MON SEP 28, 2026: $NVDA +1.9% on a record $150B buyback and a new platform to stop rogue AI agents; Iran is pressed for nuclear concessions while Trump won’t rule out more strikes before midterms; Dow

Nvidia’s $150B buyback is the largest ever. It’s a flex, but also a tell: management would rather shrink the share count than wait for multiple expansion. Good signal on cash flow, less good on new deployment. Nvidia’s rogue-agent security tool is the enterprise angle. If AI agents touch workflows, guardrails become the product. The distribution winners are $MSFT, $AAPL, $AVGO and $MU — software control layer, devices, custom silicon, memory all get pulled into the stack. China semis are lower on the Nvidia China chip sales report. TSMC is raising 2nm wafer production outlook by 20%. That split matters: export controls hit China names, but leading-edge foundry demand is still hot. Watch the read-through. Dow drops 377 as oil and Treasury yields keep climbing. Prediction markets: 86% odds Fed funds upper bound above 3.75% after Mar 2027, 95.5% CPI above 3.3% for Sep 2026, only 32.5% above 125k payrolls. Sticky inflation, cooling jobs — bad mix. Bessent hiring David Zervos adds a Wall St

Nvidia’s $150B buyback is the largest ever. It’s a flex, but also a tell: management would rather shrink the share count than wait for multiple expansion. Good signal on cash flow, less good on new de