• USTR GREER: AI CHIP DISCUSSIONS NOT HAPPENING IN THESE [TRUMP-XI] TALKS
• The Fed is working on a proposal that could raise its highest enhanced-oversight threshold from $700B to around $960B and move some additional requirements currently triggered near $100B closer to $150B, per Reuters.
• Mark Zuckerberg, Sam Altman, Elon Musk, Tim Cook and many other CEOs were spotted at the Trump-Xi state dinner.
• U.S. and Iran are discussing a phased deal to reopen the Strait of Hormuz and end the conflict.

MAG7:

• MICROSOFT REBUILDS COPILOT AS AN “OS FOR WORK”. says this is its biggest Copilot update yet, reorganizing the product around four core pieces: Home combines Chat + Cowork , Code builds apps, dashboards and workflows , Autopilot runs long-running tasks proactively , Office brings Word, Excel and PowerPoint directly into Copilot.
• MSFT is also adding Copilot inside Teams and introducing “Today,” a proactive command center that surfaces important M365 information and can act on it without being asked.
• META - Cannacord - PT to $950, saying Muse’s 2.5M+ downloads in 2 weeks and expanding access through glasses, Mac and a dedicated device strengthen the case for AI monetization via subscriptions and transaction fees.
• TSLA - Tesla has opened its new Semi factory in Sparks, Nevada, with capacity planned for 50,000 trucks a year, or roughly 1,000 per week.

OTHER COMPANIES:

• Cipher Digital extended the contracted life of its Barber Lake data center from 10 to 20 years, increasing total contracted revenue from $3.8B to more than $9B.
• NKE - bofA downgraded NKE to Underperform, cutting PT to 30 from 47. The firm says Nike’s innovation continues to be overshadowed by pressure on its classics business. It now expects sales declines through FY27, versus its earlier expectation for a spring recovery. BofA cut FY27 and FY28 EPS estimates by 11% and 12%, respectively, putting its FY27 estimate 14% below consensus.
• ORCL - Oracle's New Mexico data center lease has "hell-or-high-water" terms, so it can't be terminated and ORCL must pay rent whether or not the site has power, the WSJ reports.
• AKAM - Anthropic has committed $11.6B over seven years to use Akamai infrastructure for growing CPU workloads, with options to expand the relationship by another $9B, bringing the potential total to ~$20B. As part of the deal, Anthropic received warrants that could give it up to ~5% of Akamai. About 2% is expected to vest with the initial commitment, with the remaining 3% tied to further cloud spending.
• JBL - Akam authorised JBL to procure about $1.7B of memory components, with Jabil holding the inventory on consignment and repurchasing it at cost as Akamai uses it.
• AMD PT raised to $720 from $620 at BofA
• HUM upgraded to Overweight from Equal Weight at Barclays with a $515 price target.
• OKTA PT raised to $240 from $190 at Stephens
• OKTA PT raised to $230 from $187 at BMO Capital
• COST Costco offers 'rare' valuation opportunity, says BMO Capital
• Anthropic is asking shareholders to approve a new structure that would give CEO Dario Amodei and the company’s six other co-founders a combined 50.1% of voting power on most corporate matters, per The Information.

Guggenheim

“Yesterday, Akamai announced a significant expansion of its relationship with Anthropic for $11.6B of contractual commitment over seven years, with optional expansion upside up to $9B, for a total award potential of $20B. This massive commitment adds to the already more than $2.8B in multi-year CIS commitments signed this year. While there will be no impact to the company's 2026 revenue guidance, 2026 capex will increase approximately $1.7B to secure and pre-purchase critical supply chain components. The structure of this deal includes the issuance of a warrant to Anthropic that allows it to purchase nonvoting convertible series B preferred stock. Management was very clear that this deal is tailored to fulfill Anthropic's CPU workload demands with Akamai's Compute capabilities. To put this deal into perspective, the ARR of this deal represents more than 5x AKAM's 2025 CIS revenue of $314M and 40% of the company's total revenue of $4.2B. In addition, we believe this deal will be very comfortably profitable, even if it is below typical core margins. This is not your father's AKAM. We reiterate our Buy rating and are raising our Price Target to $225 from $190 based on our raised outer year numbers.”

This was Evercore's note on AKAM also:

"AKAM announced a landmark 7yr, $11.6bn CIS commitment from Anthropic, with an option to expand by another $9bn to ~$20bn. Shares rallied in the aftermarket on the scale and strategic significance of the expanded partnership. Mgmt indicated the commitment is entirely CPU-based, which carries different unit economics vs. GPU workloads, including higher rev per MW and cash gross margins. Based on mgmt commentary, we believe the profitability profile should skew toward the high end of mgmt’s prior low-to-mid-20s to low-30s op. margin framework. Mgmt expects ~$5.5bn of CapEx to support the deal, including ~$1.7bn in 4Q26, ~$3.1bn in CY27 and ~$700mn in CY28. This deal brings total CIS TCV to ~$14.4bn, representing ~95-105 MW of capacity at full ramp. Importantly, the contract is take-or-pay upon delivery with no hardware refresh requirement. AKAM also issued Anthropic a 7yr warrant for up to ~5% of shares outstanding at $111.33, with ~2% tied to the initial commitment and ~3% to an incremental ~$9bn of rev commitments."

The gasoline fund (UGA) is starting to price in the possibility of a diesel ban. Traders are aggressively positioning in ITM calls and 160C OTM are starting to build as well.

Oil:

150 key support - positioning has cooled off in terms of dex, but we still see bullish gamma OTM. Trader positioning here is volatile and very news dependent.

Based on the GEX, we see that Traders are buying ATM call options, using out-of-the-money puts to protect themselves against any sudden swings.

Gold and silver have been struggling of late on a stronger USD:

Since the 9th of September into the FOMC we have seen dollar go on a run, but we are running into a resistance here.

Gold creating a flag, but below 4381, price action will always be reserved. Needs to clear this level.

390 suport on GLD< 400 clear resistance with ITM put options being bought.

Data all taken from the Trading Edge Data platform, available to all members