Good Afternoon. If your portfolio feels more unpredictable than your fantasy lineup, Powell’s play-calling is the reason. Tesla is eyeing a new player to add to its team, and Argentina found an unexpected quarterback in the U.S. Treasury. Lets get into it.

—Rosie, Wyatt, Evan & Conor

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1. New ChatGPT features will require premium subscriptions

The News: OpenAI CEO Sam Altman said that new “compute-intensive” ChatGPT features rolling out in the coming weeks will be paywalled behind the $200/month Pro plan, with some tools carrying extra fees. Altman framed the move as both a cost-recovery measure and an experiment in pushing AI to its limits, while noting the long-term goal remains driving prices lower.

Why It Matters: OpenAI is leaning hard into monetization to pay for its infrastructure build out. For users, the shift means some of the most advanced AI features may soon be out of reach unless you’re paying top-tier prices. For investors, it highlights the economics of AI: every leap in capability requires more GPUs, and someone has to foot the bill. What to watch: whether customers embrace the $200 Pro tier or balk at AI’s rising cover charge. Even a small % of total users moving up from the $20 per month to the $200 per month tier would be a big win for OpenAI and its investors.
Source: businessinsider.com

2. Tesla design chief says company considering Cyber SUV

The News: Tesla design chief Franz von Holzhausen confirmed the EV maker has considered expanding its angular Cybertruck design into new models, including a Cyber SUV and a smaller Cybertruck. Speaking on Bloomberg’s Hot Pursuit podcast, he said, “That’s definitely all things that we’ve considered,” though he stopped short of making firm commitments. The hints follow Tesla’s “Sustainable Abundance” video earlier this month, which eagle-eyed viewers spotted included scale models resembling a Cyber SUV.

Why It Matters: For Tesla, a Cyber SUV could close a lucrative gap in its lineup, competing with full-size family haulers like the Chevy Tahoe, while the idea of a smaller Cybertruck could broaden appeal beyond niche buyers. Investors cheered the speculation, with Tesla stock up 4% Monday on bullish analyst upgrades. Whereas Telsa is down slightly today, likely from folks taking profits plus Powell’s comments. What to watch: whether Musk leans into the “Cyber family” to juice demand or keeps the SUV as just another Easter egg in Tesla’s design studio. Because if America loves anything more than SUVs, it could be SUVs that look like they were designed in Minecraft.
Source: electric-vehicles.com

3. Wall Street pulls back as Powell tempers rate-cut hopes

The News: U.S. stocks slipped Tuesday, with the S&P 500 down ~0.5% and Nasdaq off ~0.9%, as Nvidia shed ~2.8% a day after unveiling its $100B OpenAI deal. Fed Chair Jerome Powell reiterated inflation remains elevated even as the labor market softens, offering no clarity on when more rate cuts may come. Boeing bucked the trend, rising ~1.7% on an $8B Uzbekistan Airways order.

Why It Matters: Markets are cooling after three straight record closes, as Powell’s “not an all-clear” stance reminds investors that rate cuts will be cautious, not automatic. Nvidia’s dip shows how even the AI trade pauses after big news. What to watch: whether Powell’s tone keeps a lid on stocks this week or if investors decide record highs are reason enough to keep buying. Sometimes the market just needs to pause and catch its breath. Stopping to take a breath isn’t thrilling, but it beats gasping for air after a nasty correction.
Source: reuters.com

4. Bank of Montreal Mulls U.S. Branch Sale

The News: Bank of Montreal (BMO) is exploring the sale of U.S. branches holding about $6B in deposits, trimming overlap after its 2023 acquisition of Bank of the West. The sale could include loans and would likely target Wyoming and the Dakotas, where BMO lacks scale.

Why It Matters: While BMO is often recognized as one of the “best for branch access” banks, branch pruning is standard post-merger, but it also underscores the broader trend of banks retreating from low-growth regions as customers migrate online. For U.S. banking, it’s another sign of consolidation, smaller local banks may scoop up locations, while BMO doubles down on higher-return areas. What to watch: Whether BMO opts for a clean exit from certain states or just sells clusters. Either way, it highlights how North American banks are rethinking physical footprints in a digital-first era.
Source: wsj.com

5. Morgan Stanley Prepares Crypto Trading for E-Trade Clients

The News: Morgan Stanley is gearing up to let retail customers trade crypto directly through E-Trade in early 2026, starting with bitcoin, ether, and solana. The bank is partnering with startup Zerohash for custody and settlement, and it’s also building a digital wallet for clients’ assets. Wealth management boss Jed Finn called this “just the tip of the iceberg,” hinting at plans for tokenized stocks, bonds, and real estate down the road.

Why It Matters: This move helps Morgan Stanley’s E-Trade catch up to rivals like SoFi and Robinhood, which already let customers buy and sell crypto as easily as stocks. For clients, it means direct ownership without extra fund fees, though also more volatility risk. For Morgan Stanley, it’s about staying relevant as tokenized assets and blockchain-powered finance reshape wealth management. What to watch: How quickly E-Trade integrates these features and whether traditional brokerage customers embrace crypto as part of their core portfolios. Wall Street used to scoff at crypto as “magic internet money.” Now, they’re building wallets and trying to hold onto marketshare.
Source: cnbc.com

1. China Hits Record $1.2T Trade Surplus Despite Tariffs

The News: China is on track for a record $1.2 trillion trade surplus in 2025, even as U.S. tariffs on Chinese goods have climbed as high as 145%. Beijing’s exporters have successfully rerouted shipments away from the U.S. and Europe, with exports to Asia, Africa, and Latin America surging to all-time highs. In August alone, sales to Africa jumped 26% year-over-year, while exports to Southeast Asia surpassed pandemic-era peaks.

Why It Matters: The numbers highlight how resilient China’s export machine remains, even under Trump’s tariff barrage, and how global trade is shifting toward the “Global South.” More than half the world now counts China as its top trading partner. But the strategy comes at a cost: manufacturers are slashing prices to keep sales flowing, deepening deflation and squeezing profits at home. For Xi Jinping, it’s a trade-off, stronger leverage against Washington, but mounting internal economic risks. What to watch: Whether more countries follow Mexico in imposing tariffs, and how Xi uses this export strength in high-stakes talks with Trump.
Source: bloomberg.com

2. Argentina markets surge on U.S. lifeline

The News: Argentine assets roared higher after Treasury Secretary Scott Bessent pledged “large and forceful” U.S. support for President Javier Milei’s embattled government. Stocks jumped nearly 12%, bonds surged, and the peso strengthened after Washington signaled it may deploy powerful stabilization tools like swap lines, bond purchases, and direct currency support.

Why It Matters: Milei faces a collapsing peso, depleted reserves, corruption scandals, and a critical midterm election next month. U.S. backing isn’t just economic, it’s a geopolitical play to anchor Argentina as a key ally in Latin America while countering China and Russia. The market’s bet: Milei just got a lifeline, but whether it’s enough to turn crisis into stability depends on what Trump and Milei seal in New York this week. What to watch: Details of the U.S. package and if investors see firepower or just smoke signals. For now, Argentina’s rally shows that in emerging markets, nothing boosts confidence quite like a credit line from Uncle Sam.
Source: reuters.com

3. EU presses big tech firms on online fraud

The News: Brussels has demanded Apple, Google, Microsoft, and Booking detail how they fight financial scams under the Digital Services Act, citing €4B in annual consumer losses. Regulators want answers on fake banking apps, fraudulent search results, and bogus travel listings, warning that failures could bring fines of up to 6% of global revenue.

Why It Matters: As scams grow more sophisticated with AI, the EU is raising the pressure on Big Tech to act like gatekeepers, not bystanders. But with Trump threatening tariffs in response to EU digital rules, this push could escalate into another transatlantic tech clash. What to watch: Whether Brussels turns these requests into formal probes, potentially putting Silicon Valley’s business models (and billions in revenue) on trial. For Big Tech, ignoring Europe’s regulators may be the biggest scam of all. For you, if something sounds too good to be true and probably is and in the age of AI, trust but verify.
Source: euronews.com

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