Schwab Network

09/26/2025

Here's a look at what's on Sam Vadas and Marley Kayden's radar for next week:

• The state of the labor market, with job openings data Tuesday and September jobs report Friday

• PMI data from the U.S., Eurozone and China, offering insight into global manufacturing health amid tariff uncertainty

• More Fed commentary from Christopher Waller and Beth Hammack on Monday, following the latest economic data

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09/26/2025

Nebius' (NBIS) Chief Revenue Officer Marc Boroditsky, in conversation with Sam Vadas, said the company's AI infrastructure deal with Microsoft (MSFT) is one of the largest AI transactions ever.

As part of the deal, Nebius will provide Microsoft with dedicated artificial intelligence computing capacity worth at least $17.4 billion through 2031.

The company is "focused on servicing AI startups, as well as labs and research organizations that are inventing the next generation of capabilities," Boroditsky said, adding the Nebius aims to "span the entire market" after selling more to software vendors and major enterprises.

"What's in front of us is greater than what we've already reported and shown," Boroditsky said.

Shares of $NBIS have rallied more than 250% this year.

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09/26/2025

The S&P 500 closed higher after the August PCE inflation report came in line with economists' expectations

09/26/2025

Insurance technology platform Ethos Technologies filed for a U.S. IPO Friday, joining a list of companies that could go public next month.

The company plans for its shares to trade on the Nasdaq Global Select Market under the ticker symbol LIFE.

In the six months ended June 30, Ethos posted net income of $30.7 million on revenue of $183.7 million, up from net income of $18.7 million on revenue of $118.6 million a year earlier, according to its filing with the SEC.

Ethos and some existing shareholders plan to sell shares in the offering, according to the filing.

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09/26/2025

TikTok's U.S. business got priced at $14 billion by the Trump administration. That's cheaper than Instagram by a mile.

Senior Equity Adviser Vey-Sern Ling of Union Bancaire Privee called the suggested $14 billion valuation a "daylight robbery," as it's significantly lower than some analysts' previous estimates, which ranged from $30 billion to over $50 billion.

So who's scooping up the bargain? Big names like Oracle, Silver Lake and Abu Dhabi's MGX are circling.

Marley Kayden share's what users in the U.S. can expect.

ByteDance, TikTok’s Chinese parent company, could receive a licensing fee on all revenue generated from making its algorithm available to the U.S. operating entity as well as a share of the profit in proportion to its equity stake, according to Bloomberg.

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09/26/2025

The U.S. is planning to push chipmakers to match the volume of semiconductors that their customers currently import from overseas providers through domestic production, or pay a tariff, according to the WSJ.

Commerce Secretary Howard Lutnick floated the idea with semiconductor executives, telling them it might be necessary for economic security, the report added.

It could be a boon for companies increasing U.S. production such as Taiwan Semiconductor Manufacturing Co. (TSM), Micron Technology (MU) and GlobalFoundries (GFS), the Journal noted.

“America cannot be reliant on foreign imports for the semiconductor products that are essential for our national and economic security,” White House spokesman Kush Desai told the WSJ. “Unless officially announced by the administration, however, any reporting about our policymaking should be treated as speculative.”

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09/26/2025

Alphabet's (GOOGL) Google DeepMind unveiled upgraded AI models Thursday, called Gemini Robotics 1.5 and Gemini Robotics-ER 1.5, that further advance reasoning capabilities in robotics.

The robotics models are designed to help robots complete multi-step tasks by “thinking” before they act, enabling them to solve harder problems and complete more everyday real world tasks like sorting laundry and recycling trash.

To do these kinds of tasks, robots use the upgraded Gemini Robotics-ER 1.5 model to understand their surroundings, gather more information with tools like Google Search and translate the findings into natural language instructions.

“The models up to now were able to do really well at doing one instruction at a time in a way that is very general,” said Carolina Parada, Google DeepMind’s head of robotics. “With this update, we’re now moving from one instruction to actually genuine understanding and problem-solving for physical tasks.”

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09/26/2025

Kevin Hincks breaks down the PCE data for August, which saw a 0.3% gain for the month.

The more closely followed core PCE, which excludes food and energy prices, was 2.9% on an annual basis after rising 0.2% for the month.

Markets opened slightly higher Friday after the inflation report came in as expected.

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09/26/2025

Accenture (ACN) laid out plans Thursday to cut staff who aren’t able to reskill on AI, saying the technology has taken the "mindshare of CEOs, the C-suite and boards faster than any development we've seen in the past two decades."

Accenture CEO Julie Sweet said on an earnings call that the company expects employees to "retrain and retool" as advanced AI becomes “a part of everything we do." The company's "core competency is to do that at scale," Sweet added.

The global professional services and consulting firm will continue to invest significantly in AI. "We are investing in upskilling our reinventors, which is our primary strategy," Sweet said. "We're continuously identifying areas of how we operate Accenture to drive more efficiencies, including through AI in order to create more investment capacity."

Sweet explained that the company is "exiting on a compressed timeline, people where reskilling, based on our experience, is not a viable path for the skills we need."

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09/26/2025

Intel (INTC) has approached TSMC (TSM) about investments in manufacturing or partnerships, according to the WSJ.

The development follows a Bloomberg report Wednesday that said Intel was in talks with Apple (AAPL) about securing an investment.

These efforts were already under way before the U.S. government took a 10% stake in the company last month, the report added.

Shares of $INTC are up nearly 50% since the announcement on August 22.

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09/26/2025

The “risk-management” rationale behind the Fed’s first cut this year left traders hypersensitive to every data point that might speed or stall additional cuts, and this week’s price action reflects the push-pull between growth resilience and lingering inflation.

Markets opened the week leaning on the Fed’s recent 25 basis point cut and the idea that more easing could follow, but the tone softened into Thursday as investors confronted two catalysts with opposing implications: a possible Federal government funding lapse at midnight on September 30, and an i...

09/26/2025

U.S. stock futures are little changed in premarket trading as investors await the release of August’s personal consumption expenditures price index, Tom White reports.

Economists expect the print to reflect an uptick in inflation.

The four major U.S. indexes fell again on Thursday while the 10-year Treasury yield rose to 4.2% at one point during the session on the back the latest economic data.