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Public.com presents the rundown, your daily market update in under 10 minutes. My name is Zayd Admani, and Today is Tuesday, September 9th. In today's episode, we'll tell you why a Supreme Court decision on tariffs could cost the US government a trillion dollars. We'll also preview the upcoming IPO from StubHub and tell you the latest crypto treasury company catching the attention of investors. Then stick around to the end of the show to find out how Steve Jobs first became a there. And no, it wasn't because of Apple. We got a great show for you today. Let's go. Stocks got off to a decent start this week with the S P 500 up 0.2% and the Nasdaq was up 0.5%, closing at record highs. Tech stocks continue to power this rally, with five of the seven Magnificent seven stocks moving higher on Monday. Now, this rally might not last because we do have some major market moving events coming up that could set the tone for the rest of week and maybe even the rest of the month. We're getting inflation data on both Wednesday and Thursday. And then we have the highly anticipated Fed meeting coming up next week. And then hanging over all of this is a potential bombshell from the Supreme Court regarding the legality of Trump's reciprocal tariffs. As I've mentioned in previous episodes, lower courts have already ruled that many of these reciprocal tariffs are illegal. And if the Supreme Court agrees, the US Government could be on the hook for refunds up to a trillion dollars. Treasury Secretary Scott Bessant warned that unwinding the tariffs could cause significant disruption. Importers are already prepping their paperwork in case they have to file for refund claims. And some hedge funds are even buying the rights to these potential refunds. Essentially, the hedge funds are betting the Supreme Court will rule against these tariffs. Now, the US Government will continue to collect tariffs until the Supreme Court makes a decision. So the longer the court waits to decide, the bigger the potential refund. If these tariffs are deemed to be illegal. President Trump is pushing for an expedited ruling. The Supreme Court hasn't said whether it'll act this year or not, but some legal experts think we could get a decision before the end of the year. You know, at this point, I don't know if the tariffs being ruled illegal is bullish or bearish for the markets. Like would the market rally because businesses would get all their tariff money back? Or does this spook investors because all of a sudden the US treasury would owe hundreds of billions of dollars? Let me know in the comments on what you guys think and make sure you guys are locked into the podcast for Daily Market Lets run through some headlines starting with Nibius. The Cloud AI infrastructure company signed a $17.4 billion contract with Microsoft to supply them with GPU capacity from their new data center in New Jersey. This deal between Nebius and Microsoft runs for five years and if Microsoft decides to tack on extra services, the total value could climb close to $19.4 billion. Nebius is one of those companies where their entire business model is just buying up Nvidia GPUs and building AI data centers and then renting out the capacity to companies like Microsoft and others. It's pretty similar to what Core Weave does now for nbs. This is their first big long term contract with a major tech player and their CEO is already hinting at more deals to come with other AI labs and hyperscalers. Deals like this make sense for Microsoft and other big tech companies because they need access to GPUs and this way they can get it without having to spend hundreds of billions of dollars in building out their own data centers and waiting for Nvidia to deliver deliver their chips. They can just rent capacity right now. And this deal is also reassuring to investors that demand for AI is still strong and big tech players aren't pulling back just yet. So big win for Nibius here securing this deal and their stock is up more than 50% at the time of this recording. Ultimately though, I think Nvidia continues to be the big winner here because a big chunk of that Microsoft money going to Nebius will be used to buy more Nvidia chips. So yeah, Nvidia stays winning selling shovels in a gold rush. Let's shift gears and talk about StubHub because they are finally ready to go public. The ticket reseller first announced plans to IPO back in 2024, but they changed their mind because the IPO market at the time was frozen. Then they announced plans to go public in April of this year, but then backtracked again after Trump's tariffs sent markets into a panic. But now the market is back to all time highs and the IPO market is pushing popping. So StubHub is ready to ride the IPO wave now. Looking at StubHub's financials, I think it's kind of a mixed bag. StubHub pulled in $828 million in revenue for the first half of 2025, which is up just 3% for the same time period last year, and the company is still losing money in fact, their net losses more than tripled to $76 million so far in the first six months of 2025 compared to the first six months of last year. So somehow their business is still burning cash, despite fans paying ridiculous record prices for tickets and service fees. To see Taylor Swift, Beyonce and every other artist on tour seems kind of a red flag to me, but we'll have to see how the markets respond to the IPO when it happens next week. Shares are expected to be priced between 22 and $25, giving the company a market cap of around $9 billion. And the company will trade under ticker symbol STUB. IPO Window is just wide open right now. So so many IPOs happening over the next couple weeks. Let's talk about some stocks making moves today. There is a company called eight Company and it had one of the craziest days yesterday, jumping more than 3,000% after the company announced a $250 million stock sale to transform themselves into a crypto treasury company to buy worldcoin. That entire sentence sounded like a finance Mad Libs, but it is true. Now let's talk about WorldCoin for a second. Because it's a crypto project founded by OpenAI CEO Sam Altman. I guess he has time to dabble into crypto as well. And this project scans people's eyeballs in exchange for Worldcoin tokens. It sounds pretty dystopian, but somehow 16 million people have already done it. The idea behind Worldcoin is to build a global proof of personhood system for the AI era. Basically it's a way to confirm if someone is a human or or a bot. Anyways, going back to 8 Company, they're going to be buying hundreds of millions of dollars of World Coin. And they also announced that wedbush analyst and CNBC regular Dan Ives is going to become the chairman of the eight Company board. So yeah, that news sent the stock soaring yesterday. Just for some context on how absurd the spike was. Before the announcement, 8 company was worth about $4 million. Now it's worth more than 8 billion billion. And Worldcoin token has also jumped nearly 50% in the past day. You know, you know, AKO used to buy and support e commerce companies and now they're just going around and buying and holding a random dystopian crypto coin. Look, I'm trying to stay objective here, but this is just starting to get ridiculous, you know. Now let's talk about a real company that sells actual stuff. Dell stock is sliding after their longtime CFO announced that she's stepping down after 30 years at the company. Now, that news had investors wondering if there was some disagreement about the accounting or the books. But Dell stressed that it wasn't about any of that. Still, it is notable when an executive leaves after so long at the company, especially when it's the CFO. That news sent Dell stock lower by more than 1% this morning at the time of this recording. Let's wrap the show with a fun fact. Steve Jobs didn't become a billionaire because of Apple, but instead it was his stake in Pixar. Back in 1986, a year after Steve Jobs got fired from Apple, he bought George Lucas struggling computer graphics division for $10 million and he renamed it Pixar. Now, Pixar struggled for years after that acquisition, but then in 1995, they released Toy Story, which became a massive hit at the box office. And what's wild is that Pixar went public in the same week that Toy Story came out. And the stock shot up over 100% on its first day of trading, which pushed Steve Jobs net worth over $1 billion. Pixar kept pushing out hits in the 90s and early 2000s. They had finding Nemo. They had Incredibles, which is my personal favorite. They had Cars, which my son is obsessed with right now. Now, Disney was already Pixar's biggest partner. So in 2006, Disney just bought the whole company for $7.4 billion in Disney stock. That deal made Steve Jobs the largest individual Disney shareholder, worth about $4.6 billion at the time. The man who gave us the iPhone actually got rich off of Buzz Lightyear and Finding Nemo. It's also interesting how Pixar and Apple have kind of lost their magic touch over the last few years. Pixar hasn't had a great original movie in years. Like, when's the last time they had a good movie that wasn't a sequel? And for Apple, they haven't released a hit new product since the Apple Watch. So both of these companies are kind of going through an innovation slump right now. Now remember, Apple does have their iPhone event today. There's no surprises expected. But we'll recap all that stuff for you in tomorrow's show. So make sure you guys tune in for that. Well, all right, guys, that's the rundown for today. Hope you guys enjoyed today's episode. If you did and you have like six extra seconds, consider giving us a five star rating on Apple, Spotify, wherever you listen to your podcasts. And if you are listening on Spotify. Don't forget to vote in today's Spotify poll. Leave us a comment on Spotify. All that engagement really does help again us out and it helps other people find the show. Thank you guys again for listening and watching and commenting. Shout out to Mike and Connor for all the work behind the scenes and we'll see you guys back here tomorrow.