September 28, 2026

Tech stocks closed mixed as NVDA gained 1.7% but TSLA, AMD, and SOFA fell 3–4% in the latest session; rotation favored semiconductors on NVDA's $150B buyback while growth and fintech faced pressure. AMD's $8.2B World Labs acquisition—snapping up Fei-Fei Li's AI compute play—signals aggressive positioning in the inference stack, but broader sentiment turned cautious as Fed inflation concerns and bond yields weighed on valuations. Overnight focus: Modal Labs' $15.75B Series C round and whether AI infrastructure deals sustain momentum into open.

Get this written around your own watchlist, by 7am — free, no card. Start free

• NVDA +1.7%
• AMD -3.6%
• HIMS -2.2%
• SOFI -3.9%
• COIN -1.7%
• FUBO -2.0%
• ELF +2.3%
• SPCX -2.2%
• ADBE -1.9%

• NVDA — Historic $150B buyback announcement and continued datacenter demand offset broader market caution.
• AMD — World Labs acquisition adds AI compute capability but market pricing in execution risk and integration.
• TSLA — Tech selloff and valuation pressure as Fed flags inflation risks from AI infrastructure buildout.

AI inference and compute consolidation (AMD/World Labs, Modal capital raise) · Chip capex and datacenter spending amid Fed inflation concerns · Nvidia buyback signaling and semiconductor leadership in '26 · AI safety and regulation (Musk/SpaceXAI subpoena, autonomous weapons debate) · Growth/fintech rotation as bond yields climb — hottest: AI compute infrastructure M&A and funding accelerating while valuations face macro headwinds

• Modal Labs $750M round: inference API demand signaling strong agent commerce tooling TAM
• AMD/World Labs deal: edge AI compute consolidation; watch for new inference partnerships emerging
• Nvidia $150B buyback: sustained capex cycle; cloud/edge infrastructure vendors have runway
• Fei-Fei Li move to AMD: talent/research shift signals AI compute now core, not peripheral
• Fed inflation watch: AI datacenter cost pressure may shift strategy toward edge inference plays