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A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Nebius $NBIS got approval for its Vineland, New Jersey data center expansion, clearing a major hurdle tied to its $17.4B Microsoft $MSFT cloud deal. The Vineland Planning Board approved Phase 2 of the project, adding roughly 600,000 square feet and potentially increasing total campus capacity from about 300MW to around 350MW. DA Davidson had cut its price target from $250 to $175 last week over approval concerns, but raised it back to $250 after the decision, saying the approval removes a significant risk and allows Nebius to move forward with construction instead of becoming a “poster child” for data center delays. 2. Today’s selloff was driven largely by macro pressure. The VIX had been sitting near a two-year low, leaving stocks vulnerable to any pickup in volatility, while Treasury yields moved higher with the 10-year above 4.7% and the 30-year near 5.3%. Global bond pressure also intensified as Japan’s 30-year yield rose above 4% to a record high, while geopolitical uncertainty increased after Trump said the U.S. was not holding talks with Iran. The move was especially sharp in tech, with many semiconductor names down 8%-10%, the QQQs falling nearly 2%, and the S&P 500 down about 0.7%, as the market gave back part of the strong gains from the first half of August. 3. Anthropic is reportedly preparing to give CEO Dario Amodei and other co-founders enhanced voting rights ahead of a potential IPO as soon as late September, according to The Information. The structure is designed to protect leadership from outside shareholder pressure, especially as the founders hold relatively small economic stakes, with Amodei reportedly owning around 2%. Anthropic also plans to keep its Long-Term Benefit Trust, which holds special shares that allow it to elect a majority of the company’s board. 4. OpenAI said revenue reached $6.7B at the end of Q2, up 18% QoQ from $5.8B in Q1, while Anthropic reportedly doubled revenue to $11.6B over the same period. OpenAI’s operating loss widened from $9.3B in Q1 to $12.3B in Q2, outpacing revenue growth as compute costs, free-user subsidies, and pricing pressure weighed on margins. The slowdown matters because OpenAI has signed massive infrastructure deals tied to the expectation that it can eventually generate hundreds of billions in annual revenue, with companies like $NVDA, $ORCL, $CRWV, and $MU all exposed to the pace of AI demand. OpenAI is now leaning on products like Codex and a broader ChatGPT “super app,” while Greg Brockman has taken a more active role across product and business to help reaccelerate growth. 5. July economic data came in mixed. Import prices fell 0.4% MoM versus +0.1% expected, while export prices dropped 1.3% MoM versus +0.2% expected. Housing starts came in at 1.239M versus 1.350M expected, down 12.4% MoM, while building permits beat at 1.443M versus 1.375M expected. ADP also said private employers added an average of 9,500 jobs per week over the four weeks ending August 1, the first increase after 7 straight weeks of declines, but still well below the 30,750/week pace seen in early June. 6. The top 10 most active options today by contracts traded were $NVDA with 1.9M contracts, $TSLA with 1.5M contracts, $AAPL with 1.0M contracts, $INTC with 868K contracts, $MU with 847K contracts, $META with 823K contracts, $SPCX with 747K contracts, $AMZN with 700K contracts, $AMD with 385K contracts, and $NFLX with 359K contracts. 7. UBS remains bullish on Micron $MU with a Buy rating and $1,625 price target, arguing that cautious investor positioning creates an opportunity as earnings prove more resilient than feared. The firm says near-term concerns still center on supply agreement durability, gross margin downside, ongoing supply tightness, and future capacity additions, which could keep MU a battleground stock. However, UBS believes long-term investors may start to value memory more structurally as AI token generation economics become increasingly driven by memory rather than compute. 8. Onchain tokenized equity trading volume has hit a record $9B in 2026, up 207% QoQ and 800% year-to-date. The surge is being driven by demand for 24/7 global access to high-momentum stocks, especially memory and storage names, with Jupiter leading the Solana-based tokenized equities push and reporting 95% QoQ growth in routed volume. Jupiter also says 55% of tokenized equity volume happens during off-hours, while Nasdaq is moving in the same direction with plans to expand trading to 23 hours a day, five days a week. 9. Bank of America’s August fund manager survey shows investor bullishness approaching extreme levels, with a net 56% of managers overweight equities, the highest reading since November 2021. Cash allocations have dropped to just 3.5%, making this the third-most bullish survey since 2022. Despite strong confidence in stocks and AI spending, BofA says investors should consider rotating toward more defensive assets as market risks rise. 10. Einride is planning to deploy 500 Tesla $TSLA Semis for Amazon and other customers across major U.S. freight corridors beginning in September. The 24-month rollout will cover California, Texas, New Jersey, Illinois, and Georgia, and is expected to triple Einride’s deployed electric-truck fleet. The company operates electric and autonomous freight fleets through its Saga AI platform. 11. Google $GOOGL has reportedly told suppliers it plans to move production of all Pixel smartphones, watches, and earbuds out of China starting in 2027, with manufacturing shifting mainly to Vietnam and India. If completed, Google would become the second major global smartphone brand after Samsung to fully move smartphone production out of China. The company is also targeting 8%-10% Pixel shipment growth this year, up from roughly 12M units in 2025. 12. Morgan Stanley says active funds remain under-owned in mega-cap tech, with the gap widening to -129 basis points in Q2. Nvidia $NVDA is still the most under-owned large-cap tech stock, with its ownership gap widening 14 basis points to -2.53%, followed by Apple $AAPL at -2.33%, Microsoft at -1.54%, and Amazon $AMZN at -1.29%. Meanwhile, active managers are heavily overweight AI memory and storage names, with SanDisk $SNDK the most over-owned at +2.30%, while Lam Research $LRCX and Western Digital $WDC also rank among the most over-owned. Morgan Stanley says this shows a clear institutional bias toward AI “picks and shovels,” while under-owned mega-cap tech could benefit if active managers increase exposure. WALL STREET IS THE GREATEST SHOW ON EARTH.