A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Nvidia $NVIDIA(NVDA.US) is backing OpenAI’s Ohio AI campus with a $1.5B investment in SB Energy and support for an initial 4.25GW of AI infrastructure at the PORTS-Pike campus. The project includes an option to expand to the full 8GW. SB Energy will build and operate the site under a 20-year OpenAI lease, with capacity coming online in phases starting in 2028. SB Energy and SoftBank also plan at least 10GW of new power generation and $4.2B of regional grid investment tied to the buildout.

2. Anthropic’s revenue run rate has reportedly surged ahead of its IPO, rising to more than $65B in July 2026 from $47B in May and $9B at the end of 2025. The company also posted over $11.5B in preliminary revenue for its latest completed quarter, up from $787M a year ago, while generating positive adjusted operating income. Anthropic has confidentially filed to go public and could debut on Wall Street as soon as this fall.

3. U.S. interest expense on the national debt has reached a record $1.4 trillion over the last 12 months, with debt-servicing costs nearly tripling since 2020. If rates stay near current levels, interest payments are projected to rise to $1.7 trillion by November 2028, putting them on pace to overtake Social Security as the government’s largest expense for the first time. The move comes as the 30-year yield hits its highest level since 2007, while the 10-year Treasury yield has crossed 4.7%.

4. Evercore ISI’s Julian Emanuel says the $SPY S&P 500 could reach 9,000 over the next 12 months, while maintaining a 7,750 base-case target. He argues the usual bull-market killers — recession, sharply higher long-term yields, and extreme investor chasing — still have not shown up. At the same time, 121 S&P 500 stocks now have negative beta to the index, the highest number since the 2000–2001 dot-com unwind, highlighting how unusual market internals have become.

5. Fabrinet $Fabrinet(FN.US) reported Q4’26 revenue of $1.32B, beating estimates of $1.27B and up 45% YoY. Adjusted EPS came in at $4.10 versus $3.82 expected, up 55% YoY, while operating income was $134.25M and net income reached $139.3M. For Q1, Fabrinet guided revenue to $1.38B–$1.43B, ahead of estimates of $1.32B, with adjusted EPS of $4.10–$4.25 versus $3.96 expected. Management said the company delivered record quarterly revenue above its guidance range and remains optimistic about the strength of the business and durability of its growth trends.

6. The top 10 most active options today by contracts traded were $NVIDIA(NVDA.US) with 2.8M contracts, $Tesla(TSLA.US) with 2.1M contracts, $Micron Tech(MU.US) with 1.3M contracts, $SpaceX(SPCX.US) with 1.1M contracts, $Apple(AAPL.US) with 1.0M contracts, $Amazon(AMZN.US) with 980K contracts, $Meta Platforms(META.US) with 964K contracts, $Microsoft(MSFT.US) with 849K contracts, $Intel(INTC.US) with 751K contracts, and $AMD(AMD.US) with 572K contracts.

7. AI video startup Higgsfield raised a $400M Series B at a $5.4B valuation, with investors including Goldman Sachs, Intel, and DST Global. The 2-year-old company’s annualized revenue reached $700M in August, up from just $20M a year ago, while its user base has grown to more than 30M across 238 countries and territories. Most revenue now comes from businesses using Higgsfield’s AI tools to create marketing content.

8. Tesla $Tesla(TSLA.US) is reportedly preparing to launch its purpose-built Cybercab in Austin as soon as this month, according to The Information. The two-seat robotaxi has no steering wheel or pedals, with Tesla planning to start with employee rides on public roads before adding Cybercabs to its Austin Robotaxi service days later. Tesla began Cybercab production in Texas last month and is continuing testing while training local first responders ahead of the rollout.

9. Uber $Uber Tech(UBER.US) is investing in Zipline as the companies expand drone delivery for Uber Eats. The goal is to reach 1M drone deliveries per day by the end of 2029, with Uber expecting drones to enable faster deliveries over longer distances. The company sees drone delivery becoming a meaningful growth driver for Eats as it pushes deeper into autonomous logistics.

10. China’s credit data weakened sharply in July, with net new loans falling by $50.4B, only the third monthly decline this century and more than 3x worse than expected. Lending to the real economy was even weaker, with net repayments of $87.5B, the largest monthly drop in records going back to 2002. While aggregate financing still rose by $207.7B, nearly all of the increase came from $192.9B in government bond issuance rather than private-sector borrowing, pointing to soft corporate investment, weak household demand, and continued pressure in property.

11. Morgan Stanley sees Amazon $Amazon(AMZN.US) with a bull-case path to $500/share by year-end 2027, driven by AWS potentially scaling toward $1T in annual revenue over the next 8–10 years. Analyst Brian Nowak says that scenario could support roughly $500B of company-wide EBIT, while the firm’s base-case price target remains $335. Morgan Stanley argues Amazon’s $1T AWS vision reinforces the size and ROIC of the AI infrastructure opportunity, with AWS currently around $170B annualized and management seeing AI margins and returns tracking similarly, or even slightly ahead, of where core AWS was at the same stage. The key constraint remains compute capacity, with Morgan Stanley estimating Amazon can bring on 6–8GW of compute capacity in 2026/2027 and potentially add around 8GW per year going forward if execution continues at pace.

12. UBS expects Nvidia $NVIDIA(NVDA.US) to beat FQ2 revenue estimates by roughly $3B–$4B, with revenue reaching around $94B–$95B. For FQ3, UBS sees guidance in the $107B–$108B range and believes revenue could ultimately exceed $110B. Analyst Timothy Arcuri says Blackwell demand remains stable, while Rubin units are starting to layer in ahead of a bigger FQ4 step-up as Rubin sell-in accelerates toward roughly 500,000 GPU units per month and Blackwell begins winding down. UBS argues the numbers matter more than the AI infrastructure narrative, and expects investors to gain more confidence in a path toward $15+ EPS in C2027 and $20 EPS in C2028. The firm also says memory-driven capex inflation means compute supply is still falling short of demand, which could support another major backlog step-up on the earnings call.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit