Stocks fell Tuesday as attacks on Saudi oil facilities pushed crude +3% and revived inflation fears. It’s the longest rally in crude since the fighting began in March, a six day energy burn up that sees futures approaching $100/barrel again. Iran attacked U.S. Navy ships while Americans were celebrating Labor Day on Monday, even capturing an unmanned submarine.

The Dow lost -1.1%, the S&P 500 fell -0.5%, and the Nasdaq finished nearly flat. Energy led the sector board, and health care sank -2.5%.

Qualcomm’s Amazon deal lifted $QCOM and spread into $GLW, $LITE, $COHR, and $CIEN as traders followed AI spending from chips into the connections between them. In non stock market news, OpenAI said it solved a Millennium Prize Problem with 10,000 custom AI agents (twelve hours after a professor solved portions of the same problem by using OpenAI products). 👀

Stocktwits heat stayed outside the megacaps. $GME led the live pulse after earnings, and traders piled into $SST’s MapQuest revival as the stock ripped +34%.

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GameStop, the video game retailer turned collectibles shop and investment vehicle, reported higher second-quarter profit on Tuesday. Shares still fell as another sharp sales decline overshadowed stronger trading card demand and a raised outlook. This is the company led by Ryan Cohen that wanted to buy out eBay.

The RIP: $GME fell -1.4% Tuesday and another -0.8% after hours. Adjusted EPS was $0.27 as revenue dropped -19% YoY to $790.2M. Collectibles sales surged +57% to $356.3M, or 45% of total sales.

Net income jumped to $298.7M, but that included a $238M gain from GameStop’s eBay stake, partly offset by a $75M digital asset loss. Store closures, the sale of its France operations, and a tough comparison against last year’s Nintendo Switch 2 launch dragged on revenue.

And what about the eBay buyout? GME offered $125/share, or about $55.5B total in May. The eBay board rejected the offer almost right away, and basically said Cohen and gang don’t have the financing to go through with it. They might be right. By August, GME had about $4B in eBay stock and $9B in cash: nowhere near the bid offer. The video game and Pokémon card retailer would still have to raise $19B more cash, and $27B MORE in new share sales. TD Bank said in May it believed GameStop could also raise cash debt to help finance the deal, but it said no way was it going to be the bank to do it.

Cohen swore he would get his hands on eBay, but the firm did not mention the plan at all on Tuesday. At Tuesday’s prices, issuing enough stock to cover the half stock claim Cohen proudly announced and defended would mean 1.3B new shares, more than tripling the number of shares in total circulation. So if the deal goes the way Cohen said, it's taking every dollar in the stock and throwing away $0.75. 🪙

Home furniture brand Blu Dot blew up on CTV with help from Roku Ads Manager. Here’s how:

After a test campaign reached 211,000 households and achieved 1,010% ROAS, the brand went all in to promote its annual sales event. It removed age and income constraints to expand reach and shifted budget to custom audiences and retargeting, where intent was strongest.

The results speak for themselves. As Blu Dot increased their investment by 10x, ROAS jumped to 2,308% and more page-view conversions surpassed 50,000.

“For CTV campaigns, Roku has been a top performer,” said Claire Folkestad, Paid Media Strategist, Blu Dot. “Comping to our other platforms, we have seen really strong ROAS… and highly efficient CPMs, lower than any other CTV partner we've worked with.”

Using Roku Ads Manager, the campaign moved from a pilot to a permanent performance engine for the brand.

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*3rd Party Ad. Not an offer or recommendation by Stocktwits. See disclosure here.

💰 Google’s revived nuclear power plant gets $1.9B loan from US government

📺 AI Has Solved One of Math’s $1 Million Millennium Prize Problems

📊 US issues sweeping sanctions against Iranian airlines, foreign businesses

📰 Trump administration expresses 'profound concern' over Ford's ties to China

📊 2 Miami airport runways still closed after Amazon cargo plane crash

🤖 AMD Stock Spikes 6% After CFO Claims Total Addressable Market To Hit $3 Trillion In 2030

Qualcomm, best known for wireless chips and Snapdragon processors, announced Tuesday that Amazon will use its custom silicon for AI inference and data-center networking. The companies will also develop optical connections capable of moving data at up to 1.6 terabits per second.

The RIP: $QCOM ( ▲ 3.17% ) climbed +3.2% to $174.09 after jumping +6.9% before the bell. Amazon can buy up to 25M shares at $161.26 each, with the warrant tied to as much as $60B in business.

The deal gives Qualcomm a serious customer as it pushes beyond smartphones and into AI data centers. On Stocktwits, @Nakuldesai focused on the same catch: the $60B figure is a ceiling, not guaranteed revenue.

The market spread the trade across the optical stack. $GLW climbed +8% after Verizon signed a multi-billion-dollar agreement for more than 80M miles of fiber through 2032. $LITE jumped +11%, $COHR rose +7%, and $CIEN added +6% as traders bought the companies connecting AI data centers. $STX gained +6% with the broader infrastructure group, though storage makes it a looser fit. AI spending is moving from chips to everything connecting them.

Novartis, the Swiss drugmaker, said Tuesday that del-desiran failed its main goal in the Phase 3 HARBOR study for myotonic dystrophy type 1. Patients did not show a statistically significant improvement over placebo in how quickly they could relax a clenched hand.

The RIP: $NVS plunged -13.9% to $137.70 on 3.7 times its recent volume. Novartis acquired del-desiran through its $12B purchase of Avidity Biosciences. The failure dragged $DYN down nearly -18%, $SRPT more than -9%, and $PEPG over -5%.

This was Novartis’ third clinical setback in a matter of days. Pelacarsen failed to reduce cardiovascular events, and the company paused several rap-cel studies after three patient deaths. Novartis maintained its 5% to 6% annual sales-growth target through 2030, but the pipeline now has more work to do as Entresto sales face patent pressure.

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4K WATCHERS · BULLISH · EXTREMELY HIGH ACTIVITY

System1 said MapQuest added more than 2M users over the past week, extending the app’s surprise return to relevance. Shares ripped +34%. Bulls chased the download surge, but the company’s falling revenue, debt, and liquidity problems did not disappear with the new users.

4.7K WATCHERS · BEARISH · LOW ACTIVITY

Satellite-imaging company Satellogic appointed former National Geospatial-Intelligence Agency director Frank Whitworth as president. Shares jumped +16% as the company added a former U.S. intelligence chief to its defense push. Stocktwits traders remained bearish despite the move.

Bearish 🐻 | Bullish 🐮 | It’s Complicated 😵‍💫

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Macro: FOMC Press Release (9:00 AM ET). 📊
Pre-Market Earnings: $CHWY Chewy Inc - Ordinary Shares - Class A, $NNOX Nano X Imaging Ltd, $ASO Academy Sports and Outdoors Inc, $JILL J.Jill Inc, $SIG Signet Jewelers Ltd, +2 more. ☀️
After-Market Earnings: $LAES SEALSQ Corp, $AVAV AeroVironment Inc., $ANIX Anixa Biosciences Inc, $AEO American Eagle Outfitters Inc., $LAKE Lakeland Industries, Inc.. 🌙

P.S. You can listen to all of these earnings calls on Stocktwits.

Want to see some change? Email me, Kevin Travers, with feedback, and follow me on Stocktwits. Send me charts and ideas! Refer a friend for this quarter’s edition of The RIP Forecast 😎

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