The Exchange

Nvidia will buy open-source AI platform Hugging Face for nearly $13B. BofA’s Vivek Arya says that will extend Nvidia’s sphere of influence well beyond Silicon. Meanwhile, ChatGPT, Claude, and Grok all experienced outages in the morning--former Marine Corps. hacker David Kennedy says while that can be attributed to new models causing massive usage spikes, there could also be other, more sinister, factors at play. Plus, a Kansas union leader on why he broke with tradition, aligning with Republicans on data centers in the state.

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As West Virginia says ‘yes’ to data centers, Governor Patrick Morrissey is focused on clean water and keeping energy costs low. Steve Jobs biographer Walter Isaacson wants Apple to get back to its roots under its new CEO, creating devices that bring humans closer to the machines and intelligence they use. Plus, trader Jeff Kilburg says, despite a potential rate hike, stocks won’t experience a September swoon.

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Investor Barry Knapp makes the case for a Fed rate cut with global yields back on the rise. FTC Andrew Ferguson on the agency’s new lawsuit against Amazon. Plus, an officer from electrical workers union, I.B.E.W., Local 26, tells us why data centers are “the best opportunity in generations for blue-collar workers to attain a portion of the American dream.”

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The US striking Iran for the first time in a month as the G20 kicks off and Secretary Bessent says the administration can keep the pressure on without China’s help. Colorado AG and Democratic gubernatorial candidate Phil Weiser on his plan for data centers. Plus, Sarat Sethi’s leader-to-laggard pick for the second half has already surged nearly 60% since July.

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Fed Chair Kevin Warsh striking a hawkish tone in his first speech at Jackson Hole, saying there’s more work to do on inflation and former Boston Fed President Eric Rosengren agrees. Peterson Institute’s Adam Posen calls the Treasury’s increased bond buybacks “nuts.” Plus, off-price retail is on-target, according to Bank of America.

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