Interpretations — The Projection

US Central Command disabled two IRGC crude carriers off Kharg Island and Jask and destroyed a third in the Gulf of Oman on Saturday, after the IRGC fired ballistic missiles at a US carrier and a destroyer that "successfully evaded" them.

The yen strengthened into the 155-per-dollar range on 09-04, from around 157 the day before, on speculation that the Bank of Japan will hike faster than expected on 09-18 and that yen-funded carry trades are being unwound.

The shooting resumed over the Strait of Hormuz and Brent broke $90.

The 10-year Treasury yield reached 4.76% intraday, its highest level against any close since 2025-01-14 — but by one basis point, and the reasoning first offered for it was wrong.

The 10-year pushed past its January-2025 ceiling to roughly 4.81%, the highest since November 2023, inside a bond selloff that is global rather than US-specific.

Reuters put the first hard national number on the gap between capex committed and capacity actually energized: 700GW+ of large-user grid connection requests, roughly ten times current US data-center consumption.

Nvidia's own 10-Q puts its total equity-investment portfolio at ~$99 billion, up from ~$7 billion a year ago

Norway's Norges Bank Investment Management recommended cutting its government-bond weighting from 70% to 50% of its benchmark bond index — roughly $80 billion off its ~$215 billion of US Treasuries

Japan's 10-year JGB crossed 3% for the first time since 1996, and the US Treasury Secretary went on television to press Tokyo to hike.

Greg Abel gave his first on-record AI comments since the Q2 13F, and added a leg this thread had not heard from him: Berkshire Hathaway Energy's own upside.

Fed Governor Christopher Waller said he would support holding rates at the September 15-16 meeting if disinflation continues — "give disinflation a chance, we can wait one meeting" — and September-hike odds on CME FedWatch fell roughly twelve points to about 54.6%, the first clean move off the 65-68% this map has carried since 09-01.

Chip stocks decoupled from the rest of tech intraday, rallying hard in the same session that pushed September-hike odds through 60% — the opposite of the rate-sensitivity reaction.

Brent traded around $96.11 at 8am ET, up roughly $2 on the day and a fourth consecutive up session on the same mechanism.

Brent closed above $95 on Wednesday for the first time since late July, spiked to roughly $99.38 by 8am ET Thursday on Iran's fresh strikes on Kuwait and the UAE, and eased back to about $95 by afternoon — snapping the four-session rally rather than extending it.

Bank of Japan Governor Ueda said the board would "decide on policy with upside price risks in mind" at its September 17-18 meeting, markets priced roughly 94% odds of a hike, and the yen reversed from 160.1 to briefly touch the low-158s on intervention alert.

An executive order put the grid's own hardware under emergency trade authority, and it reaches every datacenter build this map tracks.

A second lab revenue engine got a public number on the morning a rival's IPO filing did not arrive: OpenAI put ChatGPT Ads at a $1bn annualized run rate in under 200 days.

A California judge stopped a named 330MW data center cold — the first time litigation, rather than a legislature or a governor, has done it.