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Also, 6.1 Sol was our fastest-growing model ever, and was a bit slow under load. Should be much better now!

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BREAKING: Exxon Mobil has shut down one of the largest diesel refineries in the Midwest, which produces ~11 million gallons of gasoline and diesel fuel per day, due to outage issues. This comes as diesel prices have already surged nearly 90% this year and the US has entered peak diesel demand season. We expect to see diesel prices push toward $7.00/gallon.

Simple and effective. If you build it or host it, you should own the consequences.

JUST IN: Sam Altman says OpenAI will not IPO this year

The biggest issue with an AI "safety slowdown:" What happens with China? While there are legitimate concerns around the safety of AI and how quickly it is evolving, the AI race is global. And, in today's ecosystem, falling even 6 months behind in the AI race is like falling decades behind in the pre-AI world. If US AI giants agree to slow progress and focus on safety, there must be an international agreement in place as well. And, even if there is an agreement in place, how do we regulate compliance? We've said it before and we will say it again: AI is the biggest technological revolution in history. This is an AI arms race that may be impossible to fully regulate.

NuScale Made $75,000 in a Quarter, UBS Sees $700M of Burn $SMR You read the same number everyone did. Now read the cycle under it: ▪️NuScale Power $SMR Cycle Decoded ▪️<Phase: 6 /Calculated Exposure Ceiling: 0%> UBS cut NuScale $SMR to Sell on September 11, citing a build timeline above 5 years, about $700 million of cash burn over 3 years and no firm customer commitments. Q2 revenue was $75,000. Cash and investments stood at $1.9 billion, and NuScale holds the only U.S. NRC design certification among small-reactor developers. The stock fell about 5% to $8.78 in the session, 5.3% lower on the month and down roughly 30% in 2026. The cash pile is $1.9 billion. The revenue line is $75,000. A $700 million burn against $75,000 of quarterly sales, and what a 5-year build is worth when the only thing certified is the design. Read more: x.com/zuriquecapital/status/…

President Trump Participates in an Arrival Ceremony, Sep. 12, 2026 x.com/i/broadcasts/1qGvveqeW…

Massive upgrade to creating, sharing and hosting sites directly through ChatGPT.

CPI day is upon us. In this time of uneven growth, war, and debt, we agree to let the data decide where markets will move next. The Federal Reserve Bank of Cleveland's "Inflation Nowcasting" (updated yesterday) shows numbers below estimates of the 17 banks. This seems promising. If the Fed's information suggests numbers lower than consensus, should we expect CPI to come in low today? But this could also be a problem. If CPI comes in hot and the Fed expected lower numbers, is a hike more likely? Personally, I don't think the threshold for a hike has been met. Rates were arguably too high for too long. The bond issue is more related to foreign and fiscal policy than monetary policy. Housing is about 40% of CPI, yet it is the worst data collected: owners' equivalent is theoretical, and data from rental contracts from 6-12 months ago lags terribly. Housing data for August 2026 should reflect market prices for August 2026. Warsh is aware of the inadequacies of Fed data, and I don't think he wants to make a policy mistake right now. In early July he said this: "My aspiration is that nine to 12 months from now we're going to be using new technologies to understand what's happening in the real economy in a contemporaneous, real-time way that positions us as central bankers to make better decisions, that we're no longer going to have to rely solely on data ​that we get from government agencies with mismeasurement problems that have surveys that are no longer relevant." "My favorite data is upon us, and if we do our jobs, we'll be here a ⁠year from now, and we'll say we've discovered data that helps us make better decisions."

Yields still going higher -- 10-Year US Treasury Note is now at 4.94%, a little below overnight highs but approaching 5% very quickly.

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$ORCL JUST REPORTED Q1 EARNINGS - Revenue: $19.3B, beating est. of $19.14B - Adj EPS: $1.92, beating est. of $1.74 - RPO: $664B (+$209B YoY) - Cloud Infrastructure: $7.4B (+121% YoY) - Cloud Applications: $4.2B (+10% YoY) - Non-GAAP Operating Margin: 42% - Free Cash Flow: -$5.4B

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One of the most amazing moments for me in OpenAI history was watching this happen over the past week:

We’re sharing a solution to the Navier-Stokes Millennium Prize Problem, one of the deepest problems at the frontier of mathematics. The proof was produced by a group of agents, using an OpenAI next-generation model significantly more capable than GPT-6 Astra. The problem concerns whether the description of smooth three-dimensional fluid motion modeled by the Navier-Stokes equations can break down. It has remained unresolved for roughly 90 years.

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