Good afternoon and welcome to Markets Desk.
Nvidia is reportedly exploring a significant stake in Hugging Face, the open-source AI platform, in a move analysts are reading as a strategic hedge. If OpenAI and Anthropic come to dominate closed AI systems, they could squeeze Nvidia's hardware leverage. Open models keep that ecosystem competitive and Nvidia relevant at the silicon layer.
Shifting to macro, all eyes are turning toward Jackson Hole, where incoming Fed Chair Kevin Warsh is set to deliver his first major policy address. History shows markets tend to move sharply on these speeches, with equities sensitive to any language around rate trajectory. Traders are watching closely for any signal that Warsh's Fed will break from its predecessor's cadence.
Meanwhile, crude oil is trading under modest pressure today, with October West Texas Intermediate slipping fractionally as dollar strength weighs on dollar-denominated commodities. Adding to the softness, Middle East supply flows have been increasing, which loosens the supply picture and gives traders less reason to bid prices higher in the near term.
That's the tape. Markets Desk, signing off the floor.
