$DELL ON AI INFERENCE DEMAND:
“Inference has passed training and is pure demand on our industry” Dell expects inference token demand to grow 87x to 3,600 quadrillion tokens by 2030, while training demand grows 5x “Enterprise agentic to be the single largest workload by 2028” Source. Wall St Engine
Is the dichotomy between the Nasdaq 100 Index (in green) and the Advance-Decline line (in white) something to be worried about?
Source: Bloomberg, RBC
Here is how Apple $AAPL has performed each year since Tim Cook became CEO of the company:
2011: +25.6% 🟢 2012: +32.6%🟢 2013: +8.1%🟢 2014: +40.6%🟢 2015: -3% 🔴 2016: +12.5%🟢 2017: +48.5%🟢 2018: -5.4% 🔴 2019: +89%🟢 2020: +82.3%🟢 2021: +34.7%🟢 2022: -26.4%🔴 2023: +49%🟢 2024: +30.7%🟢 2025: +9.1%🟢 2026*: +17.9% (so far) 🟢 Source: WOLF
JPMorgan’s trading desk is turning tactically cautious after accurately navigating several of 2026’s major market inflection points.
The message is not outright bearish: economic growth and earnings remain resilient. But the next two to three weeks could be volatile and directionless. Six risks stand out: September is now a live Fed meeting, with markets pricing a higher probability of a rate hike. Investor positioning offers no clear directional signal. Heavy post-Labor Day bond issuance could widen credit spreads. September is historically the S&P 500’s weakest month. Momentum strategies are experiencing an unusually severe unwind. Even strong Broadcom earnings may fail to revive AI and semiconductor stocks. The main catalysts are payrolls, CPI, oil prices and geopolitical developments. JPMorgan’s conclusion: reduce net-long exposure and consider more market-neutral positioning. This is not a call for a bear market. It is a warning that strong fundamentals may not prevent a choppy September—particularly beneath the index level. Source: zerohedge
$NVDA now trades under 10x GS’s updated 2028 EPS estimates, per GS’s Peter Callahan
Chart below is the relative performance of Nvidia relative to the broader semiconductors SOX index. Source: Bloomberg, GS, Negligible capital on X
US efforts to contain the rise in long -term yields face two major obstacles
(i) once you draw a line in the sand, markets will test you; (ii) global long-term yields are rising, which inexorably drags up US long-term yields no matter what the US does... Source: Robin Brooks
The narrative that Iran holds the upper hand is increasingly difficult to defend.
The rial is hitting fresh lows almost daily as the blockade tightens its grip on the economy, while Tehran’s control over the Strait of Hormuz is steadily weakening. Iran’s remaining leverage is its ability to drive oil prices higher—and so far, even that strategy is failing. Source: Robin Brooks
Iranian crude oil exports have plunged in August
The U.S. relies on economic pressure through its naval blockade, rather than military strikes, to coerce Tehran into a deal to fully reopen the Strait of Hormuz. Tehran has loaded about 260,000 barrels per day for export at its ports so far this month, a decline of more than 80% compared with 1.7 million bpd in August 2025, according to data shared Thursday by the trade intelligence firm Kpler. Source: CNBC
