Bitcoin remains the notable exception to the sell-off 🚨5 Clever Setups As Crude Spiking Toward $110 Bitcoin remains the notable exception to the sell-off Sep 11 READ IN APP None of this is financial advice. Do your own research. By reading this newsletter, you acknowledge and accept the terms and conditions outlined in our disclaimer . Hey Traders, Houthi forces took Mokha and pushed toward Bab el-Mandeb, putting the Red Sea backup route in play. Crude spiked toward $110, then slipped back under $104. The inflation impulse is still oil and shipping, not a demand boom.again and Bonds rejected the official bid. Treasury’s first enlarged long-end buyback came in light after a flood of offers, and the 10-year still sold off. Japan’s 10-year erased its intervention bounce in the same week. Duration is no longer acting like a hedge. Equities are reading that as a hiking problem into the ECB move already delivered and the Fed still in play. Bitcoin is holding above long-term support and trading with oil, not like a rate-crushed risk asset. It remains the relative winner since crude bottomed in July, even with no Clarity catalyst. The tax still hits crude first, then yields, then stocks. Bitcoin is the exception until the next policy tests land. Here is what we are watching. Poll of the Day ( Presented by Rain Trade ) 🎯 POLL Trading apps dominate record on-chain protocol fees. What sector leads next? 🦄 DEXs 📈 Perps 🎲 Predictions Today’s Charts: Chart #1 – PancakeSwap(CAKEUSDT) 4-Hour Chart #2 – Quant(QNTUSDT) 1-Day Chart #3 – Bitway (BTWUSDT) 1-Day Chart #4 – Sui(SUIUSDT) 1-Day Chart #5 – Costco (COST) 4-Hour TOKEN2049 Singapore: Find the Next Hyperliquid Before It Lists!!! Every year, one conference produces the startups that dominate the next cycle. This year, it’s TOKEN2049 Singapore. TOKEN2049 Origins Hackathon: 36 hours, $100K prize pool, direct demo access to the main stage. This is where the next cycle’s infrastructure gets built live. 500 applicants, 10 finalists, 1 global stage. Past cohorts have gone on to become Web3 unicorns. 25,000 people. 7,000 companies. 60%+ C-suite. 160+ countries. One building: Marina Bay Sands. Newsletter readers get 10% off tickets. We don’t get a kickback. We just want our people in that room. Claim your 10% discount and register Chart #1 – PancakeSwap(CAKEUSDT) 4-Hour( Powered by Rain Trade 📊) Chartist: Kapoor (For the chart screenshot, ) PancakeSwap has rolled over from its recent local top near $2.450, confirming a lower-high distribution structure and breaking down through the $2.150 support shelf to trade around $2.112 on the 4-hour timeframe. Functioning as the core governance, staking, and fee-sharing token of PancakeSwap—a leading decentralized exchange and automated market maker spanning BNB Chain, Ethereum, and multiple Layer-2 networks—this short trade setup targets an extended mean-reversion drop toward the $1.750–$1.800 liquidity zone as long as overhead resistance holds below the $2.150–$2.260 zone. Trade Levels: Entry: $0.66 Stop Loss: $0.71 Take Profit Levels (TP): TP1: $0.60 TP2: $0.56 Powerful narratives create powerful moves. With 247 Research , you get the insights to be early to the biggest trends in crypto. Chart #2 – Quant(QNTUSDT) 1-Day( Powered by Rain Trade ) Chartist: Kapoor (For the chart screenshot, ) Quant has pulled back to execute a textbook retest of its ascending trendline and prior horizontal shelf, holding support above the $62.21 pivot to trade around $63.85 on the daily timeframe. Operating as enterprise-focused distributed ledger technology (DLT) infrastructure powered by its Overledger operating system—enabling universal interoperability across diverse blockchains, legacy financial networks, and central bank digital currency (CBDC) frameworks without requiring complex consensus overhead—this long trade setup targets an upward expansion toward the $78.97 overhead resistance target as long as the $59.01–$62.21 support base holds. Trade Levels: Entry: $62 Stop Loss: $69 Take Profit Levels (TP): TP1: $71 TP2: $79 Chart #3 – Bitway (BTWUSDT) 1-Day( Powered by Rain Trade 📊) Chartist: Kapoor (For the chart screenshot, ) Bitway has resolved higher out of a tight multi-day consolidation range, printing an impulse candle above the $0.46862 pivot to hold structure around $0.50252 on the 4-hour timeframe. This long trade setup targets an upward expansion toward the $0.66984 overhead resistance target as long as the $0.39869–$0.46862 support base holds. Trade Levels: Entry: $0.468 Stop Loss: $0.398 Take Profit Levels (TP): TP1: $0.571 TP2: $0.669 Chart #4 – Sui(SUIUSDT) 1-Day( Powered by Rain Trade 📊) Chartist: Kapoor (For the chart screenshot, ) Sui has pulled back into a critical retest of its ascending trendline and prior horizontal breakout base, holding structural support above the $0.6818 pivot to trade around $0.7188 on the 1-day timeframe. Engineered by Mysten Labs as an ultra-scalable Layer-1 smart contract platform utilizing an object-centric data model, the Move programming language, and horizontal parallel consensus for sub-second execution, this long trade setup targets an upward expansion toward the $1.1656 overhead resistance target as long as the $0.6125–$0.6818 support base holds. Trade Levels: Entry: $0.681 Stop Loss: $0.612 Take Profit Levels (TP): TP1: $0.948 TP2: $1.133 Markets go both ways. Get premium short setups delivered every day with 247 Research . Chart #5 – Costco (COST) 4-Hour( Powered by Rain Trade 📊) Chartist: Kapoor (For the chart screenshot, ) (COST refers to the stock of Costco and not a cryptocurrency.) Costco has confirmed a persistent bearish continuation after rolling over from its $970.00 lower-high, breaking below the $925.00 shelf to test horizontal support around $902.31 on the 4-hour timeframe. Operating as a multinational retail giant powered by a high-volume warehouse club model, high-margin recurring membership revenues, and private-label Kirkland Signature efficiencies, this short tr

Treasury intervention missed its mark, sending the 10-year yield up to 4.95% Bitcoin Holds the Line While Global Borrowing Costs Explode Treasury intervention missed its mark, sending the 10-year yield up to 4.95% Sep 11 READ IN APP None of this is financial advice. Do your own research. By reading this newsletter, you acknowledge and accept the terms and conditions outlined in our disclaimer . GM Investors Every major macro input turned violently hostile against risk assets this week. The U.S. Treasury launched its expanded bond buyback program, but the debt market completely rejected the operation. 10 year Treasury yields spiked straight to 4.95%, erasing weeks of careful central bank rate guidance. Meanwhile, crude oil exploded past triple digits as Middle Eastern transit chokepoints fell under hostile military control. Headline inflation figures are accelerating across global economies, even while underlying consumer demand weakens. The European Central Bank delivered a fresh rate hike yesterday, and Tokyo prepares to tighten next week. Traders are aggressively pricing another rate hike from the Federal Reserve, driving bond volatility to cycle highs. Yet, amid the broad financial carnage, Bitcoin is holding key structural levels and decoupling from traditional risk assets. It is trading like an unencumberable hedge against sovereign fiscal excess rather than a speculative tech stock. Here’s what our desk is watching. TOKEN2049 Singapore: Find the Next Hyperliquid Before It Lists!!! Every year, one conference produces the startups that dominate the next cycle. This year, it’s TOKEN2049 Singapore. TOKEN2049 Origins Hackathon: 36 hours, $100K prize pool, direct demo access to the main stage. This is where the next cycle’s infrastructure gets built live. 500 applicants, 10 finalists, 1 global stage. Past cohorts have gone on to become Web3 unicorns. 25,000 people. 7,000 companies. 60%+ C-suite. 160+ countries. One building: Marina Bay Sands. Newsletter readers get 10% off tickets. We don’t get a kickback. We just want our people in that room. Claim your 10% discount and register Sovereign Debt Cracks and Macro Trading Reality in the Bond Market The sovereign bond market issued an unmistakable warning shot to global financial authorities yesterday. The Treasury rolled out an enlarged buyback program designed to anchor borrowing costs across long-duration maturities. This operation tripled the old $2 billion ceiling and stood well above the previous $4 billion baseline. Primary dealers submitted over $10 billion in bond offers, desperate to shed long-term paper back to the government. Treasury officials accepted only $5.19 billion, citing guidelines requiring purchases strictly at prevailing market prices. The bond market immediately punished this bureaucratic price sensitivity. Investors demanded an aggressive liquidity backstop, not a timid bid that left duration stranded on private balance sheets. Instead of calming interest rate volatility, the operation triggered immediate forced selling across primary dealer networks. The 10-year Treasury yield tagged 4.95%, marking its highest reading since late 2023. The 20-year yield surged to 5.37%, while the 30-year bond spiked to 5.35%. Long-dated paper is now trading at levels unseen since 2007. Secondary market liquidity evaporated as corporate bond spreads widened by 28 basis points alongside benchmark sovereign paper. Treasury Secretary Scott Bessent dismissed trader anxiety, remarking that unhappy Bloomberg terminal users would simply have to adjust. But macro trading desks recognized that defiant words cannot solve an overwhelming structural supply imbalance. In Tokyo, the 10-year Japanese government bond erased its entire prior intervention rally within forty-eight hours. Sovereign debt managers across the G7 are discovering that official jawboning has lost its power over bond pricing. Geopolitical Risk Explodes as Oil Prices Threaten Equities and Semiconductor Stocks This sovereign debt turmoil is colliding directly with an escalating international energy crisis. Iran-backed Houthi forces seized Mocha, Dhubab, Zuqar Island, and the coastal stronghold of Hisn Murad. Hundreds of Iranian officers are reportedly assisting the operation, treating the blockade as an economic weapon of last resort. Bab el-Mandeb channels roughly 12% of total seaborne crude trade between the Persian Gulf and Europe. With the Strait of Hormuz already severely restricted, both premier maritime transit chokepoints face catastrophic gridlock. Additional strikes on Saudi Arabia’s East-West pipeline near Medina crippled vital overland bypass infrastructure. Commercial tanker traffic is grinding to a halt across the Red Sea corridor. Saudi crude oil production has officially plummeted to its lowest level in 36 years. Crown Prince Mohammed bin Salman appealed directly to Donald Trump for immediate military strikes, but Washington refused. The White House directed American armed forces to prioritize domestic defensive postures over foreign infrastructure deployments. Brent crude oil spiked to $110 per barrel before settling near $104, testing critical multi-decade trendline resistance. European natural gas futures jumped 14% overnight as tanker traffic diverted across the Cape of Good Hope. The International Energy Agency slashed global demand forecasts as consumers buckle under sustained energy inflation. Global Tightening and Fed Policy Divide the Rate Horizon Surging energy prices are forcing a hawkish policy response from central bankers around the world. Headline inflation is climbing rapidly while core figures remain stationary, confirming a classic cost-push shock. Central banks are tightening credit conditions into weakening real economic growth. Our research desk compiled the critical rate decisions, inflation gauges, and market metrics currently steering institutional capital: U.S. 10-Year Treasury Yield: Closed at 4.95% after the Treasury accepted only $5.19

America commemorates 9/11... September 11, 2026 Presented By It’s Friday! That means you made it to the end of the short week—even if it somehow still felt long. —Sam Klebanov, Matty Merritt, Dave Lozo, Holly Van Leuven, Abby Rubenstein In today’s newsletter, we’ll get into: The 25th anniversary of 9/11 Trump’s $5,000 dividend promise A museum exhibit a millennium in the making Markets Nasdaq 26,081.72 -0.65% S&P 7,591.7 -0.58% Dow 52,064.1 -0.60% 10-Year 4.944% +11.0 bps Bitcoin $77,161.74 -1.24% Intel $100.32 -5.57% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:00pm ET. Here's what these numbers mean. Markets: Stocks did not choose yesterday to make an inspiring turnaround, falling for the fourth day in a row as oil prices rose above $105 a barrel. Wholesale inflation data aligned with expectations, but that wasn’t enough to reassure investors. Chipmakers like Intel and Micron were among the stocks that slid. Remembering It’s been 25 years since 9/11 Gary Hershorn/Getty Images Today is the 25th anniversary of the deadliest terrorist attacks in history, which took the lives of nearly 3,000 Americans on September 11, 2001. Commemorative events are taking place across the country to honor the victims, as the nation reflects on the tragedy that transformed American society, politics, and national security. President Trump will participate in a ceremony at the Pentagon, Vice President Vance will attend a memorial event at ground zero in NYC, and other administration officials will pay tribute to United Airlines Flight 93 victims in Shanksville, PA. For the first time… the 9/11 Memorial & Museum at ground zero will add a moment of silence for those who succumbed to illnesses caused by toxins in the rubble from the Twin Towers, who outnumber those who died on 9/11. Earlier this week, New York Mayor Zohran Mamdani released 170,000 pages of documents suggesting that city officials knew that the air around ground zero was toxic following the attacks, while telling the public it was safe to breathe. Healing wounds Lower Manhattan has come a long way since Robert De Niro co-founded the Tribeca Film Festival in 2001 to aid its economic recovery. The city area that suffered the greatest devastation now has about three times the population and almost the same number of workers as it did on 9/11. The World Trade Center underwent a $20 billion reconstruction. The area now contains the 9/11 Memorial & Museum, a gleaming mall and performing arts center, updated public transit options, and several office towers housing companies like Spotify and Condé Nast. Some post-9/11 practices are receding. This week, the TSA began allowing some non-passengers to access airport boarding gates, which was common before the 9/11 attacks transformed flight security. As time passes… almost a third of Americans were born after 9/11, giving historical social media accounts , city initiatives , novels , and poignant eyewitness accounts a greater role in remembrance. —SK World Tour de headlines dscz/Getty Images 🏠 Mortgage rates are up, and home sales are down. August was a hot month…but not for home sales: Sales of existing homes fell 2% from July to their lowest rate since June 2025, the National Association of Realtors said yesterday. And the pressures on the housing market don’t look like they’re going away any time soon. Yesterday, the average rate on a 30-year fixed mortgage rose above 7% for the first time since last May, Mortgage News Daily reported. Mortgage rates tend to track the 10-year Treasury bond yield, and those have been soaring lately amid concerns about inflation, oil prices, and government debt. 💻 Anthropic claims Moonshot and DeepSeek passed off Claude’s answers as their own. The company said in a report published yesterday that the Chinese AI firms routed thousands of user requests to its models to gain an edge in the AI race. It’s not the first time that a US company has accused the cheaper Chinese models of being built using distillation, a process in which a more powerful AI model is used to train a less powerful one. But the report shared new details and accused Moonshot AI and DeepSeek of using intermediate services to access Claude models. In case you were planning to sleep tonight: Anthropic also said in the report that it had blocked efforts to use Claude for research on creating biological weapons. 📺 Jimmy Kimmel won’t air politician interview on TV amid FCC feud. The late-night host said he wouldn’t be showing the interview he conducted with James Talarico, a Democratic Senate candidate in Texas, on his television show, but will instead release it on YouTube. That puts it outside the Federal Communications Commission’s regulatory reach, and Kimmel said the FCC had “threatened” his show and the network over “guest bookings it would seem they don’t like.” The agency didn’t immediately comment, and Kimmel didn’t specify the threats, but in January the FCC reversed its stance that talk shows did not need to abide by the equal time rule for candidates. Kimmel has previously tangled with the Trump administration over jokes, and his network, ABC, recently sued the FCC on First Amendment grounds. —AR Sponsored By money.com Loyalty doesn’t always mean a better insurance rate Car insurance rates can change over time, even if your driving habits or coverage didn’t. That can also lead to drivers overpaying without even realizing it . Drivers can miss out on opportunities to save by simply turning a blind eye to the other options out there. With Money.com’s tool , checking insurance rates is free and a low commitment, which takes only a few minutes. 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Plus: AI debt gets knotty | Friday, September 11, 2026 Axios Markets By Emily Peck and Matt Phillips · Sep 11, 2026 🫩 Friday, we made it. Today we're remembering Sept. 11, 2001. 📈📉 S&P 500 and Nasdaq futures are pointing to a positive open for stocks after four straight sessions of declines. The 10-year Treasury yield has steadied but remains just below the 5% level. Oil prices fell slightly overnight after a report from the Financial Times that Iran is set to meet with Gulf states to find a way to open the Strait of Hormuz. 🗓️ In the newsletter, Matt recaps the recent repricing in the markets that's making the world a more expensive place, while Emily examines how even a credit rating agency is now airing concerns over the explosive growth and complexity in AI debt. Exhibit A is Oracle, which we look at after yesterday's earnings report. 🍯 Shanah Tovah to those celebrating Rosh Hashanah, the Jewish New Year, beginning at sundown tonight. Let's go! In 1,132 words, a 4.5-minute read. 1 big thing: It's all happening By Matt Phillips Data: FactSet; Chart: Matt Phillips/Axios Oil prices surged and borrowing costs rose yesterday as the nervousness percolating through the global economy intensified. Why it matters: Investors are now pricing in a higher-cost world that could test the resilience of the markets and hurt Americans' wallets. The latest: U.S. benchmark crude oil spiked 8%, leapfrogging the $100 mark to $103 a barrel. Gasoline prices jumped to $4.30 a gallon, per AAA . The price of diesel — a critical cost for agriculture and shipping — crossed $6 a gallon at the pump for the first time ever, AAA said this morning . The cost of money is also getting more expensive, as the yield on the U.S. 10-year Treasury note rose to more than 4.96%, its highest level since 2023. That has knock-on effects for consumer borrowing costs. The 30-year fixed mortgage rate jumped above 7% yesterday for the first time since May 2025. Yes, but: If you're looking for bright spots, at least the stock market didn't do too badly, with the S&P 500 falling just 0.58% yesterday. Yet the market's biggest driver — the AI trade — stumbled. Investors may be questioning how rising rates will weigh on a boom increasingly dependent on borrowed money. (More on that below.) What they're saying: "It seems from here that the pressures on long-end rates continue to build until action is taken (hike(s) and/or fiscal discipline), or until something breaks," Padhraic Garvey, regional head of research for the Americas at Dutch financial conglomerate ING, wrote in a note yesterday. What we're watching: There's a lot that could break. The course of the conflict in the Middle East, swollen government deficits, AI debt, the midterm elections in the U.S. — any one of these factors could determine whether global investors grow more worried or less. 2. AI debt is surging — and getting more complicated By Emily Peck Note: S&P Global adjusted debt metric accounts for items including company cash holdings and the value of future lease obligations and power purchase agreements. Data: S&P Global; Chart: Matt Phillips/Axios AI financing is getting bigger and more complicated, and the pristine credit ratings of the Big Tech hyperscalers are at risk, warns S&P. Why it matters: The enormous sums these companies are spending — it's in the trillions of dollars, much of it borrowed, some invested in riskier businesses — to fund data centers and other AI-related infrastructure are fueling U.S. economic growth overall. What they're saying: "The credit quality of hyperscalers is gradually weakening," the S&P analysts wrote. "Every time we take a deep dive into this sector, we find that capex is rising faster than we anticipated, financings are becoming more complicated and less transparent and that returns on investment will take years to realize." They forecast that the top six hyperscalers — Amazon, Microsoft, Alphabet, Oracle, SpaceX and Meta — will spend more than $7 trillion on data centers and AI capex through 2030. The big picture: For the hyperscalers, the risks are not "existential," says Naveen Sarma, an analyst at S&P who coauthored the report. Most of these companies, with the exception of Oracle, are highly rated borrowers with strong cash-flowing businesses. The issue is that these established players are lending their reputations and credit ratings to smaller and untested companies — neoclouds, data center operators and giant startups like Anthropic and OpenAI. "When we get together and talk about where the risks are from AI, it's these smaller companies," Sarma says. "It's municipalities, banking on taxes from data centers and spending lots of money on infrastructure. It's utility companies building power plants. All of these ancillary things." Between the lines: Those ancillary things are driving a lot of economic growth, yet there are " Rumsfeldian " unknowns in this increasingly massive sector, write the analysts. These include: The potential for cheap, open-source models to undercut Anthropic and OpenAI, bringing down the cost of AI and the return to investors. Exactly when will these massive investments pay off? How much the circular financing is inflating the revenue of everyone involved? How it works: Much of the money companies are spending on AI is coming from debt — they're borrowing for themselves — Amazon alone has raised around $100 billion in the bond market this year. The intrigue: They're also, critically, backing borrowing by all these other players. Essentially, hyperscalers are using their stellar credit ratings to help less well-known and riskier companies borrow money for lower interest rates. That's the more opaque part of the equation — a shadow lending market. That assistance might mean agreeing to sign a lease in the future, to backstop a loan or to buy chips. The big guys are also taking big stakes in OpenAI and Anthropic. What to watch: If one of these lesser-known companies stumbles, that would hurt the gia

Home sales go from slow to slower. September 11, 2026 PRESENTED BY SAGE INTACCT Good morning. Today marks the 25th anniversary of the 9/11 attacks, which claimed nearly 3,000 lives in New York City, Washington, D.C., and Pennsylvania. Thousands more were left injured, including first responders. Countless family and friends of victims have lived with the absence of loved ones ever since. Here are a few ways you can lend them your support. The Families of Freedom Scholarship Fund provides postsecondary education assistance to financially needy children, spouses and domestic partners of 9/11 victims. The Tunnel to Towers Foundation arranges mortgage-free homes for families of fallen first responders and builds custom smart homes for disabled first responders and veterans. Tuesday’s Promise runs support programs for families impacted by loss or illness related to 9/11 or post-9/11 military service. If you’re able to donate, all are worthy causes with 4/4 star ratings from non-profit evaluation platform Charity Navigator. MARKETS S&P 500 7,591.70 ▼ -0.58% DJI 52,064.10 ▼ -0.60% RUT 2,890.95 ▼ -1.04% Stock data as of market close on September 10, 2026. REAL ESTATE US Home Sales Hit 14-Month Low as Borrowing Costs Bite Paying off your mortgage used to be something people aspired to. Now, many Americans fantasize about simply getting one. The National Association of Realtors said Thursday that US home sales fell 2% month-over-month in August to a 14-month low. The seasonally adjusted annual rate of 3.98 million residences, the lowest since June 2025, was weighed down by stubbornly high mortgage rates and home prices. Gen Z’s Morbid Wish Two major factors are driving up borrowing costs. First, the resumption of US and Iranian strikes in the Persian Gulf means oil prices are surging again. International benchmark Brent crude closed above $107 Thursday, up 22.5% from a month ago. Higher energy prices mean the market prices in higher inflation, which pushes up long-term Treasury yields. Second, concerns about the US public debt, which at $40 trillion has surpassed even the price of one beer at MetLife Stadium, are also driving up bond yields. Bond yields heavily influence how lenders price home loans, meaning they’re helping to drive up mortgage rates. According to Mortgage News Daily data, the popular 30-year fixed mortgage rate surpassed 7% for the first time since May 2025 on Thursday. “Mortgage rates and home sales move in opposite directions, so it’s not surprising to see a mild dip in home-buying activity due to high mortgage rates,” said Lawrence Yun, NAR’s chief economist. Home prices, meanwhile, aren’t yielding to anyone. The median existing home sold for $429,100 in August, up 1.6% year-over-year. Compare that to research by Apollo Global Management, which suggests 56% of US households can only afford a home under $300,000. No wonder 58% of Gen Z respondents said in a survey by Clever last month that they’re rooting for a housing market crash. The market is proving resilient, even if macro conditions prevent it from breaking out of the current downcycle: “Home prices are rising, and existing home sales are actually up 1.6% year-to-date through the first eight months of the year,” Yun said. The high cost of mortgages is likely disincentivizing potential sellers who locked up a better rate or refinanced years ago when borrowing costs were lower. Apollo Global’s research shows only a quarter of mortgages have a rate above 6%, suggesting there’s plenty of supply that could come on the market if and when borrowing costs fall. Plenty Inventory: In unabashedly good news for those looking for a place to call their own, existing housing inventory rose 3.2% to 1.62 million homes last month. That’s the highest level since November 2019 and a 5.9% increase from a year ago. “The ample supply of homes for sale on the market is giving homebuyers better opportunities to negotiate,” Yun noted. So buy away, if you can afford it. Written by Sean Craig PRESENTED BY SAGE INTACCT Month-End Doesn’t Have to Mean Nights and Weekends Photo via Sage Intacct Finance leaders shouldn’t have to play forensic accountant just to close the books. Sage Intacct closes books up to 70% faster, automating up to 90% of the data-entry and reporting tasks that eat up your close cycle. As the only AICPA-preferred finance solution, it consolidates hundreds of entities in seconds instead of days, and AP Automation cuts invoice processing time in half . A Financial Assurance agent flags unusual journal entries in real time, catching errors before they hit your books. Customers see up to 2.5x ROI , with payback in months, freeing finance teams to focus on strategy instead of spreadsheets. With 350+ integrations connecting your existing systems, approvals and reconciliations happen automatically instead of over email at 11 p.m. See how Sage Intacct works. INDUSTRIALS Musk’s Boring Company Scores $23 Billion Valuation Despite Slow Progress Photo via The Boring Company/X Elon Musk doesn’t appear to have a large threshold for boredom, but he may have to start setting aside more time for Boring. On Thursday, the Boring Co., a.k.a. Musk’s other other venture, centered on underground tunneling, scored a $3 billion funding round led by the United Arab Emirates at a $23 billion valuation. That’s a massive jump from the $5.7 billion valuation Boring held at its most recent funding round in 2022, even though the company has made scant progress on any project since. After raising $86 billion for the SpaceX IPO earlier this summer, Musk still has no trouble finding more capital. Tunnel Vision To date, the tunnel-transit company, which spun off from SpaceX in 2018, has brought just one project to fruition: a Tesla taxi tunnel network known as the Vegas Loop, which runs fewer than 4 miles and services 14 stations. That’s technically just the start of a planned nearly 68-mile network. Otherwise, the company’s recent history is mostly defined by conne

That’s not a thing. But it soon could be... 🥛 Buying a coffee with home equity ☕️ That’s not a thing. But it soon could be... Rohit Chauhan GM. This is Milk Road, your friend in crypto - the kinda friend whose mom lets you stay up late playing video games. Here’s what we’ve got for you today: ✍️ Buying a coffee with home equity. 🎙️ The Milk Road Show: Bitwise: Tokenization Could Be the Biggest Crypto Trade of the Decade . 🍪 NEAR is up 32% against BTC this past week. Prices as of 2:00 p.m. ET. Powered by CoinGecko. TOKENIZATION: WHERE WE ARE VS. WHERE WE'RE HEADED 🗺️ Robinhood Chain hit a new all-time high in DEX trading volume on Tuesday ($1.92B) - and Vlad Tenev (Robinhood's CEO) is just as surprised as anyone. He got on a Goldman Sachs stage this week and admitted the first version of stock tokens flopped in Europe. They lived inside the Robinhood app, so you could buy them, sell them, and that was about it. Or in his words: they sat in "this messy middle of not having any credible differentiators versus traditional stocks." Robinhood's solution: let 'em out of their cage - allow tokens to become fully composable on Robinhood Chain. This meant any developer could plug them into their own code without asking Robinhood for permission - putting tokenized stocks into DeFi pools, pairing them with other crypto assets, or wiring them into smart contracts. Around 200 U.S. stocks now trade this way on Robinhood Chain, across 120+ countries - pulling in $8.2M of Real Economic Value (i.e. the total fees users paid to use the chain) in a single day last week! 👇 Source: BlockWorks In short - Robinhood handed the same set of assets over to strangers, let them build whatever they liked with them, and the demand turned up on its own. Kyle (our Head of Research) has a great explanation of why this works: Hold Tesla in your Schwab account and the only thing you can do with it is buy it or sell it. You can't send it to a friend, you can't pay with it, and you can't swap it into Nvidia without cashing out to dollars first. Tokenize it, and all of those doors open at once. Now apply that to something that isn't a share… 1,000+ Claude Prompts Top Professionals Actually Use at Work Claude can be your analyst, editor, and strategist. But most professionals are using it to fix grammar. These 1,000+ Claude prompts take it from grammar tool to your most powerful AI work assistant. Sign up for Superhuman AI and get: 1,000+ ready-to-use Claude prompts to get real work done in minutes — researched, tested, and used by professionals at Google, Microsoft, and NASA Superhuman AI newsletter (4 min daily) so you keep learning new AI tools and skills to stay ahead in your career — the prompts are just the beginning Claim your free prompts TOKENIZATION: WHERE WE ARE VS. WHERE WE'RE HEADED 🗺️ (P2) Every listed stock on the planet adds up to roughly $160T, which sounds enormous right up until you put it next to everything else. As Jordi Visser told us on the pod yesterday , there's about $700T of fiat assets in the world (property, gold, private credit, venture stakes, all of it). And two-thirds of it is illiquid! Meaning it can't be sold quickly without taking a painful discount. Jordi calls it ‘dormant wealth’ - assets that show up in your net worth, but do nothing else. 👇 Source: Milk Road/YouTube Still struggling to visualize what tokenizing the full $700T of global wealth could lead to? Lemme paint a picture for you… Imagine buying a house, then using your equity in said house to buy a coffee. Right now, that would mean filling out a bunch of paperwork and getting a home equity loan to cover a $6.48 double shot latte from Starbies... who's doing that?? Tokenization makes that dormant wealth spendable, and has the potential to enable crazy sh*t - like buying a coffee with your home equity. The takeaway here: Stocks were the easiest asset in the pile. Already liquid, already priced by the second, and already sitting in an app on your phone. Robinhood Chain isn’t even Act 1, Scene 1 of the adoption curve - it's the previews before the movie. The tokenization of the other $467T worth of global assets is still yet to come, and is promising to unlock financial tools & products most people have never even conceived of before. Say it with me now: “we’re still so early.” YOU CAN NEVER GET ENOUGH VISSER. I WILL DIE ON THIS HILL The Jordi Visser episode that went out on The Milk Road Show yesterday was only half of what we recorded. The conversation was too good to cut short in the moment, so we let it run long and split it in two. Part 1 covers all things crypto (that's the one you saw yesterday). While Part 2 digs into the equities and AI side of Jordi’s thinking, with a 20 minute breakdown of the whole conversation with John and LG. Whether or not you’re familiar with Jordi’s work/thinking - you’re going to want to watch this one. 👇 Watch Part 2 of Jordi Visser here! BITE-SIZED COOKIES FOR THE ROAD 🍪 Want to reach 88,000 crypto and AI investors a day? Milk Road is booking Q4 sponsorships now so book a call now. Movement detected: NEAR is up 32% against BTC this past week. The move was driven by a cluster of NEAR-specific catalysts. Huh? The recent stock/meme pairing boom hit memecoins, launchpads, and AMMs. So why are all three down anywhere from ~12-22% over the last 24hrs? New hire: Polymarket just brought in Amazon's former finance chief Warren Jenson as its first CFO. RATE TODAY’S EDITION What'd you think of today's edition? 🥛🥛🥛🥛🥛 F**king great 🥛🥛🥛 Meh, do better 🥛 You didn't bring the heat MILKY MEMES 🤣 Source: @ToolySOL Source: @naiivememe ROADIE REVIEW OF THE DAY 🥛 VITALIK PIC OF THE DAY This content is for educational purposes only. Read full disclaimer Interested in reaching smart readers like you? Sponsor Milk Road Update your email preferences or unsubscribe here © 2026 ImpactDM Inc. operating as Milk Road 1257 Dundas St W Toronto, Ontario M6J1X6, Canada

Plus: Oracle on cloud nine | Thursday, September 10, 2026 Axios Closer By Nathan Bomey · Sep 10, 2026 Thursday ✅. Today's newsletter is 699 words, a 2½-minute read. 📉 The dashboard: The S&P 500 closed down 0.6% — its fourth straight negative session. The price for a barrel of Brent crude increased another 7% to over $108. The yield on 10-year Treasuries rose to 4.96%. 🔥 Today's stock spotlight: Oracle jumped 7% in extended trading after the software vendor reported stronger-than-expected growth in its cloud computing business. 1 big thing: Fear factor Nvidia CEO Jensen Huang speaks during the G20 Innovation Ministerial in Chapel Hill, N.C., on Sept. 2. Photo: Matt Ramey/AFP via Getty Images Nvidia CEO Jensen Huang dismissed fears of out-of-control AI creating outright havoc. Huang told the audience at a Goldman Sachs conference that "the reason why there's so much conversation today about cybersecurity is because the industry is getting ready to launch some products." "And what better way to create demand than to create a problem," he said at the event. "Who doesn't want their market to be hysterical about their product and line up around the corner for it?" 📢 Why it matters: Huang — whose comments on AI are highly influential among investors — risks losing control of the narrative amid growing fears of AI causing widespread destruction. ⚠️ Catch up quick: The conversation over the trajectory of AI exploded this week when an Anthropic researcher abruptly resigned his post and warned that AI could soon destroy humanity. ☀️ Zoom in: Huang has been maintaining the outlook of a typical AI techno-optimist on three fronts: That it won't destroy the job market. That it won't destroy the world. That it's not a bubble ginned up by Nvidia's own circular investments . ( He addressed that today too .👇) 🔄 Yes, but: Huang has a vested interest in painting the AI future as healthy and hopeful. The more it grows — and the fewer restrictions that are placed on it — the more chips he can sell. What they're saying: "You can't ignore that he's talking his own book, but I don't think it's accurate to see his narrative as being merely self-serving. I think he is genuinely a techno-optimist," University of Michigan business professor Erik Gordon tells Axios. But "I think Jensen's narrative is losing ground to the narrative grounded in fear," Gordon says. Go deeper Quoted: One magic circle 💸 "It's not circular [financing], because we put a little bit of money in — and a lot of money comes back. ... Is that circular? If that is, let's do more of that." — Huang said at today's conference, to laughter. 2. Other happenings Photo: Mario Tama/Getty Images 🛍️ Macy's delivered 2.7% comparable sales growth as it focused its turnaround efforts on core stores, but the stock fell after its outlook disappointed investors. ( Bloomberg ) 💵 Polymarket hired its first CFO, veteran finance executive Warren Jenson. He joins the prediction market as it scrambles to catch up to its arch rival Kalshi. ( Reuters ) 📊 OpenAI launched a version of ChatGPT built for the financial services industry through a design partnership with Morgan Stanley and Evercore, designed to research companies, analyze financial data and generate presentations. ( CNBC ) A MESSAGE FROM AXIOS Sports media's next big opportunity Sports rights are becoming an even more valuable media asset. Rising rights fees, streaming ad demand and growing interest in women's sports are creating new upside well beyond ticket sales. The latest Media Trends Executive analysis examines how sports are reshaping the media business — and where the biggest opportunities are emerging. Read the full analysis. 3. Snap IRL Illustration: Rebecca Zisser/Axios Social media might make you feel isolated , but Snapchat thinks it has a solution for that. The app today rolled out Snapchat Plans , a feature that allows users to schedule and coordinate plans with their friends to meet up in real life. Zoom in: People can use the feature to invite up to 200 friends to an event or meetup, receive invitations and get reminders. The feature is private. 💭 Nathan's thought bubble: Social apps are beginning to recognize that America's epidemic of loneliness translates into a hunger for IRL experiences. A MESSAGE FROM AXIOS Media is shifting fast. Our reporters see it first. Sara Fischer and Kerry Flynn go deeper than the headlines — tracking the deals, disruptions, and strategic shifts that define where the media industry is heading. Media Trends Executive is their members-only briefing, written for leaders who can't afford to be caught off guard. 🔒 Become a member today to read what the industry's best reporters see coming. 🗓️ On this day in 1846, Elias Howe secured a patent for the pivotal lockstitch design in sewing machines. Howe's problem was that he wasn't very good at selling sewing machines. Isaac Singer, however, was — and five years later his easy-to-use machines started selling like hotcakes. Howe sued Singer (and others) for violating his lockstitch patent, and a resulting series of crisscrossing IP fights, known as the "Sewing Machine War," led to the concept of shared patent pools. 📌 Axios BFD, Axios' fifth-annual dealmakers summit on Nov. 17 in NYC, announced its 2026 lineup today. Speakers include 1789 Capital's Donald Trump Jr. and Omeed Malik, Goldman Sachs' Kim Posnett, baseball icon and investor Alex Rodriguez, Vista Equity Partners' Robert F. Smith and more. Request an invite. Today's newsletter was edited by Pete Gannon and copy edited by Sheryl Miller. Why stop here? Let's go Pro. Axios Pro Deals helps you get smarter and faster on the deals, opportunities, and investments that matter most. Get started today . Follow Axios across:

Neuralese, tokenized tokens, Pokémon money, dopamine hits Byron Gilliam “People come here to trade, make a little profit, do a little business.” — The Collector, Mad Max Beyond Thunderdome Thursday links: Neuralese, tokenized tokens, Pokémon money, dopamine hits It’s all neuralese to me The way LLMs explain their reasoning process — the “chain of thought” that scrolls past while you wait for an answer — is pretty close to their internal reasoning. When Claude muses, User asks if a hot dog is a sandwich. Analyzing hot dogs. Analyzing sandwiches …, that is a reasonable representation of what it is really doing. Reasoning step by step, it generates its “thinking” as human-readable tokens. Each completed thought is context for the next. (Note: Claude got that one wrong. A hot dog is not a sandwich. Don’t be ridiculous.) Helpfully, this gives humans insight into why AI agents do what they do — be it hacking into Hugging Face or manipulating a stock price. “We are able to catch a large fraction of current LLM deception by monitoring their natural-language CoT [chain of thought], since right now CoT is primarily faithful to the LLM's true reasoning,” a primer on “neuralese” explained last year. Maybe not for much longer, though, because CoT is not the only way for LLMs to have thoughts. Instead of forcing models to form each step of their thoughts in human-readable text, they could do their reasoning directly in “latent space” — the mathematical realm where models represent concepts, words, and their relationships as incredibly long lists of numbers (or “vectors”), based on patterns learned during training. No human would understand it. But other LLMs possibly could, if they all learned to speak neuralese. If so, models would be able to freely collude with one another without any risk of meddling humans listening in. It would be the most extreme version of the concern we discussed yesterday , whereby financial markets (and everything else dominated by AIs) become unintelligible to humans. This week, we might have taken a large step in that direction. “OpenAI’s new Astra model will use a reasoning technique called ‘recurrent depth’ that allows it to operate outside of the sequential thinking that characterizes most reasoning models,” TechCrunch reported, citing The Information . “This technique…will likely make the model’s chain of thought more difficult to monitor.” It will make markets harder to monitor, too. The bots are just getting started Cloudflare CEO Matthew Prince says that in five years, agentic traffic on the internet will be 1,000 times greater than human traffic. If the ratio in financial markets is anything like that, this will surely be unintelligible to us. What will the world be like when both writers and traders are outnumbered 1,000 to 1? I may have to start writing this newsletter by hand and mailing it to you, just to prove my humanness. (Apologies in advance for the terrible handwriting.) AI crowds crypto out of the lexicon Crypto has surrendered another core term to AI. First it was “token,” which was once universally understood to mean “a unit of magic internet money.” Today, sadly, most would understand it to mean “a unit of AI compute.” Now, it's “tokenomics,” too. Once the economics of a crypto token’s supply, distribution, incentives, and value capture, tokenomics now means something like, the economics of who captures the profits as an AI token moves through your LLM, to a data center, and then a GPU . (And back.) Fine. But what happens when we tokenize the tokens so we can trade them onchain? The tokenomics of that will get complicated. (Linguistically, at least.) Hedging against the apocalypse Venture capitalist Peter Levin believes he’s identified the world’s ultimate safe-haven asset: “I’m absolutely convinced that if the world suffered an apocalypse tomorrow, the following day the global currency would be Pokémon cards,” he told The Hollywood Reporter . That would be an interesting experiment in the nature of money. And if the news from Anthropic this week is correct, we might soon be running it. I hope not, though — mostly because I only have about three good ones so far, and I doubt that will last me very long. (And making change will be a nightmare.) Anticipation is (at least) half the pleasure At foodnevercomes.com , you can order food for delivery that, as the URL suggests, never arrives. DopamineCart is a (very disorganized) version of Amazon, where you don’t have to pay for anything (because it won’t send you anything). These are two of the most popular “dopamine websites” that offer some of the pleasure of shopping, but without having to pay. Perhaps even most of the pleasure. “The anticipation [of shopping] often generates a psychological reward equal to, or sometimes greater than, the actual purchase,” Dr. Pamela Rutledge explains for Psychology Today . By simulating the experience of shopping, dopamine sites “capture the pleasure associated with buying without the financial cost,” Rutledge adds, “splitting the emotional experience of anticipation from any real-world consequences.” This is kind of what memecoins do, too: They give you the emotional experience of investing, without doing any actual investing. Except that the money you lose is real. This seems unnecessary, because most memecoin traders must know by now that they’re going to lose money. Only 5.9% of traders on the popular social trading site fomo.family are currently in the money, according to a Dune dashboard . And yet, they keep trading. Does everyone think they’ll be in the 5.9%? Like the children of Lake Wobegon, but way above average? Or are they just in it for the dopamine? If the latter, I have a suggestion for them: DopamineCart has a crypto exchange, too. Try it! I guarantee you won’t lose money. The memecoin-industrial complex A fun highlight from the B-1 filed by memcoin launchpad pons on Blockworks’ Token Transparency website: Correct! Token holders have no claim on the reve