Top Overnight News Nasdaq futures fell as shares of South Korean data-center infrastructure company Elice plunged over 30% in their trading debut. BBG ByteDance, Alibaba and Tencent have ordered more than 3 million of Nvidia's new RTX PRO 5500 graphics cards with a collective sticker price of over $35 billion, two people familiar with the matter said, in a rush for a less powerful but export-compliant chip amid US restrictions on trade with China. RTRS Investors are racing to buy credit default swaps to protect their portfolios in the event the AI boom unravels, sending trading volumes surging for an instrument that shot to prominence during the global financial crisis. FT AMZN (Amazon) is buying billions in GPUs and putting them in inventory as it waits for the necessary data center capacity to come online and power them up. Business Insider OpenAI is seeking to raise about $30 billion, including from SoftBank and MGX, ahead of Anthropic's expected mid-November IPO, in a round that could value it above $1.4 trillion. RTRS Netflix plans to cut about 6% of its workforce, or roughly 1,000 roles, its largest round of cuts since 2022, ahead of results after the close. RTRS The French-German 10-year yield spread widened to 156 bps even after protests in France subsided following tighter security measures. Treasuries advanced and Brent climbed to a five-month high. BBG The UK will fly defensive missions to protect Saudi Arabia from Houthi attacks, officials familiar with the matter said. Iran’s IRGC said two oil tankers struck naval mines along the southern route of the Strait of Hormuz, according to Tasnim. BBG Ryanair Holdings Plc Chief Executive Officer Michael O’Leary predicted a record increase in European air fares next year due to the Middle East war driving up oil prices. BBG Japan is months from running out of supplies of yttrium, a critical metal, and has asked the US to push China to ease rare earth export controls that threaten severe disruption to the global automotive, defense and chip industries. FT President Trump said on Monday the US Department of Agriculture will launch what he called a new "harvest fuel relief program" that will provide farmers with $8 billion in support to offset diesel costs during the harvest season. RTRS The BoJ is reportedly likely to keep rates unchanged in October, but could signal that a rate hike could come in December: Reuters US President Trump posted that American incomes have reached record highs, employment and exports are at all-time highs, and the US is now the "hottest" country in the world. Newsquawk UK Chancellor Healey has reportedly ruled out raising capital gains tax in the October 28th Budget amid concerns over growth and investment: The Times The Trump administration has delayed approving transfers of Patriot interceptor missiles to Ukraine from partner countries: Washington Post US L/S net leverage fell 3.2pts last week, the largest weekly drop since Liberation Day, with Info Tech seeing the largest net selling and de-grossing on record. GS Prime JPM Positioning Intel: hedge funds are -2.1% MTD globally, but AI Core Revenue positioning is still at the 94th percentile; the setup resembles 3Q23 and a 4Q rally is seen as more likely than not. JPM Goldman raised its copper forecasts to $14,700/t for end-2026 and $15,400/t for the 2027 average.(Historical earnings: For 2026Q2 (period ended 2026-06-30), Cloudflare reported basic and diluted EPS of -0.55, a net loss of USD 0.193 billion, and revenue of USD 1.336 billion. Consensus expectations: For the next upcoming period 2026Q2 (event date 2026-08-06), consensus EPS estimate is 0.2724 and revenue estimate is USD 0.672 billion.)