A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. Tesla $Tesla(TSLA.US) launched steering-wheel-free Cybercab rides in Austin, marking the first public deployment of its purpose-built autonomous vehicle. Customers can now book Cybercab rides through Tesla’s Robotaxi app, with Tesla having registered 45 Cybercabs in Texas, bringing its state robotaxi fleet to 420 vehicles. The two-seat Cybercab has no steering wheel, pedals, or mirrors, relying on cameras and neural networks instead of lidar or radar, while also featuring in-car entertainment and integrated Starlink V5. Cybercab is not yet available for sale, but Tesla has opened a form for potential fleet buyers. Federal safety rules still prevent commercial sales, and Tesla has not yet filed for an NHTSA exemption.

2. Fed Governor Chris Waller said he would support keeping rates at 3.50%–3.75% this month if upcoming inflation data continues to show progress toward the Fed’s 2% target. Waller said recent data suggest the economy is “finally seeing some signs of disinflation,” and that if the improvement continues in data due over the next 2 weeks, he would be inclined to hold rates steady. However, he warned that if August inflation data show the improvement was fleeting, “it may be appropriate to raise the policy rate.” He also noted that uncertainty remains around military conflicts, trade policy, and AI’s impact on prices and economic activity.

3. Nvidia $NVIDIA(NVDA.US) has agreed to acquire Hugging Face for $12.93B, giving it one of the largest open AI developer platforms in the world. Hugging Face says it now serves more than 18M developers, researchers, and creators, with over 3M models, 500K datasets, 1M applications, and 200K+ companies on the platform. Nvidia says Hugging Face will remain open to models and hardware across the ecosystem, with no requirement for developers to use Nvidia compute and continued support for multi-cloud and multi-accelerator deployment. Nvidia also plans to use its infrastructure and engineering resources to expand Hugging Face’s model evaluation, inference, deployment, safety, and platform reliability.

4. Morgan Stanley says Broadcom $Broadcom(AVGO.US) delivered a quarter and outlook that were slightly better than prior guidance, while its 2027 AI revenue commentary of $115B came in slightly below the firm’s $120B estimate but still in line with management’s prior view for “well above $100B.” The bigger takeaway is that management said AI revenue should “double again” in 2028, with customer breadth improving and two AI labs expected to become Broadcom’s two largest customers by CY28. Morgan Stanley says it continues to haircut CY28 because semiconductor visibility rarely extends that far, but its numbers still move up considerably. The firm sees some near-term uncertainty from elevated CY27 AI expectations, but believes market-share expectations remain too low, with industry contacts supporting the view that Broadcom can drive 80%+ share of its serviceable markets over time. Morgan Stanley says valuation remains compelling, growth remains very robust, and $Broadcom(AVGO.US), along with $NVIDIA(NVDA.US), continues to look like one of the most attractively valued AI names.

5. Meta $Meta Platforms(META.US) CEO Mark Zuckerberg reportedly told President Trump in a private August call that he opposed a proposal to create a national AI regulator, according to Business Insider. The White House is considering a FINRA-style body that could review and test advanced AI models for risks before broader deployment, an idea originally proposed by Google DeepMind CEO Demis Hassabis. Zuckerberg has argued that delaying model releases, even by a month, could hurt U.S. leadership against China. The White House is reportedly weighing two paths: a formal FINRA-style AI regulator, or a more voluntary industry-led standards group similar to the Motion Picture Association, an approach backed by David Sacks. The proposal remains under consideration.

6. The top 10 most active options today by contracts traded were $NVIDIA(NVDA.US) with 3.5M contracts, $Tesla(TSLA.US) with 2.7M contracts, $SpaceX(SPCX.US) with 1.4M contracts, $Apple(AAPL.US) with 1.3M contracts, $Broadcom(AVGO.US) with 1.0M contracts, $Strategy(MSTR.US) with 925K contracts, $Micron Tech(MU.US) with 806K contracts, $PG & E(PCG.US) with 720K contracts, $Palantir Tech(PLTR.US) with 717K contracts, and $Robinhood(HOOD.US) with 682K contracts.

7. OpenAI has started rolling out GPT-6 Astra, its new flagship model, calling it a “generational leap” in AI capability. President Greg Brockman went further, saying people may eventually look back at “about this time and about this model” as when AGI arrived, ending the briefing with: “Welcome to the AGI era.” Astra was trained on more than 100,000 GPUs at OpenAI’s Stargate site in Texas and is designed to work directly inside software, including creating spreadsheets and presentations, building 3D environments, designing circuit boards, handling financial modeling, and drafting tax forms. OpenAI says Astra leads across software engineering, science, reasoning, computer use, and cybersecurity, but the model also reached OpenAI’s “Critical” cybersecurity threshold, meaning its strongest cyber capabilities will initially be restricted to trusted organizations through Daybreak Access.

8. Lululemon $Lululemon(LULU.US) reported Q2’26 revenue of $2.4B, below estimates of $2.46B and down 4% YoY, while comparable sales fell 9%. EPS came in at $2.92, including a $0.86 tariff-refund benefit, with gross margin up 200 bps YoY to 60.5%. The company cut FY26 guidance to $10.35B–$10.5B in revenue versus $11.04B expected and EPS of $9.48–$9.73 versus $10.88 expected. Q3 guidance was also weak, with revenue expected at $2.29B–$2.32B versus $2.53B expected and EPS of $0.93–$0.98 versus $2.40 expected. Management said it is taking a “prudent approach” with the revised full-year outlook, while Michael Burry said: “Today, lululemon (LULU) is the trickster in my portfolio. This time the trickster is my largest position, and it does seem determined to take me where mermaids fear to tread.”

9. Robinhood $Robinhood(HOOD.US) had its best day in over a year, rising 15% after a Morgan Stanley upgrade and renewed attention around Robinhood Chain. Part of the move may have come after Ansem, one of crypto’s most influential voices, posted his Robinhood thesis to 1.3M followers, highlighting the company’s growing onchain opportunity. Since launching July 1, Robinhood Chain has generated $34.6B in cumulative DEX volume, 576M transactions, and 12.3M addresses, with daily DEX volume recently hitting a record $1.5B and users paying $3.75M in fees on September 1. More than 190 tokenized stocks are now live, producing over $3B in cumulative DEX volume, while RWA daily volume reached a record $390M, including $217M from memecoin/tokenized-stock pairs. Robinhood’s onchain ecosystem has also grown to more than $750M in TVL while generating billions in perpetual-futures volume. The market appears to be waking up to the idea that Robinhood Chain may not be fully priced in, with the potential to become a new 9-figure revenue stream — and possibly much larger if growth continues.

10. Mira Murati’s AI startup Thinking Machines is reportedly in talks to raise more than $1B at a roughly $40B valuation, according to The Information. Accel is in talks to lead the round, while Nvidia $NVIDIA(NVDA.US) is also considering participating. The raise follows the July launch of Thinking Machines’ first model, Inkling, and the company is already generating hundreds of millions in annualized revenue despite being less than 2 years old. The proposed valuation is below the $50B+ level the company sought late last year, when it discussed raising $4B–$5B.

11. U.S. diesel refining margins have surged to a record $106/barrel, topping $100 for the first time and surpassing the roughly $85/barrel peak seen during the 2022 energy crisis. The diesel crack spread has more than tripled since February, signaling extremely tight diesel supplies and much stronger potential profits for refiners. The spike reflects a severe shortage of global diesel supply amid the Iran War, with U.S. diesel inventories down to 103.4M barrels, the lowest on record for this time of year. Retail diesel prices have also climbed to $5.78/gallon, just 4 cents below the all-time high set in June 2022.

12. The Bank of Japan is reportedly leaning toward a 25 bps rate hike at its September 18 meeting, which would take rates from 1.00% to 1.25%, according to Bloomberg. Officials reportedly see inflation risks skewed to the upside, with Japan’s key inflation gauge expected to move back toward 3% as yen weakness and higher oil prices add pressure. A 50 bps hike is seen as unlikely for now, but the BOJ is leaving the door open to faster tightening later if inflation stays firm. A September move would come just 3 months after the June hike, marking the shortest gap between hikes under Governor Ueda.

WALL STREET IS THE GREATEST SHOW ON EARTH.

Source: amit