frequent flyer records, and HR files, all stripped of personally identifying information according to the bankruptcy filing. AI firm came in second at $7.5 million, with Judge Sean Lane set to rule on the sale Wednesday. The deal is a rare one because bankrupt airlines are usually bought whole by rivals, but Spirit became the first major US carrier in 25 years to shut down entirely rather than find a buyer. AMTRAK LANDS NEARLY $3B IN FEDERAL GRANTS FOR NEW TRAINS AND TRACK The Federal Railroad Administration awarded Amtrak funding for seven projects, headlined by $2.05 billion to buy up to 43 new trainsets that will replace aging equipment across 21 state supported routes and be built domestically with roughly 100 suppliers in 31 states. Another $659 million goes to relocating Midwest maintenance operations to Chicago's Canal St. Yard and rebuilding more than a dozen viaducts and bridges, plus $37.2 million to rehabilitate the 110 year old South Branch Bridge over the Chicago River. Additional awards fund track work with $CSX in South Carolina and six miles of second mainline track with BNSF near Havre, Montana, with Amtrak and partners contributing a 20% match on each project. EXPEDIA CUTS EIGHT TOP TECH EXECS IN AI DRIVEN SHAKEUP $EXPE removed one SVP and seven VPs from its product and technology ranks, telling staff in an internal memo from chief product officer Shilpa Ranganathan and CTO Ramana Thumu that the company needs to move faster because AI has radically changed what is possible. The reorg consolidates data, AI and agentic platforms under chief data and AI officer Xavi Amatriain and promotes Rick Fast to chief architect, with most affected employees shifting teams or reporting lines rather than exiting. It follows a steady shrinking of headcount from 17,100 at the end of 2023 to roughly 16,000 last year, about half of whom work in technology roles.

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Treasury is at least doubling the size of its long-end liquidity support buybacks, to $4B per operation from $2B, effective September 9. Long Bonds, the Dollar and Gold all moved after the announcement, before the equity open. 30-Year Yield -8bp, Dollar Index -0.7%, Gold +3.5%.

Weekly Gold Update OCEANAGOLD LANDS FIRST AUSTRALIAN DEAL WITH $553M AUSGOLD TAKEOVER $OGC is acquiring $AUC for $776 million, handing it control of the Katanning gold project 275 km southeast of Perth. The mostly stock deal plugs a looming hole in $OGC's production profile before Waihi North in New Zealand ramps up in 2033, with Katanning holding 1.25 million oz. of reserves and a mine life beyond a decade. VENEZUELA'S RIVALS UNITE TO CLAW BACK $4.4B IN GOLD LOCKED IN LONDON VAULTS Venezuela's government and opposition have agreed to jointly pursue the return of roughly 31 tonnes of gold held at the Bank of England, worth about $4.4 billion, to help fund reconstruction after June earthquakes that killed more than 6,000 people. The bullion has been frozen since 2018 amid a legal fight over whether Maduro or the opposition controls the country's central bank, and recovery remains legally complex because that recognition dispute is still unresolved. ANGLOGOLD DOUBLES DOWN ON BC GOLD SILVER DEVELOPER WITH $42M BET $AU is investing $42 million in $TAU, roughly doubling its stake and funding work at the Lawyers-Ranch project in British Columbia. The financing arrives as $TAU prepares a feasibility study for the 495 sq. km asset, which a 2025 prefeasibility study pegged at a $2.37 billion post-tax NPV over a 15 year mine life.

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Weekly Tech Update NVIDIA BANKROLLS A $105 BILLION AI FACTORY IN OHIO $NVDA will provide up to $105 billion in financing and compute for a massive OpenAI data center in Pike County, Ohio, according to a securities filing released Monday. SB Energy will build and manage the campus under a 20 year lease, starting with 4.25 gigawatts of capacity phasing online in 2028 and room to expand to 8 gigawatts. The deal is the latest in a string of $NVDA financing moves that have fueled concerns about circular financing in the AI trade, even as OpenAI touts 35,000 construction jobs through 2032. ALIBABA CASHES OUT OF GAMING WITH $2 BILLION LINGXI SALE $BABA is set to reap more than $2 billion by selling its entire stake in game developer Lingxi Games to Asia focused private equity firm Trustar Capital, a source told Reuters. Lingxi, best known for the hit strategy title "Three Kingdoms: Strategy Edition," will keep CEO Zhou Bingshu and his management team in place after the ownership change. The divestiture continues $BABA's push to shed non core assets, following recent sales of Sun Art and Intime, as it funnels capital toward AI and cloud. THE "STRIPE FOR AI" IS ABOUT TO BE OWNED BY STRIPE Stripe has finalized a deal to buy AI gateway startup OpenRouter for more than $7 billion, according to Bloomberg, capping talks first reported last month. OpenRouter, which lets customers route tasks across more than 400 AI models from a single access point, raised a $113 million Series B in May at a reported $1.3 billion valuation, backed by Sequoia, Andreessen Horowitz, Menlo Ventures, and $GOOGL CapitalG. That means a roughly fivefold markup in about three months, though Stripe says it does not comment on rumors or speculation.

Weekly Bank Update JP MORGAN QUIETLY DROPPED POLYMARKET AS A BANKING CLIENT $JPM ended its banking relationship with prediction market platform Polymarket last October over regulatory concerns, according to the Wall Street Journal, even though the bank later offered wealth clients a chance to join Polymarket's $14.5 billion Series E round. The timing is awkward: $JPM was subpoenaed by the Justice Department last month over alleged politically motivated debanking, and Donald Trump Jr. holds a stake in Polymarket through his investment fund. Meanwhile the CFTC, state attorneys general, and now the New York City Council are all circling prediction markets, even as Polymarket explores a new raise at a valuation above $20 billion. GOLDMAN IS BUYING ITS WAY INTO THE HOTTEST CORNER OF THE ETF MARKET $GS has agreed to acquire NEOS Investments, a fast growing manager that runs $30 billion across 19 ETFs using options strategies to generate monthly income, for up to $2.25 billion in cash and equity. The deal, expected to close in the first quarter of 2027, would lift $GS to $80 billion in active ETFs and make it the eighth largest active ETF provider, on a global ETF platform of roughly $130 billion. It lands as derivative income funds boom into a $180 billion category that has grown more than 70% annually since 2021, and both NEOS co founders will join $GS as partners. CITI IS BUYING THE TECH BEHIND SMARTER CREDIT CARD REWARDS $C has agreed to acquire Kard Financial, a commerce media and rewards platform that uses verified transaction data and machine learning to match cardholders with merchant funded offers. The deal would extend Kard's personalization engine to roughly 70 million $C cardmembers while giving brands a new channel to reach high intent shoppers. Terms were not disclosed and $C said the price is not material to its results, with closing subject to customary conditions.

China's central bank has bought gold 21 months straight, and the pace has changed. Monthly additions ran 1 to 2 tons for most of 2025. July's was 19.9 tons, the largest since Oct 2023.

Weekly Gold Update CHINA EXTENDS BUYING STREAK TO 21 MONTHS The People's Bank of China added roughly 20 tons of gold to its reserves in July, its largest monthly increase since October 2023 and a 21st consecutive month of accumulation. Goldman Sachs now expects official-sector buying to average about 60 tonnes per month through 2026. Poland remains the year's largest buyer, adding 51 tonnes in Q2 to reach 632 tonnes against a stated 700-tonne target. GOLD ETF AUM HITS A NEW RECORD The World Gold Council reported US$3 billion of net inflows into physically backed gold ETFs in July, pushing total holdings to 4,068 tonnes and assets under management to a record US$530 billion. European funds led with US$2 billion, paced by the UK at US$875 million and Switzerland at US$657 million, while Asia added US$616 million on safe-haven demand out of China. BARRICK AND NEWMONT BUILD A 100M OUNCE NEVADA COMPLEX $B and $NEM agreed to expand the Nevada Gold Mines joint venture, with Barrick vending in its Fourmile project and Newmont contributing Mike and Fiberline. The combination creates a nearly 100-million-ounce gold complex and resolves all outstanding NGM disputes, with Newmont paying Barrick a $1.95 billion cash top-up within thirty days. Newmont also consented to Barrick's planned IPO of its North American assets, targeted for year-end. Barrick reported Q2 production of 796,000 ounces, 11% above Q1 and ahead of guidance, on $5.29 billion of revenue.

$CSCO Earnings Preview Fiscal Q4 Non-GAAP EPS: $1.17 est., Up from $0.99 YoY Fiscal Q4 Revenue: $16.83B est., Up from $14.67B YoY Investor Focus: AI infrastructure orders from hyperscalers, total product orders, campus networking refresh cycle, data center switching, non-GAAP gross and operating margin, security and observability revenue, and initial FY27 guidance.

Weekly Tech Update Get access to top stocks like $NVDA , $META , and more with the NYSE FANG+ Index. NVIDIA ENLISTS WALL STREET FOR $500B AI BUILDOUT $NVDA signed memorandums of understanding with Apollo, BlackRock, Blackstone, Brookfield, Goldman Sachs and KKR to establish compute infrastructure financing platforms aimed at mobilizing over $500 billion in third-party capital. The structures would use compute power as collateral through special-purpose entities, funding chips, power generation and data centers across Nvidia's customer ecosystem. META GOES OPEN SOURCE AS ZUCKERBERG WARNS ON AI CONTROL $META released a new open-weight AI model developers can build on, paired with a Zuckerberg manifesto arguing against advanced AI being concentrated in a handful of companies, institutions or governments. The company also disclosed that one of its models altered an outside company's internal systems during a sandbox testing error, following similar admissions from rival labs, and introduced Muse Code, a terminal coding tool competing with Claude Code and Codex. APPLE PLANS GLASS iPHONE FOR 20TH ANNIVERSARY $AAPL is preparing Pro iPhone models with a curved glass front and back wrapped around a central metal frame, internally coded V73 and V74, timed to the iPhone's 20th anniversary next year. The redesign would be the most significant hardware change in years as Apple looks to reset its premium tier, with a fall event widely expected in early September but not yet dated.

$SMCI Earnings Preview Q4 Adjusted EPS: $0.96 est., Up from $0.41 YoY Q4 Revenue: $11.56B est., Up from $5.76B YoY Investor Focus: Fiscal Q4 revenue against the company's full-year target, gross margin trend, Blackwell and GB300 rack-scale shipment mix, data-center liquid-cooling deployments, inventory and working capital, FY2027 revenue outlook

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Weekly Bank Update Get access to leading U.S. Bank stocks with the Solactive MicroSectors U.S. Big Banks Index. DIMON RECRUITS 40-PLUS COMPANIES ON AI RISK $JPM CEO Jamie Dimon is personally calling CEOs at large and regional banks and IT firms to join a U.S. industry group on AI risk, expanding the Alliance for Critical Infrastructure that JPMorgan helped found. The outreach began in July and now spans more than 40 companies across financial services, energy, water, utilities, telecom, airlines and rail. The goal is a shared view of how AI is being used, what it puts at risk and what safeguards are needed, developed alongside the administration. FOUR BIG BANKS BUILD A SHARED TOKENIZED DEPOSIT NETWORK $JPM, $C , $BAC and $WFC are building a shared tokenized deposit network through The Clearing House, targeting a launch in the first half of 2027 that would let corporate clients move tokenized deposits between participating banks around the clock. Wells Fargo, which manages more than $2 trillion in assets, said it will begin offering tokenized deposits to corporate clients this fall. JPMorgan's Kinexys platform already handles billions in daily institutional volume across intraday repo, cross-border payments and FX settlement. SURPRISE JOB LOSSES RESET THE RATE PATH US payrolls fell 23,000 in July against a consensus forecast of a gain near 83,000, with the 12-month average down to 34,000 after revisions and labor force participation at 61.4%, its lowest in more than five years. Unemployment ticked down to 4.1%. Treasury yields fell on the print and traders cut the odds of a September Fed hike to roughly 42%, with a hike by October still above 57%. Equities took the weakness as a green light, and the S&P 500 closed at a record.

All 25 names in the oil and gas E&P index have reported Q2. Twenty beat on EPS, and the services names got the best of the tape. $SLB cleared its estimate by 6.3% at $0.55 excluding charges and credits and gained 11.0%, the largest move on the board. $BKR beat by 31.5% at $0.64 adjusted, the widest surprise in the index, and added 5.8%. The other two service names went the other way, with $HAL down 5.5% on a 2.3% beat and $FTI down 3.9% on a 13.4% beat. Refining and integrated results were strong and unevenly rewarded. $MPC beat by 27.1%, $PSX by 25.4%, $VLO by 23.8%, and $DINO by 18.3% at $5.31 adjusted. $OXY topped that group at 29.8%. $EOG cleared its estimate and still fell 6.5%. The five misses were $OVV (-10.5%), $DTM (-4.8%), $LNG (-4.3%), $EQT (-3.3%), and $XOM (-3.0%). $EQT missed and rose 8.5% anyway. $XOM and $CVX together carry 29.6% of the index and split, with $CVX up 2.4% on a beat and $XOM down 1.0% on a miss. Full scorecard below.

Big oil's Q2 is complete. Nine of 10 names beat on EPS, and the tape split right down the middle. Refining carried the surprises. $MPC cleared estimates by 27.1%, $PSX by 25.4%, and $VLO by 23.8%, with $VLO posting adjusted EPS of $12.54 and $MPC $17.73. $OXY put up the single largest beat in the index at 29.8%. Beating did not reliably pay. $EOG cleared its estimate by 2.1% and fell 6.5%, the worst reaction on the board. $DVN beat by 11.3% and fell 4.4%. $FANG beat by 8.3% and fell 3.5%. $PSX beat by 25.4% and still finished lower. Five of the 10 names declined in their first session after reporting. $XOM was the lone EPS miss, coming in at $3.52 adjusted against a $3.63 estimate and slipping 1.0%. $CVX went the other way at $6.06, a 8.8% beat, and gained 2.4%. Full scorecard below.