BREAKING: President Trump says he is “not going to stifle growth” of AI which is “bigger than the Industrial Revolution or the internet itself.” Once again, you do not own enough assets.

BREAKING: US Treasury Secretary Bessent says all Iranian airlines will be "shut down" around the world on September 23rd. Bessent says any airport or company that provides Iranian airlines with fuel, landing services, ticket sales, or other assistance will be "knocked out" of the US Dollar system.

BREAKING: Ukraine fired one of its largest drone attacks ever, estimated to include 1,600+ drones, targeting the Moscow region and hitting the city's main oil refinery. This comes just 6 days after President Trump said Ukraine and Russia agreed not to hit energy targets in an effort to lower diesel prices. The site that was struck supplies more than 33% of the Moscow region's fuel and is currently on fire. Oil markets are set to open in 10 hours.

The AI trade is undergoing a massive reversal: The AI Beneficiaries Index relative to the AI At Risk Index has fallen -46% from its late 2025 peak to near its lowest since early 2025. AI Beneficiaries include semiconductors, tech hardware, and capital-goods companies involved in AI infrastructure such as Nvidia, $NVDA, AMD, $AMD, Microsoft, $MSFT, and Broadcom, $AVGO. At the same time, AI At Risk includes software and commercial-services companies such as Adobe, $ADBE, Salesforce, $CRM, and ServiceNow, $NOW. In other words, companies previously expected to benefit from AI have seen the largest drawdown on record relative to companies considered vulnerable to AI disruption. This comes as investors are increasingly looking beyond AI CapEx and infrastructure, focusing on whether companies can generate tangible benefits from AI, including productivity gains and revenue growth. This shift also helps explain the turnaround in software stocks, as the group has gone from being viewed as AI's biggest casualty to increasingly being seen as an AI beneficiary itself. The market is reassessing the winners and losers of AI.

BREAKING: The Federal Reserve officially hikes interest rates by 25 basis points, marking its first rate hike since July 2023. This ends the longest Fed interest rate pause since 2008.

SUMMARY OF FED CHAIR WARSH'S STATEMENT (9/16/26): 1. Warsh says the decision to hike rates comes at a time when the economy is "strengthening" 2. Warsh says he is "hard-pressed to call financial conditions restrictive" 3. The view that conditions are not restrictive was "widely shared by the FOMC" 4. Warsh says the predominant focus of the Fed is on price stability 5. Warsh says he did not submit a dot for the Fed's dot-plot 6. The Fed "must be confident that inflation is moving to our 2% objective" The Fed is highly committed to obtaining 2% inflation.

SUMMARY OF FED DECISION (9/16/2026): 1. Fed hikes interest rates by 25 bps for first time since July 2023 2. The decision was made in a 12-0 unanimous vote 3. Fed says the decision will support a "timelier" return to 2% inflation 4. Median Fed forecast shows one more 25 basis point rate hike in 2026 5. Fed says job gains are strong and the unemployment rate has "changed little" 6. "The Committee will deliver price stability," the Fed's statement says Higher for longer is back.

President Trump is now calling the AI safety concerns that were voiced by big tech CEOs this weekend a “hoax.” He has voiced his opposition to AI safety concerns five times now since Saturday. This marks the biggest divergence yet between the White House and the leaders building frontier AI. The reality is that we are now in an AI arms race. Without an international agreement, compliance with which would arguably be nearly impossible to regulate, no one has an incentive to slow down. If one party slows down, but the other doesn’t, the former will be left in the dust. The question now becomes, will big tech CEOs go against Trump on this? If so, it will have market-moving implications. This is the era of disruption.

Silver miners are sitting on a record cash pile: Net cash balance across the top 10 silver mining companies surged to a record ~$4.2 billion in Q2 2026. This figure has more than doubled since Q3 2025. This marks a sharp reversal from the 2014-2024 period, when debt exceeded cash levels for most quarters. To put this into perspective, during the 2010-2011 rally, combined net cash balance among these companies never exceeded $2.0 billion. Cash accumulation has accelerated sharply alongside the silver rally, as higher silver prices have boosted margins and free cash flow across the group. Silver miners have never been this liquid.