AAPL260130C265000.US

$Tesla(TSLA.US) remains the worst YTD performer (-20%) of all Mag 8 stocks, with only $Meta Platforms(META.US) (-15% YTD) which is facing an existential threat to its core business given a $1.4 trillion consumer liability trial that got underway this week also in the red. NDX overall is up +16% YTD, fueled by $NVIDIA(NVDA.US) (+16%), $Apple(AAPL.US) (+15%.), and $Amazon(AMZN.US) (+12%). TSLA’s troubles are due to lower than expected auto gross margins in its core EV business and a slower than expected scale up of its unsupervised autonomy efforts due to efficacy and safety concerns/an abundance of caution.

Like tobacco litigation 30 years ago, $Meta Platforms(META.US) is being sued by California and a multi-state coalition of attorneys general who have argued that $Meta Platforms(META.US) designed Facebook and Instagram to be addictive to children and teens, improperly collected their data, and misled the public about the platforms' safety. The trial in federal court in Oakland before U.S. Judge Yvonne Gonzalez Rogers who was appointed by Barack Obama is likely to overhang the stock until the advisory jury renders a verdict in October. The advisory jury is hearing the evidence and issues a verdict; the judge is the ultimate decision-maker on liability, penalties, and remedies. On appeal, the case would go to the Ninth Circuit Court of Appeals, which is widely viewed as one of the more liberal circuits in the U.S. federal court system.

In the spring, Meta (along with $Alphabet(GOOGL.US) ‘s YouTube) lost a landmark social media case in California, in which a jury found the companies liable for harming a young user with certain design features in their apps and awarded her $6 million. Then, earlier this month, $Meta Platforms(META.US) was ordered to pay more than $940 million in the state of New Mexico for being a public nuisance and causing psychological harm to children. In the current state AG case in Oakland the plaintiffs are asking for compensatory and punitive damages which could total $1.4 trillion, essentially equal to META’s market cap.

📢 𝗝𝗨𝗦𝗧 𝗜𝗡: $Micron Tech(MU.US) Micron Unveils U.S. Research Labs Backed by Planned $10 Billion AI-Era Investment

👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

➤ 𝗠𝗶𝗰𝗿𝗼𝗻 unveils U.S.-based 𝗠𝗶𝗰𝗿𝗼𝗻 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗟𝗮𝗯𝘀 headquartered in Boise.

➤ Micron plans to invest $𝟭𝟬 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 over the next decade.

➤ Research will target 𝗺𝗲𝗺𝗼𝗿𝘆, compute architectures, packaging, and semiconductor manufacturing.

➤ Micron calls it America's first dedicated 𝗺𝗲𝗺𝗼𝗿𝘆 𝗿𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗵𝘂𝗯.

➤ Boise facility is expected to host 𝗵𝘂𝗻𝗱𝗿𝗲𝗱𝘀 𝗼𝗳 𝗿𝗲𝘀𝗲𝗮𝗿𝗰𝗵𝗲𝗿𝘀.

➤ Micron expects to break ground on the facility in 𝟮𝟬𝟮𝟳.

➤ Labs will connect 𝗮𝗰𝗮𝗱𝗲𝗺𝗶𝗮, government, startups, customers, and semiconductor companies.

➤ Research network will include university collaborations and 𝗴𝗹𝗼𝗯𝗮𝗹 𝘀𝗮𝘁𝗲𝗹𝗹𝗶𝘁𝗲 𝗹𝗮𝗯𝘀.

➤ Investment is separate from Micron's previously committed $𝟮𝟱𝟬+ 𝗯𝗶𝗹𝗹𝗶𝗼𝗻 U.S. plans.

➤ Those broader U.S. investments are expected to create 𝟵𝟬,𝟬𝟬𝟬+ 𝗔𝗺𝗲𝗿𝗶𝗰𝗮𝗻 𝗷𝗼𝗯𝘀.

👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:

➤ Strengthens U.S. research capacity for increasingly critical 𝗔𝗜 𝗺𝗲𝗺𝗼𝗿𝘆 technologies.

➤ Could accelerate breakthroughs beyond today's semiconductor technology roadmaps.

➤ Deepens Micron's strategic position as America's leading-edge 𝗺𝗲𝗺𝗼𝗿𝘆 manufacturer.

➤ Collaboration could shorten paths from fundamental research to commercial AI hardware.

➤ Long-horizon investment supports U.S. competitiveness across 𝗔𝗜 and semiconductor manufacturing.

👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀:

𝗦𝗮𝗻𝗷𝗮𝘆 𝗠𝗲𝗵𝗿𝗼𝘁𝗿𝗮, Chairman, President and CEO of Micron Technology:

“The decisions we make today will determine who leads the AI economy of tomorrow, and America's AI future will be built on American-made memory," said Sanjay Mehrotra, Chairman, President and CEO of Micron Technology. "With a planned $10 billion investment in Micron Research Labs, we are looking around the corner to the memory and compute systems the future will demand, bringing together the best minds across academia, government, startups and industry. This builds on the more than $250 billion we have separately committed to manufacturing and R&D across the United States, because as the only U.S.-based manufacturer of memory, we have long believed in the future that AI is now making real.”

𝗦𝗰𝗼𝘁𝘁 𝗗𝗲𝗕𝗼𝗲𝗿, Executive Vice President and Chief Technology and Products Officer at Micron Technology:

“For nearly 50 years, from four people in a Boise basement to America's memory leader, Micron has pushed the boundaries of what memory can do,” said Scott DeBoer, Executive Vice President and Chief Technology and Products Officer at Micron Technology. "Micron Research Labs gives that legacy a dedicated home for long-horizon innovation, the kind of research that sits upstream of every product we build.”

𝗛𝗼𝘄𝗮𝗿𝗱 𝗟𝘂𝘁𝗻𝗶𝗰𝗸, Secretary of Commerce:

"Memory is a core component of America's technological leadership, and under President Trump, the United States is advancing domestic semiconductor capabilities. Today, Micron announced the establishment of the first dedicated Memory Research Lab along with a $10 billion investment in memory research. This commitment will strengthen American innovation, create hundreds of jobs and ensure memory never limits innovation."

𝗠𝗶𝗰𝗵𝗮𝗲𝗹 𝗞𝗿𝗮𝘁𝘀𝗶𝗼𝘀, Director of the White House Office of Science and Technology Policy:

“Micron’s establishment of the first dedicated memory research lab in the United States advances the Trump Administration’s mission to secure our nation’s technological edge. Memory is fundamental to the AI era, and by uniting the entire innovation ecosystem here at home, we can help ensure the next generation of breakthroughs are invented, developed, and scaled in America. This investment strengthens our national competitiveness and accelerates the path to the AI-driven Golden Age of American Innovation.”

𝗝𝗲𝗻𝘀𝗲𝗻 𝗛𝘂𝗮𝗻𝗴, Founder and CEO, NVIDIA:

"Micron is taking on one of the great challenges of the AI era — reinventing memory technologies and architectures to fuel the next generation of increasingly powerful AI systems. By bringing together advanced manufacturing and the broader technology ecosystem, Micron is helping drive the breakthroughs that will define the next era of AI and computing.”

𝗧𝗶𝗺 𝗖𝗼𝗼𝗸, CEO, Apple:

“For more than two decades, Micron has been an important partner, providing memory technologies for Apple's groundbreaking products that people love and use every day around the world. With the launch of Micron Research Labs, they are building on a legacy of leadership in semiconductor research to drive breakthroughs in memory and computing for decades to come. Apple believes deeply in American innovation, and we’re proud to support Micron as it expands leading-edge manufacturing and R&D in the United States.”

𝗚𝗮𝗿𝘆 𝗗𝗶𝗰𝗸𝗲𝗿𝘀𝗼𝗻, President and CEO, Applied Materials:

“Sustained technology leadership requires innovation in both semiconductor research and manufacturing. As memory and computing architectures become increasingly complex, advances in new materials, equipment, process technology and chip packaging will play an essential role in turning breakthrough ideas into reality. Applied Materials has been partnering with Micron for decades, and we are excited to support the new Micron Research Labs in enabling innovations that will advance the future of AI and semiconductor technology in the United States.”

𝗧𝗶𝗺 𝗔𝗿𝗰𝗵𝗲𝗿, President and CEO, Lam Research:

"At Lam, we've seen that breakthroughs in semiconductor performance require advances across the entire technology stack, from materials and process technologies to device architectures and system innovation. Micron Research Labs is a meaningful investment in the long-term research ecosystem that fuels these advances. By connecting leading researchers across industry, academia and government, Micron is helping to accelerate the discoveries that will keep America at the forefront of AI and computing."

𝗧𝘀𝘂-𝗝𝗮𝗲 𝗞𝗶𝗻𝗴 𝗟𝗶𝘂, President, National Academy of Engineering:

“Future intelligent systems will be shaped by engineers who advance the frontiers of semiconductor devices and advanced manufacturing, for more affordable and energy-efficient computing and innovative memory solutions. Micron Research Labs represents a powerful commitment to support collaborative, long-horizon research and to develop the engineering talent our nation needs. By connecting industry, universities and government, this new hub of discovery and innovation will strengthen the U.S. semiconductor ecosystem to keep America at the leading edge.”

𝗟𝘂𝗰 𝗩𝗮𝗻 𝗱𝗲𝗻 𝗵𝗼𝘃𝗲, Chairman, Interuniversity Microelectronics Centre (imec):

"By bringing together expertise from industry, academia and government, Micron is strengthening the global innovation ecosystem that underpins semiconductor progress. The challenges facing the industry, from AI-driven computing to next-generation memory technologies, are too complex for any one organization to solve alone. At imec, we believe deeply in the power of precompetitive collaboration, and our long-standing partnership with Micron demonstrates how shared research can create impact across the broader semiconductor ecosystem. We look forward to building on that partnership and advancing the breakthroughs that will shape the future of computing.”

𝗝𝗼𝗻𝗮𝘁𝗵𝗮𝗻 𝗟𝗲𝘃𝗶𝗻, President, Stanford University:

“Innovation is about turning bold ideas into discoveries that change the world. Micron Research Labs reflects the kind of long-term investment in fundamental research and innovation that is needed to keep America at the forefront. I look forward to the collaborations the Labs will enable with academic institutions to advance the science of memory and computing, and power the next era of discovery.”

𝗝𝗶𝗺 𝗗𝗮𝘃𝗶𝘀, President, The University of Texas at Austin:

“Sustained investments in research will secure our future leadership in computing, semiconductors, and AI. As a founding member of the Texas Institute for Electronics, Micron is a strategic partner to UT Austin and a leading-edge US-based memory provider. Micron understands the power of both academic and industry research and is driving innovation in the national security sector. This investment is the kind of long-term commitment that will produce breakthroughs and unlock new opportunities for our students, researchers, and industry partners.”

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Moderna $Moderna(MRNA.US) and Merck $Merck(MRK.US) said their personalized mRNA cancer vaccine, intismeran, combined with Keytruda slowed melanoma recurrence and spread in a late-stage trial. The Phase 3 study was stopped at its first interim analysis after positive results, though detailed efficacy data have not yet been released. If the benefit holds, this would mark the first randomized Phase 3 validation of a personalized neoantigen cancer vaccine and could significantly expand the use case for mRNA technology beyond traditional vaccines. $Moderna(MRNA.US) surged 175% today, became the 2nd-best performing stock in the S&P 500 this year, and triggered an estimated $4.8B loss for short sellers. It was also the largest one-day percentage gain ever for an S&P 500 stock.

2. Crypto rallied sharply today as $Grayscale Bitcoin Mini Trust ETF(BTC.US) Bitcoin jumped roughly 8%, briefly touching about $70,000 for its biggest move since March, before settling near $68,500–$69,500. The move liquidated an estimated $1.4B–$1.7B of short positions and was driven by a mix of lower-yield pressure from Treasury buybacks, regulatory optimism, and today’s White House crypto meeting. $ETH Ethereum, $Emeren(SOL.US) Solana, and other major alts also traded higher, while crypto-linked stocks like Coinbase and Circle rallied. President Trump urged Congress to pass a “fair version” of the Clarity Act, said the U.S. should remain the leader in Bitcoin, crypto, prediction markets, and AI, and said he would listen to recommendations on whether the U.S. should accumulate more Bitcoin or crypto. Trump also said the CFTC is working to bring Hyperliquid into the U.S. in a fully compliant way, helping send HYPE higher. Overall, the tone was strongly pro-crypto, though the Clarity Act still faces political hurdles in the Senate.

3. Nebius $Nebius(NBIS.US) announced a proposed private offering of $4.5B of convertible senior notes. The offering includes $2.75B of notes due 2030 and $1.75B of notes due 2034, with an option for an additional $675M. Key terms, including interest rates and conversion prices, will be determined at pricing. Nebius was down 9.87% today.

4. U.S. national debt just crossed $40T, with the latest $10T added in roughly 4.5 years. The debt now equals about $116,481 per citizen and $360,794 per taxpayer, while the debt-to-GDP ratio sits around 122.7%. Federal spending is running at roughly $7.26T, compared to federal tax revenue of about $5.59T, leaving a federal budget deficit near $1.68T. Net interest on the debt is now running above $1.1T, making it one of the largest line items in the federal budget.

5. The U.S. Treasury announced it will double the size of long-term government debt buybacks after the rapid surge in Treasury yields. Repurchases of $2B will now increase to at least $4B, with the Treasury saying the move is meant to provide “liquidity support” for bonds maturing in 10 to 30 years as total U.S. debt nears $40T. The situation is like someone with a 30-year mortgage at 3.25% refinancing into a 1-year adjustable-rate loan at 5.75% because the market won’t absorb the longer-term debt cleanly. In other words, longer-duration, lower-cost debt is being replaced with shorter-term, higher-cost financing. Now apply that dynamic across trillions of dollars in U.S. government debt. That is the pressure Treasury is trying to manage as long-term yields keep rising.

6. Starlink is reapplying for India approval for its Gen 2 network, seeking authorization for nearly 30,000 LEO satellites operating at 340–615 km, including direct-to-device connectivity. India previously approved only Starlink’s 4,408-satellite Gen 1 network after rejecting the earlier Gen 2 application. The move comes as India is still finalizing D2D rules and satellite spectrum pricing, with Jio, Amazon Leo, and OneWeb also competing for the market, according to ET.

7. Goldman Sachs is preparing a roughly $1.15B junk bond to finance a Virginia data center leased to CoreWeave $Coreweave(CRWV.US). The deal is expected in September, with Goldman moving forward even as investors demand higher yields for AI infrastructure debt tied to CoreWeave. The financing comes after a separate $3.5B CoreWeave-backed deal recently priced at a 10% yield, underscoring how capital-intensive AI data center buildouts have become and how much credit markets are now focused on AI infrastructure risk.

8. The top 10 most active options today by contracts traded were $Tesla(TSLA.US) with 2.9M contracts, $NVIDIA(NVDA.US) with 2.6M contracts, $Apple(AAPL.US) with 1.9M contracts, $Amazon(AMZN.US) with 1.0M contracts, $Intel(INTC.US) with 932K contracts, $Micron Tech(MU.US) with 886K contracts, $Strategy(MSTR.US) with 789K contracts, $Microsoft(MSFT.US) with 745K contracts, $SpaceX(SPCX.US) with 694K contracts, and $Meta Platforms(META.US) with 658K contracts.

9. Nvidia $NVIDIA(NVDA.US) has reportedly discussed investing in AI data supplier Mercor as part of a funding round that would value the startup at $20B, according to The Information. Mercor hires specialists across science, law, finance, and other fields to train and evaluate AI models, producing higher-quality data for complex tasks. Nvidia paid Mercor tens of millions of dollars last quarter and used its data to develop its two latest Nemotron models, with several Mercor employees now reportedly focused almost entirely on Nvidia-related work. The relationship is expanding as Nvidia invests more heavily in Nemotron, its open AI model family. Mercor has also worked with OpenAI, Google, and Anthropic, while annualized gross revenue reportedly reached $2B in June, double its level from the start of the year.

10. Webull $Webull(BULL.US) reported Q2’26 revenue of $198.8M, beating estimates of $181M, up 51% YoY and 24% sequentially. Adjusted EPS came in at $0.12 versus $0.03 expected, up 140% YoY, while net income reached $24.4M and adjusted operating profit was $62.6M, representing a 31.5% margin. Trading-related revenue rose 66% YoY to $147.7M. Customer assets grew 79% YoY to $28.5B, registered users reached 28.2M, funded accounts hit 5.13M, equity notional volume rose 73% YoY to $279B, and options contract volume increased 68% YoY to 213M. Webull also launched Vega Analyst and announced the acquisition of Pi Securities in Thailand.

11. President Trump is reportedly set to reduce tariffs on automobiles imported from Canada from 25% to 15% as part of a broader trade deal, according to Bloomberg. The current tariff applies to the non-U.S. content of vehicles produced in Canada, and that same content provision is expected to apply under the new 15% rate. U.S. and Canadian negotiators have also discussed whether to expand the exemption to include additional content, though no final decision has been made.

12. U.S. margin debt fell by a record $85B in July to $1.42T, marking the largest monthly decline ever and the first monthly drop since March. For context, the prior record decline was $80B in January 2022, right as the bear market began. The pullback follows a massive $198B surge in margin debt across May and June, the largest two-month increase on record. Even after July’s historic decline, margin debt is still up $518B, or 58%, since the start of 2025.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit