Inflation data is giving the Fed more room to wait, but consumers are still feeling the pressure from years of higher prices.

Chuck Zodda and Mike Armstrong break down the latest producer price index report, why muted inflation readings may give the Fed a reason to hold steady in September, and why higher gas prices could complicate the next round of inflation data. They also discuss the $20 burrito debate, why Americans remain frustrated even when wages have risen, and why broad deflation is not the solution consumers may think it is. Plus, they look at how tariff refunds are boosting corporate earnings, why some companies may be able to pass refunds back to customers more easily than others, what higher mortgage rates could mean for the housing market, SpaceX’s rebound after lockup concerns, and the latest food safety issues tied to Taylor Farms produce.

Nvidia wants to unlock hundreds of billions of dollars for AI infrastructure, but its new compute financing plan raises questions about how far Wall Street can financialize the AI boom.

Chuck Zodda and Paul Lane break down Nvidia’s memorandums of understanding with major financial firms, why the company is trying to attract more than $500 billion in third-party capital, and how compute-backed financing could turn AI chips and data center capacity into collateral for investors. They also discuss why high expected yields could signal real concerns about the value of that collateral, how quickly compute power can become obsolete, and why Nvidia’s CUDA ecosystem may be central to the argument that its chips have staying power. Plus, they look at a deceptive labor market for college graduates and non-grads, why investors are still holding trillions in cash, the risks of prediction markets, Boston’s potential office-to-housing conversion, and problems with ticket resale platforms.

The latest CPI report came in largely as expected, but inflation is still running above the Fed’s target and Kevin Warsh may have a difficult case to make if he wants to keep rates unchanged.

Chuck Zodda and Paul Lane break down the July inflation report, why lower energy prices helped keep the headline number contained, and why core inflation may still be too elevated for the Fed to ignore. They also discuss how rising gas prices could affect the next CPI report, why markets now see a greater chance that the Fed stays put in September, and whether the economy could handle a modest rate hike. Plus, they look at CoreWeave’s revenue surge, the massive financing needs behind the AI data center buildout, Super Micro Computer’s latest earnings, and Todd Lutsky’s guidance on last-minute Medicaid planning for nursing home costs.

AI demand has sent memory chip prices and semiconductor costs soaring, but the bigger question is whether this is a lasting inflation problem or just another boom and bust cycle for chips.

Mike Armstrong and Paul Lane break down why the AI buildout has pushed up prices for chips, servers, and data center equipment, why semiconductor costs may stay elevated in the short term, and why new supply and innovation could eventually bring prices back down. They also discuss Jensen Huang’s push to make AI chips look like longer-lasting financial assets, why Wall Street may try to create new markets around compute, and the risks that come with financializing semiconductors. Plus, they look at Intel’s $20 billion share sale, why government ownership of Intel complicates the AI investment story, how fear can drive bad retirement decisions, Anthropic’s IPO push, Waymo’s growing pains, and why hybrids are gaining ground as gas prices rise.

Kevin Warsh has talked tough on inflation, but this week’s CPI report could determine whether markets believe the new Fed chair is willing to back that message with action.

Mike Armstrong and Paul Lane preview the July inflation report, why even a modest monthly reading could still leave inflation well above the Fed’s target, and how Warsh’s credibility may be tested heading into the September Fed meeting. They also discuss why restoring normal traffic through the Strait of Hormuz remains so difficult, how limited shipping through the region is keeping pressure on oil markets, and why the current status quo may not be painful enough to force a deal. Plus, they explain why inflation can be a bigger long-term retirement risk than market volatility, what higher mortgage rates really mean for buyers, why more homeowners are tapping home equity, and how New England households may have been overcharged for electricity.

AI agents are getting more powerful, but their ability to act online is raising a bigger question: what happens when people can no longer trust what they see, read, or do on the internet?

Chuck Zodda and Mike Armstrong discuss Meta’s latest open source AI model, why the company may be trying to regain ground in the AI race, and how AI agents are already finding vulnerabilities in everyday online systems. They also examine whether AI-generated writing, images, videos, online coursework, and automated actions could eventually destroy trust in the internet itself. Plus, they look at gold’s recent rally, why real interest rates usually matter for precious metals, whether weak jobs data really supports stocks, and the SEC’s debate over whether public companies should move away from quarterly reporting.

Private credit is back in focus as default rates rise, loan stress builds, and investors try to figure out whether this is just a normal credit cycle or the start of something bigger.

Chuck Zodda and Mike Armstrong break down why private credit is showing renewed signs of strain, how higher interest rates have pressured borrowers, why software exposure could create additional risk, and who may ultimately be holding the bag if problems spread. They also discuss President Trump’s low-key approach to Iran, why oil flows through the Strait of Hormuz remain under pressure, and how the conflict could become a bigger economic problem if global oil buffers keep shrinking. Plus, they look at private equity’s growing backlog of unsold companies, China’s push to use its capital markets to compete with the U.S. in AI, and Ford’s plan for a lower-cost electric pickup truck.

Investors are getting increasingly bullish as stocks continue climbing, but Bank of America’s sentiment gauge may be flashing a warning rather than a green light.

Chuck Zodda and Mike Armstrong break down why Bank of America’s sentiment gauge has reached its most extreme bullish level since 2021, why that kind of optimism has historically worked as a contrarian signal, and what today’s market positioning could mean after a strong run for stocks. They also discuss why the major U.S. indices are moving more closely together this year, how small caps have quietly outperformed, and why emerging market strength may say more about chip stocks in Taiwan and South Korea than the broader global economy. Plus, they look at China’s growing AI ambitions, whether the U.S. chip advantage is enough to stay ahead, Boeing’s latest 737 MAX inspection issue, Paul LaMonica’s take on SpaceX after earnings and lockup expirations, and why private credit ratings are raising new questions for insurance companies.

The July jobs report showed job losses and big downward revisions, but the bigger question is whether the labor market is actually weakening or simply running into a shrinking supply of workers.

Chuck Zodda and Mike Armstrong break down the latest jobs report, why the unemployment rate fell even as the economy lost 23,000 jobs, and why the decline in foreign-born workers may explain much of the recent slowdown in job growth. They also discuss what the report could mean for Kevin Warsh and the Fed, why small rate moves may matter less than markets assume, and how mortgage rates can move independently from Fed policy. Plus, they look at fast food earnings from McDonald’s, Wendy’s, and Burger King, the debate over whether Warsh is really changing Fed communication, rising AI-related debt issuance from companies like Alphabet and Amazon, and why software companies are racing to prove they can survive the AI threat.