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# Research run 2026-08-27T14:40 UTC

## What changed

- Nvidia +7.3% to $224.88 in Thursday cash trade (~10:40 ET), best day since June; Raymond James to $515; Nasdaq +1.2%, SOX +1.8%.
- Read-through narrow: MRVL +0.4% into its print (~6:30am AEST Friday, Q3 bar $3.03B), MU -1.1%, TSM +1.8%; BABA -3% post-placing.
- Nvidia supply commitments jumped to $279B from $119B, mostly memory; ~25% of FY28 revenue from labs it finances; reportedly buying Hugging Face for $12.9B.
- Jackson Hole opens with Schmid hinting at hikes; claims 203k vs 208k, September hike priced 31%; Warsh speaks 12am AEST Saturday.
- Politico: White House weighs chip tariffs on servers and laptops; separate order bars Chinese grid gear above 69kV, a Siemens Energy positive.
- Anthropic's $45B six-year Nscale lease confirmed; Cloudflare +6% on software re-rate; LDI +9.6% to $0.97, still under $1; BYD interims today.

## Market summary

Snapshot ~10:40 ET Thursday: Nvidia's after-hours gain held and grew, NVDA $224.88 (+7.3%), S&P 500 7,717 (+0.5%), Nasdaq +1.2%, SOX +1.8%, VIX 14.5; the rally is chips and software (MRVL +5.7%, AVGO +3.2%, CRM +13%) while MU -1.1%, AMD -0.9% and the Russell 2000 is flat. Asia closed mixed (Kospi +1.5%, Taiex +0.3%, Nikkei -0.2%, Hang Seng -0.3%, ASX 200 -1.0%) and Europe was lower late (Stoxx 600 -0.8%). Brent reversed to $88.96 (+1.3%) with Hormuz flows still a fraction of pre-war; 10-year 4.66%, AUD/USD 0.7195, bitcoin $79,900; jobless claims 203k vs 208k. Jackson Hole opened with KC Fed's Schmid hinting at hikes (September hike priced 31%), and Politico reports the administration is weighing semiconductor tariffs extending to servers and laptops. Ahead in AEST: Marvell ~6:30am Friday, BYD interims Friday, Warsh 12am Saturday, US August jobs next Friday 10:30pm.

## Holdings

- AMZN: hold @ $256.9 - $256.90 intraday, down 1.3%, giving back the after-hours pop while the Nasdaq is +1% on Nvidia; nothing company-specific beyond the 2M-GPU order already noted. Small new items: Mechanical Turk closes Sept 30 and Amazon signed a Labor Department data-sharing MOU on AI and jobs. Hold.
- AXOS: hold @ $96.5 - $96.50 intraday, down 1.6%, at 10:21 ET with no company news since Tuesday's NYSE Texas dual listing; only 13F position notes overnight. Benchmark's $120 target is unchanged, hold.
- BABA: watch @ $116.25 - ADR $116.25 intraday, down 3.0%, after 9988.HK closed Thursday at HK$115.50 (-0.9%, range 115.10-117.40), 2.5% above the HK$112.70 placing price. Baird trimmed its target to $160 from $164 and Citi to $190 from $192, while JPMorgan lifted to $210 Overweight; Alibaba Cloud opened two Brazil data centres (now 106 zones in 31 regions). Fourth session above the placing price but still no base, keep watching for a hold above HK$117-118.
- ENPH: watch @ $38.75 - $38.75 intraday, up 0.9%, a small follow-through on Wednesday's +2.85%. Alongside the FCC Covered List, Trump signed an order (Aug 26) barring purchase of certain foreign-made bulk-power equipment; both narrow foreign supply, but Enphase already builds microinverters in Texas and South Carolina so the direct benefit is limited, and Wednesday's press framed SolarEdge as the winner. Q3 guide $290-320M is still below last year, stay on watch.
- FIGR: hold @ $37.5 - $37.50 intraday, up 1.1%, a modest bounce after Wednesday's -9.9%. No 8-K, press release or new Form 4 on Aug 27; the only filing remains the CFO's 8,000-share 10b5-1 sale, and MarketBeat's midday snapshot showed volume 91% below average, so the drop reads as thin-tape selling rather than news. Consensus target $50.62 with Q2 revenue +121%, hold.
- GOOGL: add @ $339.35 - $339.35 intraday, down 0.8%, lagging the Nasdaq's +1%. Wolfe reiterated Outperform with a $460 target, raised 2027 revenue 10% to $595B and EPS to $15.89, and models Google Cloud +125% y/y in Q3 vs 87% consensus. Offsets: TechCrunch's OSHA data show 16 Waymo test-driver injuries in 2024-25 (5 then 11) and Bloomberg headlines a $692B market-value drawdown from the peak. About 5% under the 50-day, still add on the dip.
- LDI: trim @ $0.9669 - $0.97 intraday, up 9.6%, but a sixth session under the $1 NYSE threshold and no news since the Aug 21 deficiency notice and Goldman's $1 Sell target. A thin-tape bounce does not change cure-window, reverse-split and dilution risk; use the strength to trim.
- META: hold @ $574.79 - $574.79 intraday, down 0.2%. Street reaction is uniformly Buy: Citi ($800) says teens are under 1% of revenue, expects a ~$10B Q3 accrual and notes the deal is far below the $200B-$1.4T once contemplated; KeyBanc $780, UBS $715, Truist trimmed to $763 from $770. Still open: New Mexico appeal and ~1,200 school-district cases; no Hatch or Connect news. Overhang lifted, capex return still unproven, hold.
- MRVL: hold @ $246.0 - Intraday $246.00 (+0.4%) after a +4-5% premarket and a $254.60 high; the Nvidia pop has been sold into ahead of tonight's print (call 4:45pm ET, 6:45am AEST Friday). Setup: $2.72B/$0.93 consensus, Q3 guide bar ~$3.03B with JPMorgan looking for ~$3.1B; Kalshi has 83% odds of an EPS beat. Watch custom XPU revenue and the pipeline (last 50+ opportunities, $75B, should rise after the Google warrant deal tied to $120B of potential purchases), Trainium ramp commentary, and Celestial AI optical monetisation; consensus target $258.42 (range $105-400) against a stock up ~188% YTD, so the guide has to clear $3.03B cleanly. Hold through the print.
- MU: hold @ $928.0 - Intraday $928.00 (-1.1%) after opening +3% to $968.71 and $974 after hours; the memory read-through faded into profit-taking while SK hynix ADR held +3%. Follow-through on Nvidia's memory comment is supportive: Barron's frames it as Nvidia calling memory prices outrageous and still paying, and Trefis details 16 take-or-pay agreements covering ~20% of DRAM and a third of NAND volume over ~5 years, 14 with price floors worth ~$100B of minimum revenue and $22B of deposits, though caps at CQ2-2026 price levels limit upside on existing products; FQ4 gross margin guide ~86%. Intraday weakness is positioning, not fundamentals; hold.
- NFLX: add @ $79.8 - Intraday $79.80 (-2.0%, range $79.28-81.15), giving back this week's Wolfe-driven bounce with no company news; no Nvidia read-through. Today Netflix premieres Grand Theft Auto VI: An Extended Look at 3pm ET, 26 minutes of PS5 footage, six hours before YouTube (9pm ET), an engagement and ad-inventory test ahead of the Nov 19 game launch. Consensus target $103.19 and 2026 free cash flow guide ~$11B; the dip is an add.
- NVDA: hold @ $224.88 - Intraday $224.88 (+7.3%) at 10:40 ET Thursday, extending the after-hours gain as the Street repriced: Raymond James $515 (from $352), Truist $346, Wedbush $345, RBC $330, UBS $300; consensus ~$321. Q2 FY27 revenue $96.2B (+106%) beat by $4B, Q3 guide $108B vs the $104.2B bar, FY28 ~+70% and supply-constrained; margin troughs 71-72% in Q4 on memory costs. Watch items: supply commitments $279B (from $119B), DSO 60 days, $108.5B of revenue guarantees to labs it finances, and an unconfirmed $12.9B Hugging Face deal. Hold.
- OPENAI: hold - New: the Georgia PSC approved Georgia Power's 3,200MW contract for OpenAI's Effingham County data center, with OpenAI fully funding the infrastructure and offering up to 1,000MW of flexible demand response (Georgia Power projects ~$15/month residential savings from 2029); Australian police arrested two Perth men over the TeamPCP supply-chain hacks that hit OpenAI, Mercor and GitHub (500k+ credentials, 1,000+ organisations); WSJ reports OpenAI is the sole investor in its latest venture fund; Nvidia's reported $12.9B Hugging Face deal would put the main GPU supplier in the model-distribution layer. Power and governance news, no new mark; hold. Marked at 5.43x cost: latest valuation ~$852B (2026-08) vs ~$157B at entry (https://techcrunch.com/2026/08/10/openai-reportedly-completed-a-7-billion-employee-tender-offer/).
- RKT: hold @ $14.04 - Intraday $14.04 (+1.0%), a small bounce after Wednesday's -2.8%. The 10-year is 4.662% (-0.2bp), Mortgage News Daily's 30-year was 6.75% Wednesday and WSJ's daily read is 6.73%; Freddie Mac's PMMS is due at 12:00 ET (2am AEST), last week 6.65%. Nothing company-specific; hold.
- STRIPE: hold - New in the last 12h: Stripe agreed to buy Clerky (announced Aug 26, terms undisclosed; Clerky handles 23% of Silicon Valley seed/pre-seed financings and its startups have raised over $140B), DBS signed a partnership across its 19 markets for cross-border payments and agentic-AI commerce (Stripe cited $1.9T of annual volume), and Drew Turchin was hired to run the stablecoin card business with July stablecoin card spend at $642M and cumulative over $4.5B. No round, tender or secondary; hold. Marked at 2.27x cost: latest valuation ~$159B (2026-02) vs ~$70B at entry (https://techcrunch.com/2026/02/24/stripes-valuation-soars-74-to-159-billion/).
- TSM: add @ $425.35 - ADR $425.35 (+1.8%) intraday, range $420.53-425.55. Taipei was flatter: 2330 closed NT$2,410, -0.21% (range 2,410-2,435) as the Taiex gave back most of a 500-point open to finish +0.31% at 45,975.22 on NT$924.68B turnover. Nvidia's 70% FY28 growth and UBS's ~19-20GW 2027 shipment estimate are TSMC volume; still ~5% under the June high, add.

## Watchlist

- ALAB:US Astera Labs - accumulate (medium) - Astera Labs sells the connectivity silicon (PCIe/CXL retimers, Scorpio fabric switches, Ethernet) that ties GPUs and XPUs together inside AI racks; Q2 2026 revenue was $392M (+104% YoY, +27% QoQ) with eight straight EPS beats, and Scorpio switches become the largest product line in Q3, a quarter early. Shares closed +2.7% at $290.30 on Aug 26 and added a further 3.6% to $300.75 after hours once Nvidia guided Q3 to ~$108B with data-center revenue +117%, and Amazon expanded its Nvidia deployment by 2 million GPUs across 2027-28: more racks means more retimers and fabric switches. The stock is still ~42% below its 52-week high, offering exposure to scale-up networking, the fastest-growing layer of AI infrastructure. Aug 27 cash session (10:36 ET): the after-hours pop is holding and then some, +4.1% to $302.08 with Nvidia +7% and the SOXX +3%; connectivity names (Credo +5%) are leading the basket. No company news since the Nvidia print.
- AVGO:US Broadcom - accumulate (medium) - Broadcom is the leading custom AI accelerator (XPU) and AI networking supplier to hyperscalers, guiding Q3 FY26 AI semiconductor revenue to ~$16B (>200% YoY) and total revenue to $29.4B (+84%), with a stated path to >$100B of AI revenue in 2027. The stock is ~23% below its June high after the July semiconductor selloff, giving a better entry into a franchise with multi-year committed custom-silicon programs plus a sticky VMware software annuity. On Aug 25 OpenAI published the first results for Jalapeno, the inference ASIC it co-designed with Broadcom, claiming up to 1.9x throughput per kilowatt and 3.6x lower latency than Nvidia's GB300 at 700W versus 1,400W, a public validation of the custom-XPU franchise a week before Broadcom reports. Aug 26: shares closed -0.3% at $355.59, then rose 1.8% to $362.13 after hours on Nvidia's beat (Q2 revenue $96.2B, Q3 guide ~$108B, FY28 growth ~70%, no China data-center sales assumed), a smaller pop than the connectivity names because the financing overhang is Broadcom-specific. ARK bought 57.7K shares on Aug 26, TipRanks says Broadcom remains Wall Street's pick despite Google's new Marvell deal, and options imply a 7.3% move on the Sep 2 report, where RBC expects a beat-and-raise on networking with TPU share and gross margins the items to watch. Aug 27 cash session (10:37 ET): +3.1% to $366.76, better than the +1.8% after-hours move, as Nvidia (+7%) and the SOXX (+3%) rallied; ARK disclosed a further ~$20M buy, Oppenheimer reiterated Buy with a $535 target, and Kyndryl expanded its VMware Cloud Foundation alliance (private cloud for AI). The stock is still below its 200-day average with the Sep 2 print six days away.
- CRDO:US Credo Technology - accumulate (medium) - Credo makes the active electrical cables (AECs), optical DSPs and retimers that link GPUs and switches inside AI clusters, and its ZeroFlap AECs have become the default in-rack copper link for hyperscalers. Fiscal 2026 (ended May 2) revenue tripled to $1.335B, with Q4 revenue of $437M (+157% YoY) at a 68% gross margin and GAAP net income of $169M; Q1 FY27 guidance of $465-475M implies roughly a doubling YoY, and the print lands on Sep 1 after the close, a day before Broadcom. Four hyperscalers each exceed 10% of revenue (top three 34%, 27% and 16% last reported), so the base has broadened from one anchor customer. Shares were flat at $226.49 on Aug 26 and then jumped 3.8% to $235.00 after hours on Nvidia's guide and the Amazon 2-million-GPU expansion, snapping a five-session, ~21% slide; they remain ~27% below the $308.67 52-week high with consensus targets near $283. It pairs with Astera Labs as a second pure play on scale-up connectivity, the fastest-growing layer of AI capex. Aug 27 cash session (10:35 ET): +5.1% to $238.14, the strongest reaction in the basket and above the +3.8% after-hours print, three sessions before its own Sep 1 report; Credo also confirmed it will present at Goldman's Communacopia conference in September.
- SKHY:US SK hynix - accumulate (medium) - SK hynix supplies more than half of the world's HBM and just posted record Q2 2026 results: revenue KRW 79.3T (+257% YoY) and operating income KRW 60.5T (+557% YoY) at a 76% operating margin, with HBM4 mass shipments ramping in H2. On Aug 19 it accelerated a KRW 40T buyback-and-cancel program (24.07M shares, 3.3% of the count, executed over ~3 months from Aug 20) and lifted its shareholder-return target to over 50% of FCF, backed by ~KRW 69T of net cash; it is also weighing a first Japanese memory fab (Miyagi), and the July 2026 Nasdaq ADR broadens the investor base. Nvidia cleared the sector on Aug 26: data-center revenue of $89B (+117%) and a ~$108B Q3 guide, with management citing higher memory prices across the supply chain. The ADR closed -1.0% at $158.02 (BofA started it at Buy, modelling ~KRW 100T of shareholder returns) and then rose 5.0% to $165.92 after hours; in Seoul on Aug 27 the shares opened up and were +3.3% at KRW 1,743,000 by 11:22 KST (day range 1,708,000-1,788,000, high +5.9%) with Samsung +2-3%, Kioxia +5.9% and the Kospi +1.8-2% toward 7,000. Kioxia also said it will invest $6.27B in a new Japanese memory fab (Nikkei), a sign memory makers are adding capacity into the shortage. The stock remains ~7% below its 200-day average (~KRW 1,874,000), and Korea Herald notes the KRW 40T buyback plus Samsung's payouts could pull the won toward 1,340-1,350 per dollar, a mild tailwind for the USD value of the Seoul shares. Thursday close in Seoul: KRW 1,730,000 (+2.5%), giving back most of the +5.9% intraday high as the Nvidia rally faded into profit-taking (Kospi 6,912, +1.5%); the US ADR was +3.3% at $163.30 at 10:37 ET, below its +5.0% after-hours level. SK hynix broke ground on its $4B+ Indiana advanced-packaging and R&D site at Purdue (HBM packaging line, cleanroom from H2 2028, ~7,000 direct and indirect jobs, $458M CHIPS grant plus up to $500M of loans), placing capacity next to Nvidia, Microsoft and Google; it holds ~58% of HBM revenue share.
- 3750:HK CATL - buy (high) - CATL is the world's largest battery maker (~40% global EV battery share) and the clear leader in grid storage: H1 2026 revenue rose 55% to RMB 277B and net profit 42% to RMB 43.3B, with energy storage revenue up 88% to RMB 53B (nearly 20% of sales) as global storage deployments surge. It raised ~$5B in Hong Kong in April, announced a large buyback in July, Moody's moved its A3 outlook to positive in August, and on Aug 25 it agreed to pay RMB 2.56B (~$370M) for a 24.9% stake in Qiyuan Green Power, China's largest heavy-truck battery-swapping operator (1,600+ stations in 208 cities), making CATL the largest shareholder and the dominant player in commercial-vehicle swapping. The stock closed -2.7% at HK$621.00 on Aug 25 and -0.5% at HK$618.00 on Aug 26, and on Aug 27 it closed -0.7% at HK$613.50 (intraday low HK$609.00) even as the Hang Seng rose on the Nvidia print: the AI rally is not reaching China EV/battery names ahead of BYD's interim results on Friday. Aug 26 reports say it plans 100 swap stations in Kunming with local state capital funding the assets, Seres' new Aiva brand will use CATL swapping, and CATL-backed CNTE supplied a 50.9 MW storage site in Germany. It is ~22% below its 52-week high, with scale, cost and chemistry (sodium-ion, LFP) advantages competitors cannot match. No company news on Aug 27; the Aug 25 Qiyuan swap-station deal remains the latest fundamental item. A US executive order barring Chinese-linked grid equipment (including battery storage systems) rated 69 kV and above is a new headwind for CATL's US storage ambitions, though US sales were already constrained by FEOC rules.
- BE:US Bloom Energy - accumulate (medium) - Bloom's solid-oxide fuel cells have become a mainstream on-site power solution for AI data centers that cannot wait years for grid interconnects: Q2 2026 revenue jumped 166% to $1.07B with a 33% gross margin, and full-year guidance was raised to $3.9-4.2B revenue and $800-900M non-GAAP operating income. A 2.8 GW Oracle agreement and the Nebius Vineland win show the customer base broadening to hyperscalers and neoclouds, and the new Power Connect deployment system cuts installation time by over 40%. Aug 26: after an early spike to $227.34 the stock faded to close +0.4% at $218.21, then rallied 4.0% to $227.00 after hours on Nvidia's guide and Amazon's 2-million-GPU expansion, both of which add to the on-site power backlog; Morgan Stanley put near-term AI data-center power need at 38 GW. Investing.com notes Mizuho at Outperform, Jefferies Hold ($229) and Citi Neutral (reported $281 target), and the stock remains ~35% off its June high. Aug 27 cash session (10:37 ET): +1.2% to $220.83, holding only part of the +4.0% after-hours move; Bernstein SocGen reiterated Market Perform with a $282 target on data-center demand, and the Motley Fool ran a 'finally bought' piece alongside a 'buy the hydrogen ETF instead' piece, a fair picture of the split view. Utilities and energy were the weak sectors on the day.
- ENR:DE Siemens Energy - accumulate (medium) - Siemens Energy is Europe's answer to GE Vernova: gas turbines, grid technologies (transformers, HVDC, switchgear) and wind. Fiscal Q3 2026 (June quarter) orders hit a record EUR 17.9B (book-to-bill 1.57), revenue grew 18.5% comparable to EUR 11.4B, profit before special items more than tripled to EUR 1.62B, pre-tax free cash flow rose to EUR 2.3B and the order backlog reached EUR 162B, with the Grid Technologies backlog alone at a record EUR 51B on transformer demand from US data centers; FY26 guidance was confirmed toward the upper end of the 10-12% margin range and Siemens Gamesa posted its first positive quarter in 15. The break-up question was answered on Aug 25: in an ad-hoc release after the Xetra close the boards said Siemens Energy is starting preparations for the legal and operational separation of the Transformation of Industry business area (steam turbines, generators, compressors, electrolyzers and industrial services: ~17,000 employees, FY25 revenue EUR 5.7B or ~15% of group, profit before special items EUR 646M (+70%), free cash flow EUR 686M, backlog ~EUR 8B) into a standalone industrial-energy-solutions company, deconsolidating it while retaining a meaningful minority stake, with options ranging from external investors (Goldman Sachs is running the process; CVC, EQT, Bain, Brookfield and KKR were reported as interested, and Bloomberg pegged the valuation above EUR 10B) to a capital-markets transaction. The first Xetra session was a non-event: shares closed -1.1% at EUR 151.10 on Aug 26 (range EUR 150.76-153.32) with the DAX in the green, so there was no sell-the-news move; Nvidia's after-hours beat and GE Vernova's +2.3% after-hours move point to a firmer open on Aug 27. The sell side lined up behind the plan on Aug 26: Deutsche Bank Buy (EUR 210), Bernstein Outperform (EUR 210), RBC Outperform (EUR 200), JPMorgan Overweight (EUR 245) and Jefferies Buy, while Goldman's Buy (EUR 212) note models ~60% earnings growth to FY2030 and EUR 25B+ of shareholder returns; consensus target is ~EUR 198 and the stock is ~21% below the EUR 191.66 52-week high. A deconsolidation at EUR 10B+ would crystallise value for a ~EUR 5.7B-revenue unit, fund grid and gas-turbine capacity, and leave a cleaner AI-power pure play in gas, grid and wind. Aug 27 Xetra: EUR 150.40 (-0.5%) at 16:22 CET, so the expected Nvidia lift did not materialise; European shares were flat to lower. The new US item is supportive: the White House signed an executive order barring grid equipment (transformers, breakers, inverters, UPS, generators, turbines, battery storage, control systems) rated 69 kV and above from Chinese-linked suppliers, and Citi calls it a moderate net positive for Siemens Energy (less Chinese competition, room to hold share and raise prices), while noting its Charlotte plant can only deliver large transformers from late 2027.
- GEV:US GE Vernova - accumulate (high) - GE Vernova is the key bottleneck supplier of gas turbines and grid equipment for the AI power buildout: Q2 2026 orders rose 88% organically to $24.2B, total backlog is ~$176B, the gas turbine backlog reached 116 GW (targeting 125 GW under contract by year-end), and H1 free cash flow of $5.1B already exceeded all of 2025. Capacity is being scaled from 20 GW/yr today to 24 GW in 2028 and 30 GW in 2030 with pricing power rising. The six-session, ~14% slide ended on Aug 26: the stock closed +2.8% at $953.09 and added 2.3% to $975.01 after hours on Nvidia's ~$108B guide and Amazon's 2-million-GPU expansion, with Morgan Stanley sizing near-term AI data-center power demand at 38 GW. Two grid items also landed: at CIGRE Paris it signed a joint venture with LS Electric, Grid X Technology, to design, build and test voltage-source-converter HVDC equipment (converter transformers first) at LS Electric's Busan base for Korea's West Coast Energy Highway and then export markets, and it completed its SF6-free gas-insulated switchgear range with the 170 kV F35g; it also launched a medium-voltage UPS for AI data centers and put the 295 MW Azulao I gas plant in Brazil into commercial operation. The stock is ~20% below its 52-week high after a Q2 EPS miss. Aug 27 cash session (10:35 ET): flat at $952.00 (-0.1%), so the +2.3% after-hours move faded with utilities and energy the weak sectors while money rotated into semis and software. Two positives: the White House executive order barring Chinese-linked grid equipment rated 69 kV and above (transformers, switchgear, storage, controls) removes a low-cost competitor from the US market where GE Vernova is the incumbent, and Laing O'Rourke selected it to deliver a 400 kV gas-insulated switchgear substation at Chesterfield for National Grid's England-Wales transmission upgrade.
- HOOD:US Robinhood Markets - accumulate (medium) - Robinhood posted record Q2 2026 revenue of $1.31B (+32% YoY) with a 57% adjusted EBITDA margin and $573M net income, while Gold subscribers hit 4.8M and margin, credit card and banking balances all set records. It is compounding into a full-stack retail financial platform (brokerage, crypto, banking, prediction markets, tokenization via Rothera/WonderFi), and the Clarity Act plus the crypto rally are near-term tailwinds; shares are ~30% off their 52-week high. After a 13% surge last week on Trump's Clarity Act endorsement and a bitcoin breakout, the stock gave back 4.2% to $103.62 on Aug 24, closed +8.2% at $112.09 on Aug 25 (bitcoin briefly above $80K, Webull's CEO citing a ~300% jump in crypto buy orders since FINRA scrapped the $25K pattern-day-trader rule, Goldman reiterating Buy on Coinbase and Robinhood, Bernstein sizing prediction-market volume at ~$240B for 2026 and ~$1T by 2030), and fell 3.2% to $108.54 on Aug 26 as bitcoin slipped back to ~$78.8K after the hot PCE print; it was +1.0% at $109.65 after hours. The tokenization engine keeps building: Robinhood Chain's daily real-world-asset volume hit a record $85.1M on Aug 26 with stock tokens dominating, and Arcus added leveraged ETF-style contracts (e.g. 3x bitcoin) a day after launching pTokens that turn perp positions into transferable ERC-20s; IBD flags the stock as in a buy area, and Goldman ($123) and Bernstein ($160) targets frame the upside. Aug 27 cash session (10:37 ET): +2.3% to $111.01 with bitcoin back near $79.9K (+2.7% on the day); no company news, and Goldman's reiterated Buy (Aug 26) is the latest sell-side item.
- MELI:US MercadoLibre - accumulate (medium) - MercadoLibre is Latin America's dominant e-commerce, logistics and fintech platform. Q2 2026 revenue grew 49.8% to $10.17B, its fastest growth in four years and 30th straight quarter above 30%, unique active buyers rose to 89M (+18M YoY), the Mercado Pago credit book grew 75% to $16.4B with a deliberate shift to lower-risk borrowers, and adjusted EPS of $9.19 beat consensus. The stock fell to ~$1,813 after the print on margin compression, recovered to $1,997 on Aug 25, and gave back 2.3% to $1,950.44 on Aug 26 on no company news as EM Internet names were sold alongside Sea (-3.3%); it is ~24% below its 52-week high, giving an entry into a non-US Internet compounder with a logistics-plus-payments moat comparable to Sea's. MELI presents at Goldman's Communacopia conference on Sep 8. Aug 27 cash session (10:32 ET): -0.4% to $1,943.22 on no news; EM Internet is sitting out the AI rally for a second day.
- NET:US Cloudflare - buy (high) - Cloudflare's growth is re-accelerating on AI: Q2 2026 revenue rose 36% to $696M, dollar-based net retention improved 6 points to 120%, large customers grew 27% to 4,698, and full-year guidance was lifted to $2.86-2.87B. Its global edge network is the natural control point for agentic and bot traffic (non-human traffic now >50%; AI-agent requests up ~1,700% in a year), and Workers/AI inference give it a second growth engine beyond security and CDN. Shares fell 4.4% to $280.35 on Aug 24 in a software/cloud selloff and 1.0% to $277.58 on Aug 25, then rebounded +2.6% to $284.89 on Aug 26 (range $272.38-286.60) while software peers lagged after a hot PCE print, and added 2.4% to $291.69 after hours as Salesforce (+13%) and CrowdStrike (+10%) beat and Nvidia reset AI sentiment. Cloudflare launched an AEO Visibility Dashboard that shows brands whether AI assistants recommend them and says EmDash 1.0 is close; next management commentary is the Goldman Communacopia fireside on Sep 9. We read the pullback as a better entry rather than a change in the story; consensus target is ~$334. Aug 27 cash session (10:37 ET): +6.3% to $302.87, the best move in the basket and well above the +2.4% after-hours print, as software re-rated on Salesforce (+21%), Okta (+21%), CrowdStrike (+17%) and Palo Alto (+10%) beats and Benioff's 'SaaSpocalypse ... time for it to stop' line; ARK also added Cloudflare on Aug 26. Nothing company-specific from Cloudflare itself (blog last updated Aug 24), so this is a sector move to be aware of rather than new fundamentals.
- SE:US Sea Limited - buy (high) - Sea grew Q2 2026 revenue 48% to $7.8B with all three engines firing: Shopee GMV +28% to $38.3B (ad revenue +70%, eight straight quarters of sequential growth), Monee fintech revenue +59% with an $11.1B loan book (+62%) at 1.0% NPLs, and Garena gaming still growing. The stock closed +6.5% at $123.18 on Aug 25 with no company-specific news and gave back 3.3% to $119.12 on Aug 26, again on no news (+0.6% after hours), even as five brokers raised targets that day: Benchmark $175, Barclays $156, Morgan Stanley $153, BofA $143 and TD Cowen $115. It is still ~39% below its 52-week high while consensus targets sit near $155, an unusual growth-at-a-discount setup for a Southeast Asian platform with a widening logistics and payments moat. Aug 27 cash session (10:36 ET): -1.65% to $117.16 on no news, a third straight down day as the market rotates into semis and software; the setup (39% below the high, targets near $155) is unchanged.
- 6861:JP Keyence Corp - buy (high) - Keyence is the picks-and-shovels supplier of machine vision, sensors and measurement systems for factory automation and the emerging humanoid/robotics supply chain; fiscal Q1 (June 2026 quarter) sales rose 33% to JPY 347B and net income 51% to JPY 139B, with overseas sales +39% (Asia +50%, Americas +31%). Operating margins above 50%, a 95% equity ratio and a direct-sales model with no factories give it one of the most durable moats in industrial tech; shares hit an all-time high in mid-August, pulled back ~7% with the global tech selloff, closed -0.9% at JPY 81,500 on Aug 26 and closed +0.8% at JPY 82,150 on Aug 27 (range 81,380-82,340) as Nvidia's print lifted Japanese tech even though the Nikkei finished -0.1% after an early rally faded and SoftBank was reported in talks for a majority stake in humanoid-robot maker 1X, another sign of capital flowing into physical AI. Goldman added it to its APAC Conviction List in early August (consensus target ~JPY 97,400); it sits about 7% below the record, a better entry. No company news.
- ASML:US ASML Holding - buy (high) - ASML is the sole supplier of EUV lithography and raised 2026 guidance for the second time to EUR 43-45B of sales at a 54-56% gross margin after a Q2 beat (EUR 9.3B sales, EUR 2.9B net income). Management says EUV capacity for 2027 is essentially fully booked with significant 2028 orders already in hand while it adds ~30% EUV capacity in 2027, giving rare multi-year revenue visibility in semicap. On Aug 25-26 BofA reiterated ASML as its top semicap pick, calling the de-rating unjustified; the ADR closed +0.1% at $1,745.64 on Aug 26 and rose 2.3% to $1,785.00 after hours on Nvidia's ~$108B guide and 70% FY28 growth outlook, which extends the wafer-start visibility behind ASML's 2027-28 EUV bookings. Kioxia's $6.27B Japanese memory-fab plan (Nikkei) is incremental litho demand. Aug 27 cash session (10:37 ET): the ADR gave back the after-hours gain, -0.9% to $1,730.00, while the SOXX rose 3%; the drag is the Politico report that the White House is weighing sweeping chip tariffs (including on servers and laptops), which hits the litho and equipment names with the most China and Asia exposure first. BofA's top-pick call stands.
- TER:US Teradyne - accumulate (medium) - Teradyne is the leading supplier of automated test equipment for AI compute and HBM silicon and, via Universal Robots and MiR, the largest Western pure-play in collaborative and mobile robots. Q2 2026 revenue more than doubled to $1.33B (+104% YoY) with gross margin up to 59.8%, operating income up nearly 5x to $441M and EPS of $2.38 vs $0.49 a year ago, while robotics grew 33% to ~$100M; AI-related demand is now roughly 70% of revenue. Shares closed -0.9% at $363.10 on Aug 26 and then jumped 4.2% to $378.25 after hours, one of the strongest reactions in the basket, because Nvidia's ~$108B guide, the Rubin ramp and HBM4 volumes all flow through test intensity. The stock is ~22% below its 52-week high after the semis selloff, adding physical-AI and semi-test exposure the list lacks. Aug 27 cash session (10:36 ET): +1.4% to $368.27, keeping only a third of the +4.2% after-hours move. Teradyne Robotics filed a patent-infringement case at the Unified Patent Court in Copenhagen against the German subsidiary of Chinese cobot maker JAKA over Universal Robots hardware and software patents, its second European IP action this year, a sign it will defend cobot pricing against Chinese copies.

## Bellwether changes

- h100_rental: $2.68/hr index (0.0% 7d); 1-yr contract $2.35 (Mar-26) vs $1.70 (Oct-25); spot ~$4/bullish -> $2.67/hr index (+0.4% 7d); 1-yr contract $2.35 (Mar-26) vs $1.70 (Oct-25); spot ~$4/bullish
- b200_rental: $5.50-7.00/hr at neoclouds (RunPod B200 $5.98-6.79, Lambda $6.69-6.99); RunPod B300 $6.94-7.89; Silicon Data B200 index $5.66; ~$5 in Jan-26/bullish -> $5.50-7.00/hr at neoclouds (RunPod B200 $5.98-6.79, Lambda $6.69-6.99); RunPod B300 $6.94-7.89; Silicon Data B200 index $5.65; ~$5 in Jan-26/bullish
- memory_prices: +13-18% QoQ 3Q26 (after +93-98% 1Q26, +58-63% 2Q26), 4Q26 guided +3-8%; Korea DRAM export price $92,183/kg (+401% y/y); 2027 HBM contract seen +50% to +79%; DDR5 16Gb spot $54.00 (-0.3% d/d)/bullish -> +13-18% QoQ 3Q26 (after +93-98% 1Q26, +58-63% 2Q26), 4Q26 guided +3-8%; 2027 HBM contract seen +70-140% (TrendForce); memory = 68% of major CSP capex in 2027 (47% in 2026); Nvidia supply commitments $279B (+134% q/q, mostly memory); DDR5 16Gb spot $53.93 (-0.1% d/d)/bullish
- capex_vs_backlog: 2026 capex ≈ $1.0T (102% of cloud revenue); backlog ≈ $2.4T (MSFT $678B +84%, ORCL $638B +363%, GOOG Cloud $514B, AWS $496B)/neutral -> 2026 capex ≈ $1.0T (102% of cloud revenue); backlog ≈ $2.4T (MSFT $678B +84%, ORCL $638B +363%, GOOG Cloud $514B, AWS $496B); AWS Nvidia GPU commitment 3M+ (1M 2026 + 2M 2027-28); Nvidia supply commitments $279B/neutral
- neocloud_credit: CoreWeave Jul-26 $2.6B loan at SOFR+550, 10.44% YTM; CDS ~855bp (Jul 29); vs Nebius $5B converts settled Aug 24 at 0.50% (2030) and 4.50% (2034), 40-45% premiums/bearish -> CoreWeave Jul-26 $2.6B loan at SOFR+550, 10.44% YTM; CDS ~855bp (Jul 29); Nebius $5.75B converts closed Aug 24 (0.50% 2030 / 4.50% 2034, greenshoe fully exercised); Nvidia: ~25% of FY28 revenue from labs it finances, ~12 GW OpenAI + ~2 GW second-lab credit support/bearish
- nvidia_dc: DC rev $89.0B +117% YoY, +18% QoQ (Q2 FY27); GAAP and non-GAAP GM 75.0%; Q3 guide $108B +/-2% at 74% GM, Q4 GM trough 71-72%; FY28 prelim +~70%, supply-constrained; DSO 60 days (was 45); no China DC compute in outlook/bullish -> DC rev $89.0B +117% YoY, +18% QoQ (Q2 FY27); GAAP and non-GAAP GM 75.0%; Q3 guide $108B +/-2% at 74% GM, Q4 GM trough 71-72%; FY28 prelim +~70%, supply-constrained through FY28; supply commitments $279B (+134% q/q); DSO 60 days (was 45); ~25% of FY28 revenue from financed labs; no China DC compute in outlook/bullish

## Calendar changes

- added 2026-09-10 MACRO ECB Governing Council monetary policy decision and Lagarde press conference (meeting hosted by the Bundesbank in Berlin, Sep 9-10)

## New news (22)

- 2026-08-27 [positive] MACRO: Nvidia +7% in cash trade, chip rally narrow: MRVL +5.7%, AVGO +3.2%, MU -1.1% - NVDA traded $224-225 (+7%) an hour into Thursday's session on the $108B Q3 guide and ~70% FY28 growth call; SOX +1.8%, Nasdaq 100 +1.2%, S&P 500 +0.5%, Dow +0.2%, Russell 2000 flat. Memory and AMD lagged, so this is a Nvidia-and-custom-silicon move, not a broad one. <https://www.investing.com/news/stock-market-news/nvidia-revenue-forecast-lifts-us-chip-stocks-93CH-4879711>
- 2026-08-27 [neutral] MACRO: Jobless claims 203k vs 208k expected, prior 207k - Initial claims for the week to Aug 22 fell to 203,000 against a 208,000 consensus, another sign the labour market is not loosening; with July PCE at 3.7% it keeps the hike case alive going into Warsh's speech. <https://www.investing.com/news/economic-indicators/jobless-claims-fall-beating-forecasts-and-previous-figures-93CH-4879335>
- 2026-08-27 [negative] MACRO: Jackson Hole opens with Schmid hinting at hikes; September hike priced at 31% - KC Fed's Schmid said he does not know what current policy is restricting and inflation is 'still stubborn'; Boston's Collins said Wednesday tightening 'soon' would be appropriate without progress. Fed funds futures show a 68.6% hold / 31.4% hike for Sept 16 and a hike favoured by December; Warsh is expected to give no detailed forward guidance. <https://www.investing.com/news/economy-news/feds-schmid-says-rates-not-restraining-economy-hints-at-hikes-4879088>
- 2026-08-27 [negative] MACRO: US weighs new semiconductor tariffs covering servers, laptops and consoles (Politico) - The administration is considering sweeping chip tariffs extended to products containing semiconductors, with a phase-in and relief tied to investment in US fabs per Lutnick; no rate given and the White House called the reporting speculation. A cost risk for AI server builds if it lands. <https://www.investing.com/news/world-news/us-weighs-a-new-round-of-tariffs-on-semiconductors-politico-reports-4878694>
- 2026-08-27 [positive] NVDA: Raymond James lifts Nvidia target to $515 from $352 as the Street reprices after the print - Raymond James kept Strong Buy and cited the FY28 70% outlook and $26B of Q2 shareholder returns; Truist ($346), Wedbush ($345), RBC ($330), Stifel ($315), UBS ($300) and Needham ($300) also raised. Stock +7.3% intraday at $224.88. <https://www.investing.com/news/analyst-ratings/raymond-james-raises-nvidia-stock-price-target-on-strong-outlook-93CH-4879439>
- 2026-08-27 [neutral] NVDA: Nvidia reportedly agrees to buy Hugging Face for $12.9B - The Information reported the deal Aug 26 and Reuters followed; neither company has confirmed and Nvidia declined comment. Price implies ~86x an estimated $150M ARR and would move Nvidia into model distribution. <https://finance.yahoo.com/technology/ai/articles/nvidia-reported-12-9b-hugging-143406687.html>
- 2026-08-27 [neutral] MRVL: Marvell pre-print: JPMorgan looks for a Q3 guide near $3.1B vs the $3.03B bar - Kalshi puts 83% odds on an EPS beat of $0.93; focus is custom XPU pipeline (50+ opportunities, $75B before the Google deal), Trainium ramp and Celestial AI optics. Stock faded to +0.4% intraday from a +4% premarket. <https://finance.yahoo.com/markets/stocks/articles/marvell-earnings-prediction-market-preview-143107326.html>
- 2026-08-27 [neutral] MU: Micron locked in ~$100B of floor-priced memory contracts during the shortage - Trefis: 16 take-or-pay deals cover ~20% of DRAM and a third of NAND volume over ~5 years, 14 with price floors and $22B of customer deposits, but prices on existing products are capped at CQ2-2026 levels. MU -1.1% intraday after a +3% open. <https://finance.yahoo.com/markets/stocks/articles/micron-spent-memory-shortage-signing-140154724.html>
- 2026-08-27 [positive] STRIPE: Stripe to acquire startup-legal platform Clerky - Clerky says it has agreed to join Stripe with the same team and focus; terms undisclosed. Clerky startups account for 23% of Silicon Valley seed and pre-seed financings and have raised over $140B. <https://www.clerky.com/blog/clerky-is-joining-stripe>
- 2026-08-27 [positive] OPENAI: Georgia PSC approves 3,200MW Georgia Power contract for OpenAI's Effingham County data center - OpenAI fully funds the infrastructure and commits up to 1,000MW of flexible demand response; Georgia Power says the portfolio saves ~$950M a year by 2029, about $15 a month for a typical household. <https://www.atlantanewsfirst.com/2026/08/27/georgia-powers-openai-contract-effingham-county-approved-expected-lower-residential-bills/>
- 2026-08-27 [positive] META: Citi: teen settlement less painful than feared, Buy $800; KeyBanc $780, UBS $715, Truist cuts to $763 - Citi expects a ~$10B Q3 accrual on the $18B deal with 52 AGs, far below the $200B-$1.4T once contemplated, with teens under 1% of revenue and average teen Instagram use ~1 hour vs the new 2-hour cap. New Mexico's appeal and ~1,200 school-district cases remain. <https://www.investing.com/news/stock-market-news/could-metas-teen-settlement-be-less-painful-than-feared-citi-weighs-in-4879260>
- 2026-08-27 [negative] BABA: Alibaba ADR -3.3% in morning trade after HK$80B placing closes; Baird and Citi trim targets, JPMorgan lifts to $210 - 710M shares were issued at HK$112.70; Baird cut its target to $160 from $164 and Citi to $190 from $192, while JPMorgan raised to $210 Overweight. The move is company-driven with the S&P up and Nasdaq +1%; 9988.HK closed HK$115.50 (-0.9%). <https://www.investing.com/news/stock-market-news/why-is-alibaba-stock-sliding-today-93CH-4879685>
- 2026-08-27 [positive] BABA: Alibaba Cloud launches two Brazil data centres, its second Latin American market - The sites serve local enterprises with cloud and agentic AI services and take Alibaba Cloud to 106 availability zones in 31 regions, following Mexico in 2025 and under the US$56B AI infrastructure pledge. <https://www.scmp.com/tech/big-tech/article/3365491/alibaba-pushes-south-americas-ai-market-launch-brazil-data-centres>
- 2026-08-27 [positive] GOOGL: Wolfe names Alphabet a top 2027 pick: Outperform, $460 target, 2027 revenue raised 10% to $595B - Shweta Khajuria lifted 2027 EPS to $15.89 and models Google Cloud revenue +125% y/y in Q3 vs 87% consensus after Q2's +82% and 35.6% operating margin. <https://www.investing.com/news/analyst-ratings/wolfe-research-raises-alphabet-stock-estimates-on-cloud-growth-93CH-4878935>
- 2026-08-27 [negative] GOOGL: OSHA data: 16 Waymo test-driver injuries in 2024-25 as robotaxis scale, TechCrunch reports - Waymo contractor Transdev logged 5 injuries in 2024 and 11 in 2025 across SF, LA and Phoenix, mostly hard-braking sprains and whiplash with up to 175 days off; Zoox had up to 8. Waymo says safety of its team is paramount. <https://techcrunch.com/2026/08/27/sprains-pain-and-whiplash-waymo-and-zoox-test-drivers-are-getting-hurt-as-robotaxis-scale/>
- 2026-08-26 [positive] ANTHROPIC: Anthropic signs $45B, six-year compute lease with Nscale in West Virginia - TechCrunch (citing a source; Bloomberg first reported) says Anthropic will rent $45B of capacity over six years at Nscale's West Virginia campus, built on Nvidia Vera Rubin systems and live from late 2027; other outlets put it at ~460 MW. It follows $10B with Volta, $5B with AMD, ~$1.25B/month from SpaceX and a 5 GW Amazon expansion in eight months. Neither company has formally confirmed. <https://techcrunch.com/2026/08/26/anthropic-continues-compute-gobbling-streak-in-45-billion-deal-with-nscale/>
- 2026-08-27 [positive] ANTHROPIC: Salesforce books $2.6B gain on its Anthropic stake; Claudeforce open beta in September - Salesforce Q2 revenue $11.35B (+11%), FY27 guide raised to $46.1-46.4B, net income $3.53B helped by a $2.6B mark-up on its Anthropic position; shares +21% Thursday. Claudeforce puts Salesforce data and 37 prebuilt sales skills inside Claude (pilot now, open beta September). Salesforce is expected to spend ~$300M on Anthropic tokens in 2026. <https://finance.yahoo.com/technology/ai/articles/salesforce-q2-earnings-beat-claudeforce-133344189.html>
- 2026-08-27 [positive] NET: Cloudflare +6% as software re-rates on Salesforce, CrowdStrike and Okta beats - CrowdStrike +17% (record $333M net new ARR, FY27 guide raised), Salesforce +21%, Okta +21%, Palo Alto +10%; Cloudflare rode the rotation to $302.87 at 10:37 ET, above its after-hours level. No Cloudflare-specific news; the next company catalyst is the Sep 9 Goldman fireside. <https://www.investing.com/news/stock-market-news/crowdstrike-shares-jump-on-earnings-beat-raised-outlook-4877850>
- 2026-08-27 [positive] SKHY: SK hynix breaks ground on $4B+ Indiana HBM packaging and R&D site - Purdue Research Park facility with a next-gen HBM packaging line; cleanroom from H2 2028, ~7,000 direct and indirect jobs, $458M CHIPS grant plus up to $500M loans. Puts capacity near Nvidia, Microsoft and Google; SK hynix holds ~58% of HBM revenue. Seoul close KRW 1,730,000 (+2.5%) after a +5.9% intraday high faded. <https://www.investing.com/news/stock-market-news/sk-hynix-holds-groundbreaking-ceremony-for-4-billion-indiana-ai-chip-packaging-facility-4879737>
- 2026-08-27 [positive] ENR: US order bars Chinese-linked grid equipment above 69 kV; Citi calls it a net positive for Siemens Energy - Executive order blocks import and installation of transformers, breakers, inverters, UPS, generators, turbines, battery storage and control systems from covered foreign entities (effectively China). Citi sees less competition and pricing room for Siemens Energy (moderate net positive) and Wartsila storage; Siemens' Charlotte plant delivers large transformers only from late 2027. Also supportive for GE Vernova as US incumbent. <https://www.investing.com/news/stock-market-news/white-house-order-restricts-foreign-electrical-grid-equipment-citi-comments-93CH-4878697>
- 2026-08-27 [neutral] AAPL: Apple trims ~100 Siri and machine-learning roles as it rebuilds the assistant; stock flat at $313 - Over 200 cuts across Vision Pro and Siri-related software, about 100 in the legacy Siri/ML teams, with the new on-device architecture kept. Apple sat out the Nvidia rally (-0.15% at 10:39 ET) ahead of the Sep 9 event; IDC expects 10M+ foldable iPhones in year one. The chip-tariff report is a margin risk on top of Cook's memory-cost warning. <https://247wallst.com/investing/2026/08/27/apple-is-cutting-jobs-from-the-teams-fixing-siri-is-its-ai-comeback-already-in-trouble/>
- 2026-08-27 [neutral] 1211.HK: BYD -1.5% to HK$91.25 into Friday's interim results; flash-charging network hits 10,000 stations - Shares closed HK$91.25 on Aug 27 ahead of the H1 report on Aug 28. BYD's 1.5 MW flash-charging network reaches 10,000 stations on Aug 28 (from 5,000 in April; 20,000 targeted by year-end) and the Sealion 08 launches Sep 2. No verified sell-side consensus for H1 revenue or profit was found; the debate is record exports versus domestic price-war margins. <https://cnevpost.com/2026/08/27/byd-flash-charging-10000-stations-aug-28-2026/>

## Notes

**holdings A**: Prices from stockanalysis.com at 10:21-10:36 ET Aug 27 (AXOS trades as AX); 9988.HK Thursday close HK$115.50 -0.94% from investing.com. Tape at the open: S&P +0.4%, Nasdaq +1.1%, NVDA +7.4%. WebSearch budget was exhausted, so discovery used Google News RSS plus direct fetches of investing.com, TipRanks, SCMP, TechCrunch, 24/7 Wall St, StockTitan and MarketBeat; Google News redirect links did not resolve, sec.gov EDGAR returned 403 and Yahoo Finance 503. FIGR: no new filing on Aug 27 (StockTitan filings page), only the Aug 26 CFO Form 4; MarketBeat gave no reason for the drop and showed light volume. LDI: no news Aug 25-27 on investing.com or StockTitan; +9.6% intraday to $0.97 is still under $1. AXOS: quiet, 13F notes only. AMZN: Mechanical Turk closing Sept 30 and Labor Dept AI-jobs MOUs (OpenAI, Google, Meta, Amazon) noted but not material; Citizens 29x note seen in RSS only, article not reached. ENPH: Trump Aug 26 order on foreign bulk-power equipment (TipRanks/Bloomberg) referenced in take; no Aug 27 analyst notes found. META: Rosenblatt target raise appeared in RSS but article unreachable; no Hatch/Connect news. Bloomberg's $692B Alphabet drawdown seen as headline only. Lingxi Games sale is an Aug 16-17 story, skipped.

**holdings B**: Checked at ~10:37 ET via WebFetch only (WebSearch budget exhausted this session). Prices from stockanalysis.com quote pages; 10-year from investing.com (4.662%); Taipei 2330 close NT$2,410 -0.21% from stockanalysis TPE, Taiex +0.31% at 45,975.22 from Focus Taiwan. Analyst targets from investing.com analyst-ratings pages and MarketBeat's NVDA forecast page; Evercore $465, Melius $420, Mizuho $315, Goldman $300 and KeyBanc $330 seen only in TipRanks/Investing.com RSS headlines. Blocked: sec.gov EDGAR and data.sec.gov (403) so the 10-Q customer-concentration data could not be verified; NVIDIA IR filings table is JS-rendered; Rockstar newswire, DCD article, GameSpot, What's on Netflix, WSJ all 403/blocked; Google News redirect links do not resolve through WebFetch. Freddie Mac PMMS was not yet published at 14:40 UTC (due 16:00 UTC); freddiemac.com still shows Aug 20's 6.65%, MND 30-year 6.75% for Wednesday. No accessible sell-side pushback on DSO; UBS's memory-margin headwind and SpaceX allocation caveat is the only skeptical note found. Marvell KeyBanc $400 appeared as a scanx headline only (MarketBeat shows $400 as the range high) so not stated as fact. Quiet: NFLX beyond the GTA VI premiere (Kotaku: 3pm ET, 26 min, YouTube 9pm ET), RKT company-specific, no new Stripe/OpenAI marks.

**watchlist/loves**: Thursday 10:40 ET, first cash session after Nvidia. Indices S&P +0.6%, Nasdaq +1.2%, SOXX +3%; NVDA +7% to ~$225. The after-hours pop is holding in connectivity/semis (CRDO +5.1%, ALAB +4.1%, SKHY +3.3%, AVGO +3.1%) and software (NET +6.3% on CRM/CRWD/OKTA beats), but fading in power and equipment (TER +1.4% vs +4.2% AH, BE +1.2% vs +4.0%, GEV -0.1% vs +2.3%, ASML -0.9% vs +2.3%); utilities, energy and comms were the weak sectors. Asia closes: SK hynix KRW 1,730,000 (+2.5%, off a +5.9% high), Keyence JPY 82,150 (+0.8%, Nikkei -0.1%), CATL HK$613.50 (-0.7%), BYD HK$91.25 (-1.5%); Siemens Energy EUR 150.40 (-0.5%) late Xetra. New macro items: Politico chip-tariff report (rates/phase-in undecided) and a White House order barring Chinese-linked grid equipment >=69 kV (Citi: moderate net positive for Siemens Energy; supportive for GE Vernova, negative for CATL's US storage). Anthropic: TechCrunch article located for the Nscale deal ($45B, 6 years, West Virginia, Vera Rubin, late 2027; Bloomberg first reported), Salesforce marked its Anthropic stake up $2.6B and expects ~$300M token spend in 2026; Anthropic also announced wellbeing research grants (Aug 25). Nvidia is reported (The Information, unconfirmed) to be buying Hugging Face for $12.9B, left to the holdings agent. Quiet: Cursor (no posts since Aug 18; SpaceX acquisition Aug 14 is the last news), Robinhood (+2.3% with bitcoin ~$79.9K, no news), Spotify (-3.7% to ~$530 on no company news; newsroom items are EQUAL singles and a Ringer interview; Forbes ran an ad-skipping feature piece Aug 26), MELI (-0.4%), Sea (-1.7%). BYD: no verified H1 consensus found (Yahoo/Investing/SCMP/Nikkei all lacked a preview); results due Aug 28. Status and conviction unchanged across all 15; tariff risk added to semis/equipment risk text. Candidates considered: Vertiv (runner-up again, no new data), CrowdStrike/Okta/Salesforce (just ran 17-21%, not a better entry than NET), Kioxia (+5% in Tokyo, memory already covered by SKHY). Zero adds.

**indicators/calendar**: WebSearch budget was exhausted for this session, so everything came from WebFetch on primary pages and Google News RSS for discovery. PART 1 verified: Silicon Data index page (H100 $2.67 +0.4% 7d, A100 $1.61, B200 $5.65, MI300X $2.65, token index $1.06; page carries no date stamp, read Aug 28 AEST); DRAMeXchange Aug 27 18:10 GMT+8 table (DDR5 16Gb $53.93 -0.12%, DDR4 16Gb $91.05 flat, DDR4 8Gb $44.01 +0.86%, NAND MLC 64Gb $36.59 +2.34%, the NAND line was unchanged from Aug 26); RunPod and Lambda price pages (all unchanged); TrendForce Aug 25 press release (memory 68% of CSP capex 2027, HBM +70-140% 2027) and Aug 27 news item on Nvidia's $279B supply commitments (cites WSJ/Reuters/Investopedia, not the 10-Q itself, which I could not open); Nvidia newsroom AWS release (2M GPUs 2027-28 on top of 1M+ from GTC 2026, no $ value); Nebius closing release ($5.75B, options exercised in full, tranche sizes and coupons; conversion prices not restated); AI News article on Nvidia's call (~25% of FY28 revenue from financed labs, ~12 GW OpenAI, ~2 GW second lab, $500B+ outside capital subject to definitive agreements). Nscale $790M Norway financing and ~$45B/460 MW Anthropic deal are from Google News RSS headlines/descriptions only (Legal Desire, Bloomberg/Reuters/CNBC); nscale.com/news returned 404, so treat the Anthropic dollar figure as reported, not confirmed. No new CoreWeave debt, CDS or covenant print found; no new $/GW all-in datapoint (ADI's '$1.5B per GW' is its own content per GW, not a build cost), no new ERCOT/turbine or used-H100 datapoint, so hopper_residual, dc_cost_per_gw and power_bottleneck are unchanged. TrendForce press centre had no memory release on Aug 26-28 (Aug 27 release was MLCC). PART 2 verified: Fed Board calendar confirms Warsh keynote Fri Aug 28 10:00 ET (in person, Moran WY, watch-live) and Bowman virtual fireside chat 12:45 ET; September Fed calendar shows Beige Book Sep 2 14:00 ET and FOMC Sep 15-16 (statement 14:00 ET, presser 14:30 ET Sep 16) with no Board speeches listed Sep 1-4; UMich site confirms final August sentiment Fri Aug 28 10:00 ET (no prelim-September date posted yet); Credo IR release confirms Sep 1 after close, call 14:00 PT; Dell Sep 1 confirmed via its Aug 18 Business Wire notice (Yahoo/scanx via RSS); Broadcom Sep 2 confirmed via its Aug 3 'to announce results on Wednesday, September 2, 2026' release (Yahoo via RSS; the IR event page timed out twice); HPE Sep 2 confirmed via the Aug 12 Business Wire notice (RSS; businesswire and HPE IR pages timed out/404); Ciena's Aug 6 reporting-date release exists (RSS) but the Ciena IR pages timed out, so the existing Sep 3 08:30 ET entry stands unverified today; ECB calendar confirms Sep 9-10 Governing Council monetary policy meeting in Berlin with press conference on Sep 10 (time not stated on the calendar page) - added. Could not confirm: BLS benchmark-revision date (bls.gov schedule pages returned 403), Kansas City Fed agenda beyond the Fed Board listing (kansascityfed.org 403), any RBA speeches or events Aug 28-Sep 16 (rba.gov.au speeches and schedules pages 403; AU news RSS shows none announced), BYD interim release time (news only says Friday board meeting; hkexnews not searchable here, keep TBC), Oracle Q1 FY27 date (IR news page is dynamic; only a Seeking Alpha 'September 10' reference), Adobe Q3 FY26 date (IR events page timed out; no announcement in RSS). Not added because outside the window: Micron fiscal Q4 results Sep 30, 2026 (announced Aug 26), GTC Berlin Oct 20-22, GTC Washington DC Nov 30-Dec 3, GTC 2027 Mar 15-18 San Jose. Alibaba already reported its June quarter on Aug 24-25, so nothing for Aug 28.

**macro**: WebSearch budget was exhausted; all data via WebFetch. Sources: investing.com stock-market-news, economic-indicators, commodities-news, world-news, economy-news, forex-news and quote pages (major-indices, phlx-semiconductor, 10-year yield, bitcoin, aud-usd, usdollar, stoxx-600, fed-rate-monitor at 10:15 ET), stockanalysis.com NVDA, Google News RSS for claims/oil/Jackson Hole, Yahoo Finance topic pages, NAR pending home sales page. US levels are ~10:38 ET (14:38 UTC) snapshots. Unavailable: reuters.com, cnbc.com, marketwatch.com, kansascityfed.org, dol.gov (blocked/403), so continuing claims and the 4-week average are not included. 7-year auction not out until 13:00 ET. NAR page shows July pending home sales -2.3% m/m (index 71.2) but dates the release earlier than today, so it is not treated as new. September odds: investing.com rate monitor 31.4% hike; the Aug 25/26 Reuters preview cited ~40% on CME FedWatch. Stoxx 600 651.30 (-0.78%), DAX 26,288 (-0.11%), Euro Stoxx 50 -0.78%, FTSE -0.81% at 10:39 ET. DXY 99.13, VIX 14.53, Brent $88.96 (09:33 ET, investing.com oil article 4878098), gold $4,597 spot. China July industrial profits +11.2% y/y (June +15.1%), computer/electronics +110%, fibre optics +468% (investing.com 4878243). No new Iran deal: Iran-Oman route talks continuing, tanker struck Tuesday, White House denies negotiations.

Nothing here is financial advice. Holdings and opinions are my own; the "agent" sections are written by an automated research skill and may be wrong. Built 2026-08-27 19:31 UTC.