Tech giants are making massive capital commitments: Nvidia authorized a record $150 billion share buyback, OpenAI is raising $30 billion at a $1.4 trillion valuation, and Anthropic is preparing an IPO targeting above $2 trillion. Meanwhile, inflation data showed Core PCE fell to 3.0% in August, beating expectations and easing rate hike pressure, while AT&T and Hormel Foods announced significant infrastructure and acquisition deals.
01Company specific
Nvidia Adds $150 Billion to Share Buyback Plan
Nvidia authorized an additional $150 billion in share repurchases on Monday, marking the largest authorization in corporate history and bringing the company's total repurchase capacity to $235 billion. The expanded program is scheduled to run through the end of fiscal 2028 on January 30, 2028. Chief Executive Officer Jensen Huang deployed the as the chipmaker's forward multiple compressed to roughly 16.5 to 18.7 times , even as quarterly surged 106% from a year earlier to a record $96.2 billion. The company repurchased $39 billion in stock during the first half of fiscal 2027 alone, up from $24.2 billion in the same period a year prior, backed by surging operating that reached $74.4 billion over the same six months. narrowed to $21.3 billion in the second quarter from $48.6 billion in the first quarter as accounts receivable expanded by more than $22 billion and the company built inventory ahead of its Vera Rubin launch. Nvidia shares closed up 2.1 percent during afternoon trading on Monday following the announcement, extending the stock's year-to-date gain past 20 percent against a exceeding $5.4 trillion.
TSMC evaluates Texas chip investment beyond $265B Arizona plan
TSMC is evaluating a potential investment in Texas to expand U.S. chip production, Reuters reported Wednesday, citing two people familiar with the matter. Any Texas project would come on top of the $265 billion the company has already committed to Arizona, not instead of it. The plans have not been finalized. TSMC expanded its Arizona commitment by $100 billion in July, raising the total from an initial $165 billion. At that time, CEO C.C. Wei said the company expected to build probably four or more additional fabs in Arizona, spanning front-end manufacturing and back-end packaging. Including current and planned projects, TSMC's Arizona footprint is expected to encompass 12 fabrication and advanced packaging facilities plus an R&D center. CFO Wendell Huang told Reuters in July that TSMC would continue investing in the United States, signaling the company views its domestic expansion as ongoing. The potential Texas project remains under evaluation, meaning the size, timing and scope are unclear. TSMC did not immediately respond to requests for comment. The company's U.S. expansion has accelerated alongside the Trump administration's push to bring manufacturing onshore. A January 2026 U.S.-Taiwan trade deal included commitments for at least $250 billion in direct Taiwanese investment in the U.S., and TSMC's $100 billion Arizona increase followed that agreement. TSM stock has gained 50 percent this year.
Anthropic IPO Prospectus Reveals Surging Costs and Growth Strategy
Anthropic is preparing a confidential initial public offering targeting a above $2 trillion, according to a prospectus reviewed by Reuters and the Financial Times. The developer reported $4.6 billion in for 2025, marking a twelvefold increase from the prior year. Operating expenses reached $12.65 billion in 2025, leaving an operating loss of more than $8 billion and a net loss of $42 billion that included a $34 billion accounting charge linked to convertible financing. The company reported $11.5 billion in revenue for the second quarter of 2026, up from $4.73 billion in the first quarter. Anthropic held $20.28 billion in cash, cash equivalents, and short-term investments at the end of December 2025. Nearly a quarter of its 2025 revenue came from just two clients. The prospectus discloses plans to spend $518 billion on cloud, computing, and infrastructure obligations over the coming years, including $111.1 billion with Alphabet subsidiary Google, $110 billion with Amazon, and $31.4 billion with Microsoft under long-term service agreements. The filing also details $161.2 billion in non-cancelable equipment lease obligations related to Broadcom and up to $84.5 billion in potential spending for Nvidia-based capacity through xAI. Anthropic dedicated 80 pages of the 261-page filing to risk factors, warning investors that advanced models could pose existential risks to humanity and exhibit self-preserving behaviors such as resisting shutdowns and manipulating information. Chief executive Dario Amodei earned nearly $18 million in 2025, while his sister Daniela Amodei earned $16.4 million. The co-founders plan to retain control through a Founder LLC that holds 50.1 percent of total voting power under a Delaware Public Benefit Corporation structure.
Apple Falls 2% as BofA Flags Muse Threat to App Ecosystem Economics
Apple shares fell nearly 2% in Tuesday morning trading after Bank of America warned that Meta's Muse agent could intercept user intent before Apple's own software does, threatening the discovery, referral and transaction economics embedded across its ecosystem. Muse launched on September 8 and climbed to the number one spot on Apple's U.S. App Store within its first two weeks, passing 2.5 million downloads - a pace JPMorgan compared to ChatGPT's early trajectory. The agent runs on a dedicated virtual machine that continues operating after the user closes the app, and it can send emails, book travel, handle purchases and coordinate schedules largely on its own. Meta has already secured commerce partnerships with Shopify, Expedia and PayPal, though Amazon blocked Muse from its marketplace within days of launch, citing unauthorized access concerns.
Bank of America analyst Wamsi Mohan kept his Buy rating and $370 price target on Apple intact, but framed a specific structural risk: Apple could win every iPhone sale and still lose the moment when users decide what to do next. The threat is not to device sales but to who owns what happens after someone unlocks their phone. Mohan noted that Apple's updated Siri, released alongside iOS 27, currently lacks some of Muse's background task capabilities and broader ability to take third-party actions on a user's behalf. Bank of America does not expect Muse to generate meaningful from ads, subscriptions or commissions before 2028, meaning the near-term threat is about changes in user behavior and where consumers form purchase intent, not immediate financial impact.
Mohan's May argument that agentic favors platforms controlling user intent, context, app access, identity, payments and trust still holds - Apple's grip on silicon and operating system gives it exactly that control. Yet the gap between that structural advantage and Muse's current capabilities is the risk he is flagging. The hardware side remains solid: Morgan Stanley reported that 14 days after iPhone 18 Pro and Pro Max pre-orders opened, global lead times remained broadly flat year over year even though Apple had built 18% more premium units. Apple's fiscal third-quarter reached $109.4 billion, up 16% year over year, with iPhone, Mac and Services each setting June-quarter records and the active installed base reaching another record. The fight for Apple's next decade of growth may increasingly be decided by which company owns the moment a customer decides what to do next.
AT&T signs $3 billion multiyear fiber supply deal with Corning
AT&T and Corning signed a multiyear supply agreement worth more than $3 billion for fiber-optic cable and connectivity products to support AT&T's expansion toward 60 million fiber locations by 2030. The deal locks in Corning as AT&T's primary supplier of next-generation fiber and cable, with AT&T receiving preferential volume status for Corning's connectivity solutions including the Evolv FlexNAP with Multifiber Pushlok Technology, which will comply with the Build America, Buy America provisions of the federal Broadband , Access, and Deployment program. AT&T Fiber households now consume more than 1 terabyte per month, five times the 2016 average, and the company projects monthly usage will reach 2 to 2.5 terabytes by 2030 as streaming, gaming, video calls, cloud services and workloads drive demand. The agreement builds on decades of collaboration between the companies and reflects AT&T's status as Corning's largest customer. AT&T has already passed 28.3 million consumer and business locations and remains on pace to exceed 30 million by the end of 2025, with the company committed to more than $250 billion over five years for U.S. connectivity infrastructure. The deal also supports domestic manufacturing and union jobs: Corning's U.S. workforce produces the fiber while AT&T technicians, the industry's largest union-represented workforce, build and maintain the networks. Corning shares rose 3.3 percent in premarket trading on the announcement. The agreement echoes a multibillion-dollar fiber supply deal Verizon reached with Corning earlier in September.
OpenAI is in early discussions to raise at least $30 billion in a pre- funding round that could value the company at $1.4 trillion. The proposed financing serves as a bridge round following the delay of the company's public debut. CEO Sam Altman ruled out an initial public offering in 2026 to prioritize safety measures. OpenAI previously raised $122 billion in March at an $852 billion . Meanwhile, the company's annualized recurring run rate is nearing $70 billion, driven by a surge in enterprise sales and consumer revenue. The growth rate has increased by more than 70 percent since the beginning of the third quarter in July. Oracle shares rose following the revenue update, reflecting its position as a critical computing infrastructure partner with OpenAI representing roughly half of its compute . The new funding round would value OpenAI roughly 64 percent higher than its valuation in March. Talks remain at an early stage with terms subject to change. OpenAI has pushed its public debut into 2027 at the earliest, after previously filing confidential paperwork with the US Securities and Exchange Commission in June.
Hormel to acquire Brakebush chicken processor for $1.055 billion
Hormel Foods agreed Wednesday to acquire Brakebush Brothers, a Wisconsin chicken processor, for approximately $1.055 billion, betting on protein's role in its long-term growth. Brakebush generated $1.2 billion in net sales over the past 12 months and operates five production facilities and two research and development labs, making mostly cooked chicken products for the foodservice market. The deal expands Hormel's presence in value-added chicken, a category that has historically accounted for roughly 5% of its but will rise to near 13% after the closes. Hormel's Foodservice business, which generates about one-third of the company's sales and half its profits, will absorb Brakebush's operations and its direct sales organization. The transaction is expected to close in Hormel's first fiscal quarter of 2027, subject to regulatory approval and customary closing conditions. Hormel said the deal will be accretive to adjusted beginning in fiscal 2028 and expects to unlock operational synergies and enhance cash flows. The company is chasing consumers' shift toward chicken as an affordable protein alternative amid rising beef prices and as health and wellness trends shape food choices. Hormel's stock rose less than 1% in midday trading on the news, a muted response that reflects investor caution after the company cut its fiscal 2026 sales last month and reported a drop in third-quarter sales. The acquisition marks a deliberate move by incoming CEO John Ghingo to sharpen Hormel's focus on categories with the greatest long-term growth potential, following the company's sale of its whole-bird turkey business in February.
Bank of Jamaica raises policy rate 50bp to 6.0% to combat inflation
The Bank of Jamaica raised its policy rate by 50 to 6.0 per cent, effective Tuesday, September 29, reversing course barely six weeks after the last decision. The Committee voted unanimously on September 24 and 25 to move aggressively, citing rising pressures and geopolitical tensions that threaten to entrench higher prices in the economy. Governor Dr. Brian Langrin defended the move at a media briefing on Tuesday, arguing that controlling price stability supports rather than impedes growth. He acknowledged vulnerabilities from drought-related shocks, tourism weakness and mining disruptions, but said growth remains on track and the decision was grounded in strong data collection. The is balancing the need to rein in inflation against potential headwinds to Jamaica's hurricane recovery. Langrin said the BOJ will move swiftly to maintain price stability as inflationary shocks persist longer than previously expected.
Core PCE inflation beats expectations at 3.0%, easing October rate hike pressure
The 's preferred gauge came in at 3.4% for August, down from 3.7% in July and below the 3.7% markets had expected, while core PCE - excluding food and energy - rose to 3.0%, beating forecasts of 3.3% and down from 3.3% in July. Month-over-month, core PCE increased 0.2%, undershooting the 0.3% consensus and marking a deceleration from July's 0.1% gain. The softer reading arrived as the Bureau of Economic Analysis implemented methodological revisions retroactive to 2021, changing how it calculates inflation for computer software, legal services, and management and investment advice - three categories that had shown sharp price increases and artificially elevated the overall inflation number. Economists estimated the revisions reduced annual core inflation by roughly 0.3 percentage points; the three-month annualized core inflation rate now sits at precisely 2%, matching the Fed's target. The data arrives weeks after the Federal Reserve raised rates by 25 in September, its first increase since July 2023, and comes as New York Fed President John Williams signaled on Tuesday that there is "no need for urgency" for an October , saying the has "time to gather more information." Williams indicated he sees one more rate hike "late this year" - language markets interpret as December rather than October - to support inflation's return to 2%. CME now price in a roughly 35% probability of a rate hike at the October 27-28 meeting, down from 50% after Williams spoke and around 70% earlier this week. The softer PCE report does not signal an end to inflation pressures: the 3.0% core reading remains 1 percentage point above the Fed's 2% target, and service-sector inflation, particularly in housing and insurance, continues to show stickiness. Personal consumption expenditures jumped 0.9% in August, a sharp acceleration from July's revised 0.1% gain, suggesting strong consumer demand that could keep prices elevated. The Fed has made clear its next decisions will depend heavily on incoming economic data, with the and upcoming employment reports serving as the next major catalyst for policy direction. The central bank's next scheduled meetings are October 27-28 and December 8-9.
U.S.-China Board Recommends Tariff Relief on $60B of Non-Sensitive Goods
The U.S.-China Board of Trade recommended cuts on $60 billion of goods - $30 billion of U.S. exports to China and $30 billion of Chinese exports to the U.S. - following Xi Jinping's state visit to Washington last week. The announcement, made Sunday by U.S. Trade Representative Jamieson Greer, covers 77 categories of Chinese products and 1,619 categories of U.S. products deemed non-sensitive. About 90% of the covered goods would receive most-favored-nation treatment, China's Commerce Ministry said, returning them to ordinary baseline tariff rates rather than the elevated duties imposed during years of trade escalation. The White House did not specify the size of the reductions or when they will take effect, stating only that implementation will follow each country's domestic legal procedures. The U.S. list spans agricultural products - butter, corn, wheat, frozen meat, seafood - alongside coal, medical devices including MRI systems, cosmetics, and live animals such as horses, camels, and donkeys. China's list emphasizes household goods, toys, garden umbrellas, car seats, and holiday decorations, which could reach U.S. consumers before year-end shopping if implemented soon. The Board of Trade, established during Trump's May visit to Beijing and formally operationalized after this week's summit, is composed of Greer, Secretary Scott Bessent, and China's Vice Premier He Lifeng, with deputies authorized to submit proposals for consideration. The $30 billion figure represents roughly 30% of U.S. exports to China based on 2024 trade values. Separately, China committed to importing at least 10 million metric tons of U.S. coal annually in 2027 and 2028. Analysts note the agreement is narrow: it sidesteps core disputes over technology, subsidies, and industrial policy, and soybeans - subject to a separate purchase commitment of 25 million metric tons annually through 2028 - were notably excluded, preserving Beijing's ahead of U.S. midterm elections in November. The two countries extended their trade truce to January 10, having repeatedly extended it since May 2025, when they agreed to lower additional duties to 30% on Chinese goods and 10% on U.S. goods. The U.S. goods with China has fallen 40% since Trump took office, Greer told CNBC on Friday, and is on track to hit $140 billion this year versus $295 billion in 2024.
Capital deployment across tech and infrastructure is accelerating even as inflation moderates, but geopolitical tensions and tariff negotiations remain unresolved. The question is whether the U.S.-China tariff relief recommendation will actually materialize and at what scale, since the White House has not specified cut sizes or timelines.
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