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On August 17, Nvidia announced a strategic partnership with SB Energy to provide credit guarantees for the PORTS-Pike Technology Park in Ohio, helping build it into a massive data center dedicated to Nvidia’s AI computing infrastructure, with OpenAI as the sole tenant. At the same time, Nvidia invested $1.5 billion in SB Energy.
With this move, Nvidia directly entered the underlying infrastructure segment of land, power, and facilities (LPS). Its significance goes far beyond a typical data center investment. The key change is that Nvidia is using its own creditworthiness to “underwrite” financing for AI infrastructure, in return for long-term and exclusive allocation of computing capacity. This marks the chip giant expanding from being merely a supplier of AI hardware into a core participant and organizer in building and operating “AI factory” infrastructure.

The latest Federal Reserve meeting minutes from July suggest a hawkish tilt that shows more than just three members favoring rate hikes. The bond market turmoil has also prompted speculation about "passive rate hikes"—will the Federal Reserve break a 40-year historical pattern in the second half of an election year and turn hawkish against the trend?
Current market pricing indicates that the probability the Federal Reserve will raise rates by 25 basis points before the October 2026 FOMC meeting is about 55%, reflecting concerns about stubbornly high inflation and the market’s worries—after the July policy meeting—about the Fed’s credibility in fighting inflation. However, according to Nomura’s latest research report, recent inflation data has clearly cooled off. In June, the core PCE month-on-month increase was only 0.132%, and the July CPI and PPI data also point to another relatively moderate reading. Objectively, this gives the Federal Reserve "room to wait." Nomura maintains its baseline forecast that the Fed will keep rates on hold.