Wednesday, September 2, 2026 · 1:05 AM ET
Earnings
Dell reported record quarterly revenue of $47.0B vs $44.9B expected (+58% YoY) and adjusted EPS of $7.04 vs $4.91 (+203% YoY). AI server revenue hit $16.4B with $60.9B of AI server orders booked and AI backlog surging to a record $95B from $51.3B. Dell raised its FY27 revenue outlook sharply to roughly $192B.
AI
Elon Musk told the G20 the world faces an AI power crisis, citing a potential 15 GW shortfall by 2027 as AI chip production grows 40-50% annually while power outside China grows only 10-20%. He said digital AI could lift the global economy by $20T-$30T per year and become 'Stockfish-level' at software within 12-18 months, with physical AI/robots a bigger long-term driver.
Markets
Two oil supertankers were reportedly struck by unknown projectiles while exiting the Persian Gulf through the Strait of Hormuz. The 10-year Treasury yield passed 4.8%, reaching January 2025 highs, and WTI crude surpassed $90/barrel for the first time since July 23.
Markets
Treasury Secretary Bessent said oil will increasingly move through land pipelines instead of the Strait of Hormuz, calling it a 'worthless piece of water' within two years. He said the U.S. has held private talks with China on Iran and that new bank sanctions on Iran are likely coming.
AI
The U.S. Army awarded Palantir a prime agreement to produce and deliver 8 new TITAN ground station systems (4 Advanced, 4 Basic). TITAN is the Army's next-generation AI/ML deep-sensing platform; Palantir serves as prime contractor overseeing manufacturing, delivery and software alongside partners including Anduril and L3Harris.
AI
Meta is exploring whether its AI glasses can be classified as an assistive device, a move that could allow Medicare and Medicaid coverage for eligible blind and low-vision users. Separately, Meta made Muse Voice Transcribe available through its model API at $3 per 1,000 audio minutes.
AI
Apple said in a court filing that OpenAI is actively destroying crucial evidence in a trade-secrets case. A forensic review of an Apple-issued MacBook used by a former iPhone engineer allegedly found evidence of unauthorized access to Apple's cloud storage and instructions for destroying evidence.
AI
Anthropic launched Claude Fable 5.1 and Mythos 5.1, positioning Fable 5.1 as its most advanced model yet for coding, knowledge work, long-running agents and scientific research. The biggest gains came in agentic and coding benchmarks, with a step-change in staying on task for hours and finding root causes.
Markets
The 5-day moving average of call volume fell to roughly 6.6M contracts, the lowest since early May and down 20% since mid-July, while put volume dropped to about 5.3M contracts. The equity call-to-put ratio climbed to 1.25x, near its highest level in 5 years.
Markets
Chevron is reportedly finalizing a deal to significantly expand operations in Venezuela as part of President Trump's push to raise Venezuelan oil output, adding 2 giant Orinoco Belt oil fields and operating rights to fields holding billions of barrels. It is expected to be the largest of several coming agreements.
Markets
The top 10 most active options by contracts traded were NVDA (2.5M), AAPL (2.1M), TSLA (1.8M), MU (838K), AMZN (665K), META (614K), SPCX (541K), INTC (508K), PCG (394K) and GPRO (372K).
Markets
Trump said the U.S. is currently striking Iranian targets near the Strait of Hormuz, calling the strikes 'large and powerful' retaliation for Iran's attempt to place sea mines and for missiles fired at a U.S. base in Jordan. He said the Strait now has no mines and warned of harder strikes if Iran retaliates.
AI
Anthropic has signed a roughly $35 billion cloud deal with Nvidia-backed provider Lambda, with Nvidia itself holding the lease on a Texas data center being developed by bitcoin miner Hut 8 in Nueces County. It is another example of Nvidia using its financial muscle to lock in a major customer.
AI
Salesforce is taking a stake in HR-software company HiBob in a deal that values the startup at about $3.2 billion, extending the CRM giant's push to invest in fast-growing enterprise software businesses.
Data centers
Geothermal developer Fervo Energy, which counts Bill Gates as an early backer and went public in a buzzy May IPO, signed its biggest-ever clean-power agreement to supply Google, underscoring how AI data-center demand is reshaping energy procurement.
Chips
UBS analysts argue China is unlikely to replicate ASML's top-end EUV lithography systems within the next 10 years, reinforcing the Dutch equipment maker's competitive moat in the AI-chip supply chain.
Chips
Industry forecasts point to global semiconductor revenue nearly doubling in 2026, driven by surging demand for AI accelerators and memory, a sign of how AI infrastructure spending is powering the chip cycle.
Markets
Analysts say large paper windfalls on Big Tech's investments in OpenAI, Anthropic and SpaceX have added roughly $160bn to recent results, muddying how the sector's underlying earnings are read.
IPOs
SoftBank-majority-owned SB Energy filed to list on Nasdaq under the symbol SBE, pitching its data-center power business as a 'neocloud' play; share count and pricing aren't set yet. Nvidia is backing the offering.
AI
Wafer, an inference startup running on non-Nvidia chips, has received acquisition interest valuing it at more than $200 million, a sign of dealmaking heat around AI-infrastructure providers.
AI
Beijing-based Z.ai reported surging API revenue in the first half as it leads an intensifying price war among Chinese open-source AI model providers.
Fintech
Cross-border payments fintech Felix Pago raised $200 million to expand beyond remittances into broader financial services, one of the larger fintech funding rounds of the year.
Earnings
The cybersecurity firm guided to adjusted EPS of $4.16 to $4.19 for the year, topping Wall Street's average estimate of about $4.11, as companies buy stronger defenses against AI-driven threats. Next-generation security annual recurring revenue also came in higher than expected.
Markets
Index compiler Stoxx will add Nokia back to the Euro Stoxx 50 before the market open on Sept. 21, ending a one-year absence, as Volkswagen drops out amid the region's auto-industry troubles. Engie also joins the gauge while Wolters Kluwer exits.
AI
Coding-agent startup Cognition is set to raise roughly $1 billion in a round valuing it at about $47 billion, a sharp markup that underscores continued investor appetite for AI-infrastructure and agent startups.
AI
Nvidia is nearing a roughly $14 billion deal involving AI model-hosting platform Hugging Face, expected to close this week, extending Nvidia's push to lock in strategic positions across the AI software stack.
M&A
Action-camera maker GoPro agreed to be acquired for $285 million in cash by an AI hardware group after a decade-long decline, sending its shares up as much as 80%.
AI
An Nvidia partner drew strong investor demand for an unusual GPU-collateralized loan in Asia, a sign of how AI chip supply is increasingly being used to secure financing across the data-center buildout.
Markets
Engine Capital is pushing IT-services firm EPAM Systems to launch buybacks, as investors bet that AI will erode demand for consultancies and software-services groups and weigh on their shares.
Data centers
PwC projects cumulative global spending on AI data centers will reach about $32 trillion by 2050, underscoring the scale of the infrastructure buildout underpinning the AI boom.