Nvidia and Advanced Micro Devices have agreed to remit 15% of revenues from certain chip sales in China to the U.S. government in return for export licenses for Nvidia’s H20 and AMD’s MI308, the Financial Times reported, according to CNBC. The arrangement, described as unprecedented, reflects the White House’s willingness to craft exceptions as leverage amid an escalating trade and industrial policy push. It follows a meeting last week between Nvidia CEO Jensen Huang and President Donald Trump, the FT said. Nvidia told the FT: “We follow rules the U.S. government sets for our participation in worldwide markets.”

The deal comes as Trump has threatened a 100% tariff on imported semiconductors and chips unless companies manufacture in the United States, intensifying pressure on global supply chains and chipmakers’ China strategies. The revenue-sharing framework would allow U.S. firms to maintain a foothold in China’s lucrative AI hardware market while aligning with Washington’s export controls. Market details referenced Nvidia (NVDA) and AMD shares, which were little changed at the time of publication. CNBC directed readers to the FT for the complete report.g confidence in the company’s ability to manage through the situation.

President Donald Trump signed an executive order directing federal regulators to pave the way for 401(k) plans to offer alternative assets such as private equity, cryptocurrency and real estate, potentially unlocking access to a slice of the $12.2 trillion in U.S. retirement accounts. The order instructs the Labor Department to revisit guidance on private market, real estate, and digital assets within 180 days, and asks the Securities and Exchange Commission to consider measures to facilitate access. Proponents say broader menus could enhance diversification and returns for everyday savers. “The theoretical benefits are that everyday Americans can invest in a broader menu of companies,” said Robert Brokamp of The Motley Fool.

Critics warn the move could expose workers to opaque, illiquid investments with higher fees and the risk of steep losses, and note employers could face liability for plan losses. Better Markets’ Benjamin Schiffrin contrasted typical target-date fund fees of about 0.3% with private fund charges that can include 1%–2% management and up to 20% performance fees, while planner Anh Tran urged strict guardrails, such as limiting exposure to 5%–10% of portfolios. Knut Rostad of the Institute for the Fiduciary Standard predicted many fiduciaries would resist the change, calling potential outcomes a “massive train wreck” that could “annihilate” some savers’ accounts. Industry group SIFMA praised the policy as a step toward democratizing access to private markets, though experts say meaningful changes may take months and will require strong transparency, education and limits.

Apple shares jumped 13% for the week, their biggest gain since July 2020, after CEO Tim Cook appeared at the White House alongside President Donald Trump to tout a $100 billion plan to spend on U.S. companies and parts over four years. The stock rose 4% Friday to close at $229.35, lifting Apple’s market capitalization to about $3.4 trillion and solidifying its position as the third-most valuable company behind Nvidia and Microsoft. Trump said Apple would be exempt from future tariffs that could double the price of imported chips because it is “building in the U.S.” The assurances eased investor concerns after Apple warned in July of more than $1 billion in potential tariff costs this quarter absent policy changes.

Analysts praised Apple’s maneuvering amid policy uncertainty, with JPMorgan’s Samik Chatterjee calling it a “masterclass” in risk management and maintaining an overweight rating. The White House optics followed strong June-quarter results, including 10% overall revenue growth and a 13% rise in iPhone sales. Apple’s renewed push to source more American-made chips resonated with the administration’s industrial agenda and alleviated fears of supply-chain disruptions. The week’s gains added over $400 billion in market value, while Apple remained ahead of Alphabet and Amazon in total capitalization.

OpenAI launched GPT-5, claiming the upgraded model delivers “PhD-level” performance in coding and writing while reducing hallucinations and deceptive behavior, according to CEO Sam Altman. Framed as “smarter, faster, and more useful,” the model emphasizes improved reasoning with answers that show workings, logic and inference, and will roll out to all users starting Thursday. The debut lands amid intensifying competition, with Elon Musk recently calling his Grok system “better than PhD level in everything.” OpenAI is positioning GPT-5 as a more proficient coding assistant, echoing rival efforts such as Anthropic’s Claude Code.

The rollout prompted both enthusiasm and skepticism: ethics scholars cautioned against hype and urged stronger regulation as capabilities advance, while industry voices like Getty Images’ Grant Farhall stressed transparency around training data and compensation for creators. BBC correspondent Marc Cieslak, who tested GPT-5 pre-launch, described the experience as an evolution rather than a revolution, albeit with deeper reasoning. OpenAI confirmed a free tier for the new model and addressed product changes aimed at healthier user interactions, including limits on definitive personal advice. The launch also follows a clash with Anthropic, which revoked OpenAI’s API access over alleged terms violations; OpenAI called cross-system evaluation “industry standard.”

States across the U.S. are moving to blunt rising electricity bills that officials and watchdogs increasingly link to the surging power demand from Big Tech data centers, particularly those built for AI. Regulators and lawmakers in more than a dozen states are pressing grid operators on pricing, studying bill impacts, and seeking to shift a larger share of local transmission costs to data center operators. Monitoring Analytics, the market monitor for PJM Interconnection, reported that 70%, or $9.3 billion, of last year’s increased electricity costs in the mid-Atlantic grid stemmed from data center demand, while Wood Mackenzie found specialized rates in 16 states may be insufficient to cover new gas plant costs. Consumer advocates describe a “massive outcry” over higher bills, and Harvard’s Ari Peskoe argues billions in infrastructure are being built “just for a few customers.”

Industry groups and some regulators downplay data centers’ role, citing broader grid constraints, aging infrastructure and weather hardening. Georgia utility commissioner Tricia Pridemore said AI-related centers are still in planning and that operators pledge to pay their fair share, while policy experiments are advancing in Oregon, New Jersey, Indiana and Pennsylvania to recalibrate rates and require greater contributions from large users. Proposals include mandating that data centers procure their own power to avoid a “massive wealth transfer” from households to tech firms, and crafting specialized rates to reflect higher local transmission costs. Pennsylvania is developing a model rate structure to ensure developers fund “hundreds of millions” in necessary upgrades, even as transparency challenges persist where usage details are shielded by law.

This chart spotlights Targa Resources, Inc. (TRGP), a leading U.S. midstream energy player specializing in gathering, processing, transporting, and marketing natural gas and natural gas liquids. The company maintains substantial Permian Basin operations alongside comprehensive downstream NGL logistics, fractionation, and export capabilities. Despite widespread challenges plaguing the broader energy sector, TRGP has managed to outshine many industry peers over the past year.

Currently, the stock price trades just beneath both its 20-day and 50-day moving averages - critical gauges for short-term momentum - while remaining positioned below the longer-term 200-day moving average. What's particularly noteworthy is TRGP's four-month sideways trading pattern, demonstrating remarkable stability amid the energy sector's recent volatility.

During this period of sector-wide weakness, TRGP has consistently found support and resistance within a well-defined $160-$175 range, where institutional buyers and sellers have repeatedly emerged to defend these key levels. This price action has prevented both significant breakdowns and meaningful advances. Despite this consolidation, Targa's twelve-month performance ranks in the top quintile among sector peers, an impressive feat considering the energy industry's ongoing struggles with persistent oversupply issues.

Management maintains an optimistic forward outlook, projecting robust 21.6% revenue growth for 2025 while anticipating earnings to surge an impressive 41.7%. These forecasts underscore the company's exceptional execution capabilities even as the broader sector faces headwinds.

TRGP deserves close attention as a potential momentum catalyst should energy stocks reclaim market leadership. In such a scenario, investors would be hard-pressed to identify stronger sector opportunities, given the company's consistent operational excellence across all business segments.

Financial Trends: CAVA has demonstrated 28.2% revenue growth to $331.8 million in Q1 with analysts expecting full-year revenue growth approaching $1.3 billion amid strong Mediterranean fast-casual market positioning.

Strategic Initiatives: The company is executing an aggressive expansion plan targeting 64-68 new restaurant openings in 2025 with a long-term goal of reaching 1,000 locations by 2032 while expanding into new markets including Florida, Indiana, Detroit and Pittsburgh.

Key Metrics: Investors will focus on same-restaurant sales growth (10.8% in Q1), restaurant-level profit margins (25.1%), digital revenue mix (38% of total sales), and traffic growth patterns that drove Q1 outperformance.

Progress: CAVA achieved over $1 billion in trailing twelve-month revenue for the first time and maintains a loyalty program with 8 million members while sustaining restaurant-level profit margins above 25% during rapid expansion.

Focus Areas: Management will likely address expansion pace sustainability, unit economics in new markets, supply chain management amid growth, and digital platform optimization as competition intensifies in fast-casual dining.

Risks Potential: Margin compression from new store ramp-up costs, increased competition in Mediterranean fast-casual space, supply chain inflation pressures, and execution risks from aggressive expansion timeline pose headwinds.

Concerns: Q1 same-store sales growth decelerated from 21.2% in Q4 2024 to 10.8%, and some analysts worry about sustaining traffic growth momentum in a challenging consumer environment with economic uncertainty.

Market Trends: Mediterranean cuisine positioning as a "cultural cuisine category" benefits from health-conscious dining trends while fast-casual chains face labor cost pressures and competition for prime real estate locations.

Financial Trends: Tapestry reported Q3 revenue of $1.58 billion (up 6.9% year-over-year) with full-year fiscal 2025 revenue guidance raised to approximately $6.95 billion, driven by Coach brand strength and margin expansion initiatives.

Strategic Initiatives: The company is divesting Stuart Weitzman to Caleres for $105 million while focusing resources on Coach brand growth and Kate Spade turnaround efforts, including digital transformation and younger consumer targeting strategies.

Key Metrics: Analysts will monitor Coach revenue growth (13% in Q3), Kate Spade performance (-12% decline in Q3), gross margins (reached 15-year high of 76.1%), and geographic performance especially in North America and China markets.

Progress: Coach achieved 15% constant currency growth with strong leather goods performance while management raised full-year EPS guidance to approximately $5.00 per share from previous $4.85-$4.90 range.

Focus Areas: Expect discussion of Kate Spade brand reset progress, Coach's momentum sustainability, China market recovery trends, and impact of potential tariffs on supply chain costs and pricing strategies.

Risks Potential: Kate Spade continued underperformance, exposure to China market volatility, luxury consumer spending slowdown, and potential margin pressure from tariffs on imported goods represent key risk factors.

Concerns: Kate Spade's 13% revenue decline in Q3 raises questions about turnaround timeline effectiveness, while luxury market headwinds and competitive pressures could impact full-year performance guidance.

Market Trends: Luxury handbag market growth at 6.2% CAGR through 2035 supports long-term prospects, while younger consumer preference shifts toward sustainable and personalized luxury products align with Tapestry's strategic initiatives.

Financial Trends: BIRK posted 19% revenue growth to €574 million in Q2 with full-year guidance targeting the high end of 15-17% constant currency growth and adjusted EBITDA margin raised to 31.3-31.8% range.

Strategic Initiatives: The company is expanding direct-to-consumer channels with 77 owned stores (targeting 100 by year-end), accelerating APAC market penetration (+30% growth in Q2), and leveraging closed-toe footwear momentum beyond traditional sandals.

Key Metrics: Key focus areas include closed-toe shoe performance (grew at twice the group rate), DTC channel growth, Americas segment revenue trends, and progression toward 60% gross margin long-term target.

Progress: Closed-toe silhouettes now represent almost half of top 20 selling products while DTC membership base reached over 10 million (+25% year-over-year) supporting direct customer relationships and pricing power.

Focus Areas: Management will address tariff mitigation strategies through global price increases, capacity expansion progress, inventory optimization, and geographic expansion particularly in high-growth APAC markets.

Risks Potential: U.S. tariff exposure (despite European manufacturing advantage), fashion trend shifts away from comfort footwear, increased competition in premium casual segment, and potential demand saturation in core markets.

Concerns: Tariff uncertainty could pressure margins despite planned price increases, while rapid expansion in APAC and DTC channels requires careful execution to maintain brand positioning and profitability.

Market Trends: Comfort footwear demand remains strong with sustainability and direct-to-consumer trends supporting premium positioning, while potential tariff advantages over China-manufactured competitors could benefit market share gains.

From a young age, Evan was fascinated by the stock market. At just 11 years old, he received a Wall Street Journal subscription for his birthday, sparking a lifelong passion for investing. Evan spent his formative years studying the strategies and philosophies of legendary investors like Paul Tudor Jones, Stanley Druckenmiller, and George Soros, absorbing their wisdom and developing his own unique approach to the markets.

As Evan's knowledge grew, he began to incorporate the time-tested, technically-based strategies of trading legends like William O'Neil and Richard Wyckoff into his own investment framework. By borrowing elements from each and rigorously testing them in real-time, Evan created a powerful conglomerate strategy that encompasses fundamentals, technicals, and macroeconomics.

Today, Evan is a professional trader and was a top contender in the 2020 US Investing Championship. His extraordinary performance, with a 141.8% return, is a testament to his studious background, well-informed approach, and unwavering dedication to his craft.

At the core of Evan's strategy is identifying stocks that benefit from sector trends and rotation. By combining fundamental analysis with a focus on relative strength and advanced technical analysis techniques, Evan is able to identify the stocks that are most likely to move higher or lower over the intermediate term.

While he keeps a close eye on macroeconomic trends, his willingness to adapt to changing market conditions, as well as his developed ability to know when to and not to act in a fast-moving market, is what sets him apart. Evan has consistently demonstrated his ability to navigate even the most challenging investment environments. His impressive track record and unique perspective make him a valuable voice in the world of finance, and he is thrilled to have the opportunity to share his insights and expertise with subscribers of the Bull and Bear Brief.