Arm CEO Rene Haas said he is increasingly confident the company can secure enough supply to meet customer demand of $2 billion for its AI chip. The company first disclosed that demand figure on its May earnings call, double the previously outlined $1 billion, but kept its official $1 billion revenue outlook at the time and the stock fell 10%. On July’s earnings call, management said its supply confidence had improved, and the shares rose more than 7% in the following session.

The International Energy Agency projects global oil supply will drop by 5.7 million barrels a day in 2026, a 6% decline, after previously forecasting a 4% drop this year. WTI crude remains near $100 a barrel, while Brent is at $104. In the U.S., 30-year fixed mortgage rates have moved above 7%, a sign that higher borrowing costs are starting to weigh on housing activity.

Kevin Simpson has bought shares of Freeport McMoRan, one of the world’s largest publicly traded copper producers, as copper prices climb amid tight supply. Copper on the London Metal Exchange has broken above $14,500 per metric ton to a record high. The company generated about $2 billion in operating cash flow in the second quarter and expects roughly $8.3 billion for the full year. At a $72.50 purchase price, the stock trades at about 26 times expected 2026 earnings.

California lawmakers failed to advance a wildfire liability reform proposal, sending PG&E and Edison International shares down 20% and 21% this week, respectively. PG&E said it will cut $2 billion from its 2027 capital spending plan to $11.4 billion and has launched a strategic review. CEO Patti Poppe said an investment-grade credit rating would allow the company to restore the reduced investment and lower financing costs.

Dell Technologies’ latest results show it continues to benefit from AI-driven demand, and analysts see further upside. Citi raised its price target to $600 from $515, while Bank of America previously set a $505 target. The company expects fiscal 2027 adjusted earnings of $25.50 per share on $192 billion in revenue. Dell shares are up 238% year to date.

The buildout of AI data centers is driving a surge in electricity demand, and natural gas could be a major beneficiary. Shares of EQT, the largest natural gas producer in the U.S., have pulled back 11% recently, leaving the stock at a price-to-earnings ratio of 13 versus a historical average of 34. Last quarter, the company’s capital spending came in 9% below the low end of guidance while production exceeded its outlook, pointing to improved operating efficiency. The U.S. Energy Information Administration expects natural gas output to rise about 15% this year, and EQT accounts for 6% of total U.S. production as a core producer in the Appalachian Basin.

Soon after the market opened Monday, a block trade sold almost 116,000 SPDR Gold Shares (GLD) 420-strike call options for $202 million in premium and bought the same amount of 430-strike calls for $144 million. The structure created a $58 million net credit with a breakeven of $425. With GLD around $427, the positioning implies expectations that near-term upside in gold is limited. GLD also saw about $60 million in negative net money flow on the day, according to Nigam Arora, founder of the Arora Report.

Japan’s 30-year government bond yield climbed to an intraday 19-year high of 5.33% on Tuesday, underscoring market unease about fiscal policy. In the U.S., a $1.8 trillion fiscal-year deficit has pushed total government debt to nearly $40 trillion, while private investors’ share of Treasury holdings has risen to 73%. Japan, which imports about 90% of its energy, posted 1.1% year-on-year GDP growth in the second quarter versus an expected 2.0%. The short-term policy rate remains 1.0%, and the yen has fallen to a 40-year low against the U.S. dollar.

The 30-year U.S. Treasury yield climbed above 5.33% on Tuesday, the highest level in 19 years, as concerns about persistent inflation and the U.S. fiscal outlook grew. Tech shares slid, with the Nasdaq Composite down 1.3%, while AI-themed ETFs fell broadly, including a 4.1% drop in a semiconductor ETF and a 5.7% decline in a generative AI ETF. Fed funds futures show traders expect the Federal Reserve could raise rates this year for the first time since 2023.