Fast, accurate, consistent stock market news, earnings highlights & more. By Brillinsight. Not financial advice.
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I’ll be attending @NVIDIAGTC in Berlin for the first time. Should be a great event
I’ll cover the event, including new announcements from $NVDA & its partners, along with NVIDIA CEO Jensen Huang’s keynote on Oct. 21.
If you’re planning to attend too: nvda.ws/4xj95HD
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TRUMP REPORTEDLY REJECTS IRAN’S 7-DAY CEASEFIRE OFFER, WON’T LIFT NAVAL BLOCKADE - WSJ
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Microsoft CEO on the AI agent opportunity:
“This is probably the biggest TAM expansion ever.”
“The cloud business was orders of magnitude bigger because people consumed more. I think the agent era will be even bigger than the cloud by orders of magnitude.”
h/t @alexeheath
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$META's Muse announced a partnership with Plaid to bring financial account connectivity into its AI agent.
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OURA IPO IS ~4X OVERSUBSCRIBED
Smart ring maker Oura’s IPO has received roughly four times as many orders as shares available, per Bloomberg, with banks expected to stop taking orders Monday afternoon.
Oura and existing shareholders are offering 50M shares at $40-$44 each, raising up to $2.2B. Of that, Oura itself is selling 13.5M shares, while existing holders including Forerunner Ventures and Lifeline Ventures are selling 36.5M.
At the top of the range, Oura would carry a ~$14.1B market value and roughly $15B fully diluted valuation.
The IPO is expected to price Sept. 29, with shares set to trade on Nasdaq under $OURA.
The deal could also become the first U.S. IPO to raise more than $1B since July, despite several recent listings being postponed amid weaker market conditions.
Source: Bloomberg
Oura is "ringing" the opening bell next week. Traders on Liquid are already pricing it 21% above its proposed IPO price.
What is that premium pricing in?
Oura, the maker of smart rings that track sleep, activity and other health metrics, is expected to go public next week at a proposed $40–$44 per share. The perpetual reflects traders’ expectations of opening prices once public.
The S-1 filing shows substantial growth. For the nine months ended June 30, 2026:
> Revenue: $1.21B, up 74% year over year
> Membership revenue: $240.5M, up 121%
> Paid members: 5M, double a year earlier
> Gross margin: 55%, up from 51%
> Net income: $60.8M
But there’s a valuation question.
Compared with previous consumer-health IPOs, Oura’s $51 implied price represents roughly 11.5× trailing revenue, versus 4.2× for Fitbit and 8.9× for Peloton at their IPO prices.
Think that valuation is too high? You can short Oura’s pre-IPO perpetual on Liquid. Think its growth justifies a higher price? You can go long.
Retail investors typically have limited access to private-company shares before an IPO. Pre-IPO perpetuals offer a way to trade those companies’ implied prices now, without securing an IPO allocation, finding a secondary-market seller or owning the underlying shares.
And the IPO pipeline is expanding. AI infrastructure company Nscale filed its S-1 on September 18, and more companies are expected to come to market soon.
Oura, Anthropic and OpenAI pre-IPO perpetuals are available on Liquid, with more planned as markets become available.
You don’t have to wait for the opening bell to trade your view.
Trade your view now here:
app.liquid.trade/trade/xyz:O…
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Neobanks are great businesses that are easy to run.
Today, you can create your own in 15 minutes on Whop:
whop.com/blueprints/neobank
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> Be Ayush Sharma
> Watches company running HR on software so complicated they had actual certification programs to learn to use it
> Decide HR platforms shouldn’t require humans to operate the software at all
> Build one system across payroll, benefits, HRIS, IT provisioning, tax compliance in 10,000+ jurisdictions, and contractor payments in 150+ countries
> Get SOC 2 certified
> Land Corgi, Bland, and Greptile as customers
> Save customers over $100M in penalties, combined
> Raise $85M
> Launch the first AI Head of HR
We’ve raised $85M for this moment.
Introducing Warp 2.0: The first AI Head of HR.
Every company is building AI to replace jobs. Warp is building AI to do the jobs no human should have to:
If you work in HR, I want you to spend time with the manager who needs help or building company culture people actually want to work at.
If you’re a founder, I want you to focus on signing clients or spending time with your family.
You shouldn’t have to figure out how to register state tax in California. You shouldn’t have to pay outrageous penalties because you don't know what a DE 9C is.
I want to make HR human again. Today, this is finally possible with the Warp Agent.
I’d love for you to see it in action: warp.co/agent
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Solidigm’s IPO could become the largest-ever U.S. semiconductor listing.
Past IPO valuations:
Astera Labs ’24: $5.5B
Mobileye ’22: $16.7B
GlobalFoundries ’21: $26B
Arm ’23: $54.5B
Cerebras ’26: $56.4B
Solidigm ’27: up to $150B, raising ~$15B.
SOLIDIGM EYES $150B IPO
SK Hynix is considering taking its U.S. storage subsidiary Solidigm public as early as 2027 in an IPO that could raise about $15B and value the company at up to $150B, per Reuters.
Solidigm was created after SK Hynix acquired Intel’s NAND memory and SSD business for roughly $9B and combined those operations into a standalone U.S. subsidiary.
The company sells enterprise SSDs used in servers, cloud infrastructure and AI data centers, with a growing focus on high-capacity storage for AI workloads.
Solidigm has already begun meeting with investment banks for potential IPO roles, marking an early step toward a listing that could become the largest-ever U.S. semiconductor IPO.
SK Hynix has also been exploring ways to expand Solidigm, including a possible U.S. NAND manufacturing plant, with upstate New York reportedly under consideration.
Source: Reuters
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Trump says Scott Bessent will not become Super Intelligence czar and will remain Treasury Secretary.
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SOLIDIGM EYES $150B IPO
SK Hynix is considering taking its U.S. storage subsidiary Solidigm public as early as 2027 in an IPO that could raise about $15B and value the company at up to $150B, per Reuters.
Solidigm was created after SK Hynix acquired Intel’s NAND memory and SSD business for roughly $9B and combined those operations into a standalone U.S. subsidiary.
The company sells enterprise SSDs used in servers, cloud infrastructure and AI data centers, with a growing focus on high-capacity storage for AI workloads.
Solidigm has already begun meeting with investment banks for potential IPO roles, marking an early step toward a listing that could become the largest-ever U.S. semiconductor IPO.
SK Hynix has also been exploring ways to expand Solidigm, including a possible U.S. NAND manufacturing plant, with upstate New York reportedly under consideration.
Source: Reuters
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A U.S. appeals court has allowed the Pentagon to keep Anthropic blacklisted from military contracts for now, after the Defense Department labeled the company a national security risk.
Anthropic says it disagrees with the ruling and may seek further review.
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Satya Nadella wants to bring Autopilot, Microsoft’s AI “chief of staff,” into your personal life:
“Autopilot should also go to the consumer side.”
Built on a hardened version of OpenClaw, it is designed to keep working continuously on tasks you delegate:
“You can give this Autopilot an identity, a computer and a workspace and some direction, and it goes off and has memory, and it’ll work on a continuous basis.”
At work, that could mean an agent managing invoices while you interact with it through Teams like another colleague. Nadella says Microsoft has spent the past four or five months hardening the sandbox and building out security and governance.
For consumers, he says trust will be just as important:
“The day you suddenly have your consumer agent do things that you never expected it is the day you stop using it.”
He also sees consumer agents potentially cutting out today’s middlemen, while enterprise agents could create a market bigger than cloud “by orders of magnitude.”
Source: Sources / @alexeheath
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Iran 🇮🇷 has sent a seven-day proposal through Qatari mediators to reopen the Strait of Hormuz if the U.S. 🇺🇸 lifts its blockade, with talks reportedly moving into a technical phase. - CBS
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Satya Nadella on the growing backlash against data centers, and what 20 years of Microsoft’s presence has done for Quincy, Washington:
Over that period, Nadella says:
Tax revenue: ~12x
Microsoft employment: ~1,000+ people
“Ultimately, if you’re contributing to the local economy and doing it in a way that benefits the people there, I think we’ll have the permission.”
h/t @dee_bosa
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Full Interview:
The new Copilot is Microsoft’s bet that the AI race is moving from models to products.
It doesn’t need to own the best model if Copilot can choose among them and keep the customer inside Microsoft.
The potential secret weapon is Autopilot (what I’ve been calling Muse for Business). It knows your workflows, sits across the apps and data you already use, and keeps working even when you step away.
It’s a preview of the battle to come in enterprise AI. OpenAI and Anthropic are racing from models into products. Can they build their own version of this? And can they match Microsoft on the boring-but-critical stuff: permissions, identity, auditability and control, as agents become more autonomous?
My full conversation with @satyanadella. We also talk open vs. closed models, US-China Summit, regulation and the infrastructure buildout.
00:00 Microsoft’s new Copilot
02:02 Why not just give us Autopilot?
05:18 Who pays for always-on AI?
08:06 Copilot picks the model
10:27 Chinese models and OpenAI’s lead
12:04 Competing with OpenAI and Anthropic
13:17 US–China AI talks
16:11 Does AI need new rules?
18:05 The data center backlash
20:40 Is AI being overbuilt?
23:44 Keeping humans in control
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Jensen Huang on AI regulation and who should shut down unsafe labs:
The companies themselves should if they genuinely believe they can’t control what they’re building.
“The government should have a say and regulate. You just got to focus on what you want to regulate.”
But on the problems we’re seeing today, Jensen says regulation isn’t necessarily the immediate answer:
“What the current situation needs is technology.”
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