RDDT 2X Long ETF

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. SanDisk $Sandisk(SNDK.US) laid out its investor day targets, guiding for mid-to-high teens revenue growth, roughly 80% non-GAAP gross margins, and about 50% adjusted free cash flow margins. The company also expects to return 100% of excess cash to shareholders. SanDisk highlighted its HBF technology as a potential major efficiency unlock for AI inference, saying internal testing showed 1 HBF GPU could run the same model that required 8 HBM GPUs, implying 8x CapEx efficiency, while 4 HBF GPUs matched the token output of 8 HBM GPUs, implying 2x GPU efficiency. $Sandisk(SNDK.US) was up 14%.

2. U.S. PPI came in slightly cooler on the headline number, rising 4.7% YoY versus 4.9% expected and 0.0% MoM versus 0.2% expected. Core PPI was mixed, rising 4.2% YoY versus 4.1% expected, but only 0.2% MoM versus 0.3% expected. Initial jobless claims came in at 209K versus 202K expected, while continued claims were 1.777M versus 1.794M expected.

3. Norway’s $2.3T sovereign wealth fund, the world’s largest, generated a record $184.3B profit in H1 2026. The fund returned 9.4% over the period, with its 72.1% equity allocation up 13.0%. In Q2 alone, the portfolio gained 11.5%, its strongest quarter since Q2 2020, led by equities returning 16.0% as AI-related names drove performance. Nvidia $NVIDIA(NVDA.US) remained the fund’s largest holding at the end of H1, followed by Microsoft $Microsoft(MSFT.US) and Apple $Apple(AAPL.US). Norway’s fund now owns roughly 1.5% of all publicly listed companies globally and has become one of the world’s largest institutional investors in AI-related stocks.

4. OpenAI’s annualized revenue has reportedly topped $40B, roughly doubling its run rate from the end of 2025, according to Bloomberg. July run-rate revenue rose more than 20% MoM, driven by strength in Codex, subscriptions, and early ad sales, highlighting how quickly OpenAI’s monetization is scaling across both consumer and business lines.

5. Reddit $Reddit(RDDT.US) is set to join the S&P 500 before the open on August 18, replacing AvalonBay Communities $AvalonBay Communities(AVB.US). AvalonBay is being acquired by Equity Residential $Equity Residential(EQR.US), with the combined company expected to remain in the index under the new name Vivmark Residential $Vivmark Residential(VMRK.US). S&P Dow Jones Indices also announced that Sun Communities $Sun Communities(SUI.US) will join the S&P MidCap 400 before the open on August 20, replacing Webster Financial $Webster Financial-Waterbury(WBS.US), which is being acquired by Banco Santander $Banco Santander SA-Spon(SAN.US).

6. The top 10 most active options today by contracts traded were $NVIDIA(NVDA.US) with 2.4M contracts, $Tesla(TSLA.US) with 2.0M contracts, $SpaceX(SPCX.US) with 1.2M contracts, $Micron Tech(MU.US) with 1.0M contracts, $Apple(AAPL.US) with 881K contracts, $Intel(INTC.US) with 863K contracts, $Super Micro Computer(SMCI.US) with 843K contracts, $Netflix(NFLX.US) with 681K contracts, $Palantir Tech(PLTR.US) with 625K contracts, and $Amazon(AMZN.US) with 600K contracts.

7. Ondas $Ondas(ONDS.US) reported Q2’26 revenue of $83.8M, beating estimates of $68M and up 67% QoQ. Adjusted gross margin came in at 50.4%, while adjusted EBITDA was -$50.6M versus -$32M expected. Backlog reached $613M, or $757M pro forma including DZYNE and Cyberhawk, with $175M of new orders in Q2 and another $105M already in Q3 to date. Ondas raised FY26 revenue guidance to $525M–$550M versus $509M expected and guided Q3 revenue to $140M–$155M. The company also pulled forward its profitability timeline, now targeting platform-level adjusted EBITDA profitability by Q4 2026 and company-wide profitability by Q4 2027. Key wins included a $52.9M lethal unmanned strike order, more than $240M of captured orders under a $982M Army IDIQ program, and NASA raising its Stratollite IDIQ ceiling from $45M to $395M.

8. Nu Holdings $NU Holdings(NU.US) reported Q2’26 revenue of $5.51B, beating estimates of $5.23B, up 50.3% YoY. Diluted EPS came in at $0.216 versus $0.20 expected, while net income rose 66.8% YoY to $1.06B. Gross profit increased 51.6% YoY to $2.35B, total assets grew 31.9% YoY to $82.75B, and total interest income and gains reached $4.76B, up 52.1% YoY. On the balance sheet, deposits rose 23.7% YoY to $45.33B, credit card receivables increased 42.1% YoY to $21.49B, loans to customers grew 43.8% YoY to $11.32B, and total equity reached $13.25B.

9. Elon Musk disclosed ownership of 6,418,547,515 SpaceX $SpaceX(SPCX.US) shares in a new SEC filing, representing a 48.4% stake in the company. Based on the filing, Musk’s stake is valued at roughly $908.35B.

10. Nebius $Nebius(NBIS.US) is facing permitting-related delays at its Vineland data center after Hunterbrook reported a second stop-construction order at the site. The first order, issued on August 6, paused LNG tank work, while the second, issued on August 10, paused Bloom Energy $Bloom Energy(BE.US) fuel-cell work after the city said required approvals and permits had not been secured. Nebius said on August 12 that it does not expect a material impact to the project timeline and confirmed that Vineland capacity remains included in its 2026 connected power targets. The main building structure was completed earlier this summer, engineering fit-out is underway, and fuel-cell installation is expected to move quickly once the permitting issues are resolved.

11. OpenAI is replacing chief revenue officer Denise Dresser less than a year after she joined the company. Dresser is leaving to pursue other opportunities, while Dali Rajic, president and COO of Alphabet-owned Wiz, will take over the role. The move marks another major leadership change as OpenAI scales revenue across enterprise, subscriptions, APIs, and new monetization channels.

12. Hedge funds bought $6.8B of U.S. equities last week, the largest weekly purchase in 18 years. As a share of S&P 500 market cap, it ranked as the 9th-largest weekly buy since 2008. This follows $4.8B of purchases the week before, bringing total hedge fund buying to $11.6B over the last 2 weeks, the largest two-week purchase on record. The 4-week average of hedge fund purchases has now risen to $1.8B. Meanwhile, institutional investors sold $1.1B, their second straight weekly sale, while retail investors sold $4.1B, pushing their 4-week average selling to $500M.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit

$Reddit(RDDT.US)

REDDIT ADDED TO THE S&P 500

LETS. GO.

Source: amit

so…the S&P is basically at ATHs

Trump has said 7 different times this week that he wants a deal with Iran

Bessent said a ceasefire could be announced over the weekend

Rate hike probabilities tanked by 20% today because of the labor market data

$Palantir Tech(PLTR.US) is up 40% in a week…which means the software stocks are finally getting the respect they deserve including $Microsoft(MSFT.US) $Reddit(RDDT.US) $Shopify (SHOP.US)

earnings continue to compound aggressively

the super high-beta semi names are consolidating like $Micron Tech(MU.US) $Nebius(NBIS.US) which isn’t bearish at all, especially when their growth continues to be massive

hyperscalers continue to spend on capex and cloud growth rates are showing the ROI

leverage also has been wiped out significantly

feels like we could be setting up for an end of year run IF hikes are out of the picture and earnings continue strong

the main bear case felt like oil/leverage/war/hikes

my only fear is OpenAI and Anthropic’s numbers not being meaningful enough to carry out their spending commitments but those will be shown over time

if those broader bear cases are not as relevant as inflation comes down…maybe we can continue with the momentum

Source: amit

$Reddit(RDDT.US) ER in a nutshell:

Revenue: $804.9M vs. $730.4M (expected).

EPS: $1.25 vs. ~$0.95.

Net income: $252.8M vs. $196.5M

Q3 guidance:

Revenue: $860–870M vs. 829.1M

Adjusted EBITDA: $385-395M vs. $369M

Blowout financials, market always like to explain the drop 22.6% off some new BS narrative.

Last quarter: "AI will disrupt Reddit causing revenue loss!"

This quarter: "See, DAU fell .6%!" (proceeds to ignore any revenue/profitability growth)