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Public.com presents the rundown. Your daily market update in under 10 minutes. My name is Zaydadmani and today is Wednesday, September 24th. In today's episode, we'll tell you about the comments from Jerome Powell yesterday that sent the markets lower. We'll also tell you about a new partnership between Palantir and Boeing and why Micron thinks it's in a good spot to ride the AI wave this Then stick around to the end of this show to learn about a new partnership between Alibaba and Nvidia and find out which beer just took the title for top selling in the US we got a great show for you today. Let's go. The stock market rally lost some steam yesterday with the S&P 500 dropping 0.6% and the NASDAQ dropped 1%. And honestly, I think we might be able to blame Jerome Powell for this one. Jerome Powell was giving a speech at some event yesterday, and in that speech he, he straight up said that stock prices seem fairly highly valued. As soon as those words came out of his mouth, the stock market took a dive. And to be fair, he's not the only one that feels this way. There's been a lot of chatter now that the market is potentially overvalued. We even talked to Nick Magi on the podcast a few weeks ago and he was saying the same thing. A number that a lot of people point to is The S&P 500's forward price to earnings ratio is around 23, which is the highest it's been since like the late 90s during the dot com bubble. And we all know how that ended, right? And beyond just the PE ratios, there are other factors to consider. Like the US Government might be headed for a shutdown in a couple of weeks if a budget isn't passed. And from everything that I'm reading, it doesn't seem like Republicans and Democrats in D.C. seem to be close to a deal right now. So that's adding another layer of uncertainty. And then we have Q3 earnings season, which is right around the corner. It kicks off in a couple of weeks and the expectations for those earnings are going to be pretty high. Corporations are going to have to show strong profits in order to justify the high valuation right now, especially the big tech companies. So yeah, the next month or so is setting up to be pretty eventful. We'll have plenty to cover here every morning, so make sure you guys are subscribed to the podcast and tuning in every day to stay in the loop. Let's run through some Headlines. Boeing is teaming up with Palantir to bring AI into its defense programs and factories. Boeing's Defense Space and Security Division, AKA bds, will roll out Palantir's foundry platform across plants that build fighter jets, helicopters, missiles and satellites. Basically, Palantir software is going to streamline those production lines, making operations faster and smarter. On top of that, Palantir is working with Boeing on a bunch of undisclosed classified projects tied to sensitive military missions. And this deal really just fits into Palantir's whole brand right now. They've obviously made a name for themselves by partnering with governments all over the world and providing them with technology and AI. So doing a deal with Boeing does government work makes a lot of sense and it allows Palantir to diversify the revenue beyond just government contracts. You know, government contracts have been Palantir's bread and butter for the majority of their existence. Since 2008, Palantir has been awarded over 300 contracts worth nearly $3 billion in federal funds. But that's starting to ramp up now. More than 615 million of that came just last year. In fact, last quarter, Palantir's revenue topped $1 billion for the first time and, and it was up 48% from the year prior. So Palantir's revenues keep growing and the deals keep on coming in. Palantir expanded their deal with ICE in a 30 million dollar deal. And just a month ago Palantir announced that they were consolidating 75 contracts into a single deal with the US army worth as much as $10 billion. And they're also going international as well. Last week they announced a five year one billion dollar deal with the UK Ministry of Defense. So yeah, Palantir seems to be firing on all cylinders right now. They're seeing growth in government contracts and, but also contracts with corporations. In fact, they see the non government contracts as a big growth area for their business. So I guess that explains why Palantir investors are super hyped. And the stock is up more than 140% this year. Now speaking of a hot stock, let's talk about Micron. Micron makes memory chips. And the demand for that has been through the roof recently thanks to all the AI spending. Micron reported a 46% jump in revenue to $11.3 billion in and that was mainly driven by its unit that sells memory for cloud providers. Revenue for that unit tripled year over year to $4.5 billion. And the demand for memory is expected to remain strong, which is why the company guided for a $12.5 billion revenue for this current quarter. That's better than the $11.9 billion that analysts were estimating. Now, to keep up with all the demand, Micron says they do have to spend big. The company's already spent nearly $14 billion in into new plants and equipments this year. And they say that 2026 capex will be even higher. Most of the capex money is being earmarked for DRAM production, which is the core memory that powers AI systems. Earlier this year, Micron also unveiled plans to spend more than $200 billion building semiconductor capacity in the U.S. so Micron is another one of those companies that's been a huge beneficiary of the AI boom and they're also planning to spend a lot of money in capex to meet the demand for AI. Now, Micron stock didn't move much following the earnings results, probably because the stock is already up nearly 100% year to date. You know, investors have been front running this AI wave for months now. But Micron CEO continues to hype up the company, saying that as the only US Based memory manufacturer, Micron is in a unique position to ride this AI boom. Let's talk about some stocks making moves today. Alibaba shares are up this morning after the Chinese tech giant revealed a new AI model and announced a new partnership with Nvidia. The new AI model is called Quinn 3 Max and it's set to outperform recent Claude and Deep seek models on certain parameters, according to Alibaba. On top of this new AI model, Alibaba said that it would boost their AI spending beyond the $53 billion over the three years that it committed to earlier this year. And if that wasn't enough, Alibaba is teaming up with Nvidia on physical AI think like robotics, self driving cars and other hardware integrations. So investors love the sound of that. And Alibaba Stock jumped nearly 9% this morning on this news and it's now sitting at 4 year highs. Thank God I never sold. Now, sticking with the winners here, Lithium Americas Corporation, also known as lac, is skyrocketing this morning after reports that the Trump administration is seeking to buy a 10% stake in the company. LAC is currently negotiating a $2.3 billion loan from the Department of Energy for its massive lithium project in Nevada called Thacker Pass. So as part of that deal, the US Government might take a stake in the company. If that does happen, LAC would join intel and MP Materials as part of the U.S. government's growing portfolio of strategic investments. LAC stock is up nearly 70% this morning in pre market trading. Now, on the flip side, Oracle stock has taken a bit of a hit this morning after the company announced five new data centers as part of the $500 billion Stargate AI project with OpenAI and SoftBank. Now, this comes right after the flagship Texas facility opened up recently, which alone is costing Oracle $1 billion a year just to power with gas generation. The thing is, all this spending is dragging down Oracle's cash flow into the red for the first time since 1992. Fact, analysts don't expect Oracle to be cash flow positive until 2029. So that's making investors a little nervous. And Oracle Stock is down 2% this morning. Now, to cope with all this data center costs, Oracle says they're planning to lay off 500 workers, which I guess might be enough to pay for all the data centers. Assuming each worker they're laying off was making $1 billion a year. Yeah, Oracle is going to be doing some restructuring to pay for all this stuff. Let's wrap the show with a fun fact. For the first time ever, Michelob Ultra is now the best selling beer in America, overtaking Modelo for the crown. Now, what's crazy is that it was only two years ago when Modelo overtook Bud Light to be the best selling beer in America. Before that, Bud Light held the title for 20 years. So the title for best selling beer is kind of like the NBA right now. There seems to be a new champion every year. You know, Modela has faced some challenges recently. Its parent company, Constellation Brands is dealing with tariffs on aluminum and Mexican imports. Plus they're seeing weaker demand from the Hispanic consumers who have historically made up about half of Modelo's customer base. So yeah, all those challenges have pushed Constellation stock down 40% this year. By the way, the parent company of Michelob Ultra is Anheuser Busch. They also own Bud Light and they seem to be having a comeback right now. Their Stock is up 16% this year. But yeah, I wonder if Michelob Ultra will hold the title for best selling beer for a long time or if another beer is going to overtake them next year. Well, all right guys, that's the rundown for today. Hope you guys enjoyed today's episode. If you did and you have like 8 extra seconds, consider giving us a 5 star rating on Apple, Spotify, wherever you listen to to your podcast. We are getting very close to 6,000 five star ratings on Spotify. It might happen before the end of the month. Who knows ending the quarter with 6,000 five star ratings would be incredible. Maybe the podcast might get that trip to Vegas after all. By the way, if you guys 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 us out and it helps other people find the show. Thank you guys so much. Watching for for listening, 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.