Partnership & Compute Capacity - Anthropic is significantly expanding its partnership with Google Cloud, securing access to up to 1 million of Google's custom chips [1] - The deal is valued at tens of billions of dollars [1] - This expansion will add over 1 gigawatt (GW) of compute capacity by 2026 [1] - Anthropic's CFO states the expansion ensures Claude can meet surging demand from over 300,000 enterprise customers [2] - Anthropic remains committed to a multi-cloud strategy, leveraging technology from Amazon, Google, and Nvidia [2] Competitive Context - OpenAI has signed commitments for 33 gigawatts (GW) of future capacity for its Stargate project [3] - Anthropic's 1 gigawatt (GW) agreement is already locked in and expected to be online by 2026 [3]

Financial Performance - Intel's adjusted profit was 23 cents per share [1] - Intel's revenue exceeded expectations at $1365 billion [1] - Intel anticipates having approximately $35 billion in cash once Nvidia pays in for their deal [3] Business Segments - Intel's product segment performed better than expected, but the foundry business missed expectations [1] - AI PC segment experienced double-digit growth [2] - Intel sold a 51% stake in Altera in September [3][4] Supply Chain & Demand - Intel is facing a supply crunch due to faster-than-anticipated data center refresh, potentially impacting Q1, Q2, and possibly Q3 [2] - Intel will not increase supply of advanced chip processes like 14A until there is firm demand [5] Government & Shareholder Relations - The US government is now Intel's biggest shareholder [5] - Intel communicates with the US government like any other major shareholder, without disclosing numbers in advance [5] Market Reaction - Intel's stock is trading above $40 per share in overtime, nearly doubling from January 1st [1] - The stock is up six percent [6]

Market Sentiment & Trade - Market views any positive developments in China trade favorably [1] - Market had shifted focus away from trade until recent trade tensions resurfaced, impacting AI-related sectors due to rare earth material concerns [2] - Market sentiment is currently focused on a strong economy, positive earnings, and potential rate cuts [3] - China trade headline risk is present, but not viewed as material risk based on CH's calm reaction [6][7] Momentum & Rotation - Market experienced a momentum unwind, potentially nearing its end, with the first negative month in seven and declines in MTUM names [4][9] - Despite the momentum unwind, the overall market remains up, indicating a rotational move rather than outright distribution [10] - Momentum shakeout hasn't significantly impacted broader market sectors; some sectors like healthcare and discretionary are improving [11][12] - Debate exists whether the momentum unwind is over or still in progress, with Morgan Stanley suggesting it's only halfway through [9] Sector Performance & Economic Indicators - Defensive sectors, like healthcare, are outperforming in October, potentially due to profit-taking and rotation into underperforming assets [5] - Banks are showing slight weakness, but overall, leaning into strength is still favored [8] - High yield CDX remains relatively calm despite bankruptcies, indicating no significant deterioration in credit markets or consumer stocks; consumer stocks may be reaccelerating [7] - Utilities' performance is tied to power and AI, diminishing its reliability as a defensive sector indicator [14] Market Breadth & Global Markets - Market breadth remains relatively strong, with a significant percentage of S&P 500 companies above their 200-day moving average [15] - Global markets, including China, Japan, and Europe, are reaching new highs, indicating no widespread negative impact from the momentum unwind [12]

Financial Performance - Brunswick reported a nearly 8% increase in third-quarter sales across all business units [1] - All four reporting segments of Brunswick beat guidance and consensus on both top and bottom lines [4] Consumer Spending & Market Trends - Third-quarter sales have stabilized nicely [3] - Premium boat buyers are stronger than value boat buyers, but even value boat purchases have stabilized [3] - Gas prices are stable and historically low, not currently inhibiting boating [8] Tariff Impact & Mitigation - The full impact of tariffs on Brunswick's business is estimated to be around $75 million this year [5] - China-based tariffs are the primary driver, even though China represents less than 5% of the supply base, equating to roughly $150 million in exposure [6] - Brunswick is working to reduce tariff exposure by reducing content purchased from China, increasing domestic sourcing, and vertically integrating [6] Competitive Advantages - Brunswick is primarily a domestic manufacturer with production facilities in 21 US states, positioning it favorably in an environment of persistent tariffs [10] - Mercury Marine manufactures most of its engines in the US, giving it a competitive advantage over Japanese competitors facing 15% import tariffs [10][11]

Sanctions on Russian Oil - The US Treasury is imposing new sanctions on Russia's two largest oil exporters, Roseneft and Luke Oil, aiming to cut off funding for the war in Ukraine [1] - The sanctions are designed to force Russia to stop selling oil globally, targeting major buyers like China and India [1] - The White House's move is considered the first major attempt to sanction a major Russian exporter, aiming to break the funding machine for the war [1] Geopolitical Implications - India may be displeased as it was encouraged to buy discounted Russian oil in 2022 to keep oil flowing, but now faces potential sanctions for continuing to do so [1][2] - The sanctions shift the decision-making burden from governments to companies like Reliance, which must decide whether to risk US sanctions or continue importing Russian oil [3] - The US may be considering a regime change operation in Venezuela, potentially replacing Russian oil with Venezuelan oil [5] - Russia and China have significant interests in Venezuela, particularly in the oil sector, raising foreign policy concerns if Maduro is removed from power [7] Market Impact - The sanctions enforcement will be crucial in determining their effectiveness [5] - Oil prices and some oil-related stocks have increased in response to the sanctions [8] - Reliance, a major importer of Russian oil, is reportedly considering finding alternative sources of supply [3]

Company Performance & Financial Health - Raymond James reported its fifth consecutive record year of revenues and earnings [3] - Non-performing loans to total loans are around 05%, which is historically very low [5] Market & Economic Outlook - Analysts are bullish on Raymond James stock, with price target hikes from multiple firms [1] - The company anticipates demand for securities-based loans to increase as interest rates are expected to decrease [1] - Credit spreads in both high yield and investment grade categories are near record lows, indicating a strong economy [6] - The banking system is well-capitalized and can absorb potential credit losses [9] Strategic Initiatives & Technology - Raymond James is doubling down on its AI investment, including promoting a chief AI officer and head of AI strategy [10] - The company is focusing on resiliency, cybersecurity, efficiencies, and data-driven insights within its technology platform [11][12] - AI is expected to drive productivity gains, earnings growth, and valuations for companies [13]

Welcome back. It's a pretty good Thursday on the Street of Dreams. You got stocks up across the board.The S&P's up threequarters of 1%. NASDAQ up 1% and today really just continuing a rally for the ages. The S&P 500 is basically doubled off its intraday low exactly 5 years ago.The Nasdaq 100 though says, "Hold my beer, it's up 128% in just 60 months." This market along with crypto and maybe even gold have hopefully made a lot of people like you very rich. The fear is that at some point stocks stop going up ...

Well, it's been a rough year for investors in so-called alternative asset management managers. Those are private equity investment firms like KKR, Apollo, Blackstone, Hamilton Lane, and others. In fact, KKR and Apollo, those stocks down 18% in just the past 90 days.Both are lower for the year as well. But your market navigator says the better days are ahead. Let's find out why.Jed Ellerbrook is fun portfolio manager at Argent Capital Management. It's not a group, Jed, that we talk about a whole lot. Hamilto ...

turn now to the bond market with the 10-year yield briefly crossing back above 4% again as the price of oil also moves up. Let's head now to Rick Santelli who's in Chicago with more on the bond market and I guess could probably tell us as an Illinois guy is Indiana considered the Midwest. Oh, of course it is.Absolutely. We're all part of flyover country. You know, we need to make sure the audience knows tomorrow 8:30 Eastern September CPI.And I think that along with as Sully pointed out oil prices moving hi ...

Uh first off, what are the facts as we know them? >> Okay, so two different investigations. One that involved the Trailblazers head coach uh Chanty Bilips was about illegal poker and organized crime. Basically, they'd set up these poker parties in Manhattan. They were using modified card shuffling machines and uh they were cheating and cameras and the desks and things like that. They were bilking unsuspecting gamblers out of millions and millions of dollars. And they say that the head coach as well as Rosie ...