MktInsight

This is insane. Oil exports from the Persian Gulf are almost back to pre-war levels. Meanwhile, Iranian exports have literally hit zero. Blockading Iran’s blockade actually worked. Iran can’t stand this for much longer.

The drop in average new home sales prices (driven by the drop in sales of the highest priced homes and jump in the lowest tier) took the average selling price to the least since August 2024, down 8.8% year-over-year.

GS: We Do Not See a Strong Economic Case for Hiking Because We Continue to Think That All of the Overshoot of the 2% Target Can Be Attributed to Fading One-Time Factors

Deep Fission CEO Liz Muller joined @IGCom's The Long and the Short to talk about why we're building nuclear reactors a mile underground. Liz walks through our path to commercial power in Parsons, KS, and the customer demand behind our growing pipeline. youtu.be/3mhYG4X32DI

Leveraged funds are becoming increasingly bearish on US tech: Leveraged fund short positions on Nasdaq 100 futures are up to ~$75 billion, near their highest in at least 4 years. Short positioning has more than doubled since February. Meanwhile, long positioning on Nasdaq 100 futures is down to ~$18 billion, its lowest since mid-2025. As a result, net positioning among leveraged funds is down to -$57 billion, near its lowest since at least 2022. This marks a sharp reversal from the positive net positioning recorded in November 2025. Leveraged funds are increasingly betting against tech stocks.

Core CPI 2.4% Continuing the march to 2%. No objective reason to hike.

Core CPI is at the lowest level since 2021.

BREAKING: Short interest in the median S&P 500 stock is up to 3.2% of market cap, the highest level since 2009. This is now approaching the 2008 Financial Crisis peak of ~3.8%. By comparison, during the 2022 bear market, this percentage was ~1.7%. Furthermore, short interest among the most heavily shorted 10% of S&P 500 stocks is up to 8.0% of market cap, the highest in 8 years. Even during the 2000 Dot-Com Bubble burst, short interest never surged to these levels. The short trade is starting to look overcrowded.

US tech profitability is exploding higher: Profit margins for Technology, Media, & Telecom (TMT) stocks are up to a record 24%. Margins have doubled since the 2022 bear market. Tech profit margins are now nearly 10 percentage points above their historic trend, which is currently running at ~15%. By comparison, profit margins for companies excluding tech stand at ~9%, in-line with their long-term trend. This is still below the 2007 peak before the Financial Crisis started and below the 2021 high. As a result, tech profit margins are now ~2.7x higher than the rest of the market. The AI Revolution is transforming tech's profitability.

We're excited to share footage from last Thursday, September 3rd, when we successfully installed and retrieved a full-size prototype reactor canister from a borehole using standard commercial drilling equipment operated by a commercial drilling and rigging crew. The crew lowered the 20-foot canister to 100 feet depth inside a 34-inch-wide borehole, aligned it, and brought it back to the surface. This is the emplacement and retrieval sequence that our deployment model depends on. "The most important thing about this demonstration is what we did not have to do," said Liz Muller, CEO and Co-Founder of Deep Fission. "We did not have to develop new technology. We used a rig and rigging that is commercially available in the field today, and our reactor uses pressurized water technology that has been operating in the nuclear industry for decades. Our innovation is in how we put proven pieces together, not in inventing something that has never been built. That is the difference between a science project and something you can deploy." Visit the link in comments to learn more.

The PEG ratio for the S&P 500 has fallen to secularly low levels.

DOE JUST SIGNED OFF ON THE SAFETY FRAMEWORK FOR A REACTOR THAT GOES A MILE UNDERGROUND NSDA APPROVED · DOE approved Deep Fission's Nuclear Safety Design Agreement for the Gravity reactor, establishing the safety framework that will guide the design's continued development under the Reactor Pilot Program. · At the Great Plains Industrial Park in Parsons, Kansas, the company has drilled its first data acquisition well to 6,000 feet and delivered a prototype reactor canister since breaking ground in December 2025. · Deep Fission states the Parsons project is not designed as a one-time criticality test, and that it intends for the demonstration reactor to become a fully NRC-licensed, commercially operating unit after initial testing and DOE authorization. The NSDA is the second of four steps in the DOE authorization pathway, ahead of the PDSA and DSA, so this is agreement on a safety framework rather than permission to build or operate. The more consequential claim here is the stated intent to convert a DOE-authorized demonstration into an NRC-licensed commercial unit, which is the harder transition and one no pilot program participant has completed. A mile of rock may simplify the physical safety case, but the licensing case still has to be argued on paper. Does depth actually shorten the path to a commercial license, or just move where the hard questions get asked? $FISN

What if the future of #NuclearEnergy isn’t about reinventing the reactor, but rethinking where and how we deploy it? Our Gravity™ Nuclear Reactor is designed to integrate proven technologies to reduce cost, complexity and surface footprint. ⚛️ deepfission.com/technology

China and US continue to battle: "The Federal Communications Commission is drafting a ban on imports of some Chinese data center components to protect US data center infrastructure"