Nasdaq

As many as 100K cars could be part of Australian class action suit launched against Tesla

• Australian Tesla owners launch class action over failed Full Self-Driving promises

Reminder, US stock markets are open on Monday (bonds closed) despite the holiday

6.30am in Beijing. Traders might exercise caution, await China's response to Trump's cave

• While Trump has been very quick to back down from his threats we have not yet had a response to his overtures from China.

US stocks surge higher at reopening of the week - loving the rapid Trump cave in on China

• Globex has opened with a huge jump higher from Friday's late levels

US stock market close: Nasdaq falls 3.5%

• The trade war is back on

AI growth still strong, valuations remain reasonable: boom underpinned by capex, not hype

• UBS said investors should stay invested in AI, supported by strong fundamentals, rapid adoption, and rising capex. The bank sees global AI revenues reaching USD 2.6 trillion by 2030, notes valuations remain reasonable, and recommends diversified exposure across AI-linked sectors.

ICYMI - JP Morgan’s Dimon warns of looming US stock-market correction

• JP Morgan boss Jamie Dimon warned that US stocks could face a major correction within two years, arguing investors are underestimating geopolitical and fiscal risks. He likened AI market enthusiasm to the dot-com era, voiced concern over inflation, and said the US had become a “less reliable” global partner.

US approves Nvidia AI chip sales to UAE in first deal under Trump

• The U.S. has approved several billion dollars in Nvidia AI chip sales to the UAE under a bilateral AI agreement, the first since Trump took office. The deal includes a reciprocal Emirati investment in the U.S. and reflects Washington’s push to strengthen Gulf tech ties.

Goldman Sachs says tech rally not a bubble, yet, but warns valuations are stretched.

• Goldman Sachs said that despite bubble-like features such as high valuations and market concentration, the ongoing rally in tech and equities remains fundamentally driven. The bank sees stretched but not excessive valuations and urges investors to stay diversified as AI competition rises.

Goldman Sachs says stocks aren’t in a bubble yet but risks rising

• Goldman Sachs said high valuations and strong momentum in U.S. tech stocks don’t yet amount to a market bubble, with fundamentals still underpinning prices. The bank warned, however, that investors should stay diversified as AI-driven gains remain concentrated.

Musk’s xAI seeks $20 bn funding. Nvidia investing and backing GPU-linked financing model.

• Elon Musk’s xAI is expanding its fundraising to $20 billion, with Nvidia investing up to $2 billion in equity and supplying GPUs for its new Colossus 2 data centre. The deal, structured through an SPV that leases chips back to xAI, combines equity and GPU-backed debt led by Apollo, Valor, and Diameter.

Nvidia is among equity investors in Musk’s xAI chip deal

• Here we go! AI circle news ... again!

Uber is facing another round of investigation over how it handled sexual assaults

• New York Times report

Goldman Sachs raise Nvidia target to $210: cite strong AI momentum, expanding partnerships

• Goldman Sachs lifted Nvidia’s price target to $210 and reiterated its Buy rating, citing robust earnings and strategic AI investments such as its OpenAI partnership. While circular revenue could modestly affect multiples, it’s expected to stay below 15% of 2027 revenue, leaving room for sustained growth.

ICYMI - Tesla shares surge as Musk teases possible cheaper Model Y reveal

• Tesla’s stock rose after Elon Musk teased a possible October 7 unveiling on X.com, sparking speculation about a lower-cost Model Y. Investors see the pared-down model as critical to boosting sales amid fading excitement around Tesla’s ageing lineup and growing EV competition.