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NVIDIA is fully committed to developing an open-source model, Nemotron 4, with at least 100 trillion parameters, aiming to reduce reliance on leading customers such as OpenAI and on cloud giants. The company has not only substantially increased its cloud service compute commitments to $28 billion through a server leaseback program, but has also formed the “Nemotron Alliance,” an ecosystem co-building effort that includes Mistral, Cursor, and others. NVIDIA shares rose nearly 2% in premarket trading.
NVIDIA is heavily betting on its own in-house open-source artificial intelligence model, trying to grow demand for its GPUs—even as this strategy places it in a delicate position of directly competing with its own customers and investment targets.

This comes after last October, when JPMorgan Chase (JPM.US) launched a plan of a comparable scale. Now, another top-tier Wall Street investment bank has mobilized capital on a large scale under the banner of a “national strategy.” The two institutions’ alignment in plan size reflects that large financial institutions are actively tying their business to the United States’ national economic and security strategies. Against a backdrop where the policy environment increasingly emphasizes domestic industry competitiveness, they are seeking to seize leadership in financing for strategic sectors.
Morgan Stanley’s plan will be carried out around three core areas: comprehensive coverage from chips to defense.
Pillar One: an innovation platform and strategic industries. Key areas include artificial intelligence, advanced computing and software, quantum technology, semiconductors, data infrastructure, network security, aerospace and defense technologies, pharmaceuticals, critical minerals, and industries that are strategically important for the reindustrialization of the United States. In a statement, Dan Simkowitz, Co-President of Morgan Stanley, said: “The United States is entering a period of major investment and innovation in the fields of technology, infrastructure, and strategic industries.”

Deutsche Bank’s total market value of holdings in Q2 was $344 billion, compared with $303 billion in the previous quarter, a quarter-over-quarter increase of 13.5%.
According to disclosures by the U.S. Securities and Exchange Commission (SEC), $Deutsche Bank (DB.US)$ submitted its Q2 holdings report (13F) for the period ending June 30, 2026.
According to statistics, Deutsche Bank’s total market value of holdings in Q2 was $344 billion, compared with $303 billion in the previous quarter, a quarter-over-quarter increase of 13.5%. In Q2, Deutsche Bank added positions in 285 stocks to its holdings portfolio and increased positions in 2,238 stocks. Meanwhile, it reduced positions in 1,016 stocks and fully exited 203 stocks. Of these, the top ten holdings accounted for 26.34% of the total market value.

Today’s start of the largest insider unlock since SpaceX’s IPO saw about $100 billion worth of shares enter the first selling window. However, because the share price has fallen below the $135 issue price, about 456 million shares subject to the price-trigger provisions remain locked. While expanding the float could create short-term selling pressure, it may also increase index weighting and attract long-term inflows of passive capital.
$SpaceX (SPCX.US)$ The largest insider selling window since the company’s IPO opened on Thursday. After a brief dip at the opening of trading today, the stock surged strongly, rising more than 6% at one point.
SPCX SpaceX
114.345
According to Morgan Stanley analyst Adam Jonas, who said in a client report on Wednesday, the current unlock involves SpaceX shares worth about $100 billion and he characterized it as an opportunity to enter this “potential intergenerational compounding asset.” However, since SpaceX’s share price has already fallen below the $135 IPO offering price, another batch of as many as 455.8 million shares will remain locked due to price-related provisions and therefore cannot be sold in this window.

Large-scale deleveraging and the selloff in tech stocks in July have just wrapped up, and market sentiment flipped rapidly at the beginning of August.
Goldman Sachs’ latest report shows that investors are quickly rebuilding risk exposure, with demand for call options surging to a historical high. The market has started to enter a “buy the rally” positive feedback loop driven by position unwinds—“the more it rises, the more you buy.” Goldman Sachs liquidity strategist Lee Coppersmith said plainly: “July completed the position reset, and now investors are scrambling to catch up with the action throughout August.”
Data shows that on Tuesday, trading volume for S&P 500 index (SPX) call options surpassed 4 million contracts, setting a record for the highest-ever single-day figure. At the same time, the SPX put/call options skew recorded its largest two-day decline in nearly a decade, reflecting a sharp surge in investors’ demand for upside risk exposure.

Kashkari believes the U.S. economy and job market remain strong. He says current interest rates are not restrictive enough, and inflation is still far from the 2% target; therefore, the Fed should begin rate hikes as soon as possible in a gradual manner rather than waiting until inflation has become entrenched and then being forced to tighten aggressively. He emphasized support for gradual rate hikes but did not commit to taking action as early as September. When asked whether the Fed would raise rates three times this year, Kashkari responded that it is not impossible. Differences within the Fed regarding the rate path are beginning to come into view.
On Wednesday, the Minneapolis Fed president Kashkari publicly stated that now is the time to start slow rate hikes to curb inflation and avoid being forced to tighten sharply later. According to CNBC, Kashkari, who has a voting role on the Fed’s monetary policy committee (FOMC) this year, said in an on-site interview that he leans toward beginning gradual rate hikes as early as September, but he made no clear commitment on a timetable. He stressed that he does not advocate large rate hikes; instead, he wants to act sooner by moving forward in small steps.
This statement sharply contrasts with the position of most FOMC voters last week, and it has made market expectations for policy direction in September and October even more complicated.
Kashkari is one of three dissenting members at last week’s FOMC meeting, along with him. The three regional Fed presidents at the time—including Kashkari—each argued for a 25-basis-point hike, while the other nine members voted to keep the policy rate unchanged. This was the first time since Fed Chair Waller took office in May that the FOMC meeting saw a dissenting vote.
On Wednesday, Kashkari said he is not yet sure what policy action the Fed should take at its next FOMC meeting in September, adding that he wants to observe how subsequent economic data unfold. Asked whether the Fed could raise rates three times before year-end, he replied, “That is not impossible.”
“If inflation continues to level off, or even worsens further, then I think we will have to start gradually adjusting interest rates in order to bring inflation down,” he added.
Economic resilience leads Kashkari to question the basis for the current policy being restrictive enough to warrant hikes. He noted that corporate profits are strong, and both consumers and the labor market remain solid. Against that backdrop, he sees no evidence that monetary policy currently has a clearly restrictive effect.
“Corporate earnings are very impressive, consumers can hold up, and the labor market can hold up. Looking at these developments, I can’t help but ask: what evidence is there that monetary policy is now especially restrictive?” he said. He also said the U.S. economy faces a series of supply shocks that continue to weigh on consumers, and inflation is still some distance away from the Fed’s 2% goal. In his view, rather than waiting until inflation is deeply entrenched and then being forced to hike aggressively, the better approach is to respond earlier with small steps.
Internal divisions in the committee are clear. On the day before Kashkari made the remarks above, Anna Paulson, president of the Philadelphia Fed and another FOMC voter this year, expressed a markedly different view. According to CNBC, Paulson believes that existing evidence shows that the current level of interest rates has already created “moderate restriction” on economic conditions, and she supports keeping rates unchanged while continuing to assess incoming data. She also said that voting to keep rates unchanged at last week’s meeting was “not a difficult decision” for her.
The public disagreement between the two officials reflects the Fed’s internal tension regarding inflation prospects and the pace of policy.
Kashkari said he is still not sure what decision the committee will make at the meeting scheduled for September 15 to 16, and he believes the data at that time will be key. The market currently prices in a slight tilt toward a September hike, while the probability of an October hike is higher.
With no pressure applied, communication strategy still needs clarification
Although Powell previously expressed a preference for lower rates, Kashkari said this Fed chair did not put any pressure on him.
“He told me, ‘Do what you think is right for the economy.’ I said, ‘I really appreciate that,’” Kashkari recounted.
The three dissenting votes were the first instances of opposition during Waller’s tenure, drawing significant attention from the public. Kashkari also pointed out that the FOMC ultimately must decide on an appropriate communication strategy, but he did not disclose specific details. This suggests that internal discussion at the Fed is still ongoing about how to convey policy signals to the market.

Revenue of $7.8 billion, up 92% year over year; diluted loss per share of $0.09.
Net loss of $541 million, an improvement of $467 million compared with a net loss of $1.0 billion in the same period last year.
Adjusted EBITDA was $3.5 billion, up 191% year over year, increasing from $1.2 billion to $3.5 billion.
Business highlights
Backed by an extreme vertical integration model to achieve strong growth; overall revenue from its aerospace business, Starlink communications business, and artificial intelligence business surged 92% year over year.
Within the past 90 days, completed two successful test flights of Starship V3 prototype units, continuously advancing the rapid implementation of rocket full-arc fast reuse technology.