TQ Evening Briefing
The S&P 500 closed at a record. Constellation, Talen and Vistra jumped more than 10% after the Google nuclear deal. Jamie Dimon said Anthropic's Mythos raised global cyber risks 10-fold.
The S&P Hit a Record as the 10-Year Eased to 5.27%
Stocks needed one quiet day in bonds, and they got it.
The S&P 500 set an all-time intraday high above 7,840 and logged its 28th record close of 2026. The Nasdaq set a second straight record. The Dow gained about 0.5%. The 10-year yield closed near 5.27%, down from Monday's 5.31%. The 30-year eased to 5.64%.
The S&P peaked in the late morning and closed about 25 points lower.
AI-linked power names led the advance. Utilities were the top sector, while tech roughly kept pace with the index.
Breadth tells a thinner story. Ten of the S&P's 11 sectors are still down over the past month. Only technology is up. Even utilities, Tuesday's leader, are down about 4.5% over that stretch.
Two developments stood out. Constellation Energy announced a nuclear power deal with Google, and power stocks rallied from the open. And the $58 billion 3-year Treasury auction cleared slightly through pre-auction levels, though overall demand was only about average.
TQ Trade Implication
Lower long-term yields give richly valued stocks room to run. Wednesday brings the next two tests: the 10-year auction and the Fed's September minutes. A clean 10-year sale near current yields could extend the bond relief. A tail would likely bring the rate pressure back and turn today's record into the setup for a reversal.
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The Guardian calls it "the beginning of the biggest gold rush in history"... and one stock under $5 owns exclusive rights to harvest these rare earths.
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Constellation Signed With Google. The Whole Nuclear Group Rallied.
One company signed the contract. The whole group traded higher from the open.
Constellation Energy (CEG) jumped 12%, after rising as much as 16% intraday. The core deal covers 890 megawatts over 20 years from uprates at existing reactors. A separate 15-year agreement covers 2,700 megawatts of output from Constellation's existing PJM fleet. Constellation is investing more than $4.3 billion in the uprates.
So only about a quarter of the 3.6 gigawatts is new capacity. Price terms weren't disclosed, which leaves the return on that $4.3 billion an open question.
Companies outside the deal rose nearly as much. Talen Energy (TLN) rose 12%, slightly ahead of Constellation. Vistra (VST) climbed 11% and NRG Energy (NRG) gained 7%.
The bull case is simple. Google is signing contracts that run 15 to 20 years. That turns AI demand for nuclear power from a theme into contracted revenue. If other hyperscalers seek similar deals, existing reactor owners hold the scarce asset.
TQ Edge Setup
Tuesday's read-through ran hardest across generators. The fuel-cycle names moved less: Cameco (CCJ) rose 6% and Energy Fuels (UUUU) 4%. Whether they keep moving will show if the market treats this as a fuel story or only a power-contract story.
Jamie Dimon Said Mythos Raised Cyber Risk 10-Fold. Washington Has Already Warned Banks.
The head of the largest US bank just put a number on AI cyber risk.
JPMorgan (JPM) CEO Jamie Dimon told Bloomberg TV that Anthropic's Mythos model has raised cybersecurity risks "10-fold." He said AI "created vulnerabilities that we didn't know about." The Trump administration warned bank executives in April about risks tied to Mythos.
Mythos has not been released broadly. Its strength is finding software vulnerabilities, a skill that helps defenders and attackers alike. Dimon acknowledged AI's upside but said the industry has to do the work on the risks.
The warning lands in a banner year. New York's state comptroller says the securities industry is on pace for more than $90 billion in profits, with record bonuses expected.
Porter Stansberry's Critical New Warning:
Trump Is Replacing The U.S. Dollar
"The last time America reset its money, it created 1,300 millionaires every day. This could be bigger."
Cybersecurity is the most direct read-through. Palo Alto Networks (PANW), CrowdStrike (CRWD) and SentinelOne (S) all touched 52-week highs during the session. JPMorgan slipped 0.3%. Dimon's comment strengthens the demand case only if bank security budgets follow. The cyber names' next guidance would show it first.
Lambda Is Raising $4 Billion Before Its IPO. Blackstone and Coatue Are Leading.
Lambda wants one more large check before it goes public.
Lambda, a cloud computing company backed by Nvidia (NVDA), is raising up to $4 billion in a pre-IPO round at a $14.5 billion pre-money valuation. Blackstone and Coatue Management are leading what is expected to be Lambda's last private round.
A full $4 billion raise would value Lambda at about $18.5 billion after the money, leaving new investors with roughly 22%. A joint lead by two active AI backers is a bet that compute rental keeps growing.
TQ Execution Bias
CoreWeave (CRWV) and Nebius Group (NBIS) are the public benchmarks for GPU cloud, and they rose 5% and 7% on Tuesday. A Lambda listing would give investors another pure-play to price against them. A filing's key disclosure would be customer concentration. If a handful of model companies supply most of the revenue, that risk could matter as much as growth.
AI CEO Issues Code Red: Prepare for Meltdown
The CEO of this AI company (click here to get the name, 100% free) just issued a CODE RED in an internal memo…
Warning his employees that they’re dealing with a critical situation.
Another company executive even implied they might need a government bailout.
And now Jim Rickards is predicting this company is about to go bust, in a full-blown AI meltdown that could be 10 times bigger than Lehman Brothers.
- Uber (UBER) agreed to acquire ezCater for $2.3 billion in cash. ezCater runs catering and workplace meals for corporate clients, and the deal adds an enterprise revenue stream to Uber Eats and Uber for Business. Uber shares slipped 0.6%.
- Option Care Health (OPCH) surged 33% after private equity firm CD&R and McKesson (MCK) agreed to buy the company for $32.05 a share. The price is a 37% premium to Monday's close but still about 12% below where the stock traded in January. It closed at $31.00, leaving 3.4% of upside to the offer.
- The US trade deficit widened to $106 billion in August, its largest in more than a year. Adjusted for prices, the goods gap still widened 8.2%, so more goods arrived, not just pricier ones. A wider gap subtracts from third-quarter growth.
A Record Built on One Quiet Bond Day
Three stories defined the day. The S&P set a record as yields eased. Nuclear stocks rallied after Constellation's long-dated Google contracts, with real capital behind them. And Jamie Dimon said one AI model had raised global cyber risk 10-fold.
Under the record, ten of the S&P's 11 sectors are still down over the past month.
Wednesday brings the Fed minutes and the 10-year auction together. The record needs both to go smoothly. If either disappoints, today's high could look like a high-water mark rather than a starting line.
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