Wednesday, September 02, 2026 — Private payrolls slowed in August, factory orders rebounded in July, and Nvidia is reportedly near a $14B Hugging Face deal while global bonds sell off.

10Y Treasury at 4.797% (+0.04), real yield 2.44%, breakeven inflation 2.35%. The global bond sell-off is tightening financial conditions even as stocks took a breather—this hits long-duration tech hardest. $NVDA near a $14B Hugging Face deal this week, plus an $EQIX inference partnership. Watch this—Nvidia is buying the model layer and edge inference, not just selling accelerators; $AMD $MU stay leveraged to the same buildout. Nvidia's August print and Vera Rubin momentum say the AI buildout is not rolling over. The issue is absorption: $MSFT $AVGO $AAPL capex needs to turn compute into revenue before 2.44% real yields make duration painful. US government backs OpenAI in its copyright fight with publishers. Good signal for $MSFT-backed OpenAI—training costs stay lower, publishers lose leverage, and model moats widen. $COIN -0.6% while bringing crypto futures to Canadian traders—new fee geography, but Kalshi and Polymarket volumes fell 15% in August. Speculative attention is fading even

10Y Treasury at 4.797% (+0.04), real yield 2.44%, breakeven inflation 2.35%. The global bond sell-off is tightening financial conditions even as stocks took a breather—this hits long-duration tech har