Nvidia Is Building a Trillion-Parameter Model. The Real Trade Is the Router.
Nemotron 3.5 Lightning and NeMo Switchyard shipped today. Nemotron 4 is next. The open-weight stack is becoming the API killer.
Economy
The ROIC Question Is Finally Getting Answered
JPMorgan’s latest target raise is about backlogs converting into recognized revenue.
SoftBank Is Borrowing Against the Bet It Already Made
A $10B margin loan on private OpenAI shares, $40B of OpenAI bridge debt due March 2027, and a stock down sharply from its June peak. The leverage math is where this story lives now.
The Jobs Miss Just Lit the Fuse for $5,000 Gold
UBS mapped three conditions for gold’s next leg. Friday’s payrolls report just satisfied the most important one.
Shopify Is Not Winning the AI Search War. It Built the Road.
Q2 revenue beat by $130M. The AI traffic data is real. But the infrastructure play underneath it is what changes the long-term math.
ABTC Lost $57M in Q2. The BTC Count Went Up 14%.
The GAAP loss is real. So is the per-share Bitcoin math.
The Insurance Market Already Priced a 2027 Reopening
Trump gave no timeline at Camp David. The war-risk market gave one instead — and it runs through next year.
General Dynamics Has a $130B Backlog. Today Is the Proof Point.
Defense’s quietest compounder reports Q2 this morning as NATO demand hits its stride.
Seagate Just Posted the Best Quarter in Its History
Revenue up 48%, margins at 52.7%, and Q1 guidance 9% above the Street.
NOC Is Down 32% From Its High. The Backlog Just Hit $105B.
A record Q2 beat and raised guidance still haven’t closed the gap to the March peak.