Good Afternoon. Wall Street cheered an unlikely chip alliance, Congress prepped another bailout, and AmEx found new ways to make “premium” more expensive. But at least the ozone hole is patching up faster than Washington’s budget. Let’s get into it.

—Rosie, Wyatt, Evan & Conor

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1. Nvidia Buys $5B Stake in Intel

The News: Nvidia (NVDA) said it will invest $5B in Intel (INTC) at $23.28 a share and partner on custom AI data center and PC chips. The deal comes just weeks after the U.S. government bought a 10% Intel stake for $20.47 a share, a position that gained $2.4B in value after Nvidia’s announcement sent Intel stock up 25%, its largest one-day jump in decades. Nvidia rose 2%. Intel, which lost $19B last year and plans to cut a quarter of its workforce, now gains a lifeline from both Washington and Silicon Valley.

Why It Matters: The tie-up could push Nvidia-powered AI into everyday laptops without requiring costly add-on GPUs. For investors, Nvidia secures CPU alignment while Intel gets capital, credibility, and a chance to re-enter the AI race. The U.S. government, suddenly $2.4B richer on paper, gets validation for its intervention to backstop domestic chipmaking. What to watch: whether Nvidia taps Intel’s fabs, a move that could dent Taiwan Semi’s dominance. For Intel shareholders, the turnaround story just got a rare tailwind, and while most are toasting the news, you’ll still need patience, not just champagne.
Source: apnews.com

2. AmEx Stock Breaks Records

The News: American Express (AXP) hit an all-time high today, pushing its market cap past $235 billion. The stock is up over 26% over the past year, fueled by Q2 results that topped forecasts, EPS of $4.08 beat $3.89 consensus, while revenue rose 9% YoY to $17.9 billion. Premium card fees surged 20%, with 3.1 million new cards issued. Analysts are split: Wells Fargo lifted its target to $375, calling AmEx a “Top Pick,” while Freedom Capital downgraded to Sell with a $280 target, citing valuation risks at 21x forward earnings.

Why It Matters: AmEx’s rally underscores the strength of premium perks, higher fees, and strong spending trends, plus a reminder that your Platinum refresh is funding Wall Street gains. For investors, the stock’s rich multiple (well above the 13x industry average) makes future upside hinge on whether spending growth and fee hikes keep momentum. Elevated trading volumes suggest active debate over its true value. What to watch: Oct. 17 earnings and early read on holiday spending. AmEx is betting loyalty is priceless though markets are still haggling over the bill.
Source: investing.com

3. AmEx Hikes Platinum Fee to $895

The News: On Sept. 18, American Express raised the annual fee on its flagship Platinum card 29% to $895, the steepest hike in its history. In return, cardholders now access $3,500 in credits, more than double the prior level, spanning $400 dining (Resy), $600 hotels, $300 at Lululemon, $200 toward Oura Rings, and $300 for streaming. Existing benefits remain unchanged, from Centurion lounge access to airline credits. New perks apply immediately, though higher fees hit existing members at renewal after Jan. 2, 2026. The move escalates a premium-card arms race against Chase and Citi.

Why It Matters: One of the reason’s AMEX is at all time highs is this annual fee hike. Here’s the problem. People already complain that this card is a “coupon book” and the refresh leans even harder into the coupon book approach. Meaning, enrollment is required for many perks / use it or lose it monthly credits, while the break-even equation depends on usage: max out the perks and you’re up ~$2,600; ignore a quarter’s worth of credits and the $895 stings. For AmEx, fee revenue already jumped 20% YoY, showing demand for status cards remains strong. For rivals, the bar to compete is rising fast. What to watch: how renewals trend in 2026 when existing customers start paying the higher fee. If remembering to use your AmEx perks feels like managing a second job, just think of it as the world’s most expensive coupon-clipping hobby.
Source: cnbc.com

4. Congress Eyes 2nd Farm Bailout

The News: Lawmakers have signaled plans for a second farm bailout this year as bankruptcies surge to their highest levels in over a decade. Farmers filed 361 Chapter 12 bankruptcies in the first half of 2025, up 13% YoY, with the Midwest and South hit hardest. Corn prices have collapsed more than 50% from 2022 highs, trading at $4.27/bushel, while costs are roughly flat, leaving growers losing ~85 cents per bushel. China has halted U.S. soybean purchases for the first time in 20 years, redirecting orders to Argentina. Congress has already spent $40B in 2025 but is weighing more.

Why It Matters: Even though crop prices are down, cheaper food hasn’t followed, tariffs and high input costs keep grocery bills sticky while farm incomes collapse. At today’s prices, a 1,000-acre corn farm could lose about $160,000 per harvest (~188 bushels/acre × 85¢ loss × 1,000 acres). Aid may plug the hole this year, but debt and lost export markets mean stress stretches into 2026, when net farm income is projected to fall $30B. For investors, agribusiness lenders, equipment makers and input products like seed and fertilizer may face rising credit risk. What to watch: if Congress folds new aid into the Sept. 30 funding bill.
Source: usnews.com

5. FTC Targets Ticketmaster in Scalping Suit

The News: The FTC and seven states sued Live Nation (LYV) and its Ticketmaster unit, alleging they enabled ticket brokers to bypass purchase limits and resell tickets at inflated prices, violating the 2016 BOTS Act. Regulators say five brokers alone controlled 246,000 tickets across 2,600 events, while Ticketmaster collected $11B in fees from primary and resale sales between 2019–2024. Each BOTS Act violation carries fines up to $53,088, exposing Ticketmaster to billions in penalties. Shares of Live Nation fell 3.5% after the filing, its steepest drop since May.

Why It Matters: For fans, the lawsuit targets the “triple dip” fee model that’s driven concert ticket costs up to 44% above face value, meaning if regulators prevail, family outings to football games or concerts may finally get cheaper. For Live Nation, already facing a separate DOJ breakup case, the financial risk is massive: penalties plus lost fee revenue could reshape its business model. For investors, the stock reaction shows antitrust and consumer suits are no longer background noise with the short sellers likely circling next. What to watch: court rulings in California and whether Congress pushes broader ticketing reform. If only this happened this summer, could you imagine getting NFL tickets at face value?
Source: foxbusiness.com

1. Italy enacts AI law covering privacy

The News: On Sept. 17, Italy became the first EU country to pass a national AI law, aligning with the bloc’s pending AI Act but adding stricter domestic rules. The law requires parental consent for all AI use by children under 14 and introduces criminal penalties, up to five years in prison, for harmful deepfakes, fraud, or AI-driven market abuse. Oversight will be split between Italy’s digital and cybersecurity agencies, with sector-specific rules for healthcare, labor, and finance. Rome also earmarked €1 billion from a state VC fund to back local AI, quantum, and telecom firms.

Why It Matters: Italy just put hard guardrails around how AI touches daily life, parents must sign off before kids use chatbots, while fake videos and scams carry real jail time. For businesses, stricter oversight raises compliance costs but also promises clearer rules of the road, with health workers and employers bound by transparency requirements. Investors may eye the €1B funding boost, though critics note it’s tiny next to U.S. and China outlays. What to watch: Brussels finalizing its AI Act. At least now Italian parents have legal cover when saying “no screen time.”
Source: reuters.com

2. Ozone Layer on Track to Heal by 2066

The News: On World Ozone Day, the UN and World Meteorological Organization confirmed Earth’s ozone layer is on pace to fully recover by 2066, with most regions healing by 2040 and the Arctic by 2045. The 2024 Antarctic ozone hole peaked at 46.1M tonnes, below the 1990–2020 average and far smaller than recent years. Scientists credit the 1987 Montreal Protocol, which phased out 99% of ozone-depleting chemicals, plus the 2016 Kigali Amendment targeting HFCs. UN Secretary-General António Guterres called it “a landmark of multilateral success” after decades of global cooperation.

Why It Matters: Recovery means reduced UV radiation, translating to fewer skin cancers, cataracts, and crop losses, a quiet health and food security win. For policymakers, the ozone turnaround is proof that global environmental treaties can deliver real, measurable results, providing a template for tackling climate change. Investors may note that refrigerant and cooling tech will remain in transition as HFC cuts accelerate. What to watch: the next UN ozone assessment in 2026. Proof that even a hole in the sky can get patched when everyone brings works together.
Source: wmo.int

3. $700K Gold Heist at Paris Museum

The News: Thieves broke into Paris’s National Museum of Natural History and stole raw gold samples valued at about €600,000 ($700,000). The burglary targeted the museum’s Gallery of Geology and Mineralogy and was described by officials as the work of a “professional team” that knew exactly what to take. The gallery is closed indefinitely while police investigate. The theft is the latest in a string of museum heists across France, earlier this month, burglars stole three Chinese porcelain pieces worth €9.5M from the Adrien Dubouché National Museum.

Why It Matters: With gold prices at record highs, the loss cuts deeper than money. The Gold specimens hold scientific and cultural value that can’t be replaced by insurance. For France’s museums, the theft highlights rising security risks as criminals increasingly target cultural institutions with precision strikes. For investors, the stolen haul is a reminder that even raw gold, unlike jewelry, is easy to melt and re-sell into global markets. What to watch: whether Paris boosts museum protections after a string of high profile thefts and where in the world Matt Damon and George Clooney are because somewhere, the Ocean’s 11 script team just found their movie pitch.
Source: nbcnews.com

Q: How do you find Will Smith in the snow?

A: You look for fresh prints.

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