A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Trump says the U.S. is reinstating the blockade and will now charge a 20% fee on all cargo passing through the Strait of Hormuz, effectively putting a tariff on one of the world’s most important shipping routes. He also said the U.S. is “probably just going to take over the Strait,” arguing America has guarded it for 50 years without being paid, while warning Iran that the U.S. is prepared to hit them “very hard” tonight and tomorrow.

2. Apple $Apple(AAPL.US) is expected to launch a base M6 this fall, but reportedly skip the M6 Pro, M6 Max, and M6 Ultra, moving directly to M7. The M7 Ultra is designed to support up to 1.5TB of memory, roughly double the planned M5 Ultra capacity, and could help power Apple’s future AI server strategy. Apple is also already developing M8 chips with greater AI capabilities, including 2028 chips moving to a 1.4nm process. $Apple(AAPL.US) Apple hit an all-time high today.

3. TSMC $Taiwan Semiconductor(TSM.US) reported record Q2 revenue driven by AI demand. June revenue came in around $13.8B, up 6.2% MoM and 67.9% YoY. Q2 revenue was about $39.6B, up 36% YoY and above the roughly $39.4B estimate. First-half 2026 revenue reached about $75.0B.

4. Meta $Meta Platforms(META.US) is expanding its Richland Parish, Louisiana data center to 5GW of compute capacity, raising the announced investment to over $50B from the original $10B plan. Bloomberg reports the total site cost could exceed $250B when including chips, though Meta has only publicly disclosed $50B. Meta also plans more than $1B in local infrastructure improvements and says the site will support 1,000+ roles once operational.

5. Newly disclosed court records show Apple $Apple(AAPL.US) is suing OpenAI, alleging misappropriation of trade secrets likely stemming to a new consumer device. The Information reports OpenAI’s first consumer AI device could launch as early as February, though Apple’s lawsuit could disrupt the timeline. OpenAI has reportedly explored several hardware concepts, including a display-less smart speaker, smart glasses, a digital voice recorder, and a wearable pin.

6. Penguin Solutions $Penguin Solutions(PENG.US) announced a proposed $650M private offering of convertible senior notes due 2031. Proceeds are expected to fund capped call transactions, refinance existing notes, and repay $100M under its credit agreement as part of a broader capital structure move.

7. The top 10 most active options today by contracts traded were $NVIDIA(NVDA.US) with 2.6M contracts, $Tesla(TSLA.US) with 2.0M contracts, $Apple(AAPL.US) with 1.6M contracts, $Amazon(AMZN.US) with 676K contracts, $Microsoft(MSFT.US) with 673K contracts, $Micron Tech(MU.US) with 609K contracts, $Meta Platforms(META.US) with 560K contracts, $DRAM with 499K contracts, $Intel(INTC.US) with 460K contracts, and $SpaceX(SPCX.US) with 431K contracts.

8. Korea-focused leveraged ETF AUM peaked above $45B in June, but after the recent pullback has fallen to roughly $28B. Exposure remains heavily concentrated in a few key areas: $14B in SK Hynix-linked products, $6B in Samsung-linked products, and $8B in KOSPI 200-linked products.

9. Cantor Fitzgerald reiterated Rocket Lab $Rocket Lab(RKLB.US) at Overweight with a $96 price target. Analyst Andres Sheppard highlighted Rocket Lab’s successful U.S. Space Force VICTUS HAZE mission, marking the first time a prime contractor completed an all-in-one Tactically Responsive Space mission covering the rocket, satellite, and on-orbit operations. The firm also called the Iridium acquisition transformative and said it further validates Rocket Lab’s move toward becoming a vertically integrated, end-to-end space company.

10. Intel $Intel(INTC.US) is investing $5.7B to expand manufacturing at its Leixlip campus in Ireland. The project will upgrade existing fabs, install new leading-edge equipment, and expand capacity for Xeon 6 and next-gen Xeon processors built on the Intel 3 node. Intel says the investment supports AI and high-performance computing demand while strengthening Europe’s semiconductor supply chain. The Leixlip site employs 4,900 people, with Intel’s total investment in Ireland now above €30B since 1989.

11. Fluence $Fluence Energy(FLNC.US) signed a contract with Avantus to supply a 200MW / 800MWh Smartstack battery system for the Rexford 2 solar-plus-storage project in Tulare County, California. Construction is expected to begin in 2027, with operations targeted for late 2028, and enough capacity to power roughly 84,000 homes.

12. Bernstein says “this time is different” for memory $Sandisk(SNDK.US) $Micron Tech(MU.US), arguing new long-term agreements offer much stronger downside protection than past semiconductor contracts. Unlike prior cycles where customers delayed orders or disputed obligations, Bernstein says today’s memory LTAs are backed by upfront collateral. The firm estimates $Sandisk(SNDK.US) has $11B+ of guarantees supporting roughly $69B of remaining obligations, while $Micron Tech(MU.US) holds $18B of deposits plus $4B of letters of credit. Bernstein also says protection is back-end weighted, with collateral coverage rising toward 75%–100% in the outer years when downcycle risk is highest. The bigger shift: counterparties are now hyperscalers and large OEMs with stronger balance sheets, while demand is tied to multi-year AI infrastructure buildouts and rising HBM/DRAM/NAND intensity. Bottom line: LTAs do not eliminate memory cyclicality, but Bernstein believes they improve earnings visibility, pricing durability, and trough protection versus prior cycles.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit