I’ve always said watching the day after the Federal Open Market Committee (FOMC) concludes is the best way to judge how the market felt about the decision. 

Fed Chair Warsh did what the Street wanted, and the market responded favorably. In the process, he gained points that I hope he uses next year to effect change that accommodates Main Street.

Technology (XLK) stocks shook off the latest anti-AI salvo, but the story is too big to go away, and each day, I’m seeing more nebulous reports, with ominous headlines but little detail.

I was happy to see software (IGV) and semiconductors both rally on the same day.

Overall, less than 60% of the S&P 500 (SPX) rallied, which underscores lingering trepidation.

Market breadth was strong, but more stocks fell than rose. Thematically, the tech world enjoyed a strong session, especially in hardware.

Storage & Printing

Dell Technologies (DELL) continues to blaze higher, and Hewlett Packard Enterprise (HPE) has made an impressive straight move higher as well. I’m reluctant to mention 3D printing stocks, but it is an area to watch, as it may be on the verge of living up to the hype more than a decade later.

It would be great to see this momentum pick up. While the doomsday crowd has all the attention each day, the AI Revolution gets stronger. 

Today’s Session

Major indices are mixed this morning.

Anthropic told investors it expects roughly 5 gigawatts of available computing capacity by year end from about 1.5 gigawatts last year, with a target of around 10 gigawatts by the end of 2027, a buildout it is backing with capacity agreements from SpaceX (SPCX) to Amazon (AMZN), as well as ongoing talks with Meta (META).

China's ChangXin Memory Technologies (CXMT) is preparing a NAND flash research and development line at its new Beijing plant, a move that would put the country's largest DRAM maker into direct competition with Samsung, SK Hynix (SKHY), Micron (MU), and domestic rival YMTC. It remains unclear when production would start or whether it scales into commercial manufacturing.

Economic Data

Industrial production was unchanged in August following a 0.2% M/M increase in July and falling short of expectations of a 0.3% rise.

Meanwhile, manufacturing output declined 0.3% M/M in August, ending the 7 month chain of increases and missing forecasts of a 0.3% rise.

Under the surface, utilities jumped 1.8% on a 2.1% rise in electric output, while business equipment fell 0.5% on declines across transit, information processing, and defense and space, and motor vehicles and parts dropped 1.2%.

The End of an Era

In other news, Warren Buffett has announced he is stepping down as chairman of Berkshire Hathaway (BRK.B/A), with his son set to succeed him.

Comments

Too bad many our citizens do not have the character of Mr. Buffett. If it were true, can you imagine where our country would be right now instead instead of being on a downward glide pattern we have been on for at least 75 to 85 years, MIMICKING ROME PERFECTLY. I am the same age as Mr. Buffett and I have seen it all! James G. Williams on 9/18/2026 11:45:38 AM

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