In This Issue

FOMC · September 16, 2026

The Fed Hit the Brakes.

Wall Street Barely Flinched.

The Federal Reserve raised rates, warned that inflation remains elevated and offered little encouragement to investors hoping for cheaper money. Yet the Nasdaq finished almost unchanged. The Dow took a harder hit, falling 631 points, or 1.21%, while the S&P 500 declined 0.45% and the Nasdaq slipped just 0.01%. It was a setback, but hardly a uniform retreat.

Wednesday's 12-0 vote lifted the benchmark rate to 3.75%-4%. The Fed pointed to resilient spending, strong productivity and robust investment as evidence that the economy remains on solid footing. That explains the decision: policymakers see enough strength to keep fighting inflation through higher borrowing costs.

The bigger development was the outlook. Officials' median forecast puts the rate midpoint at approximately 4.1% at the end of both 2026 and 2027, suggesting another quarter-point increase this year and no net reduction next year. These are projections, not promises, but they challenge the assumption that relief from high rates is just around the corner.

Consumers are giving the Fed reason to hold that position. August retail sales rose 1.2%, reversing July's 0.5% decline. Sales excluding gasoline stations increased 1.1%, showing that the rebound extended beyond higher fuel bills. Stronger sales do not necessarily mean households are buying more goods or gaining purchasing power — these are dollars spent, not units.

The Fed's Outlook

Officials expect 3.7% overall inflation and 3.4% core inflation this year. They also project 2.3% economic growth and 4.1% unemployment. Their outlook assumes continued expansion despite tighter policy — the judgment that will ultimately determine whether this hike was warranted.

For stock investors, the distinction is between companies that can sustain earnings with expensive financing and those depending on rates coming down. Wednesday's divided performance suggests investors are still making that distinction. One session cannot establish lasting resilience, but it did show that a rate increase alone was insufficient to trigger a broad selloff.

Intel (INTC) · Earnings Oct 22

Intel's Next Big Deal? What to Watch Before October 22

Building chip factories is expensive. Finding someone willing to help fill them could change the equation. That is why Intel's discussions with South Korean memory-chip maker SK Hynix deserve attention — and with earnings expected October 22, Intel (INTC) has more than one reason to stay on traders' radar.

The companies are reportedly exploring a potential arrangement to manufacture memory chips in the United States. Possibilities include SK Hynix leasing part of Intel's planned Ohio facilities or participating in a joint venture, potentially alongside major cloud companies. No agreement has been finalized, but the prospect gives investors something concrete to consider: could Intel turn part of its costly manufacturing expansion into a shared opportunity?

The financial logic is straightforward. A semiconductor factory consumes money long before it produces a chip. Bringing in a partner could help spread the investment burden and establish demand for the facilities. For Intel shareholders, though, the value would depend on the terms. Rental income, shared ownership and manufacturing revenue would each produce a different financial outcome. A recognizable partner gets attention; a profitable arrangement is what would make the story matter.

Intel shares gained approximately 4% on September 16 as investors responded to the reports. The enthusiasm comes with unanswered questions, including regulatory approvals and a long construction timeline. This potential partnership would take time to develop, so it should not be treated as money about to appear in Intel's next quarterly results.

October 22 brings the nearer opportunity. Intel's earnings are currently expected that day, putting a potential earnings play into the picture. Investors will be looking for stronger sales, healthier margins and evidence that manufacturing spending is translating into business progress. Any partnership update would add interest, but the earnings case needs to stand on the company's results and outlook.

NASDAQ: MARA · September 16, 2026

MARA's Move Into AI: The Opportunity and the Evidence

MARA Holdings (NASDAQ: MARA), best known for Bitcoin mining, is pursuing an expansion into AI infrastructure. Its strategy combines access to electricity, development sites and experienced partners. The opportunity is substantial, but investors need to distinguish completed deals from projects that still require customers, financing and construction.

Starwood Partnership

The company's partnership with Starwood Digital Ventures outlines more than 1 gigawatt of expected initial data-center IT capacity, with potential expansion beyond 2.5 gigawatts. Starwood would lead development, construction, tenant sourcing and operations. MARA could invest up to 50% in individual projects. These are development targets, not operating capacity or contracted revenue.

Long Ridge Ohio · $1.5B

MARA also agreed to acquire Long Ridge Energy & Power in Ohio for approximately $1.5 billion, including debt. The property combines natural-gas generation with more than 1,600 acres and access to water, fiber and grid infrastructure. The August quarterly filing still described the acquisition as pending, with a 485-megawatt plant expected to reach 505 megawatts in early 2027. Initial AI capacity was targeted for mid-2028.

Texas · 1,200 Acres

In Texas, an agreement covers more than 1,200 acres in Matagorda County. Expected grid access reaches up to 1 gigawatt by October 2027 and 2 gigawatts by April 2028. MARA's cited 4.8-gigawatt potential portfolio depends on future developments, including Long Ridge and full energization of the Texas site.

Exaion France · 64% Stake

MARA has completed its acquisition of a 64% stake in France's Exaion, establishing an operating foothold in private cloud and AI computing infrastructure. However, Exaion's impact on first-half consolidated results was described as immaterial.

The Existing Business

Second-quarter revenue was $174.9 million, down approximately 27% from a year earlier. The loss attributable to common shareholders was $609.7 million, with substantial digital-asset valuation effects. June-end debt was approximately $2.45 billion, down from $3.65 billion at year-end. Bitcoin exposure remains material.

The next major test is securing binding customer commitments. The disclosures describe tenant discussions and indications of interest; they do not establish a signed major hyperscale AI lease. Revenue estimates based on competitors' contracts remain hypothetical.

Sources: Starwood · Long Ridge · Texas project · Exaion · Q2 2026 filing. Project status reflects the cited disclosures. The $11 figure is the entry price discussed, not a verified live quote.

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