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Bloomberg: Chinese state-backed firm financed Nvidia Blackwell chip purchase
Xinxin Financial Leasing Group provided financing for Gosuncn Technology Group to buy over 700 servers, including 32 equipped with Nvidia Blackwell B300 chips, installed at a China Mobile data center in Ningxia.
Rising Yields Wreak Havoc on Stocks Outside AI Trade, Hitting Small Caps and Banks
After the 10-year US Treasury yield rose to 5.34% for the first time since 2002, the S&P 500 is less than 2% from its record, but rate-sensitive stocks like small caps, banks, and utilities have been hit hard. The Russell 2000 is down 8.5% from its August 14 high, the KBW Bank Index has fallen over 12% from its peak, and the S&P 500 Utilities sector is down about 17% from its February record. Dan Suzuki, global investment strategist at iCapital, said most of the market is down at least 5% from highs, largely due to rising rates and tighter financial conditions.
DOJ files misconduct complaint against seven federal judges in Minnesota
Attorney General Todd Blanche announced the complaint, alleging the judges violated ethical duties by speaking to The New York Times about the federal immigration crackdown, and demanded their recusal from all DHS-related cases.
Nike launches 'Pace' operating model transformation, expects $2.5B savings by fiscal 2031
Nike announced a new operating model transformation called 'Pace,' which incorporates its previous cost re-alignment and restructuring efforts. The company expects the initiative to generate approximately $2.5 billion in cumulative savings by fiscal 2031, while incurring about $1 billion in pre-tax charges over the same period.
New York's $1.1B Medicaid system upgrade struggles; only one-third of enrollees auto-renew
The New York Department of Health began transitioning over 147,000 enrollees to a new $1.1B automated system built by Deloitte in September 2025, but state officials report only one-third can auto-renew. Advocates cite a surge in erroneous denials, citing inaccurate data transfers and a flawed asset verification tool.
Nike Q1 Sales Miss Estimates at $11.2B, Sees High Single-Digit Revenue Decline for Fiscal Year
Nike reported fiscal first-quarter sales of $11.2 billion for the period ended Aug. 31, missing analysts' estimates. The company cited weakness in China and in its sportswear and Jordan brands, and now expects revenue to decline by a high single-digit percentage for the current fiscal year. Shares fell about 6% in New York after-hours trading.
Fed Governor Cook: Inflation pressures from AI buildout may not ease quickly
Federal Reserve Governor Lisa Cook said that inflation pressures stemming from artificial intelligence infrastructure construction may not dissipate rapidly. She made the remarks in a speech on October 1.
Fed's Bowman: No Need for Further Rate Adjustment This Year
Federal Reserve Governor Michelle Bowman said there is no need for further interest rate adjustments this year, suggesting the current rate level is adequate for the economic outlook.
FBI Director Kash Patel accused of manipulating arrest statistics to boost success rate
According to MS NOW, Patel's FBI added fugitives expected to be captured imminently to the Top 10 Most Wanted list and instructed field offices to count arrests made in the presence of FBI personnel, including those led by local police or DHS, as official FBI arrests. Patel claimed on X that his FBI captured 10 Top 10 Most Wanted fugitives, 2.5 times the previous four years, and cited 45,000 violent offenders arrested last year (double 2024's figure) to deflect questions about alleged personal misconduct.
Trump plans 32-day campaign blitz ahead of midterms; several Republican candidates distance themselves
The New Republic reports Trump plans to campaign for 32 days before the Nov. 3 midterms, covering over 94% of remaining time. Reps. Salazar and Donalds of Florida, Maine gubernatorial candidate Charles, and Texas congressional candidate De La Cruz have removed Trump's name from campaign materials.
Mattel Attracts Takeover Interest from Authentic Brands Group, Shares Surge 36%
According to The Wall Street Journal, Authentic Brands Group, a brand management firm, is in discussions to acquire toy maker Mattel, the company behind Barbie dolls, with a potential valuation above $20 per share. Mattel's shares surged as much as 36% on the news. A Mattel spokesperson declined to comment, and Authentic did not respond to requests for comment.
Five luxury watch brands captured 60% of Swiss industry revenue last year
Switzerland is home to around 450 watch brands, but just five of the poshest—Rolex, Cartier, Patek Philippe, Omega and Audemars Piguet—captured 60% of the industry's revenue last year, according to The Economist.
