Open AI is one step closer to its long- aaited for-profit transition after cutting a preliminary deal with Microsoft. Mackenzie Sagalos digs into the billions this could unlock for the AI darling in today's tech check. Matt, Mike, this is a big win for OpenAI.They needed the restructure wrapped by year end to unlock $40 billion in funding and set up an eventual IPO. And Microsoft, they've been the main bottleneck. So, after a year of tense talks that intensified this summer, the two finally agreed on a pack ...

Market Overview - U.S. stocks showed mixed performance, with the Dow Jones index falling over 200 points, down 0.44% to 45,904.50, while NASDAQ rose 0.41% to 22,134.26 and S&P 500 gained 0.01% to 6,587.98 [1] - European shares were mixed, with the eurozone's STOXX 600 rising 0.10% and Spain's IBEX 35 Index falling 0.31% [6] - Asian markets closed mostly higher, with Japan's Nikkei 225 gaining 0.89% and Hong Kong's Hang Seng rising 1.16% [7] Consumer Sentiment - The University of Michigan consumer sentiment declined to 55.4 in September from 58 in August, below market estimates of 58 [2][8] Commodities - Oil prices increased by 1.7% to $63.44, gold rose 0.5% to $3,691.50, silver increased by 1.5% to $42.765, and copper rose 0.2% to $4.6680 [5] Company Performance - Allied Gaming & Entertainment Inc. shares surged 113% to $1.9501 after announcing an initial investment in Bitcoin and Ethereum [9] - GlucoTrack, Inc. shares rose 80% to $8.76 following a purchase agreement with Sixth Borough Capital for up to $20 million [9] - IBEX Limited shares increased by 40% to $42.77 after reporting better-than-expected fourth-quarter results and issuing FY26 sales guidance above estimates [9] - Next Technology Holding Inc. shares dropped 54% to $0.1638 after announcing a 200-for-1 reverse stock split [9] - XTI Aerospace, Inc. shares fell 33% to $1.3698 after pricing a $20 million public offering [9] - Frequency Electronics, Inc. shares decreased by 13% to $29.95 after reporting worse-than-expected first-quarter results [9]

Market Overview - U.S. stocks showed mixed performance, with the Dow Jones index falling over 200 points, down 0.44% to 45,904.50, while NASDAQ rose 0.41% to 22,134.26 and S&P 500 gained 0.01% to 6,587.98 [1] - European shares were mixed, with the eurozone's STOXX 600 rising 0.10% and Spain's IBEX 35 Index falling 0.31% [6] - Asian markets closed mostly higher, with Japan's Nikkei 225 gaining 0.89% and Hong Kong's Hang Seng rising 1.16% [7] Consumer Sentiment - The University of Michigan consumer sentiment declined to 55.4 in September from 58 in August, below market estimates of 58 [2][8] Commodities - Oil prices increased by 1.7% to $63.44, gold rose 0.5% to $3,691.50, silver increased by 1.5% to $42.765, and copper rose 0.2% to $4.6680 [5] Company Performance - Allied Gaming & Entertainment Inc. shares surged 113% to $1.9501 after announcing an initial investment in Bitcoin and Ethereum [9] - GlucoTrack, Inc. shares rose 80% to $8.76 following a purchase agreement with Sixth Borough Capital for up to $20 million [9] - IBEX Limited shares increased by 40% to $42.77 after reporting better-than-expected fourth-quarter results and issuing FY26 sales guidance above estimates [9] - Next Technology Holding Inc. shares dropped 54% to $0.1638 after announcing a 200-for-1 reverse stock split [9] - XTI Aerospace, Inc. shares fell 33% to $1.3698 after pricing a $20 million public offering [9] - Frequency Electronics, Inc. shares decreased by 13% to $29.95 after reporting worse-than-expected first-quarter results [9]

Core Insights - The Invesco QQQ ETF experienced a significant outflow of approximately $4.4 billion, representing a 1.2% decrease in shares outstanding week over week, from 641,200,000 to 633,600,000 [1] - Among the major components of QQQ, Microsoft Corporation saw a 1.2% increase, Apple Inc rose by 1.8%, while Alphabet Inc decreased by 0.5% [1] - The current share price of QQQ is $585.85, which is close to its 52-week high of $585.875 and significantly above its low of $402.39 [3] ETF Dynamics - ETFs, including QQQ, trade like stocks but involve "units" that can be created or destroyed based on investor demand, impacting the underlying holdings [4] - Monitoring week-over-week changes in shares outstanding helps identify ETFs with notable inflows or outflows, which can influence the individual components held within those ETFs [4]

Group 1 - TimesSquare Capital Management's "U.S. Small Cap Growth Strategy" reported a gross return of 11.28% and a net return of 11.02% for Q2 2025, compared to the Russell 2000 Growth Index's return of 11.97% [1] - The fund's top five holdings were highlighted, indicating strong performance in the second quarter driven by global economic activity [1] - Paymentus Holdings, Inc. (NYSE:PAY) experienced a one-month return of -12.15% but gained 54.10% over the last 52 weeks, closing at $32.90 per share with a market capitalization of $4.121 billion on September 11, 2025 [2] Group 2 - Paymentus Holdings, Inc. advanced 25% during the quarter, reporting strong performance and raised guidance, with solid new business bookings, backlog, and pipeline [3] - In Q2 2025, Paymentus reported revenue of $280.1 million, a 41.9% year-over-year increase, and contribution profit of $93.5 million, up 22.3% [4] - The number of hedge funds holding Paymentus increased from 21 to 26 in the second quarter of 2025, indicating growing interest [4]

Group 1: Canadian National Railway Company (CNI) - Jim Cramer recommended buying Canadian National Railway Company, stating it is "way too cheap" [1] - Canadian National Railway shares gained 1.6% to settle at $93.93 on Thursday [4] Group 2: MP Materials Corp. (MP) - Cramer advised against purchasing more shares of MP Materials, suggesting investors are fine with their current holdings [1] - DA Davidson analyst Matt Summerville maintained a Buy rating on MP Materials and raised the price target from $32 to $82 [1] - MP Materials shares gained 0.9% to settle at $63.03 on Thursday [4] Group 3: Resideo Technologies, Inc. (REZI) - Cramer described Resideo Technologies as "interesting, even up here" [2] - Morgan Stanley analyst Erik Woodring upgraded Resideo Technologies from Equal-Weight to Overweight and raised the price target from $24 to $35 [2] - Resideo Technologies shares rose 1.4% to close at $36.71 [4]

New York, NY, Sept. 11, 2025 (GLOBE NEWSWIRE) -- Trailblazer Acquisition Corp. (the “Company”) announced today the closing of its upsized initial public offering of 27,500,000 units, which includes 3,500,000 units issued pursuant to the partial exercise by the underwriters of their over-allotment option. The offering was priced at $10.00 per unit, resulting in gross proceeds of $275,000,000. The Company’s units began trading on September 10, 2025 on the Nasdaq Global Stock Market LLC (“Nasdaq”) under the ti ...

We're just learning that the Federal Trade Commission is launching a new inquiry into AI chat bots that act as companions. They're asking seven companies to provide information into how their firms measure, test, and monitor potentially negative impacts of the technology. Specifically focused on children and teens using them again as their companions.So, the seven companies here that will be asked uh to provide information, it's Alphabet, Character Technologies, Instagram, Meta, Open AI, Snap, and XAI. all ...

Market Performance - All three major U.S. equity benchmarks, including the S&P 500, Nasdaq 100, and Dow Jones, reached record highs as investors favored risk assets amid expectations of falling interest rates [1][2] - The S&P 500 rose 0.8% to 6,585.53, the Nasdaq 100 increased 0.7% to 24,012.41, and the Dow Jones jumped 1.3% to 46,087.94 [2][7] - The Vanguard S&P 500 ETF increased by 0.8% to $604.49, while the SPDR Dow Jones Industrial Average rose 1.2% to $461.58 [7] Sector Performance - All 11 S&P sectors experienced gains, with consumer discretionary, materials, and financials leading the way [3] - The Consumer Discretionary Select Sector SPDR Fund outperformed, increasing by 1.3%, while the Energy Select Sector SPDR Fund lagged with a 0.1% rise [7] Company Performance - Top gainers in the S&P 500 included Synopsys, Inc. (+11.11%), Centene Corporation (+10.66%), and Micron Technology, Inc. (+9.57%) [8] - Notable losers included Delta Air Lines, Inc. (-4.30%), Oracle Corporation (-3.38%), and Netflix, Inc. (-2.83%) [9]

Summary of China Equity Strategy Conference Call Industry Overview - **Industry**: China Equity Market - **Key Focus**: 1H25 results, 15th Five-Year Plan, sector performance, and investment strategies Key Findings from 1H25 Results - **Performance Metrics**: Among 445 A and H share companies, 28% reported earnings beats, 40% in-line, and 31% misses [3][14] - **Top Performing Sectors**: - **Transportation**: 67% beats due to strong volume gains and cost control - **Semi-conductor**: 46% beats driven by revenue growth from tariff pull-ins and localization - **Industrial**: 40% beats attributed to margin expansion from lower commodity costs [14][15] - **Underperforming Sectors**: - **Utilities**: 55% misses due to weaker gas demand and renewable tariff cuts - **Small Caps & Education**: 45% misses linked to muted macro conditions - **Hardware**: 43% misses primarily from auto and surveillance demand [14][15] Economic Outlook for 2H25 - **GDP Growth**: PRC GDP grew by 5.3% in 1H25, exceeding the target of 5.0% for 2025 [21] - **PPI/CPI Trends**: PPI down 2.8% and CPI down 0.1% in 1H25, indicating challenges in industrial production prices [21] - **Government Focus**: Emphasis on supply-side reforms to boost CPI/PPI in 2H25, with key themes including economic development, technological innovation, social welfare, green development, and reform [4][20] Sector Recommendations - **Upgrades**: - **Healthcare and Insurance**: Upgraded to overweight due to aging population and increasing insurance needs [5] - **Downgrades**: - **Telecom and Oil & Gas**: Downgraded to underweight due to low profit growth and reduced price competitiveness [5] - **Technology Sector**: Increased weighting expected to benefit from the 15th Five-Year Plan [5] Index Target Revisions - **HSI Targets**: Revised targets for HSI are 26,800 (+7%) by end-2025, 27,500 (+6%) by mid-2026, and 28,800 by end-2026, driven by higher EPS growth [6] - **Valuation Metrics**: HSI's forward P/E at 10.3x and PB at 1.2x are in line with historical averages [6] Top Investment Picks - **H-Share Top Buys**: - Hengrui (Healthcare) - Sunny Optical - ASMPT - **Removed from Top Buys**: Anta, Huaneng Power, and BYD [7] Additional Insights - **Consumer Sector**: Anticipated shifts in consumer behavior and potential government pro-consumption policies in 2H25 [20] - **Yield Plays**: Domestic investors are focusing on yield plays amid cautious outlook for the PRC economy [22][23] Conclusion The conference call highlighted a mixed performance in the Chinese equity market for 1H25, with significant sectoral variations. The outlook for 2H25 suggests a focus on supply-side reforms and strategic investments in healthcare, technology, and insurance sectors, while maintaining caution in telecom and oil & gas. The revised index targets reflect optimism for EPS growth driven by government initiatives and market dynamics.