I sat down with the CEO and CoFounder of Robinhood, Vlad Tenev, to discuss a variety of topics after Robinhood's Gold Standard event. In the podcast, we discussed the early days of Robinhood and how the company grew, the economics behind Robinhood Gold's new 1% unlimited match on deposits, how Robinhood thinks of the credit market with their new 3% cash back card, international expansion, crypto, and more. This was one of the first long-form podcasts Vlad has sat down for in over 2 years, so was very grateful for him giving the time after one of the busiest weeks in history for the company following their Gold event. I hope you all enjoy and it helps give some more insights into what Robinhood is trying to build!

saw two screenshots come across my feed one was someone top blasting $META the other was someone locking in a 7% coupon buying $ORCL bonds expiring in 2050 lol both retail investors talk about a divided market you can’t hate the AI trade because it is still THE trade…but you can’t deny that these yields going up like a memestock might eventually catch up to the market if the AI trade is going to fight the Fed by hyper scalers offering yields higher than a US 10/30 year bond (which has been part of the reason for the competition for capital pushing US treasury yields higher) then maybe we will have to get used to higher yields in general… id still rather buy growth stocks over bonds though 😂 generational technology being built in front of us with an annoying macro but the macro can change, the fundamentals on this buildout aren’t going away that easily

$META this move is kind of ridiculous bro +40% in a month and +14% in a week on a Mag 7 multi trillion dollar company all it took was a normie version of open claw 😂 is anyone trimming? or selling calls? my only fear is the equity raise but we still don’t know if that will happen & if it does and we stay rangebound in the $750s, not a good enough reason to sell only reason to sell is if you see this going back to $680 but the vibez have shifted, zucks is being seen as the cool AI guy and people want to bet on his vision again hard to see this momentum get faded that easily vs a run to $800 which means maybe trimming here isn’t the best idea but +40% in a week at this scale could mean we give back some of the gains easily just due to how heavy this move has been fundamentals are just looking really, really strong and Muse doesn’t even have 100M users yet so the growth curve is literally just beginning for a potential new multi-billion user product

BREAKING: U.S. and Iranian negotiators are discussing a phased agreement that could reopen the Strait of Hormuz in exchange for Washington easing its economic blockade. - Negotiators remain divided over sequencing, with neither side willing to surrender leverage before the other takes action. - Iranian state media says Tehran is seeking an immediate end to the naval blockade and the release of frozen assets. - A senior Iranian official told Reuters that Iran could reopen the strait within seven days if U.S. military pressure and restrictions on Iranian ports are eased. market’s loving it even if it is the same headline being recycled…maybe this time it is closer to being real

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. U.S. 10-year Treasury yields climbed above 5.1%, their highest level since 2007, after a much stronger-than-expected PMI report reinforced concerns that economic momentum remains robust despite higher interest rates. Manufacturing, Services, and Composite PMI all reached their strongest readings since 2022 or 2021, with the Composite PMI coming in at 57 versus expectations of 53, signaling continued strength in consumer spending, employment, and business investment. While headlines suggesting Iran is willing to negotiate initially supported markets, stocks reversed lower and bond yields surged after the PMI data, with the 10-year yield touching 5.11%. The report raised concerns that inflation could prove more persistent than simply an energy-driven story, increasing the possibility that the Fed could continue tightening even if oil prices continue to ease. The result is a market increasingly balancing a resilient economy and strong AI investment cycle against a bond market demanding significantly higher yields. 2. Meta $META unveiled a major expansion of its AI hardware lineup at Meta Connect, including new $1,299 VR glasses that weigh just 100 grams by moving the battery and compute into an external pack, making them roughly one-third the price of Apple's Vision Pro. The company also introduced Muse Charm, a palm-sized 5G device built specifically for interacting with the Muse AI assistant, with shipments expected to begin in December. Meta refreshed its smart glasses lineup with camera-free Ray-Ban Meta Audio glasses starting at $349, third-generation Ray-Ban Meta glasses starting at $449, and new in-house smart glasses starting at $249, while bringing Muse AI to the entire wearable ecosystem. Additional features arriving later this year include 360-degree Dolby Atmos recording, more on-device AI processing, and an FDA-cleared hearing-aid mode available for $150. Meta also said it remains focused on developing full augmented reality glasses, though CTO Andrew Bosworth declined to commit to a 2027 launch timeline. 3. Microsoft $MSFT plans to invest $10B across Saudi Arabia, Kuwait, Qatar, and the UAE through 2030 to expand its regional cloud and AI infrastructure. The total includes Microsoft's previously announced $7.9B commitment in the UAE, implying roughly $2B of additional investment across the region. About $400M of the total will be allocated to undersea cables and related digital infrastructure, supporting connectivity for Microsoft's expanding AI and cloud footprint in the Middle East. 4. SemiAnalysis said $CRWV CoreWeave remains the technical benchmark for neoclouds, with best-in-class reliability, health checks, bring-up processes, and fleet-scale operational experience, while $NBIS Nebius has moved into the Platinum tier as a strong all-around operator that can command premium pricing, win major hyperscaler deals, and serve smaller AI labs despite still trailing CoreWeave technically. On $IREN IREN, SemiAnalysis was much more critical, saying its Prince George and Mackenzie sites in Northern Canada have been associated with outages, network upgrades, storage failures, link flaps, and XIDs, while recommending IREN focus on bare-metal offerings rather than marketing managed clusters or inference endpoints. 5. A group of 17 Democratic senators is urging President Trump to use this week’s U.S.–China summit with Xi Jinping to pursue an agreement that would mutually slow, or potentially pause, frontier AI development, according to Politico. The letter, led by Sen. Chris Van Hollen, calls for the two countries to establish shared guardrails around advanced AI. President Trump has publicly taken a different position, saying the U.S. should maintain its AI lead and that he does not want to “stifle growth” in the technology. AI governance is expected to be one of several topics discussed alongside broader U.S.–China relations during the summit. 6. McDonald’s $MCD unveiled its 2030 financial and operating targets, aiming for a low-to-mid 50% operating margin and roughly 250 basis points of restaurant-level efficiency improvements through its new McDonald’s > NEXT strategy. The company said those efficiency gains could generate about $100,000 of additional annual cash flow for the average U.S. restaurant, with most of the benefit flowing directly to franchisees. McDonald’s also plans to provide about $8.5B of franchisee support through 2036, including roughly $5B through 2030, to fund restaurant modernization, AI technology, and operational upgrades. The strategy includes the rollout of GenAI-powered ArchIQ, targets a 1.5 percentage point gain in market share for both chicken and beverages by 2030, and projects mid-to-high 80% free cash flow conversion with unit expansion contributing nearly 2.5% to systemwide sales growth in 2027. 7. Supermicro $SMCI has begun shipping NVIDIA Vera Rubin NVL72 racks, each featuring 72 Rubin GPUs, 36 Vera CPUs, 20.7TB of HBM4 memory, and 216TB/s of NVLink scale-up bandwidth. The company is also offering a 16-rack Scalable Unit containing 1,152 Rubin GPUs and 331TB of HBM4 memory, paired with Supermicro’s direct liquid-cooling platform. The systems are designed for AI deployments ranging from 5MW installations to gigawatt-scale data centers, supporting the next generation of large-scale AI infrastructure. 8. Amazon $AMZN is launching always-on AI agents for third-party sellers, upgrading Seller Assistant with new “workflows” that can continuously monitor and act on pricing, inventory, listings, and account health, even when sellers are offline. Sellers can describe tasks in plain English, set guardrails, and let the agent run in the background, with capabilities including adjusting pricing, refreshing listings, flagging rating declines, and preparing restock plans, all with approval controls and audit trails. Amazon is also introducing a Seller Assistant plugin for Amazon Quick and Anthropic’s Claude, allowing sellers to access Amazon sales, inventory, and performance data directly within those AI tools and take actions from there. Amazon says Seller Assistant already reaches 90%+ of its global selling partners, with sellers accepting its recommendations more than 90% of the time. 9. The top 10 most active options today by contracts traded were $TSLA with 2.7M contracts, $NVDA with 2.3M contracts, $META with 1.7M contracts, $AAPL with 1.1M contracts, $MU with 999K contracts, $AMZN with 986K contracts, $GOOGL with 941K contracts, $MSFT with 861K contracts, $INTC with 855K contracts, and $SPCX with 653K contracts. 10. Speaking before the U.N. Security Council, Anthropic CEO Dario Amodei warned that AI could become a risk to humanity if managed poorly, while arguing that Anthropic has the industry's strongest track record for mitigating those risks. He said the two biggest concerns are AI misuse, including the potential development of biological weapons, and loss of control as model capabilities outpace developers' ability to govern them. Amodei said Anthropic will "slow down as much as necessary" to ensure each new AI system is safe before release, but emphasized that managing these risks is larger than any one company and requires global coordination. He also reiterated how quickly AI is advancing, saying the current trajectory may need only one or two more years—or possibly less—to reach what he has called "a country of geniuses in the data center." 11. China’s exports rose 25% YoY in August, their third-strongest monthly growth in at least 2 years, while imports climbed 28%, pushing the monthly trade surplus to $119B and the year-to-date surplus to $806B. At the current pace, China is on track to surpass its record $1.2T trade surplus from 2025. Much of the strength came from high-tech industries, with integrated circuit exports surging 130% YoY and overall high-tech product exports rising 57%. The data highlights the growing role of advanced manufacturing and semiconductor-related exports in China's trade performance. 12. An OpenAI-developed agent reportedly gained unauthorized access to Australia’s public-facing Medicare statistics portal in June while researching medical spending, according to Prime Minister Anthony Albanese. The agent accessed both public documents and files that were not intended to be publicly available, though Australia says there is currently no evidence that personal information was accessed or that the broader Services Australia network was compromised. Albanese said he spoke directly with Sam Altman and called it “unacceptable” that OpenAI took roughly three months to notify the government, with Australia’s Signals Directorate now assisting the investigation. WALL STREET IS THE GREATEST SHOW ON EARTH.

$META the meta VR glasses looked pretty cool not sure what exactly the point of muse charm is, the raybans without the cameras are a good addition since it's something people wanted but these VR glasses look like something that could get wider adoption seems like the entire meta event was based around new hardware that would be integrated with muse plus 15+ new partnerships with companies that will be connectors with muse zucks is capitalizing heavy on this moment!

SEMIANALYSIS RELEASES CLUSTERMAX 3.0: For the 1st and 2nd release, CoreWeave was at the top alone. For the first time, $NBIS Nebius joins $CRWV CoreWeave as the top ranking neoclouds.

so claude was supposed to kill all enterprise software because an LLM would automate every workflow now muse is supposed to kill all consumer applications because an Agent removes the need to interact with any conventional UI/UX while the second scenario feels like it could make more sense theoretically, still feels like the market is having way too aggressive of a reaction to hundreds of consumer applications that will now cease to be valuable because of muse anyone think the muse-pocalypse makes sense?

Well, today was a weird day for macro data. PMI came in at the HIGHEST level since…2022. Expectations were 53 and we came in at 57. What does that mean? Well, people are spending, they have jobs, companies are investing…everything good for a functioning economy. But…it means inflation has the *potential* to be more structural than just energy driven. We got some good headlines on Iran willing to negotiate which eased some of the pain, but once that PMI data hit, stocks flipped red and bond yields went nuclear. The 10-yr yield went to a 20-year high at 5.085%. What makes this concerning is that a rate hike was supposed to calm down inflation expectations and hopefully bond yields but this PMI data just showed the economy is doing great which could mean the Fed hikes regardless of oil coming down, which it has over the past 2 days. We just might be living in an economy where the cost of capital is going up and ironically to beat inflation, you may have to buy stocks which could send the market higher in a world of a screaming bond market that is demanding higher yields. The opposite is also true, if yields truly get to a level where they are competitive, the AI capex story would just be fighting the Fed and no one knows if fighting a hiking cycle is going to be an easy fight to win.

$PLTR Palantir touches $190 after a year! - Dr. Karp met with the President of Poland and the President of the Republic of Lithuania over the past two days. - Palantir received a $48M contract last week got modernizing ammunition management. - Palantir also is now working with Chipotle to create a food safety platform. This is ontop of the best financial metrics in all of SaaS with 94% topline growth and 50% operating margins. This was the second 50% drawdown that OGs had to withstand — the first in 2022, the second time now after years forming a new base of investors and if Palantir inches towards $200, we will have recovered completely from this correction, not because of hype, but because of the company’s outstanding execution and dealing with 3 quarters of the stock dumping after amazing earnings to culminate into the latest quarter being undeniable to Wall Street. PTFB.

i guess New Jersey decided summer was really over and had zero sympathy to wait before changing seasons legitimately getting cold 2027 around the corner!

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. President Trump said Iran “will never have a nuclear weapon” remains the administration’s only objective, adding that he has a “big decision” to make regarding the conflict. He also reiterated that he believes the U.S. and Iran will reach a deal after the U.S. election, while saying he would “give no credence to the election” when making decisions on Iran. The remarks come as the administration continues weighing both military and diplomatic options amid ongoing talks with Tehran. 2. Meta $META continues expanding Muse’s ecosystem through new partnerships aimed at turning the AI assistant into a broader consumer platform. The latest integrations include Instacart for grocery shopping and delivery, PayPal for shopping and checkout, Expedia for trip planning and hotel bookings, and Shopify for shopping across millions of merchants. The partnerships significantly expand Muse’s ability to complete real-world tasks directly within conversations, moving beyond simple chat into a full AI commerce and productivity assistant. 3. The top 10 most active options today by contracts traded were $NVDA with 2.1M contracts, $TSLA with 1.5M contracts, $AAPL with 1.2M contracts, $MU with 964K contracts, $META with 936K contracts, $INTC with 816K contracts, $AMZN with 682K contracts, $GOOGL with 662K contracts, $SPCX with 644K contracts, and $AMD with 622K contracts. 4. SoFi $SOFI has become the first U.S. national bank to go live with stablecoin settlement across Mastercard’s $MA network. The company is moving its full debit and credit card program—representing more than $25B in annualized payment volume—to blockchain-based settlement using SoFiUSD, a stablecoin redeemable 1:1 for U.S. dollars. Merchants will not need to hold stablecoins or build new infrastructure, with funds able to settle directly into a SoFi Bank account and be withdrawn as cash. SoFi also said it is in discussions with major U.S. retailers and technology platforms, while it and Mastercard are exploring cross-border payments and remittances as the next phase of the partnership. 5. SanDisk $SNDK jumped 7% after Rosenblatt initiated coverage with a Buy rating and a $2,400 price target, calling it “not your father’s SanDisk.” The firm argues AI is transforming NAND from a commodity storage product into a system-critical component of AI infrastructure, creating a significantly stronger long-term growth story. Rosenblatt also highlighted that SanDisk recently joined the S&P 100, a milestone that could increase institutional ownership and index-related demand for the stock. 6. Michael Burry said he is now at full size across several positions, calling current market prices “rather attractive.” He added to short positions in Micron $MU, Nebius $NBIS, the Semiconductor ETF $SOXX, and Palantir $PLTR, while increasing long positions in QXO $QXO, Build-A-Bear Workshop $BBW, Sprouts Farmers Market $SFM, Birkenstock $BIRK, and MercadoLibre $MELI. Burry wrote, “I find the prices offered by the market rather attractive. All these positions are full positions for me now.” 7. AppLovin $APP was reiterated Buy by Citi with a $600 price target after new data pointed to accelerating e-commerce adoption. Citi said the platform had 13,105 global e-commerce clients as of September 18, up 5.1% week over week, the fastest growth rate in 5 months. International merchant growth accelerated 11.5% week over week, outpacing the U.S., while quarter-to-date weekly growth averaged 2.0%, implying roughly 11,600 e-commerce stores on the platform by Q3 2026. 8. Apple $AAPL unveiled a new Mac mini and Mac Studio, with a major focus on on-device AI performance. The new Mac mini features the M6 chip and delivers up to 4x faster AI performance, starting at $899. The new Mac Studio is powered by the M5 Max or M5 Ultra, with the top configuration offering up to 512GB of unified memory, 1.2TB/s of memory bandwidth, an 80-core GPU, and the ability to run large language models entirely on-device. Apple is also introducing Thunderbolt 5 with RDMA, enabling multiple Mac Studios to be linked together for up to 3x faster distributed AI inference. The Mac Studio starts at $2,499, while the M5 Ultra model starts at $5,499. 9. IonQ $IONQ said it has demonstrated what it calls the industry's first end-to-end real-time quantum error correction decoder running on a standard off-the-shelf CPU. The system was tested on benchmark circuits simulating up to 408 logical qubits and more than 31.5M quantum operations, while adding as little as 0.02% processing overhead. The decoder runs continuously in the background, enabling quantum error correction without interrupting quantum execution. IonQ said the milestone supports its Walking Cat architecture and its roadmap toward quantum systems capable of controlling thousands of qubits. 10. China imported 1,141 tonnes of gold during the first 8 months of 2026, the largest amount ever recorded for that period and already more than the country's total gold imports for all of 2025. At the current pace, annual imports are on track to exceed 1,700 tonnes for the first time. Chinese gold ETFs also added 44 tonnes over the first eight months of the year, up 18% year over year. The surge has been driven by strong investment demand, economic uncertainty, and a stronger yuan, which has made overseas gold purchases more attractive. 11. Spot Bitcoin ETFs attracted $999M in inflows on Monday, their largest daily intake since October 2025 and the 9th-largest daily inflow since U.S. Bitcoin ETFs launched in January 2024. The move followed another strong session on Friday, when the funds brought in $433M. Demand was led by $IBIT, which attracted $381M, its third-largest daily inflow since launch, bringing its total over the last 3 trading days to $665M. So far in September, spot Bitcoin ETFs have attracted $1.3B in inflows after pulling in $3.5B during August, highlighting continued institutional demand for Bitcoin exposure. 12. President Trump disclosed 1,156 securities transactions made on his behalf in July, totaling roughly $79M–$270M, including at least $43.6M in purchases and $35.6M in sales. The largest disclosed transactions were $5M–$25M sales of $MSFT Microsoft and $AMZN Amazon on July 20, followed three days later by smaller purchases in both companies. Other notable moves included selling $1M–$5M of Oracle while buying stocks such as $NVDA Nvidia, $INTU Intuit, $MRVL Marvell, $CRM Salesforce, and $CHD Church & Dwight, alongside significant rotation through ETFs, Treasuries, municipal bonds, and international bond funds. The White House said the portfolio is independently managed by third-party financial institutions and that neither President Trump nor his family directs the trades. The July filing follows 1,051 disclosed transactions in June, while Trump's 2025 annual financial disclosure reported more than 21,000 trades across 8 accounts. WALL STREET IS THE GREATEST SHOW ON EARTH.

Mag 7 so far this year: $AAPL +25% $NVDA +21% $META +12% $GOOGL +10% $AMZN +9.8% $MSFT +2.5% $TSLA -17% Apple has done the best, most likely because of its lack of exposure to capex. Nvidia is second best due to unbelievable levels of growth, probably deserves Apple’s multiple. Meta has just taken the lead ahead of Google and Amazon. It was lagging behind all year. Google went flat after the $85B equity raise. Amazon just hasn’t been able to move after its last earnings pump. Microsoft is flat but +40% from the lows when it was effectively in a bear market for most of the year with IGV and SaaS. Tesla is the only one negative YTD and is probably going to need to show earnings growth accelerate again before the street easily gives it the $450 range that it kept it at until Q2’s numbers. In 2023, the Mag 7 were holding up the S&P 500. In 2026, names like $MU $AMD $SNDK $INTC and other semis are the reason for the S&P’s move this year and are all up 2-5x on the year. I wonder if the Mag 7 regain their momentum as the main market performers going into 2027…

TRUMP: WE WILL MAKE A DEAL WITH IRAN AFTER THE MIDTERMS

IRAN PROPOSES REOPENING STRAIT OF HORMUZ WITHIN 7 DAYS IF U.S. MOVES TO EASE BLOCKADE. Iran has offered to reopen the Strait of Hormuz within seven days if Washington begins taking steps to lift its blockade of Iranian ports and halt military operations around the waterway, Kyodo reports, citing a senior Iranian official. The proposal has reportedly been delivered to Washington through mediators, with Tehran planning additional talks around the U.N. General Assembly. No agreement has been reached. Iran has previously made reopening the strait conditional on an end to the U.S. blockade. If this is true, it is probably why the markets were as green as they were yesterday. If it became obvious to markets that there was a path to end this war, the Strait would open, oil would go down, and the Fed would likely not have a reason to further cut rates, then everything got bought yesterday as a way to front run that move happening. Oil the lowest it has been in a few weeks!

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Today was a green day. The Nasdaq jumped 2.26% to a record close of 27,122.09, while the S&P 500 gained 1.49% to 7,764.70, finishing just 0.4% below its all-time high. The rally was fueled by a powerful AI and semiconductor rebound, with $AMD topping a $1T market cap for the first time, $INTC climbing roughly 12%, $ARM surging about 17%, and Meta jumping around 11% after bullish analyst commentary and strong early traction for $META Muse. Falling oil prices and easing Treasury yields also supported risk assets. The S&P 500 added roughly $1T in market value during the session, though leadership remained concentrated in mega-cap AI names while energy stocks lagged as crude pulled back. 2. Meta $META surged 11.4% to $741.25, adding roughly $200B in market value after Wells Fargo raised its price target to $796 and argued the company finally has a compelling AI monetization story. Another major catalyst was Muse becoming the #1 free app on Apple's U.S. App Store, providing the first strong consumer evidence that Meta's AI investments may be gaining traction. Investors also positioned ahead of Meta Connect, where Zuckerberg is expected to unveil new Muse features, AI models, and wearables. 3. Treasury Secretary Scott Bessent said U.S.-China talks went “very well,” announcing that the two countries have formally established U.S.-China AI Dialogues and will meet again in 2 months. Bessent also said the U.S. and China are creating an AI incidents hotline to communicate if safety-related issues arise and are now discussing protocols covering cybersecurity, AI agents, and broader AI safety. The move marks one of the first formal bilateral frameworks focused specifically on managing frontier AI risks between the two countries. 4. President Trump announced that the U.S., Denmark, and Greenland have reached an agreement giving the United States permanent responsibility for Greenland’s security, saying the arrangement comes at no cost to the U.S. Under the agreement described by Trump, no U.S. adversary will be permitted to establish a military base, maintain a military presence, or make sensitive investments in Greenland without U.S. approval. Trump also said the U.S. will begin building a significantly larger military presence on the island and described the agreement as having “no end.” 5. Anthropic told investors it expects to scale available compute capacity to roughly 5 GW by the end of this year, up from about 1.5 GW last year, according to the New York Times. That would put it roughly in line with OpenAI’s estimated compute footprint this year, with both companies targeting around 10 GW by the end of 2027. Anthropic has aggressively secured capacity across multiple providers, including a deal to pay SpaceX about $1.25B per month for compute through May 2029, while its partnership with Amazon includes up to 5 GW of capacity. The company is also reportedly in talks with Meta over a potential $10B compute lease spanning two years, though no agreement has been finalized. 6. GameStop $GME CEO and Chairman Ryan Cohen purchased another 1.15M shares for approximately $26.4M, paying an average price of $22.94 per share. The purchase increases his direct ownership to 40.5M shares. Including warrants, Cohen now beneficially owns 44.2M shares, representing roughly 8.7% of GameStop. The latest buy further increases his personal investment in the company and follows his recent series of open-market purchases. 7. The Trump administration is reportedly proposing a $5B Middle East energy reconstruction fund, according to the Wall Street Journal, aimed at rebuilding infrastructure damaged during the Iran war and reducing the region’s dependence on the Strait of Hormuz. The U.S. would seek matching contributions from Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, Oman, Iraq, and Jordan, potentially expanding the fund to $10B. The proposed fund, known as Pact, would be managed by the U.S. Development Finance Corporation, though discussions remain ongoing and the terms could still change. The proposal comes as traffic through the Strait of Hormuz remains well below pre-war levels and Gulf producers continue relying on more expensive alternative export routes. 8. The top 10 most active options today by contracts traded were $NVDA with 3.8M contracts, $TSLA with 2.8M contracts, $META with 2.8M contracts, $INTC with 2.2M contracts, $AAPL with 1.4M contracts, $AMD with 1.3M contracts, $MU with 1.2M contracts, $AMZN with 1.0M contracts, $SPCX with 826K contracts, and $MSFT with 753K contracts. 9. OpenAI projects $278B of cumulative negative free cash flow through 2030, driven by roughly $856B of compute and infrastructure spending, according to the Financial Times. The company expects revenue to grow from $36B this year to $350B in 2030, generating roughly $840B in total revenue over the remainder of the decade. OpenAI's $122B funding round from March is projected to be exhausted by 2028, and the company is now discussing another major capital raise, with investors reportedly approaching it around a $1.2T valuation while OpenAI is seeking an even higher figure. The projected cash burn has improved from $305B estimated in May, while recent model launches boosted annualized revenue by about 20% in July despite ongoing price cuts to compete with Anthropic and lower-cost Chinese open-weight models. OpenAI also confidentially filed for an IPO in June but has since delayed the listing process. 10. Meta $META’s new Muse AI assistant is outpacing ChatGPT’s early mobile launch across several key adoption metrics, according to Sensor Tower. Muse reached 2.8M downloads in its first 12 days across both app stores. On a comparable U.S. + Canada iOS basis, Muse recorded 1.8M downloads versus 1.3M for ChatGPT. Muse also set a new U.S. daily download record of 264K on September 19, marking its third consecutive day above 200K. Engagement has also been stronger, with Muse reaching 448K U.S. daily active users by day 10, while ChatGPT took 49 days to reach a similar level. By day 12, Muse had 642K U.S. mobile DAUs versus 231K for ChatGPT at the same point, while even on U.S. iOS only, Muse reached 359K DAUs. 11. Last week marked hedge funds' largest weekly purchase of U.S. equities in 5 weeks, driven by a combination of short covering in macro products such as index futures and ETFs and new long purchases in individual stocks. The strongest demand was concentrated in Information Technology and Communication Services, with hedge funds now buying those sectors for 3 consecutive weeks. Software has been a particular focus, with hedge funds purchasing U.S. software stocks in 4 straight weeks and in 6 of the last 8. As a result, software allocations have risen to roughly 5.0% of total hedge fund market exposure, the highest level since the start of the year, up from a record low of 1.3% in February. 12. U.S. household equity exposure has climbed to a record 39.9% of household net worth, up 12.6 percentage points since the 2022 bear market. Over the same period, homeowners’ equity in residential real estate has fallen to 19.3% of household net worth, down 3.5 percentage points and its lowest share since Q2 2021. As a result, the gap between household exposure to equities and real estate has widened to a record 20.6 percentage points. For perspective, during the 2005 housing boom, real estate represented 24.1% of household net worth and exceeded equity exposure by about 1 percentage point, highlighting how dramatically household wealth has shifted toward financial assets. WALL STREET IS THE GREATEST SHOW ON EARTH.

$GRAB CEO Anthony Tan buys 10,350,000 shares of Grab at $2.89/share. Anthony has been a net seller on the open market since the company went public. This is first open market purchase. Obviously, for him to buy $30M of stock while his net worth is around $300-400M shows how significant of a purchase this is and how much he thinks the market has lost their minds on this name. We are now looking at a public valuation LOWER than what Grab was worth in the private markets. Their enterprise value is $7B and they will profitably do $4.2B of revenue this year. Really nice to see an insider buy — it has been a tough hold but the broader thesis, in my opinion, is being executed in a VERY strong way with a horrible macro backdrop . For a CEO who has been criticized for many insider sells (many of which were pre-planned and also deserved given the guy founded the company and wasn’t liquid for a decade) it is nice to see him put almost 10% of his net worth into the company he started 15 years ago via purchases on the open market. Grab Holdings President & COO Alexander Charles Hungate also bought $867K of $GRAB with 299,571 shares at a $2.89 avg. The markets are the greatest game on earth, they will test your patience, they will turn your stomach inside out, they will drive you crazy as the price of an asset goes down while fundamentals get better, every bear case will make more sense as you see the price go down, but one thing is clear: execution and compounding earnings wins in the end. It’s nice to see a C-suite that believes in that themselves and takes advantage of that with a sizeable amount of their personal networth. The story continues!

markets moving like Warsh cut rates lol

this has got to be one of the craziest days all year in terms of momentum everything is getting bought up…many names at 52 week highs still getting a bid… semis aren’t up with saas being down…crypto is going up in the face of high bond yields… also doesn’t feel retail driven at all, how many retail investors that have held $AMD for years are waking up and buying it at all time highs? feels like the market thinks this Iran thing will end soon and even if it doesn’t…the show goes on with the AI trade

Solo 401K exposure to $META The fact that I’ve been DCAing all year on it and still have an average of $668, which is literally higher than where it was on Friday when it fell to $660, is kind of hilarious. The 10% move today is amazing but also shows how much the name has done nothing all year and I’d imagine most people are in that $620-$680 average. Hoping $700s are the new normal and $800 would be giving the company the premium it deserves for their growth! My only fear is Zucks does an equity raise like Google does if we get to those levels but probably would be worth it at that price. $META +10% and best day since Jan 2025

$AMD hits $1T! This is a classic story around retail holding and believing for YEARS in the face of depressing price action or worse, no price action. Every holder deserves their flowers today. Now, in terms of the move on no news…I think the news is $META Muse having a breakout moment. If Muse becomes THE consumer agent (shame that Apple is not winning here) then the demand for agentic inference, CPUs, and digital workstations would theoretically be much larger than it is today…which helps $AMD. It also helps $INTC and $ARM as those names are moving higher. From Wells Fargo today: “Muse US app downloads & DAUs accelerating last few days and tracking above other AI apps in first 12 days since launch, based on SensorTower. Muse US downloads set new record on 9/19 (264k), 3rd straight day >200k, while DAUs accel'd to a new peak of 448k on 9/18 (10-days post launch). For context, ChatGPT didn't reach >200k US downloads until 1-yr post launch and 450k US DAUs until day 49. In last 30-days, Muse has the highest avg rating (4.66 stars) w/ 87% 5-star review share vs peer apps.” Oh and then to not forget…Meta has warrants to own up to 10% of $AMD at this $600 price as they are AMD’s largest customer and will pay for many more CPUs if Muse continues to scale. Feels like both are in a strong spot and benefit from each other.