U.S. stocks faded into the close Wednesday for their sixth loss in seven sessions, reversing early gains after a cooler-than-expected August PCE surprised everyone into green territory.

The S&P 500 slipped 0.2% while the Nasdaq added 0.2% and the Dow fell 0.8%, giving back 51,000. Breadth was ugly: one sector finished green and ten red, with tech up 0.6% and staples down 1.5%. The 10-year settled at 5.26%, up 30 basis points on the week, as traders pushed the next hike to December.

In war news, an Israel-bound flight landed safely after an apparent attack from the copilot was thankfully thwarted by passengers and the pilot, who landed while suffering stab wounds.

In AI news, Micron posted a record quarter and barely moved, while Liquidia cratered 57% on a patent ruling and Cerebras dropped 9% into its lockup expiry. The White House AI pledge to not kill humanity drew some criticisms, as the president seemed to sign his name above President of the Unites States.

Stocktwits stayed loud on $MU, $GOOGL, and $APP.

Today's Briefing: 

Micron Technology, the memory-chip maker powering AI data centers, phones, and PCs, posted record fiscal fourth-quarter results Wednesday as demand and memory prices surged.

The RIP: $MU ( ▲ 0.0% ) finished flat and gained +0.6% after hours. Adjusted EPS of $33.42 beat $31.61, while revenue of $54.23B topped $51.07B. Gross margin reached 87%.

Micron expects the boom to keep rolling. It guided for $61.5B in revenue and $38.15 in adjusted EPS this quarter, both ahead of estimates, and said memory supply should remain tight through fiscal 2028.

Still, the stock has already climbed +273% this year. An 86.25% gross-margin forecast would also be slightly lower sequentially, giving cycle-wary investors a reason to keep one foot near the exit.

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Liquidia, a respiratory-drug developer, suffered its worst session Wednesday after a Delaware federal court ruled that its Yutrepia inhalation powder infringed two United Therapeutics patent claims.

The RIP: $LQDA ( ▼ 57.19% ) plunged -57.2% to $30.26, erasing $40.43 per share. Rival $UTHR jumped +12.5%. The court ruling covered two claims tied to treating PH-ILD with inhaled treprostinil.

The court found the other asserted claims invalid, but the two surviving claims were enough to put Yutrepia’s commercial reach at risk. Both parties must submit proposed remedies within one week.

Liquidia plans to appeal and ask the FDA to remove PH-ILD from Yutrepia’s label. The company said potential remedies could range from losing that indication to broader restrictions on the drug’s availability.

Yutrepia was approved in 2025 for both PH-ILD and pulmonary arterial hypertension. United Therapeutics is seeking an injunction that could restrict sales for one or both uses. Liquidia said it cannot yet estimate the financial exposure.

Alphabet’s Google previewed Gemini 4 Argon Wednesday, giving government and cybersecurity partners early access to its newest AI model before a broader release.

The RIP: $GOOG gained +1.0% Wednesday and another +1.8% after hours. Google said Argon improved coding, cybersecurity, multimodal understanding, and professional work, but Bloomberg reported that some employees questioned its coding performance.

Coding has become one of the clearest ways developers compare frontier models from Google, OpenAI, Anthropic, and Meta. Without good coding, some would argue, what is the point.

The limited rollout gives Google time to tune Argon and test its safety controls, but it also means consumers and most developers cannot judge the company’s benchmark claims yet. No broad release date was provided.

The $GOOG room is neutral on whether Gemini 4 closes the gap ->

The Fed's favorite inflation gauge came in lighter than expected for August, with core PCE at 3.0% against 3.3% expected, and traders immediately pushed the next rate hike from October to December. Stock futures climbed and Treasury yields fell on the print.

The RIP: Headline PCE rose 3.4% year over year versus 3.7% expected, while core hit 3.0% versus 3.3%. Month over month, prices rose 0.3% headline and 0.2% core. The miss came with an asterisk: the BEA rewrote how it measures legal services, software, and portfolio management, shaving 0.36 points off July's core reading.

The cooler print landed alongside a big upward GDP revision: Q2 growth is now 2.2%, not 1.5%, and spending ran hot at +0.9% while income grew just 0.2%.

New York Fed President John Williams said Tuesday there's "no need for urgency" after September's hike, though he still thinks another move "may be appropriate late this year.”

33.5K WATCHERS · NEUTRAL · NORMAL ACTIVITY

Capricor's 24-month HOPE-3 data showed deramiocel slowed upper-limb decline in Duchenne patients, lifting the stock 11% as traders bet the results salvage its FDA bid, though skeptics say open-label data won't erase the agency's prior concerns.

3.8K WATCHERS · BULLISH · HIGH ACTIVITY

Jabil lifted its fiscal 2027 guidance above Wall Street on booming AI data-center demand and still cratered 10% in its worst day in over a year, as a $17.55 EPS guide on $44.5B of revenue failed to clear the bar.

7.7K WATCHERS · NEUTRAL · LOW ACTIVITY

Synopsys and OpenAI will jointly build GPT-Synopsys under a shared-revenue agreement, while a separate $1B-plus Amazon deal makes the cloud giant the lead customer for Synopsys’ custom-silicon IP.

13.6K WATCHERS · NEUTRAL · NORMAL ACTIVITY

Cerebras fell as an estimated 19.4M-share lockup tranche became eligible for sale, while reports that OpenAI’s new high-speed service uses Nvidia hardware added pressure, though neither company confirmed a supplier change.

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🏛️ How the Fed’s $2.4B renovation escaped criminal charges

🧬 Lilly’s obesity combo puts a new number on weight loss

🎬 Paramount taps Mattel’s departing CEO for its next act

⚖️ The CFTC’s prediction-market power play heads to the White House

🎰 MGM circles an unusual takeover target

🚀 SpaceXAI may bundle Grok and X into one bill

Pre-Market Earnings: $ACN Accenture plc - Ordinary Shares - Class A, $MKC McCormick & Co., Inc. - Ordinary Shares (Non Voting). ☀️
After-Market Earnings: $NKE Nike, Inc. - Ordinary Shares - Class B. 🌙

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

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