CNBC

Lead Story

S&P 500 futures are holding steady following a third consecutive weekly gain and fresh all-time highs, while markets digest reports that Nvidia is in talks to invest up to $3 billion in SoftBank’s SB Energy to back OpenAI’s massive Ohio data center project. This potential deal highlights the relentless, capital-intensive scale of the artificial intelligence infrastructure boom.

Markets & Economics

U.S. stock futures are little changed Sunday night, with S&P 500 and Nasdaq 100 contracts ticking up 0.1% and 0.2% respectively, ahead of a week focused on Federal Reserve meeting minutes and retail earnings. Across the Atlantic, the pan-European Stoxx 600 index continues its resilient run, rising 10% in 2026 to trade slightly behind the S&P 500’s 13.5% gain. Goldman Sachs strategists pushed back on bearish narratives, noting that European banks have outperformed the “Magnificent 7” since 2022 and highlighting that Europe’s lag in AI modeling could act as an investor hedge. Meanwhile, domestic fiscal policy debates continue as Connecticut’s primary defeat of Rep. John Larson, who defended his Social Security expansion plans in a July 28 Democratic Debate, shakes up efforts to address the program’s looming 2032 funding shortfall.

Business & Earnings

Artificial intelligence infrastructure continues to attract astronomical capital, with Nvidia reportedly eyeing a major multi-billion dollar investment in SoftBank’s SB Energy to support OpenAI’s power demands. In private markets, Harvard Management Company disclosed in a securities filing that it holds a massive $2.2 billion stake in SpaceX, making Elon Musk’s rocket company the largest holding in Harvard’s university endowment. In banking, Wells Fargo’s Mike Mayo raised his price target on JPMorgan Chase & Co. to $390, claiming the bank’s “fortress balance sheet” will help it surpass a $1 trillion market cap and reach $2 trillion within eight years. This growth is supported by a tech-fueled buildout, though CoreWeave CEO Michael Intrator recently warned in an interview with Jim Cramer that overbuilding data centers is almost inevitable due to insatiable short-term demand.

Investing & Commentary

Jim Cramer is urging investors to abandon outdated cyclical dogmas and buy disciplined memory and storage leaders like Micron, SanDisk, and Seagate, which are generating record gross margins and returning billions of dollars to shareholders via massive buybacks. Meanwhile, Goldman Sachs has identified a new wave of Chinese AI hardware exporters expanding into Europe and Southeast Asia, recommending industrial automation leader Inovance as a top pick with over 50% projected upside. For steady income, Wall Street’s top-ranked analysts are recommending dividend-paying energy giants, highlighting Phillips 66 ( PSX ) for its rapid net debt reduction and Crescent Energy ( CRGY ) for capital efficiency following its Vital Energy integration.

Also Worth Watching

• Tensions Aboard the USS Lincoln (CNBC): U.S. Central Command Chief Adm. Brad Cooper visited the USS Abraham Lincoln to address mental health challenges aboard the deployed carrier, while Defense Secretary Pete Hegseth downplayed the morale issues as completely misrepresented.
• Trump Scales Back South Korea Military Drills (CNBC): President Trump instructed Defense Secretary Pete Hegseth to substantially reduce upcoming joint exercises, citing high costs and South Korea’s refusal to assist in denuclearizing Iran.
• BBC Demands Trump Family Depositions (CNBC): The British broadcaster petitioned a federal court in Florida for help in serving deposition subpoenas to Ivanka Trump, Jared Kushner, and Donald Trump Jr. as part of the President’s $10 billion defamation lawsuit.
• Deadly Magnitude-7.7 Earthquake Hits Indonesia (CNBC): Southeast Asia’s deadliest quake since 2022 struck the East Nusa Tenggara province, leaving at least 51 dead and forcing thousands to evacuate makeshift shelters.
• Hurricane Lala Knocks Out Power in Hawaii (CNBC): More than 40,000 customers lost power on the Big Island and Maui as Category 1 Hurricane Lala lashed the coast with 75 mph winds and threatened up to 25 inches of rain.

🎧 Since today’s coverage includes several important video clips and debates, I could generate a high-impact audio overview of these market developments for you to listen to on the go.