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A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Nvidia $NVIDIA(NVDA.US) and Palantir $Palantir Tech(PLTR.US) expanded their AI partnership, building a new stack that combines Palantir’s sovereign AI platform with Nvidia’s custom Nemotron open models. The technology is being deployed first across Nvidia’s own supply chain, using AI to capture operational intelligence and accelerate the process from “wafer to first token.” Other companies will be able to deploy the same architecture across their own supply chains, either in the cloud or on-prem. The partnership, first announced in October 2025, has continued compounding into new verticals, use cases, and sovereign AI deployments built around one core idea: enterprises and governments want to own, control, and make sense of their own data. Palantir also hosted its 11th AIPCon today, where partners showcased how they are using Ontology, Foundry, AIP, and Sovereign AI to solve complex operational problems.

2. U.S. PPI came in slightly hotter than expected, rising 5.4% YoY versus 5.3% expected, while monthly PPI rose 0.4%, in line with estimates. Core PPI was 4.6% YoY, matching expectations, while core monthly PPI rose 0.2%, below the 0.3% estimate. Initial jobless claims came in at 206K versus 205K expected, showing labor-market claims remain broadly steady even as producer inflation stays elevated.

3. Microsoft $Microsoft(MSFT.US) plans to triple its global data center capacity, expanding from roughly 12 GW today to more than 38 GW by 2032, according to Bloomberg. That would add about 26 GW of capacity, with AI-specific compute expected to grow from around 2 GW today to roughly one-third of total capacity by 2032, or about 13 GW. The target excludes compute rented from neoclouds like CoreWeave. The buildout comes after capacity shortages forced Microsoft to restrict some cloud subscriptions and turn away AI and cloud demand. Microsoft spent $145B in capex last fiscal year and has $329B in future data center lease commitments.

4. Oracle $Oracle(ORCL.US) delivered more than 300,000 GPUs to AI cloud customers since the end of Q4, nearly tripling the capacity delivered in Q4 FY26. The company’s RPO surged by $209B YoY to $664B after booking more than $30B of additional AI cloud contracts in Q1. Q1 revenue came in at $19.3B versus $19.14B expected, up 30% YoY, while adjusted EPS was $1.92 versus $1.74 expected, also up 30% YoY. Cloud revenue reached $11.6B, up 62% YoY, led by cloud infrastructure revenue of $7.4B, up 121% YoY. Oracle also guided FY revenue to at least $90B and adjusted EPS to $8.10, while disclosing $28.5B of capex, -$5.4B of free cash flow, and a $20B ATM equity program.

5. The top 10 most active options today by contracts traded were $Apple(AAPL.US) with 2.8M contracts, $NVIDIA(NVDA.US) with 2.3M contracts, $Tesla(TSLA.US) with 1.6M contracts, $SpaceX(SPCX.US) with 1.2M contracts, $Micron Tech(MU.US) with 769K contracts, $Meta Platforms(META.US) with 750K contracts, $Oracle(ORCL.US) with 733K contracts, $Intel(INTC.US) with 628K contracts, $Alphabet(GOOGL.US) with 475K contracts, and $Amazon(AMZN.US) with 409K contracts.

6. Adobe $Adobe(ADBE.US) reported Q3’26 revenue of $6.8B versus $6.69B expected, up 13% YoY, with adjusted EPS of $6.13 versus $6.09 expected, up 15% YoY. ARR reached $27.5B, while RPO came in at $22.2B and AI-first ARR growth was 150%+. Adobe also raised its FY26 guide, now expecting revenue of $26.58B-$26.63B and EPS of $24.45-$24.50, both ahead of estimates. Segment strength remained broad, with Customer Groups revenue at $6.6B, up 14% YoY, and Creative & Marketing Professionals revenue at $4.7B, up 13% YoY. The company also crossed 1B+ monthly active users, calling it a defining moment for Adobe.

7. Uber $Uber Tech(UBER.US) CEO Dara Khosrowshahi bought 141K shares for about $10M at an average price of $70.96. The purchase marks Dara’s first open-market buy of Uber stock since May 2022, when he bought 200K shares at roughly $26.73. A $10M insider buy from the CEO is a notable confidence signal as investors continue watching Uber’s growth, margin expansion, buybacks, and long-term autonomous vehicle strategy.

8. Nvidia $NVIDIA(NVDA.US) CEO Jensen Huang says cybersecurity is likely AI’s next major market, as AI-generated code accelerates both software development and the vulnerabilities that come with it. Huang said rapidly evolving threats should drive more demand for AI-powered security and automated defenses, creating another major growth vertical for the technology. He also pushed back on the idea that Nvidia’s AI financing is “circular,” saying, “We put a little bit of money in and a lot of money comes back. We put in 1 and 100 comes back in.” Huang added that the financing only happens because the off-take is already there: “That off-take is $100B. It’s lined-up contracts. It is real stuff.” He said Nvidia knows where the demand is coming from, understands the quality of that demand, and that its financing is only a “very small part” of these projects.

9. SpaceX $SpaceX(SPCX.US) CFO Bret Johnsen said the company signed another AI compute hosting deal that will generate $1.11B of revenue per month, or $13.3B annually, starting December 1, 2026. “Earlier this month, we closed another hosting deal. By the end of this year, with annualizing our December number, we're on track to hit $100B of ARR,” Johnsen said at Goldman Sachs’ Communacopia and Technology Conference. The update highlights how quickly SpaceX’s AI compute business is scaling into one of the largest infrastructure revenue stories in the market.

10. GameStop $GameStop(GME.US) CEO and Chairman Ryan Cohen bought 1M shares at an average price of $20.38, a purchase worth roughly $20.4M. His Form 4 shows 39.35M shares directly owned, while a new 13D reports 43.1M shares beneficially owned, equal to an 8.5% stake. The buy adds another insider-confidence signal at a time when investors are watching how Cohen plans to deploy GameStop’s balance sheet and reshape the company’s long-term strategy.

11. Robinhood $Robinhood(HOOD.US) ended August with 28.6M funded customers, up 7% YoY, while total platform assets reached $383.7B, up 8% MoM and 26% YoY. Net deposits were $4.0B. Trading activity stayed strong, with equities at $335.4B up 68% YoY, options at 292.5M contracts up 50% YoY, crypto at $17.5B up 61% MoM but down 38% YoY, and event contracts at 4.7B, down 23% MoM but up 15x YoY. Interest-earning assets also continued scaling, with margin balances at $21.5B up 72% YoY, cash and deposits at $19.6B up 37% YoY, and cash sweep at $31.2B up 7% MoM. Robinhood also expanded the platform with agentic options and crypto trading, Robinhood Earn, Smart Income, UK crypto trading, 190+ stock tokens on Robinhood Chain, and additional Cortex and IPO Access features for RIAs.

12. Saudi oil output fell to its lowest level since 1990, as Saudi Arabia told OPEC its production declined again. At the same time, OPEC cut its 2026 global oil-demand growth forecast to 380K bpd from 580K bpd, while raising its 2027 demand-growth outlook to 2.36M bpd from 2.16M bpd, signaling a potential rebound next year. OPEC+ crude production averaged 38.05M bpd in August, up roughly 300K bpd from July. The backdrop is getting more complicated for markets, with oil pushing past $100/barrel and the 10-year Treasury yield near 4.9%.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit

$Uber Tech(UBER.US) Stock Pops After CEO Buys Shares Worth $10 Million.

I continue to believe $Uber Tech(UBER.US) is best positioned to take advantage of several auto manufacturers offering fully autonomous driving options in their vehicles, as self-driving can easily be added and selected by $Uber Tech(UBER.US)’s 215 million monthly active users who already use the app. UBER currently has over 10 million vehicles in its network.

(Barron's) -- Uber Technologies CEO Dara Khosrowshahi bought about $10 million of stock in the company early Thursday and the filing of his purchase at midday sparked a rally in the depressed shares of the leading ride-hailing company.

Khosrowshahi purchased 141,000 shares of Uber at an average price of $70.96, according to a form 4 filing with the Securities and Exchange Commission. That raised his total holdings to 1.367 million shares now worth about $100 million.

The Form 4 filing by Khosrowshahi was made around 12:40 EDT and the news immediately resulted in a 3% pop in the shares, which had been trading around $70.75. Uber shares finished Thursday at $72.56, up 2.1%.

Uber shares are down about 10% from their August high of around $80 and are off 11% this year amid investor concerns about whether its business will be disrupted by autonomous vehicles operated by Waymo and Tesla.

Insiders have two business days to file Form 4s on stock buys and most of them wait a day or two before filing. It's unusual to see a same-day filing by an insider of a stock purchase.

This is the second purchase in a week by an Uber executive. On Sept. 4, Chief Operating Officer Andrew Macdonald bought 70,000 Uber shares for roughly $5.3 million. That stock was purchased across two transactions at prices between $75.23 and $76.85 a share.

The twin purchases are a sign that top executives view Uber stock as cheap. The stock is now trading for about 11 times projected 2027 free cash flow and around 17 times 2027 GAAP earnings.

This might be worth keeping an eye on

Uber's CEO just bought $10M of $Uber Tech(UBER.US)

• 141,000 shares at $70.96 on September 10th

Other notable people buying Uber:

• Uber's President/COO Andrew M. bought $5.3M

• Nancy Pelosi spent up to $1M on $Uber Tech(UBER.US) calls in May

• Saudi Arabia's Public Investment Fund holds $5.3B

• Bill Ackman's Pershing Square holds $2.5B

It seems they aren't worried about Tesla's Cybercab

📢 𝗝𝗨𝗦𝗧 𝗜𝗡: $Uber Tech(UBER.US) Uber Eats and Wakefern Expand Grocery Delivery Across U.S. Northeast

👉 𝗞𝗲𝘆 𝗛𝗶𝗴𝗵𝗹𝗶𝗴𝗵𝘁𝘀:

➤ 𝗨𝗯𝗲𝗿 𝗘𝗮𝘁𝘀 adds more than 𝟯𝟳𝟱 Wakefern supermarkets across the Northeast.

➤ Participating banners include 𝗦𝗵𝗼𝗽𝗥𝗶𝘁𝗲, Fairway Market, and The Fresh Grocer.

➤ Customers gain on-demand and scheduled delivery for fresh groceries.

➤ Available products include produce, meat, seafood, prepared foods, and essentials.

➤ Launch offers eligible customers up to 𝟯𝟬% off first orders.

➤ Eligible 𝗨𝗯𝗲𝗿 𝗢𝗻𝗲 orders receive a $𝟬 Delivery Fee.

➤ Partnership expands Uber's growing 𝗴𝗿𝗼𝗰𝗲𝗿𝘆 𝗮𝗻𝗱 𝗿𝗲𝘁𝗮𝗶𝗹 marketplace.

➤ Wakefern stores gain another digital channel for reaching local customers.

➤ Customers can track grocery deliveries in 𝗿𝗲𝗮𝗹 𝘁𝗶𝗺𝗲 through Uber Eats.

👉 𝗪𝗵𝘆 𝗧𝗵𝗶𝘀 𝗠𝗮𝘁𝘁𝗲𝗿𝘀:

➤ Adds significant supermarket scale to 𝗨𝗯𝗲𝗿's Northeast grocery-delivery network.

➤ Broadens Uber Eats beyond restaurants into higher-frequency everyday grocery purchases.

➤ Gives 𝗪𝗮𝗸𝗲𝗳𝗲𝗿𝗻 stores greater reach through Uber's delivery marketplace.

➤ Strengthens competition for on-demand grocery spending across North America.

👉 𝗘𝘅𝗽𝗲𝗿𝘁 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁𝘀:

𝗗𝗮𝗿𝗿𝗲𝗻 𝗖𝗮𝘂𝗱𝗶𝗹𝗹, Chief Sales Officer at Wakefern Food Corp.:

“As a cooperative made up of family-owned supermarkets with deep roots in communities across the Northeast, our focus has always been on serving our neighbors where and how they shop,” said Darren Caudill, Chief Sales Officer at Wakefern Food Corp. “Uber Eats gives our stores another way to serve customers where they are, making it easier to get the fresh foods, neighborhood service and the value they count on with added speed and convenience.”

𝗣𝗿𝗮𝘀𝗵𝗮𝗻𝘁 𝗚𝗮𝗿𝗴, Head of North America, Uber Eats:

“Customers are increasingly looking for flexible ways to stock up on fresh groceries without compromising on selection or value,” said Prashant Garg, Head of North America, Uber Eats. “By partnering with Wakefern and adding more than 375 supermarkets to our platform, including beloved banners like ShopRite and Fairway Market, we’re continuing to build a marketplace that brings expansive choice—from full weekly grocery runs to last-minute ingredients—into one seamless app experience.”

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Palantir $Palantir Tech(PLTR.US) named Nebius $Nebius(NBIS.US) its preferred sovereign AI infrastructure partner, announcing a strategic partnership to integrate Nebius compute and inference endpoints directly inside Palantir’s enterprise perimeter. The integration will allow eligible Palantir commercial customers to run open AI models on Nebius infrastructure, continuously adapt them using proprietary company data, and maintain control over their compute, models, and data. The companies also plan to bring new AI compute capacity online faster, including modular data-center deployments in locations where power is already available. Palantir CEO Alex Karp said, “Nebius’ compute infrastructure powers your ability to run your own AI models under conditions you control. Our ontology and their infrastructure will undergird the sovereignty our partners are demanding.” Nebius CEO Arkady Volozh added that the partnership will help commercial clients run optimized open models on trusted infrastructure while maintaining control over their data and models.

2. The EU and Canada are reportedly set to announce a major “all-encompassing” partnership spanning trade and security after President Trump’s latest tariffs, according to Bloomberg. The goal is to build a new alliance that helps offset global power politics dominated by the U.S. and China. The partnership is expected to be announced on September 16, with Canada and the EU reportedly aiming to get “as close as legally possible” short of EU membership. Canada has also become the first country outside the EU to join the bloc’s $175B military procurement fund, underscoring how quickly trade tensions are pushing allies toward deeper economic and defense cooperation.

3. BlackRock’s Bitcoin ETF $IBIT has attracted $3.7B of inflows so far this quarter, putting it on pace for its largest quarterly intake since Q3 2025. The fund has already added $459.8M in September inflows, following $3.0B in August, its biggest monthly inflow since October 2025. As a result, $IBIT AUM has climbed to $62.6B, near its highest level since mid-May. Since the start of July, the fund’s AUM has increased by $19.6B, or 46%, showing renewed institutional and retail demand for Bitcoin exposure through ETFs.

4. OpenAI CFO said at the Goldman Sachs conference that the consumer business is accelerating, with July revenue up 20% MoM. The enterprise business grew even faster, with July revenue up 32% MoM. OpenAI’s revenue mix is now roughly 50/50 between enterprise and consumer, showing that growth is broadening beyond ChatGPT subscriptions and into business adoption.

5. Schwab retail activity in August shows investors selling the software rip and buying the semiconductor dip. The top retail buys were $SpaceX(SPCX.US), $Micron Tech(MU.US), $NVIDIA(NVDA.US), $Intel(INTC.US), and $Alphabet(GOOGL.US), while the top sells were $ServiceNow(NOW.US), $Adobe(ADBE.US), $Microsoft(MSFT.US), $Palantir Tech(PLTR.US), and $Oracle(ORCL.US). The shift points to more active portfolio management from retail investors, with money rotating out of crowded software winners and into AI, chips, and compute-related names after pullbacks.

6. Copper prices on the LME have surged to a record $14,533/ton, now up 47% over the last 12 months. The move is being driven by tight supply and rising demand from data centers, renewable energy, and power grids. Expectations that President Trump could expand tariffs to refined copper imports have also pushed U.S. Comex prices above global prices, creating an incentive for traders to ship hundreds of thousands of tons of copper into the U.S. to capture the price spread. As a result, global stockpiles are becoming increasingly concentrated in the U.S., draining LME inventories to critically low levels and leaving less readily available copper for buyers elsewhere.

7. Meta $Meta Platforms(META.US) launched Muse, a personal AI agent that can take actions across apps and the web, including sending emails, booking travel, filling out forms, and making purchases with user approval. Muse runs on Meta’s new Muse Secure VM, giving each user a dedicated cloud environment with a separate Sentinel agent that reviews actions before they reach the internet. The agent can continue working after the app is closed, remember user preferences, and proactively move longer-term tasks forward. Meta is also integrating Stripe Link for checkout, with Shop Pay and 1Password support coming later.

8. IREN $IREN(IREN.US) said its 2 GW Sweetwater Hub has been conditionally included as base load in ERCOT Batch Zero. Sweetwater 1 accounts for 1.4 GW and Sweetwater 2 for 600 MW, both part of IREN’s broader 5 GW+ global data-center development pipeline. At Sweetwater 1, the high-voltage substation is already energized, with 300 MW of gross data-center capacity under construction and targeted for delivery in Q4 2027. IREN also said additional large-scale projects across its development pipeline have been included in Batch Zero, though ERCOT classifications remain conditional and subject to further approvals.

9. The top 10 most active options today by contracts traded were $Tesla(TSLA.US) with 2.4M contracts, $NVIDIA(NVDA.US) with 2.2M contracts, $Intel(INTC.US) with 1.3M contracts, $SpaceX(SPCX.US) with 847K contracts, $Apple(AAPL.US) with 689K contracts, $Micron Tech(MU.US) with 673K contracts, $AMD(AMD.US) with 615K contracts, $Meta Platforms(META.US) with 568K contracts, $Amazon(AMZN.US) with 524K contracts, and $Coreweave(CRWV.US) with 477K contracts.

10. The U.S. government is backing Rigetti $Rigetti Computing(RGTI.US) and D-Wave $D-Wave Quantum(QBTS.US) with up to $200M for quantum computing R&D. Rigetti signed a definitive $100M agreement with the U.S. Department of Commerce to address key scaling bottlenecks in superconducting quantum systems, including cryogenics, readout electronics, and high-connectivity chip fabrication. D-Wave separately finalized access to up to $100M to advance its annealing and gate-model platforms, including work on a 100,000-qubit annealing system and a 10,000-qubit gate-model system targeting 100 logical qubits. As part of the funding, the Commerce Department will receive minority, non-controlling equity stakes in both companies.

11. Uber $Uber Tech(UBER.US) President and COO Andrew Macdonald purchased 70,000 shares for roughly $5.3M. Macdonald is one of Uber’s longest-tenured executives, making the insider buy notable given his deep knowledge of the business, operations, and long-term strategy.

12. U.S. data center construction spending surged 57% YoY in July to a record annualized rate of $75B, following a 46% YoY increase in June and marking the fastest growth since mid-2025. Since the start of 2021, data center construction spending has soared by $66B, or 717%. Since the end of 2023 alone, spending has risen by $51B. Over that same period, all other private construction spending — including housing, shopping centers, and offices — has declined by $120B, showing how dramatically AI infrastructure is diverging from the rest of the construction market.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit

The $Uber Tech(UBER.US) vs $Tesla(TSLA.US) debate happening right now across the board is fascinating in many respects.

I’ve spent all day reading both sides. I even went to ChatGPT and had a conversation with Astra because of how fascinating this debate is to me.

By the way, Astra is legit. Releasing that before Anthropic’s IPO was a chess move. The frontier lab wars are only getting more intense.

I am long both in small quantities. A bit of Tesla I bought a year ago at $350 and haven’t added since and a small amount of Uber I added 2 weeks ago at $75 after taking a look at the numbers. Not short any of the names but also not meaningfully long any of them at this moment either.

My conclusion so far is both sides are being ridiculously extreme in their conclusion.

The extreme $Uber Tech(UBER.US) bulls are not seriously acknowledging the direct existisitential threat to its moat via CyberCab’s pure product experience and eventual scale.

The extreme $Tesla(TSLA.US) bulls are not giving any merit to the 200M+ monthly users they have, how hard is it to scale a network, how self driving might be commoditized and Uber could simply become the largest marketplace for multiple vendors, and how much time unsupervised true autonomy will take to reach any meaningful level of Uber’s 42M daily rides.

Honestly, I think both will do well. I don’t think it has to be as black or white as both sides are making it.

However, it is an incredible thought experiment. Uber disrupted transportation forever with technology, and now Tesla is disrupting transportation forever with autonomy.

I think Uber is undervalued. I think Tesla has the most exciting potential out of all the Mag 7 over the next decade.

I just think both sides are writing off the other for no reason.

The funniest outcome would be an eventual partnership even though I know it’s not that likely, but I do think this is going to not be one or the other.

Source: amit

I’ve said all along that $Tesla(TSLA.US) would solve for unsupervised autonomy, and with the launch of Cybercab it’s clear they have. My caution has always been that a handful of others would also achieve unsupervised autonomy within 18-24 months and with $Alphabet - C(GOOG.US), $Baidu(BIDU.US), $Pony AI(PONY.US), $WeRide(WRD.US), and $Amazon(AMZN.US) now completing over 1 million paid unsupervised autonomous rides per week without safety monitors, that prediction also looks accurate.

To be clear, TSLA’s autonomous technology is nothing short of amazing and I believe TSLA robotaxi will continue to expand to markets beyond Austin. Over the next few years, I believe “self-driving” will become the preferred ride option on $Uber Tech(UBER.US) and other ride hailing apps, and multiple providers will offer vehicles to fill it.

IMHO $Tesla(TSLA.US) ‘s stock, which finished Friday at a 2026 P/E of 213x and 2027 P/E of 158x, remains extended vs WS’ predictions of +35% long term earnings growth (6.3x and 4.4x PEG respectively). For perspective, the avg Mag 8 stock ex-TSLA trades at a C2026 PEG of 2.7x forward long-term earnings growth. Whether TSLA stock can deliver outperformance after underperforming NDX and SPX significantly YTD and the past one, three, and five years depends on the outcomes to these three questions:

1/ How quickly can TSLA safely scale up Robotaxi so that it becomes a meaningful % of TSLA earnings?

2/ How quickly can competitors repeat what happened in EVs from 2021-2023 and copy TSLA’s autonomous technology such that unsupervised autonomy becomes a commodity?

3/ What is the likely safety profile of TSLA robotaxi as it expands from geofenced Austin to other U.S. cities and to Europe and Asia?

Here’s my ask: Rather than $Tesla(TSLA.US) influencers who call me childish names for remaining cautious and being right on TSLA stock to date try answering these three questions. Let’s move the discussion forward.