The Morning Market Briefing

Andrew, Ben, and Tom break down Nvidia's $35 billion Lambda/Anthropic cloud deal and new MediaTek partnership that squeezes Broadcom and Marvell, plus Bessent's latest comments on bonds and inflation.

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Andrew, Ben, and Tom dig into Bessent's scorched-earth letter to Elizabeth Warren, Warsh's hawkish Jackson Hole speech and softer-than-expected BLS jobs revision, plus France's growing sovereign debt problems.

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Andrew, Ben, and Tom discuss Venezuela's potential OPEC exit as the US nears a deal for a stake in 17+ Venezuelan oil fields holding 90 billion barrels of reserves, possibly via a 100-year lease

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Andrew, Ben, and Tom break down Nvidia's blowout revenue forecast and reaction from Okta, CrowdStrike, and Salesforce, plus Meta's $17.1 billion settlement over teen safety and new usage restrictions.

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Andrew, Ben, and Tom dig into LeBron James' mysterious $300 million loan against future earnings, plus Intuit's guidance reset, Zoom's soft outlook, and oil sliding as Iran and Oman signal reopening the Strait of Hormuz.

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Andrew, Ben, and Tom discuss Dick's Sporting Goods and Foot Locker slashing full-year guidance as footwear demand deteriorates, plus Meta's new $199/month consumer AI agent Hatch and the growing IPO pipeline led by Oura and Dunkin.

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Andrew, Ben, and Tom preview Bessent's 1pm press conference declaring economic war on Iran, break down the collapsed US-Canada tariff deal and the resulting 50% tariff on $20B of goods, and discuss Nvidia's coming 15% server price hikes tied to memory costs.

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Andrew, Ben, and Tom discuss Ross Stores surging 8% after raising full-year guidance on strong customer traffic with third-quarter comps now expected at 6-7%, Trump announcing a deal to import 300,000 metric tons of quota-free ground beef priced 25% below current market prices as the US works to rebuild its cattle herd, oil tankers reportedly waiting up to 30 days to load at Venezuelan ports amid aging infrastructure even as interest in Venezuelan crude grows, and Treasury Secretary Bessent's continued bond buybacks that the hosts argue are effectively reducing the national debt by repurchasing previously issued bonds at a steep discount.

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Ben and Tom discuss Scott Bessent's expanding influence across the administration as the Treasury doubles the maximum size of its long-bond buyback operations from $2 billion to at least $4 billion effective September 9, a move Tom explains functions as the reverse of quantitative easing since it uses already-borrowed cash to repurchase bonds now trading below where they were issued, Trump announcing unprecedented economic warfare against Iran in remarks that echo language Bessent used a week earlier, Walmart falling 6% as tariff refunds get redirected into price investments and underlying margins soften even as headline results beat, and John Deere rising 2% on construction strength while Big Ag remains pressured by financing, fuel, and fertilizer costs.

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Ben and Tom discuss OpenAI's second-quarter revenue growing just 18% quarter-over-quarter to $6.7 billion compared to Anthropic's 143% growth, with OpenAI's operating loss widening to $12.3 billion even as Anthropic turned a small profit, Analog Devices guiding to another strong quarter with data center demand accelerating alongside industrial and auto strength, Home Depot continuing to outexecute Lowe's while Target raised guidance on improving traffic, Estee Lauder rising 8% on strong fragrance and skincare growth, and rising Middle East tensions as Iran reportedly considers targeting US military sites in Europe and the UAE cuts economic ties with Tehran after a missile launch toward its territory.


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