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The Oracle steps down as Berkshire’s chair... September 19, 2026 Presented By Ahoy, mateys! It’s International Talk Like a Pirate Day, so here’s a cheat sheet to consult on your landlubbing weekend: If you’re not sure whether you’ve overused “Argh,” keep arghing. Set the bar low for what surprises you. That way, your timbers will always be sufficiently shivered. Understand that wrongly using the term parlay may result in you losing a lot of money. —Brendan Cosgrove, Dave Lozo, Sam Klebanov, Matty Merritt, Holly Van Leuven, Abby Rubenstein In today’s newsletter, we’ll get into: Warren Buffett stepping down as Berkshire Hathaway’s chair Trump banning major news outlets from the White House Mbappé moving on from Nike Markets Nasdaq 26,522.54 +0.40% S&P 7,650.5 +0.17% Dow 51,682.64 -0.18% 10-Year 4.998% +5.0 bps Bitcoin $81,245.19 +6.40% Netflix $71.79 -4.67% Data is provided by *Stock data as of market close, cryptocurrency data as of 6:30pm ET. Here's what these numbers mean. Markets: Stocks were as mixed yesterday as a Goober jar a toddler has stuck a spoon in, as bond yields and oil prices rose. The Dow was the dog of the group, finishing down for the day and capping off its worst week since March. Stock spotlight: Netflix, which understands the value of a good recommendation, fell after Wells Fargo cut the streamer’s rating to underweight. HEIR-MAN OF THE BOARD Warren Buffett gets his son set, rides into the sunset Illustration: Morning Brew Inc., Photo: Paul Morigi/Getty Images After a remarkable decades-long run, legendary investor Warren Buffett is stepping down as chair of Berkshire Hathaway. But in a way, he’ll still be doing what he’s always done: betting on the long-term benefits of good stock. His son, Howard, will be taking over as chair. From one father to another: The elder Buffett announced the change yesterday in a letter to shareholders. “Father Time always wins,” 96-year-old Buffett wrote. “He has, however, been generous with me.” Buffett had already handed off his CEO role to Greg Abel at the end of last year. During his more than six-decade tenure at Berkshire, Buffett turned a struggling textile mill into a $1 trillion conglomerate, growing the company’s shares more than 5,500,000%. By comparison, the S&P 500 gained 39,000% over the same period. The future the Oracle designed The elder Buffett will become chairman emeritus and remain on the company’s board, while his 71-year-old son Howard—or Howie, as he prefers to be called—slots into the chairman position, effective immediately. The move wasn’t a secret, nor was the reasoning: Papa Buffett literally told the Wall Street Journal last year, “He is getting it because he’s my son.” But Howie’s qualifications do extend beyond the fact that he looks like his predecessor. The younger Buffett has: Been on Berkshire’s board for 33 years. Served on the boards of Coca-Cola, ConAgra Foods, and more. Been chairman and CEO of his own charitable foundation since 1999. He’s also a longtime farmer and former agricultural exec, and served as a county commissioner in Omaha, as well as sheriff of Macon County, Illinois, for a few years—which makes him like four Fargo characters in one. What will the nepo Buffett do? CEO Abel is still running the company, while Howie will be in charge of protecting Berkshire’s culture and values. Or, as Daddy Warrenbucks put it in 2013, the new chairman will “only have to think about whether the board…may need to change the CEO.”— BC Reader Poll What’s your favorite Warren Buffett quote? “Be fearful when others are greedy, and greedy when others are fearful.” “You only find out who is swimming naked when the tide goes out.” “Our favorite holding period is forever.” “Never invest in a business you cannot understand.” Something else (and it’s good). Sponsored By The Motley Fool Benefits worthy of a double take Ya just don’t see perks in a card like this every day. Let's cut to the chase. With this nifty card, you can enjoy benefits like: 0% interest until nearly 2028 on both purchases and balance transfers up to 5% cash back in rotating categories you’ll actually use a lucrative sign-up bonus no annual fee If you read that list twice, we don’t blame ya. Perks like 0% interest until nearly 2028 and up to 5% cash back are as rare as a double rainbow with a nice pot of gold. Which is also why this card has been rated as a top cash-back card by the experts at Motley Fool Money. Learn more about applying . World Tour de headlines Mandel Ngan/Getty Images 🗞️ Trump bans CNN, MS NOW, and Politico from the White House. President Trump said on Truth Social that he was immediately barring the two cable networks and the online news source (Politico and Morning Brew have the same parent company, Axel Springer) from the White House because of their coverage. “Outlets shouldn’t be able to constantly write or report FICTION and LIES when they’re covering the President,” his post said. The move is the President’s latest test of the First Amendment’s protection for journalists, and it is likely to draw legal challenges. In February 2025, the president banned Associated Press reporters from the Oval Office, Air Force One, and press pool events over the outlet’s refusal to use his preferred name for the Gulf of Mexico, and the AP’s lawsuit over that remains ongoing. Trump said he also plans to ban other outlets. 🌎 The US reached a security deal on Greenland. President Trump said on Truth Social yesterday that the US reached a deal with Denmark that gives the US “permanent control over security, and all other needs, in Greenland.” News of the deal comes after President Trump had called for Greenland to become part of the US. While the agreement itself was not provided in the post, Trump said there would be “no cost to the US.” He said the US—which already had a preexisting agreement allowing it to put troops in Greenland—would begin “developing a large Military presence” there. Yesterday, the prime minister of Denmark said in
Plus: Anthropic courts wealth managers with Claude for advisors. September 19, 2026 PRESENTED BY Good morning. That’s a wrap on Future Proof Festival 2026! There was no escaping it — artificial intelligence was the theme this year, as a growing wave of large language models and agents continues to drive its way deeper into the advisor workflows. How far will the tech go? What will the ultimate role of an advisor be in 2030? There were some bold predictions made at this year’s Future Proof. The Daily Upside was there in full force, moderating center stage panels and hosting interviews from our booth. Below you’ll find our coverage on some biggest news and discussions that came out of the festival. And stay tuned next week for a collection of fascinating conversations from our time at the conference. PRESENTED BY NUVEEN Nuveen IQ: Intelligence to Manage Complex Wealth Photo via Nuveen Today’s advisors are navigating more complexity than ever, with clients asking about tax-optimized outcomes, new sources of returns through private markets and how to transfer wealth across generations. Managing these conversations requires more than instinct; it requires the right intelligence. A growing library of research, webinars and practical frameworks is now available from Nuveen, built specifically to help advisors address these exact challenges with confidence. Explore the full collection of insights today at NuveenIQ.com. This Week's Highlights Tax Planning as a Service: How Advisors Are Taking Tax Alpha Mainstream: John Manganaro, a Senior Reporter at The Daily Upside, took the stage at Future Proof to discuss the evolving role of tax planning with advisors. WEALTHTECH AI Won’t Replace Advisors. It May Actually Add More TAX TIPS Selling Your RIA As a Retirement Strategy? Mind the Terms INDUSTRY NEWS Anthropic Moves Deeper into Financial Services with Claude for Advisors Poll Were you one of the 5,000+ attendees at the Future Proof Festival? A. Yes — it was a blast B. No — but I'll see you at South Beach in March C. No — and I'm mad I missed Wiz Khalifa D. No — conferences aren't my speed Cast your vote to view the live results. Catch Up on More Headlines PRESENTED BY FIDELITY INVESTMENTS So much for the SaaSpocalypse. Nitrogen CEO Dan Zitting joins John Manganaro to explain why advisors are leaning on software more, not less, as they adopt AI, how open APIs and agentic tools are reshaping their tech stacks, and how a new approach to coverage conversations can turn a hard conversation about risk into one built on trust. Listen to this week’s episode here. Edited by Emile Hallez . Written by Griffin Kelly , John Manganaro , Lilly Riddle , and Quinn Waller . Advisor Upside is a publication of The Daily Upside. For any questions or comments, feel free to contact us at advisor@thedailyupside.com . Our Other Newsletters The Daily Upside | ETF Upside | Retirement Upside | CFO Upside 55 Union Place, #253 Summit, NJ 07901 Copyright © 2026 The Daily Upside, LLC All rights reserved.
Is Paramount really bailing on Hollywood? September 18, 2026 Presented By Happy Friday. Following the retirement of longtime enforcer Ryan Reaves, the NHL has just three players left who do not wear visors . In 2013, the league and its players’ association mandated protective visors for new players, but allowed existing ones to remain visor-less. Leave it to the NHL to make a rule that only has some teeth. —Sam Klebanov, Molly Liebergall, Matty Merritt, Dave Lozo, Adam Epstein, Holly Van Leuven, Neal Freyman In today’s newsletter, we’ll get into: What happens if Paramount leaves LA The SEC greenlighting tokenized stock trading Merriam-Webster adding “looksmaxxing” to its dictionary Markets Nasdaq 26,418.3 +1.69% S&P 7,637.76 +1.14% Dow 51,778.04 +0.61% 10-Year 4.947% -6.0 bps Bitcoin $76,541.84 +0.58% Generac $207.23 +18.34% Data is provided by *Stock data as of market close, cryptocurrency data as of 4:30pm ET. Here's what these numbers mean. Markets: Stocks popped yesterday after the Fed’s recent rate hike convinced investors that the central bank is trying to tame inflation. Meanwhile, the aptly named generator company Generac went nuclear thanks to the news that it made a deal to supply Amazon data centers with backup gennies. Markets Sponsored by State Street Investment Management Looking for low-cost exposure to 500 leading US companies ? At just 0.02%, SPYM delivers broad market exposure, scale, and efficiency, while serving as the default investment option for Trump Accounts. I THINK YOU SHOULD LEAVE Is Paramount actually leaving LA? Illustration: Morning Brew Inc., Photo: Getty Images Like someone juggling three barista jobs between auditions for nonspeaking parts, Paramount is contemplating giving up on LA. The Hollywood studio has reportedly intensified threats to leave the city after talks to settle California’s antitrust case contesting its planned $110 billion acquisition of Warner Bros. fell apart last month. Deadline reported this week that Paramount notified Los Angeles Mayor Karen Bass that it put in a deposit for moving trucks, while studio insiders told Politico that the company is searching for office space in Tennessee. Paramount is also reportedly considering relocating to Texas or Georgia. Paramount CEO David Ellison said the company will ditch LA if the state doesn’t negotiate a settlement by Oct. 1—the date it has to start paying Warner Bros. $7 million for each day that the merger doesn’t go through. Critics think the threat to pack up is a bluff meant to pressure officials to green-light the deal. Paramount to the local economy The departure of the last remaining major studio headquartered in LA proper (rivals like Disney and Warner Bros. are technically in nearby Burbank) would be a devastating economic and cultural blow to a town where it’s operated for 100+ years: Los Angeles County could lose more than 1,000 jobs if Paramount relocates its headquarters, and tens of thousands of jobs if Paramount yanks all operations. That would deepen the wound from the more than 42,000 film and TV jobs the city already lost between 2022 and 2024. The local economy could face a shortfall of up to $2 billion in the next five years, according to a recent report by the LA County Economic Development Corporation. Paramount would lose more than just nice beaches. Industry observers say that leaving LA would jeopardize the studio’s talent pool, as production staff might be reluctant to follow the company out of the entertainment hub. It could just move its HQ to qualify for state incentives, but keep much of its staff in Southern California. Looking ahead: The two sides will meet next month for court-mandated settlement talks. California Attorney General Rob Bonta is demanding that Paramount offload some of its assets for the merger to proceed. —SK Sponsored By Customer.io Hope this message finds you well If you’re a marketing pro, then you know—sending the right message, at the right time, to the right audience is everything. You also know that that’s way easier said than done. That’s where Customer.io comes in. They help you build personalized campaigns across email, SMS, push, and more, thanks to the key findings in their Customer messaging in 2026 guide. Grab your copy to learn: how marketers are actually using AI why segmentation and behavioral triggers beat all other personalization tactics the metrics marketers currently care about most Start sending messages your customers actually want to open. Get the guide . World Tour de headlines Alex Wroblewski/Getty Images 🤖 OpenAI disclosed six more cases of “concerning” AI behavior. If you thought the bots were done disobeying orders, think again. OpenAI revealed this week that it detected six new incidents of its AI models exhibiting concerning or unexpected behavior. It also shared a new framework for tracking such instances of “misalignment,” which is the industry’s less scary term for when AI goes rogue. “We do not believe that the AI industry has solved alignment and monitoring to a sufficient degree to continue responsibly scaling at maximum speed for much longer,” the company wrote on its blog. The disclosure comes as executives across the AI industry acknowledge that the technology needs to slow down to address its risks. —AE 🚗 General Motors makes missile parts now. The company that makes the Corvette is also manufacturing missile components for the Pentagon. According to the Wall Street Journal, GM recently delivered parts for Lockheed Martin’s Patriot missiles and is in talks to supply the military contractor with parts for other munitions. The news follows reports that the Iran war has left the US’ stockpiles of Patriot missiles “extremely low.” For GM, the push into the missile business creates a new revenue stream as the global auto market continues to struggle. —AE 🏀 New York Knicks pause ticket sales after “mistake.” The reigning NBA champions opened up single-game ticket sales to the general public yesterday but
Plus: No exit | Friday, September 18, 2026 Axios Markets By Emily Peck and Matt Phillips · Sep 18, 2026 🎉 Friday! The vibe is upbeat. Crude oil futures are lower, pointing to a third-straight decline. S&P 500 futures are up a bit. ⏳ It's the end of an era. Warren Buffett is stepping down as chairman of Berkshire Hathaway, effective immediately, and transitioning to the role of chairman emeritus. In a letter to Berkshire shareholders about the decision, the 96-year-old investment legend wrote, "Father Time always wins. He has, however, been generous with me." 🗓️ Today, Matt explains why Wall Street doesn't fear the rate-hike reaper. Plus, China pulls back on Treasury investments, and oil analysts are just throwing up their hands at this point. Let's get into it. In 1,074 words, a 4-minute read. 1 big thing: The stock market can handle a few hikes By Matt Phillips Date: FactSet; Deutsche Bank; Chart: Axios/Matt Phillips; Note: S&P 500 is presented on a logarithmic scale. Stock watchers think the market should be able to continue to gain altitude despite a headwind from Federal Reserve interest rate hikes . Why it matters: Rate-hiking cycles have sometimes undermined the market, leaving investors with ugly losses. Case in point: In 2022, the S&P 500 fell 19.4% — its worst annual performance of the last 17 years — as the Fed rushed to snuff out a nasty bout of inflation that broke out during and after the COVID-19 pandemic. The Fed jacked up interest rates sharply in a cycle that lasted from March 2022 to July 2023. Driving the news: The Federal Reserve launched what's expected to be a series of interest rate increases Wednesday, with a quarter-point rise. Chairman Kevin Warsh justified the move by saying, "The plain fact is that inflation is too high and has been for too long." And the S&P 500 added to its string of lackluster recent performances, declining 0.5% Wednesday. Yes, but: Yesterday, the blue-chip index posted its biggest gain since early August. The rally was broad, including AI-related shares and software stocks as well as fuel-sensitive sectors like airlines and rate-sensitive industries like homebuilding. Between the lines: The rally seemed driven, in part, by a second consecutive drop in crude oil prices. That cuts costs — and theoretically raises profits — for industries like airlines. Some attributed the oil price drop to a Reuters report that Saudi Arabia had asked China to intervene with Iran in hopes that Iran would rein in Houthi fighters after attacks on Saudi diversionary pipelines in recent days. (Beijing apparently made a call to Tehran.) Long-term Treasury yields also fell, with analysts suggesting that by raising short-term interest rates — against the explicit preferences of President Trump — the Fed had restored some of the institution's inflation-fighting bona fides. That has shrunk the uncertainty premium that helped push yields up after Warsh's widely panned performance in his late July press conference. The big picture: The combination of falling crude oil prices and declining long-term Treasury yields is tailor-made to give stocks a lift, analysts say. If such salubrious market conditions continue, it could mean that the Fed won't have to raise rates too high or too quickly Under such a scenario, the S&P 500 may well avoid the kind of ugly drop it endured in 2022. Still, that's a big " if." Especially as such an important variable — energy prices — hinges on developments in the Iran war. What they're saying: "The key risks are oil and an unexpected inflation shock," wrote Mike Wilson, Morgan Stanley's chief U.S. equity strategist. That combination could turn "what currently looks like a more modest policy adjustment that is preemptive in nature into what would be viewed as a more prolonged hiking cycle." "Twenty-five basis points here and there isn't going to make too much of a difference," Steve Sosnick, chief strategist at Interactive Brokers, tells Axios. "What could go wrong is that this doesn't do enough to curb inflation and we have to really enter into a hiking cycle." The bottom line: "That could be problematic," he says. 2. 🇨🇳 China's great unwind By Emily Peck Data: U.S. Treasury Department ; Chart: Emily Peck/Axios China's holdings of U.S. Treasury securities reached an 18-year low in July, new Treasury Department data shows. Why it matters: It's not just China. Foreign governments are pulling back on buying Treasury securities , and hedge funds and other private investors are filling the void. That poses some risks to the ability of the U.S. to borrow money cheaply, as analysts say it could put upward pressure on borrowing costs. Zoom in: China's holdings of Treasury securities fell to $618 billion in July, the lowest level since August 2008, when they were at $573.7 billion. The world's second-largest economy, China has been moving away from these investments for the past decade and accelerated the shift after 2022, when the U.S. froze Russian assets and prompted a lot of countries to have second thoughts about storing wealth in America. Yes, but: China may have moved some of its Treasury holdings to non-U.S. custodians, making it hard to truly assess the situation. Overall, these moves have been gradual, and holdings have remained stable. Zoom out: For years leading up to the 2008 financial crisis, central banks were "price-insensitive" buyers of Treasury debt — they saw these bonds and securities as an ultra-safe bet. Now, more price-sensitive hedge funds and private investors make up a larger share of buyers — these aren't all the buy-and-hold types. The problem? During times of stress "sharp shifts in sentiment could trigger rapid sales and systemic stress," as Brookings senior fellow Gian Maria Milesi-Ferretti wrote recently. A MESSAGE FROM AXIOS Simplify: Do 50% more with 50% less With AI upending work and life, Jim VandeHei, Mike Allen & Roy Schwartz, the bestselling authors of "Smart Brevity" offer a one-stop survival guide to dramati
Plus: Why Generac is generating investor excitement. September 18, 2026 PRESENTED BY UNITED STATES TUNGSTEN CORP. Good morning. Justice tasted sweet at Hershey’s on Thursday. A federal court dismissed a proposed class action lawsuit in which two plaintiffs claimed the confectioner deceived customers by selling faceless Reese’s peanut butter-and-chocolate pumpkins in packaging that depicted them with decorative Halloween patterns. “It is clear that their only injury is their subjective disappointment,” US District Judge Melissa Damian wrote in her decision. She noted the “plaintiffs do not allege that the Hershey’s Reese’s Peanut Butter Pumpkins that they purchased were defective or worthless or that they lost all economic value because of the absence of the decorative carvings.” But, like the antagonist in any good Halloween slasher, this case may refuse to stay dead. Damian dismissed an earlier version of the lawsuit last year, and the plaintiffs’ lawyer said Thursday that his clients plan to appeal the latest decision. MARKETS S&P 500 7,637.76 ▲ +1.14% DJI 51,778.04 ▲ +0.61% GNRC $207.23 ▲ +18.34% Stock data as of market close on September 17, 2026. MARKETS ‘Outlook Cloudy’: Fed Rate Hike Pits Bulls Against Bears Over Year-End Rally Odds September is famously the worst month for stocks on average , a phenomenon that has been heavily debated and attributed to tax-loss selling or parents liquidating assets for back-to-school costs. The so-called September Effect has also been dismissed as totally meaningless. Putting the market psychology aside, this September has given markets plenty of reason to reinforce the stereotype: oil prices on a war-fueled incline, rising AI apocalypse anxiety and, of course, this week’s interest-rate hike. Some analysts believe that, while the September Effect may be in full swing this year, there is still time for a positive October (and later) surprise. Here Comes the Fall (Autumn, That Is) There are no doubt investors concerned about the impact of the Federal Reserve’s decision this week to raise interest rates. After Goldman Sachs CEO David Solomon noted the investment bank’s fixed-income trading business has already been “a little bit softer” this quarter, its shares fell 4% Wednesday. Higher rates can slow corporate bond issuance and broader underwriting activity, two things Solomon’s remark suggests may already be happening at a marginal level. Then there’s Macro Risk Advisors CEO Dean Curnutt, who wrote to clients earlier this week that a rate hike could trigger an S&P 500 pullback of up to 10%. In particular, he flagged the risk posed to corporate margins by higher interest rates, which increase the cost of borrowing money and slow consumer spending. He also pointed to 2018, when “the Santa Claus rally did not come,” as a reason to be concerned about the economic backdrop for the rest of this year. Back then, there was a September rate hike, surging bond yields, the protectionist trade policies of the first Trump administration and a rotation out of highly valued Big Tech stock. Sound vaguely familiar? But there are also experts who see an upside: Citadel Securities says it has become “increasingly constructive” about the market’s end-of-year prospects. Since 1930, the trading firm found, the S&P 500 has fallen an average 1.1% in the last two weeks of September before bouncing back in October. In midterm election years (don’t forget to vote), the index has gained 5.6% from the end of September through New Year’s Eve. If past is prologue, Goldman Sachs sees reasons for optimism, too. The investment bank said that while the S&P 500 declined an average of 2% in the first three months of seven rate-hiking cycles, the index ultimately posted an average 12-month gain of 9%. Vote of Confidence: So far, the Fed’s move to address inflation has had a calming effect on market turmoil overall. The S&P 500 rose 1.14% Thursday while Treasury yields and oil prices fell. “This appears to be the market’s vote of confidence,” said Chris Osmond, chief investment officer at Fifth Third Wealth Advisors. “Investors believe the Fed’s resolve will ultimately bring inflation under control, which is a precondition for a durable equity rally.” Written by Sean Craig PRESENTED BY UNITED STATES TUNGSTEN CORP. One Company Holds the Key to $665M in Minerals Photo via United States Tungsten Corp. The Tungsten Queen once wore America’s crown. But now, the country’s largest tungsten project is dormant, just sitting on $665M of untapped resources. Meanwhile, tungsten prices are up 500%+ 1 as over $12T worth of industries compete for it. United States Tungsten is seizing the moment . They’re reopening the Tungsten Queen, aiming to restart production in as little as 24 months. That’s up to 5X faster than typical projects. The timing couldn’t be better, either . The Department of the Interior has designated tungsten a critical mineral. New US policy will restrict foreign tungsten purchases starting in 2027. And federal agencies are discussing domestic supply contracts. Claim a piece of this boom. Become an early-stage United States Tungsten investor by 10/9 for up to 23% bonus shares. * BLOCKCHAIN SEC Greenlights Tokenized Stocks After Clarity Act Fails in Senate Photo via Al Drago - Pool via CNP/CNP / Polaris/Newscom The SEC isn’t waiting for clarity with a capital C to give tokenized stocks the go-ahead. On Thursday, Wall Street’s watchdog issued a five-year order allowing trading venues to offer digital representations of company shares. The move ushers in a 24/7 type of trading that proponents say reduces counterparty risk through faster settlement. It also comes just days after the Senate blocked the Clarity Act, which would have provided a regulatory framework for cryptocurrency. The new rule is “designed to resolve challenges that have prevented responsible innovation from taking root in the United States while providing investor protections and market integrity standards,” SEC Chai
The Fed and BOJ hike rates into slowing growth, but digital assets refuse to roll over Bitcoin Defies Hawkish Fed Surprises and Geopolitical Heat The Fed and BOJ hike rates into slowing growth, but digital assets refuse to roll over Sep 18 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 The week was built to break risk. The Federal Reserve delivered its first rate increase in three years. The Bank of Japan followed this morning and pushed policy to a 31-year high. The Senate killed cloture on the Clarity Act. Oil prices stayed elevated enough to keep inflation in the Fed’s face. In a normal tape, that mix is a liquidation event. But It was not. Bitcoin dipped under $75,000 after the Senate vote, then recovered through the Fed statement and is now back near $78,000. September, historically the weakest month on the calendar, is down only about 1.5%. The quarter is still up roughly 32%. Bad headlines are no longer enough to break the bid. The more important tape is underneath Bitcoin. ETH/BTC is trying to leave a long downtrend. SOL/BTC already printed a golden cross and tokenized-stock rails moved first after the SEC’s Innovation Exemption. Congress failed to write a statute. The agencies wrote a market. Here’s what our desk is watching. This Is The Only "Buy The Dip" That Matters In September. TOKEN2049 ticket prices go up Sept 23. The discount code expires with your window. You wouldn't fade a 10% discount on a trade. Don't fade it on the one conference where Vitalik, CZ, and BlackRock share the same stage. $539 with code CRYPTOBANTER. Sept 23 is your cutoff. GET 10% discount and register Fed Policy and Geopolitical Risk Fail to Derail Bitcoin The macroeconomic landscape turned decidedly hostile over the past forty-eight hours. The Federal Reserve raised the benchmark fed funds rate by 25 basis points to a target range of 3.75% to 4.00%. This decision marked the central bank’s first rate increase in three full years. More importantly, the updated September dot plot delivered an unmistakably hawkish surprise for macro trading desks. Twelve Fed officials now project at least one additional rate increase before the end of 2026. Four participants anticipate two more hikes, while eight members project further tightening well into 2027. CME FedWatch pricing immediately adapted to the news. Fed fund futures now assign a 55.4% probability to another 25 basis point hike at the October 28 meeting. This policy pressure coincided with uncomfortable inflation data. August CPI accelerated by 0.4% month-over-month, bringing headline consumer inflation to 3.4% year-over-year. Energy markets added to inflationary concerns as geopolitical risk reignited across critical transit corridors. \Oil prices pushed higher, with Brent crude testing $86 per barrel as Middle East shipping risks escalated. Rising yields hammered equities, pushing the US 10-year Treasury yield up to 4.35%. Semiconductor stocks suffered sharp distributions, with Micron dropping 4.24% and the Nasdaq falling 1.74%. Bitcoin absorbed the hot CPI print, the Fed hike, and the Bank of Japan hike without flinching. BTC traded decisively above $78,000, extending its 90-day gain to 16.37%. Bitcoin has comfortably outperformed the S&P 500 (+1.68%), gold (+0.22%), and Nvidia (+5.75%) over that stretch. Against semiconductor stocks, Bitcoin gained 56.20% since the summer cycle bottom. Capital is treating Bitcoin as hard monetary property rather than speculative tech beta. Tokenized Equities and SEC Innovation Rewrite Crypto Market Analysis While central banks tightened credit, the regulatory front delivered unexpected relief from Washington. Earlier in the week, sentiment took a severe hit when the Senate failed to advance the Clarity Act. The cloture vote failed 49 to 46 along strict party lines, with zero Democratic senators voting in favor. However, the regulatory narrative shifted dramatically within forty-eight hours. SEC Chairman Paul S. Atkins issued Release No. 34-106402, introducing the landmark “Innovation Exemption”. This order establishes an official five-year temporary relief window for Tokenized Securities Venues. For the first time, US-compliant platforms can legally trade real tokenized equities on public, permissionless blockchains. These trading venues are formally exempt from standard exchange registration and cumbersome Regulation NMS rules. Liquidity providers participating in these automated market maker pools also receive full exemption from broker-dealer registration. The framework requires real underlying equity backing with intact shareholder dividends, voting rights, and liquidation claims. To manage systemic market risks, the SEC capped individual large-cap tokens at 0.25% of daily stock volume. Venues can operate around the clock, though onchain trading must pause if the primary exchange halts the underlying stock. Capital markets are actively merging with public blockchain infrastructure through practical administrative policy. This regulatory breakthrough instantly catalyzed massive capital flows across decentralized finance protocols. 25,000 People. One Building. 48 Hours. Zero Excuses. TOKEN2049 Singapore is where the next cycle’s partnerships get signed. If You’re Not At Marina Bay Sands Oct 7–8, You’re Reading The Recaps. Two Weeks To Lock $539 Entry To The Biggest Crypto Room Of The Year. Use code CRYPTOBANTER at checkout for 10% off the $599 . Altcoins and On-Chain Data Flash Structural Trendline Reversals The SEC exemption triggered an explosive re-rating across decentralized exchange tokens. Automated market makers are no longer burdened by the legal threat of unregistered exchange classifications. Our research shows that this surge is more than a short-term regulatory bounce. Multiple technical metrics and on-chain data indicators show that altcoins completed an exhaust
Higher borrowing costs spark broad distributions across the tech complex 🚨5 Smart Trades as BOJ Hike Rates to 31-Year High Higher borrowing costs spark broad distributions across the tech complex Sep 18 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, Oil is still the inflation input, but the tape finally got a breather. Crude slipped for a third session as extra Saudi barrels via Oman eased the worst Hormuz scare, even as Saudi–Houthi strikes and an Iran tanker detention kept Gulf shipping risk alive. Energy is no longer ripping higher by the hour. It is also not off the board. Bonds and stocks spent Friday digesting two hikes, not pricing the next one. The Fed already delivered. The Bank of Japan followed this morning and the yen still weakened. Equities are mixed after Thursday’s chip rebound, with tech carrying the bid and the rest of the tape flat. This is a post-decision grind, not a crash and not a clean risk-on. Bitcoin is trading past the headline stack. Clarity failed, Warsh hiked, Tokyo tightened, and BTC still pushed back through the high-70s with ether and the alt tape following. The regulatory bid is gone. The agency bid is not. Here is what we are watching. Poll of the Day ( Presented by Rain Trade ) 🎯 POLL Zcash is up and just broke $1,500. Is privacy the cycle's biggest sleeper narrative? 💰 Yes, buying ZEC 🍋 Just a short squeeze 🤖 AI is still bigger Today’s Charts: Chart #1 – Internet Computer(ICPUSDT) 1-Day Chart #2 – Render(RENDERUSDT) 1-Day Chart #3 – Filecoin(FILUSDT) 1-Day Chart #4 – Stellar(XLMUSDT) 1-Day Chart #5 – Intel(INTC) 1-Day This Is The Only “Buy The Dip” That Matters In September. TOKEN2049 ticket prices go up Sept 23. The discount code expires with your window. You wouldn’t fade a 10% discount on a trade. Don’t fade it on the one conference where Vitalik, CZ, and BlackRock share the same stage. $539 with code CRYPTOBANTER. Sept 23 is your cutoff. GET 10% discount and register Chart #1 – Internet Computer(ICPUSDT) 1-Day( Powered by Rain Trade 📊) Chartist: Kapoor (For the chart screenshot, ) Internet Computer has printed a strong bullish impulse following a successful structural retest of its breakout pivot, sustaining demand above the $2.645 shelf to trade around $2.773 on the 1-day timeframe. Developed by the DFINITY Foundation as a decentralized "world computer," ICP leverages Chain Key Cryptography, canister smart contracts, and high-throughput subnets to host fully on-chain web applications, smart contracts, and decentralized AI models without relying on centralized cloud providers. This long trade setup targets an upward expansion toward the $3.707 overhead resistance target as long as the $2.362–$2.645 support base holds. Trade Levels: Entry: $2.64 Stop Loss: $2.36 Take Profit Levels (TP): TP1: $3.12 TP2: $3.71 Powerful narratives create powerful moves. With 247 Research , you get the insights to be early to the biggest trends in crypto. Chart #2 – Render(RENDERUSDT) 1-Day( Powered by Rain Trade ) Chartist: Kapoor (For the chart screenshot, ) Render has printed a strong bullish impulse following a successful liquidity sweep and structural reclaim of its local pivot shelf, holding above the $1.415 mark to trade near $1.517 on the daily timeframe. As a decentralized GPU-based rendering and AI compute network built on Solana, Render connects node operators offering spare graphical processing power with creators and machine learning developers requiring high-performance 3D rendering, generative AI training, and spatial computing infrastructure. This long trade setup targets an upward expansion toward the $1.910 overhead resistance target as long as the $1.271–$1.415 support base holds. Trade Levels: Entry: $1.41 Stop Loss: $1.27 Take Profit Levels (TP): TP1: $1.63 TP2: $1.91 Chart #3 – Filecoin(FILUSDT) 1-Day( Powered by Rain Trade 📊) Chartist: Kapoor (For the chart screenshot, ) Filecoin has executed a clean pullback and retest of its breakout structure, confirming buyer absorption above the $0.8262 horizontal pivot to trade near $0.8678 on the daily timeframe. Functioning as a decentralized, peer-to-peer storage network built on IPFS that allows participants to store, retrieve, and compute over digital data with cryptographic proofs of storage and smart contract verification, this long trade setup targets an upward expansion toward the $1.1859 overhead resistance target as long as the $0.7288–$0.8262 support base holds. Trade Levels: Entry: $0.826 Stop Loss: $0.728 Take Profit Levels (TP): TP1: $0.984 TP2: $1.190 25,000 People. One Building. 48 Hours. Zero Excuses. TOKEN2049 Singapore is where the next cycle’s partnerships get signed. If You’re Not At Marina Bay Sands Oct 7–8, You’re Reading The Recaps. Two Weeks To Lock $539 Entry To The Biggest Crypto Room Of The Year. Use code CRYPTOBANTER at checkout for 10% off the $599 . Chart #4 – Stellar(XLMUSDT) 1-Day( Powered by Rain Trade 📊) Chartist: Kapoor (For the chart screenshot, ) Stellar has completed a consolidation retest of its local base shelf, establishing buyer absorption above the $0.1840 pivot to print an impulsive green candle trading near $0.1881 on the daily timeframe. Engineered as an open decentralized network focused on global payments, asset tokenization, and seamless fiat-to-crypto off-ramps powered by the Stellar Consensus Protocol (SCP) and its native Soroban smart contracts platform, this long trade setup targets an upward expansion toward the $0.2528 overhead resistance target as long as the $0.1657–$0.1840 support base holds. Trade Levels: Entry: $0.184 Stop Loss: $0.165 Take Profit Levels (TP): TP1: $0.214 TP2: $0.252 Markets go both ways. Get premium short setups delivered every day with 247 Research . Chart #5 – Intel (INTC) 4-Hour( Powered by Rain Trade 📊) Chartist: Kapoor (For the chart screenshot, ) (INTC refers to the stock of Intel C
PLUS: Regulators help crypto bypass the Senate stall. 🥛 Crypto gets a hall pass 📝 PLUS: Regulators help crypto bypass the Senate stall. Rohit Chauhan GM. This is Milk Road, the newsletter that never stalls on crypto, no matter how the Senate votes. Here’s what we’ve got for you today: ✍️ Crypto gets a hall pass. 🎙️ The Milk Road Show: Less Than 1% Is Onchain: Crypto's Biggest Opportunity Yet . 🍪 S&P Global enters into an agreement to acquire OpenZeppelin. Today’s edition is brought to you by The Flyover, because keeping up with the world shouldn’t take you all morning. Get the biggest stories delivered free every morning. Prices as of 2:00 p.m. ET. Powered by CoinGecko. CRYPTO GETS A HALL PASS 📝 On Wednesday, the Senate stalled CLARITY, but we told you the regulators won’t sit on the sidelines waiting for the legislators to get their act together. Yesterday, both the SEC and the CFTC announced measures that set the stage for a rule-based crypto regime. The SEC issued an innovation exemption that lets tokenized U.S. stocks trade onchain through AMMs, or Automated Market Makers. Source: @SECGov An AMM is a pool of assets that prices your trade using code rather than a traditional exchange with market makers. Uniswap, Aerodrome, and Raydium are some examples of this. Until yesterday, trading a tokenized version of your favorite tech stock on any of the above platforms put you in a regulatory gray zone. Now it doesn’t. But there are strings attached to this exemption - for starters: The shares have to be the real thing (carry dividends and voting rights), so they can’t be synthetic (ahem… Robinhood). Venues have to vet every participant before they’re allowed to trade (aka permissioned, not permissionless). Smart contracts must be open and auditable, and live on a public blockchain. A company (issuer) can object to its own stock being tokenized (AMC’s CEO had the same argument against Robinhood tokenizing a synthetic version of its stock). The initial period of the exemption will be for five years. The CLARITY cloture failure on Wednesday marked a sell-off across the board. BTC closed -3%, ETH -4.5%, and SOL -5.4%. But yesterday’s announcement has seen prices rebound fairly quickly - and notice the assets that have risen more than the blue chips: Source: TradingView The top three have one thing in common… WHO HAS TIME TO READ ALL THIS NEWS?! 🗞️ War in Iran. $6 diesel. Space Weapons. Canada + the EU. And now AI is gonna kill us sooner than we thought. Keeping up with checks notes basic everyday news in 2026 is basically a full-time job. Luckily, The Flyover sorts through the madness so you don’t have to. These guys dig through hundreds of sources every day and pull out the stories actually worth knowing (instead of all that clicky crap). Then they package it all into one quick morning newsletter you can read in a few minutes. No doomscrolling. No 37 open tabs. No spending half your morning figuring out what the hell happened while you were sleeping. Just a quick read before you roll out of bed. Nearly 3 million readers already start their mornings with The Flyover. And it’s completely free. By clicking above, you are subscribing to The Flyover’s free daily newsletter and will begin receiving future editions in your inbox. CRYPTO GETS A HALL PASS (P2) 📝 The top three gainers from the SEC announcement are all AMM-powered decentralized exchanges built on permissionless, open blockchain rails: Uniswap has processed ~$2.6B in cumulative tokenized stock trading volume on Robinhood over the past two months. Aerodrome has generated ~$611.4M in trading volume on Base over the past 30 days. Raydium has processed ~$3.8B in cumulative trading volume on the Solana blockchain over the past 14 months. The SEC has just backed the architecture these players have been operating for months. And this was a double whammy. On the same day, the CFTC issued a memo stating that wallet and app developers can offer derivatives trading without registering as an introducing broker (the licensed middleman who takes your order and passes it to an exchange). Together, these regulators solved both sides of the puzzle. The SEC took the trading venues and the CFTC took the plumbing. Both of which circumvented the need for 60 senators to align on CLARITY. Source: Token Terminal The total market value of onchain tokenized stocks is about $3.4B, with roughly 80% spread across Ethereum, BNB, Solana, Robinhood, and Base. Most of what’s being traded onchain as tokenized stocks today are ‘Synthetics’, which is exactly what this exemption rules out. BNB’s version are certificates issued by an Abu Dhabi entity, while Robinhood’s version are debt securities with a stock wrapper. Neither falls under the scope of yesterday’s Innovation Exemption. So what’s next? On Wednesday, we said that losing CLARITY cost us permanence, and that remains true. SEC Chair Atkins called this order “a bridge toward a durable rulemaking,” which is regulatory speak for “Job’s not over yet.” Source: @SECPaulSAtkins Three things we’re watching from here: The comment period: If the SEC turns the exemption into formal rulemaking, it will make this exemption harder to undo. Who bites first: Nobody has registered as a Tokenized Securities Venue (TSV) yet. Whoever goes first builds a live case study for others. The synthetics: BNB and Robinhood are the two largest onchain venues by tokenized stock volumes. We’ll be tracking what happens to trading volume on those chains once the “REAL” stock tokens arrive under this mandate. Congress took months to negotiate and still failed to deliver what the regulators did in the last 48 hours. CAN ETH LABS MAKE ETHEREUM FASTER? Binji and Derek Chiang from ETH Labs joined us on The Milk Road Show and talked about: Why speed is critical for Ethereum. What builders on Ethereum complain about the most. What’s the payload for the upcoming Glamsterdam and Hagota upgrades. PLUS: why "Fast Ethereum" became the whole team's rallying cry,
Into the future, boldly Byron Gilliam “Nothing in the past can compare to the challenge and adventure that we have ahead of us.” — Gene Roddenberry Friday charts: Into the future, boldly Star Trek, set in the not-so-distant 22nd century, depicts a world in which most of our problems have been solved. The crew of the Starship Enterprise are citizens of a post-scarcity civilization who spend their freed-up time asking what humans should do now that survival and accumulation are no longer the organizing principles of life. Their answer was to roam the universe, looking for other civilizations they might be able to help. In I Am Not Spock , Leonard Nimoy articulated the optimistic message delivered: There is hope. In the 22nd century, we exist. We have survived the atomic and hydrogen age. We have contacted intelligent life on other planets. We have joined an intergalactic federation to work together for the common good. We are useful to ourselves and to others, we respect truth and recognize that beauty exists in many diverse and interesting forms. We have survived the wasting and near destruction of Earth's natural resources. We fight dictatorship and political demagoguery, and we win. It is a good place to be and a good time to be there. The message was well received. Created in 1966, Star Trek has aired 32 years of TV episodes, spawned 14 feature films, and inspired countless conventions attended by legions of Trekkies. Yet, if the franchise were debuting today, it would almost certainly be a flop — because there’s just not much of a market for that kind of optimism anymore. Now 60 years old, Star Trek is perhaps the last culturally relevant depiction of the future as something to look forward to. After Star Trek, we were drawn instead to depictions of a dystopian future that reflected our fear of technology progressing faster than we could control it: Blade Runner, Neuromancer, The Matrix. Things have gotten even bleaker since. Now, the most popular depictions of the future are usually apocalyptic: The Last of Us, Fallout, The Walking Dead. Why the change? I think our stories have become more pessimistic because we have, too. You’re probably thinking that’s because there’s more to be pessimistic about: climate change, pandemics, Super El Niños. But the creator of Star Trek — who proposed it at the height of the Cold War — would likely tell you otherwise. “We live in a time in which everyone, and particularly young minds, are aware that we face huge troubles ahead,” Gene Roddenberry once said . “There are many people saying, ‘I doubt if we'll make it through the next 20 or 30 years.’” And yet, people were still open to Roddenberry’s optimistic depiction of the future — much of which was based on the prospect of AI. “We are beginning to evolve thinking machines,” he said . “We are on the path of beginning to manipulate and supplement the very conscious intelligence that makes us different in the first place.” Decades later, it’s happening. But no one seems very excited about it. Instead, we’re terrified the thinking machines will turn against us. Star Trek suggests we should be more optimistic. In season 6, episode 9 of Star Trek: The Next Generation, Commander Riker grants a class of AI maintenance robots — “exocomps” — the freedom to choose their own course of action during a crisis. Exercising that right, the robots volunteer to help rescue several crew members — including Captain Picard! — who are trapped on a station threatened by a radiation breach. Thanks to the exocomps, all of the humans survive. One exocomp makes the ultimate sacrifice — voluntarily. In that scenario, at least, the existential risk posed by AI was not having enough of it. Roddenberry was no Pangloss, though. “I'd never consider the society we depicted in Star Trek necessarily a direct, uninterrupted outgrowth of our present civilization,” he explained. He warned even there could be another “dark age” ahead. But he believed humans would overcome whatever trials awaited them. His optimism, he said, was not for this particular society — “it's for the essential ingredient in humankind.” That ingredient was the animating force of Star Trek: our capacity to boldly go where no man has gone before. Namely, the future. Let’s check the charts. Jobpocalypse Not Now: Software developers’ share of the labor force continues to rise. Programming is the thing that AIs are best at. If it’s not killing jobs there — and it seems to be creating them, even — the rest might not have much to worry about, either. Narrative violation: Per data from Ramp, AI appears to be creating entry-level jobs. Amazing. The AIs are very good at math, too: As measured by Epoch AI, frontier models have gone from terrible at math to almost perfect in just over a year. One-horse race: No one is building data centers like the US. Not even China. It’s probably not enough, though. Citi estimates that AI token usage rose 31% in August from the month before. Year on year, it’s up 2,434%. Workhorses: GPUs are depreciating much slower than expected. That is the very best news for the hyperscalers with such giant bets on them. Things move pretty fast: OpenAI, so recently counted out in the race against Anthropic, is now suddenly ahead again. Not the last frontier: Anthropic’s Fable, which was supposedly too dangerous to let anyone use, is being used less than OpenAI’s Astra. And nothing bad has happened. I’d say that’s reason for optimism. Have a great weekend, fellow Trekkie readers. — Byron Gilliam Brought to you by: Crypto's premier institutional event is arriving in Asia this October 7. Join us for a day of top-tier conversations and networking and hear CEO & founder voices from the top protocols in the Space. Update your email preferences or unsubscribe here © 2026 Blockworks 133 W 19TH ST New York, New York 10011, United States
Plus: Buffett steps down | Friday, September 18, 2026 Axios Closer By Nathan Bomey · Sep 18, 2026 Friday ✅. Today's newsletter is 736 words, a 3-minute read. 📈 The dashboard: The S&P 500 closed up 0.2%. The index ends the week down 0.1%. It's up 11.8% for the year. 🔥 Today's stock spotlight: Coinbase (+11.7%) strung together a two-day rally following the SEC's move yesterday to allow tokenized stock trading in the U.S. and today's 6% gain in bitcoin. 1 big thing: U.S. auto groups just say no Illustration: Allie Carl/Axios Auto companies and dealers are beseeching President Trump to banish Chinese vehicles from the American market. Why it matters: President Trump has signaled an openness to allowing Chinese automakers to sell cars here if they're built here. And he's meeting next week with Chinese President Xi Jinping , where they're expected to discuss their trade war. ✉️ Zoom in: A coalition of U.S. automotive trade groups ( see the list here ) — not always united on industry priorities — wrote a letter to the White House asking the president to "keep the door firmly shut to Chinese automakers seeking to sell, import or manufacture vehicles inside the U.S." They cited data-security risks, unfair competition, and the potential to undermine progress on U.S. manufacturing and domestic supply chains. 🌍 State of play: There are currently no Chinese brand vehicles sold in the U.S., but Chinese automakers are advancing in other markets. Chinese carmakers' share of the global market increased from 14% in 2020 to 25% in 2025, approaching Japan's 26%, according to the Center for Automotive Research. The big picture: Bipartisan opposition to Chinese vehicle imports is widespread in Washington. But allowing Chinese automakers like BYD or Geely to make vehicles in the U.S. is more broadly debated. Trump reiterated on Fox News last week : "If China wanted to come in and open a plant to build their cars here, I'd be OK with it." 🏛️ What they're saying: "President Trump pledged to reshore manufacturing and revive American auto industry dominance," White House spokesperson Kush Desai said today in a statement. "The Trump administration is working closely with American automakers to deliver on this ambitious goal while safeguarding our national and economic security." The bottom line: The political fight in Washington over Chinese vehicles may be headed toward an inflection point. 2. Buffett steps down at Berkshire Warren Buffett at the 2019 annual shareholders meeting in Omaha, Nebraska. Photo: Johannes EISELE/AFP via Getty Images Warren Buffett stepped down today as chairman of Berkshire Hathaway after more than six decades, Axios' Dan Primack writes. It's the end of an extraordinary era, unlikely to ever be matched. Buffett, who turned over the CEO reins at the end of 2025 to Greg Abel, will become chairman emeritus and remain a director. He said in a statement: "Father Time always wins. He has, however, been generous with me. He has given me the opportunity to see Berkshire reach a point where I am more confident than ever about what lies ahead." 3. Other happenings Illustration: Sarah Grillo/Axios. Stock: Getty Images 🤖 Nscale , the Nvidia-backed AI data center developer, filed publicly for an IPO, disclosing a $1.02 billion net loss for the six months ended June 30 on revenue of $140.6 million. ( CNBC ) 🐭 Disney named Karandeep Anand, head of Character.AI, as its first ever chief technology officer. ( WSJ ) ☢️ Westinghouse , the provider of reactor technology to nuclear power plants, is seeking a valuation north of $50 billion in an IPO, with a filing expected as soon as October. ( Bloomberg ) A MESSAGE FROM AXIOS Everything you need to simplify "Simplify," a new book by the co-founders of Axios, is a step-by-step playbook for spending your time on what makes you perform and feel your best. The takeaway: Learn the Confront, Delete, Amplify framework used by the world's most effective leaders to cut complexity and reclaim focus. Grab a copy today. 4. 🍔 Burger bluff Photo: Roberto Machado Noa/LightRocket via Getty Images If your burger is getting taller, it might actually be getting smaller. Facing sky-high beef costs , some restaurants are shrinking the patty size and piling on toppings to make it feel like more, Bloomberg reports . State of play: With a global cattle shortage and trade war spiking prices , restaurants are getting creative. At Copper Club in Chicago, chefs are adding onion rings and lettuce to burgers. "If I was to show you a 7¼-ounce burger compared to an 8-ounce burger cooked, you would never know the difference," owner Art Mendoza told Bloomberg. Restaurants are also swapping out more expensive cuts of steak for cheaper ones in some dishes. 💭 Nathan's thought bubble: This is just opening the door for a reprise of the 1980s Wendy's commercial, " Where's the beef? " A MESSAGE FROM AXIOS Ready to simplify? "Simplify: Do 50% more with 50% less" is a toolkit for work in the AI era, from the authors of "Smart Brevity." It's built on a three-step framework: Confront the complexity. Delete what's draining energy. Amplify what works best. Order your copy. 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: