Weekly Newsletter September 28 - October 04

U.S. hiring slowed to 29,000 jobs in September, while inflation remained too high for an easy Fed decision.
Nasdaq gained 0.45% for the week, even as the S&P 500 and Dow declined.
Oura postponed its $2.1 billion IPO; Accelevation priced well below its proposed range.
The G7 agreed to release oil reserves as disruption around the Strait of Hormuz continued.
AI infrastructure drew major commitments, led by Broadcom’s potential $42 billion in financing for Anthropic’s compute leases.
Structure financing.

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Analyst Highlights:

The Fed’s trade-off sharpened. September payrolls rose just 29,000, but 3.4% headline PCE inflation limits how readily policymakers can respond to weaker hiring.
Equity gains remained concentrated. Nasdaq rose 0.45% while the Dow fell 1.26%, showing how technology strength masked a softer broader market.
IPO investors demanded a discount. Oura’s postponement and Accelevation’s pricing 18% below its proposed midpoint suggest tougher conditions for ambitious valuations.
AI financing moved closer to chip supply. Broadcom’s proposed funding for Anthropic’s compute leases would deepen the financial ties between infrastructure suppliers and their largest customers.
Power and capacity became central to AI expansion. Japan’s planned data-center project and Samsung’s $1 billion commitment show the scale of investment needed beyond chips.
Oil reserves offered a buffer, not a resolution. The G7’s planned release may ease near-term pressure, while Hormuz restrictions and the widening Yemen conflict keep supply risks in view.

Oura (OURA) postponed its proposed $2.1 billion IPO, which had targeted 50 million shares at $40–$44, citing market uncertainty.
Accelevation (ACCV) raised $540 million after pricing its IPO 18% below the proposed midpoint; shares finished Friday 2% below the offer price.
Anthropic’s confidential IPO prospectus showed nearly $4.6 billion in 2025 revenue and an $8.06 billion operating loss, according to Reuters; the offering had not priced.
Roze AI (RZAI) completed a direct listing, raising no primary IPO proceeds; its shares finished the week up 149%.
Southport Acquisition II (PORT.U) raised $200 million in the week’s sole priced SPAC offering, targeting an AI-related acquisition.
Primagrove (YHTE), LPC (LPCI) and Source Agriventures (SRAV) filed proposed IPOs targeting $31 million, $19 million and $15 million, respectively; pricing remains pending.
Georgia Banking Company (GBC) filed for a direct listing, joining the week’s pipeline of proposed public debuts.

S&P 500 closed at 7,722.72, falling 20.69 points, or 0.27% for the week.
Russell 1000 closed at 4,197.70, falling 10.13 points, or 0.24% for the week.
Russell 2000 closed at 2,832.90, falling 4.65 points, or 0.16% for the week.
Russell 3000 closed at 4,371.55, falling 10.42 points, or 0.24% for the week.
CBOE (VIX) closed at 15.31, rising 0.44 points, or 2.96% for the week.
Dow Jones closed at 51,176.96, falling 651.66 points, or 1.26% for the week.
NASDAQ (IXIC) closed at 27,190.86, rising 122.14 points, or 0.45% for the week.
Bitcoin closed at $86,490, rising $2,041, or 2.42% for the week.
Ethereum closed at $2,725.91, rising $38.37, or 1.43% for the week.
Solana closed at $121.52, falling $0.44, or 0.36% for the week.
XRP closed at about $1.52, roughly unchanged at the source’s displayed precision.
Gold futures closed at $4,162.30, falling $158.90, or 3.68% for the week.
Silver futures closed at $59.977, falling $4.268, or 6.64% for the week.
WTI crude futures closed at $91.11, falling $1.30, or 1.41% for the week.
Brent crude futures closed at $102.25, falling $2.07, or 1.98% for the week.

U.S. payrolls rose only 29,000 in September, with unemployment at 4.2%, adding to evidence of slower hiring.
August PCE inflation reached 3.4% year over year, while core inflation stood at 3.0%, complicating the Fed’s response to weaker employment.
The Conference Board’s consumer-confidence index fell 6.7 points to 81.9 in September, its lowest level since April 2014.
Job openings declined by 256,000 to 7.079 million, reinforcing signs of cooling labor demand.
Freddie Mac’s average 30-year fixed mortgage rate climbed to 7.28% from 7.03%, further squeezing homebuyer affordability.
The September ISM manufacturing PMI held at 54.5, signaling continued expansion even as factories faced input-cost pressure.
The G7 agreed to coordinate a 100 million-barrel release of diesel and crude reserves over four months to ease supply pressure.
OPEC+ kept November output targets steady on Sunday as Gulf shipping disruptions continued to constrain actual production.

Brazil’s Flavio Bolsonaro led Lula roughly 47% to 45% in Sunday’s presidential vote, setting up an October 25 runoff.
China proposed tariff cuts on U.S. corn, wheat, meat and dairy but excluded soybeans, its largest American farm import.
Iran said reopening the Strait of Hormuz depended on its conditions, while Qatar relayed messages between Tehran and Washington.
Yemen’s internationally recognized government announced a campaign to retake Houthi-held territory, widening the conflict near vital shipping routes.
Germany announced 1 billion euros in military aid for Ukraine and a separate 350 million euros for energy repairs.
Zelenskiy said Ukraine would continue striking Russian refineries in response to Moscow’s attacks on Ukrainian infrastructure.
A second federal judge blocked the administration’s $100,000 fee for new H-1B visas while litigation continued.
A U.S. trade court heard challenges to forced-labor tariffs affecting imports from 60 trading partners; no ruling had been issued.

Broadcom agreed to lend Anthropic up to $42 billion for compute leases, tying a chip supplier directly to AI infrastructure financing.
JERA, Dell and RHAELM signed an MoU for a Japanese AI data-center project expected to require more than $15 billion across its development phases.
Samsung and its affiliates committed $1 billion to KKR-backed Helix Digital to expand AI data centers, power systems and related infrastructure.
Micron’s quarterly core data-center revenue rose to $18.0 billion as it began sampling 512GB DDR5 modules for AI servers.
CoreWeave made NVIDIA Vera Rubin NVL72 systems available for production, with Cognition among the first customers running agentic workloads.
OpenAI launched GPT-6.1 Sol for coding and computer use, pricing standard API tokens at one-fifth of Astra’s rates.