Economic Indicators - US MBA mortgage applications fell by -12.7% in the week ended September 26, with the purchase mortgage sub-index down -1.0% and the refinancing sub-index down -20.6% [1] - The September ISM manufacturing index rose +0.4 to a 7-month high of 49.1, exceeding expectations of 49.0 [6] - The September ADP employment change unexpectedly fell by -32,000, marking the largest decline in 2.5 years, while August was revised lower to -3,000 from +54,000 [5] Market Reactions - Stocks initially moved lower due to the US government shutdown, but later recovered, with the S&P 500 and Nasdaq 100 reaching new all-time highs [2][4] - The dollar index fell to a one-week low, while gold prices climbed to a record high amid risk-off sentiment [2] - Rising corporate earnings expectations are a bullish backdrop for stocks, with over 22% of S&P 500 companies providing guidance for Q3 earnings that are expected to beat analysts' expectations [8] Sector Performance - Pharmaceutical stocks rallied, with AstraZeneca closing up more than +9% and Eli Lilly up more than +8%, driven by hopes from Pfizer's deal with the US government [15] - Chipmakers and AI-infrastructure stocks also saw gains, with Super Micro Computer closing up more than +9% and Micron Technology up more than +8% [16] - Grocery retailers declined after Amazon announced a new private-label food brand, leading to Dollar Tree and Dollar General closing down more than -4% and -3% respectively [22] Upcoming Economic Data - Weekly initial unemployment claims are expected to increase by +7,000 to 225,000, and August factory orders are expected to rise by +1.4% month-over-month [9] - September nonfarm payrolls are anticipated to increase by +51,000, with the unemployment rate expected to remain unchanged at 4.3% [9]

Group 1 - Galaxy Digital Ltd. (NASDAQ:GLXY) experienced a significant rebound, rising 10.97% to close at $34.29, driven by investor optimism regarding Bitcoin potentially reaching $200,000 [1][2] - CEO Mike Novogratz expressed confidence that Bitcoin could surpass the $200,000 mark if a more dovish Federal Reserve chairman is appointed [1] - The company's investments in digital assets, including a $1 million investment in K Wave Media, support its optimistic outlook [2][3] Group 2 - K Wave Media plans to develop a tokenization platform for fractional ownership and automated royalty distribution, which will also accept Bitcoin for payments and investments [3] - Galaxy Digital increased its stake in Solana to a total of $1.55 billion after acquiring $306 million worth of tokens in a single day [3]

Bottom ticked $GLXY up 15% already https://t.co/yRCUUoKrO4Johnny (@CryptoGodJohn):I have began accumulating a mid to long term position in $GLXYPerfect mixture of crypto & AI / Data center exposureData centers in 2025 & beyond is like selling shovels in a gold rush ...

Market Overview - U.S. stocks exhibited mixed performance, with the Nasdaq Composite increasing by over 100 points on Monday [1] - Cannabis-linked stocks experienced significant gains following President Trump's video promoting the health benefits of cannabis [1] Company Highlights - Tilray Brands, Inc. (NASDAQ: TLRY) saw a sharp increase in shares, rising 39.2% to $1.5983 [1] - Merus N.V. (NASDAQ: MRUS) gained 36.6% to $94.14 after Genmab agreed to acquire the company for $97 per share [4] - Better Home & Finance Holding Company (NASDAQ: BETR) increased by 20.1% to $63.60, supported by a $75 million at-the-market offering for Class A shares [4] - BTQ Technologies Corp. (NASDAQ: BTQ) jumped 20% to $6.36, as Danal began proof-of-concept for BTQ's quantum-secure Stablecoin settlement network [4] - SNDL Inc. (NASDAQ: SNDL) rose 18.8% to $2.77, benefiting from the positive sentiment around cannabis stocks [4] - Innoviz Technologies Ltd. (NASDAQ: INVZ) increased by 15.6% to $1.9701 after Goldman Sachs upgraded the stock from Neutral to Buy, raising the price target from $1.50 to $2.50 [4] - Sandisk Corporation (NASDAQ: SNDK) shares jumped 14.3% to $111.06 [4] - GDEV Inc. (NASDAQ: GDEV) rose 12.7% to $29.24 [4] - Ondas Holdings Inc. (NASDAQ: ONDS) gained 12.2% to $8.59 [4] - Pony AI Inc. (NASDAQ: PONY) increased by 10.3% to $23.36, with Citigroup initiating coverage with a Buy rating and a price target of $29 [4] - Galaxy Digital (NASDAQ: GLXY) gained 9.5% to $33.85 [4] - Western Digital Corporation (NASDAQ: WDC) rose 9% to $116.48 after Rosenblatt raised its price target from $90 to $125 while maintaining a Buy rating [4] - New Oriental Education & Technology Group Inc. (NYSE: EDU) increased by 5% to $53.85, with B of A Securities maintaining a Buy rating and raising the price target from $56.2 to $58.2 [4] - GLOBALFOUNDRIES Inc. (NASDAQ: GFS) rose 5% to $37.40 following a collaboration announcement with Corning for developing detachable fiber connector solutions [4]

Core Viewpoint - The next appointment of the Federal Reserve Chair could be the "biggest bull market catalyst" for Bitcoin, potentially leading to a significant price increase to $200,000 if a dovish candidate is chosen by Trump [1] Group 1 - Mike Novogratz, CEO of Galaxy Digital, suggests that aggressive interest rate cuts by a dovish Federal Reserve could drive both gold and Bitcoin prices up [1] - The potential rise in Bitcoin prices is linked to the political decision-making surrounding the Federal Reserve's leadership [1] - Novogratz warns that such a scenario could be detrimental for the U.S., possibly undermining the independence of the Federal Reserve [1]

Core Insights - Galaxy Digital CEO Mike Novogratz believes Solana will dominate the financial markets in the future due to its tailored design for such applications [1][2] - Solana is currently recognized as the fastest blockchain, with transaction speeds significantly surpassing Ethereum [2][3] Performance Metrics - Solana averages around 950 transactions per second, while Ethereum only manages about 18 transactions per second [3] - Solana's annualized average reward rate is 6.7%, compared to Ethereum's 2.92% [5] Investment Activities - Galaxy Digital, along with Jump Crypto and Multicoin Capital, led a private investment in Forward Industries to establish a significant Solana-focused treasury [6] - Forward Industries holds approximately 6.82 million SOL, valued at nearly $1.4 billion [6] - Galaxy Digital itself holds 22,409 SOL, totaling $4.57 million [7] Market Performance - As of the latest data, Solana's price was $203.67, reflecting a 3.42% decrease in the last 24 hours [7] - Galaxy Digital shares increased by 0.58% in after-hours trading, following a 3.50% rise during regular trading [8]

Group 1 - The political landscape, particularly President Trump's choice for the next Federal Reserve Chair, could significantly influence the cryptocurrency cycle, making predictions more challenging [1][2] - CEO Mike Novogratz of Galaxy Digital Inc. indicated that a selection favoring aggressive interest rate cuts could initiate a substantial upward trend in cryptocurrency prices [2][4] - Novogratz highlighted the current macroeconomic uncertainty, exacerbated by the potential impact of artificial intelligence, complicating the ability to predict market cycles [3] Group 2 - Stephen Miran, a new Fed governor appointed by Trump, has called for aggressive interest rate cuts, which contrasts with the views of other Federal Open Market Committee (FOMC) members [4] - Trump has been critical of current Fed Chair Jerome Powell for maintaining high interest rates, advocating for cuts to support economic growth [4] - Cryptocurrency bettors on Polymarket estimate a 21% chance that Trump will appoint Christopher Waller as a "shadow chair" before the end of the year [5]

Core Insights - Galaxy Digital Holdings CEO Mike Novogratz believes a revolution is underway in the financial system, extending beyond Bitcoin [1] - Novogratz describes the current phase as the "Season of Soul," where high-speed blockchains like Solana are gaining traction [2] - Bitcoin's consolidation phase is seen as a precursor to a potential surge, particularly as the Federal Reserve may begin a cutting cycle [4] Group 1: Bitcoin's Position - Bitcoin is viewed as "digital gold," a reliable store of value amidst declining trust in traditional institutions [5] - Novogratz anticipates Bitcoin will continue to rise over time, supported by a community that trusts its technology [5] Group 2: Solana's Growth - Solana is experiencing significant growth, processing 14 billion transactions per day, surpassing the total transactions of equities, fixed income, commodities, and foreign exchange combined [6] - This performance positions Solana as a strong contender in the financial markets, potentially reshaping the competitive landscape [2][6] Group 3: Market Predictions - Novogratz is cautiously optimistic about Bitcoin reaching $200,000 by year-end, aligning with predictions from Fundstrat Global Advisors [4] - The current sideways trading of Bitcoin is not a concern for Novogratz, who sees it as an opportunity for other ecosystems to energize the crypto space [3]

Core Insights - As of September 17, 2025, three stocks in the financial sector are identified as potentially overbought, which may concern momentum-focused investors [1][2]. Company Summaries - **PagSeguro Digital Ltd (PAGS)**: Reported net revenue of R$5.1 billion and recurring net income of R$565 million for Q2 2025. The stock has gained approximately 19% over the past month, with a 52-week high of $10.78. The RSI value is 82.4, indicating overbought conditions. The stock closed at $10.74, with a momentum score of 58.79 and a value score of 95.74 [7]. - **Credicorp Ltd (BAP)**: UBS analyst raised the price target from $257 to $318, maintaining a Buy rating. The stock has increased around 7% over the past month, reaching a 52-week high of $33.17. The RSI value is 71.7, and the stock closed at $270.79 [7]. - **Galaxy Digital Inc (GLXY)**: The stock gained approximately 3.4% to close at $31.83. The RSI value is 71.7, indicating it is nearing overbought territory [7].

Core Viewpoint - Boost Run, LLC is set to go public through a business combination with Willow Lane Acquisition Corp, aiming to leverage the growing demand for AI cloud infrastructure and high-performance computing solutions [1][2][3] Company Overview - Boost Run specializes in AI Cloud Infrastructure and high-performance computing, providing secure and production-ready infrastructure across various GPU architectures [2][3] - The company has established partnerships with major suppliers like Nvidia and Lenovo, enhancing its distribution capabilities [2][3] - Boost Run's platform allows for on-demand GPU compute, catering to enterprise, government, and regulated industries [2][3] Financial Projections - Boost Run anticipates over 250% revenue growth in 2025 compared to 2024, with adjusted EBITDA margins exceeding 75% and high teens free cash flow margins [2][3] - The transaction values the combined entity at $614 million post-money, with plans to utilize over $112 million in cash from Willow Lane's trust account for GPU purchases and software development [3][9] Leadership and Expertise - Andrew Karos, the founder and CEO of Boost Run, has a strong background in algorithmic trading and has previously led a successful trading firm, Blue Fire Capital, which generated over $500 million in revenues [3][4] - The senior management team at Boost Run includes experienced professionals from Blue Fire and Galaxy Digital, bringing expertise in hardware, software, and cybersecurity [5][6] Market Opportunity - The merger positions investors to capitalize on the emerging multi-cloud industry, as businesses increasingly seek secure and efficient AI computing solutions [3][6] - The demand for AI cloud infrastructure is expected to grow significantly, with over $145 billion in private capital raised for AI-specific applications since 2024 [6][9]