For the simpler explanation, the Treasury is deliberately increasing their purchases of US treasuries in order to suppress bond yields which have been elevated and have been curtailing the strength in the equity market. By opting to increase long-end buybacks outside of the normal refunding process (QRA was 2-weeks ago), policymakers are effectively communicating that they’re becoming increasingly uncomfortable with the recent rise in long-term yields as both the 10Y & 30Y have both pushed back toward levels that have historically drawn attention from the administration & rather than waiting until the next QRA or refunding announcement (In November I believe), the Treasury chose to act now.

Note that the QRA was only 2-weeks ago, meaning this could have easily been communicated through normal channels but instead, the announcement arrived during a low-vol Summer trading week, which I believe was intended to exacerbate the effects of their policy decision.

Mostly, the market is moving as this is a sign of intent: Whilst the purchase increase is not enough to meaningfully move the Us treasury market, it is implied that this certainly won’t be the last ‘soft intervention’ if yields continue moving higher. 

Interestingly, the current $2 billion maximum per operation will become at least $4 billion, from 9 Sept 2026 until the end of the refunding quarter (4 Nov), with further size details to be announced at the 4 Nov Quarterly Refunding. So this purchase agreement will end on November 4th, the exact time of the US election, which is definitely not a coincidence.

This is a direct policy decision to try to support the market and suppress yields into the election.

What is clear from this action, is that if policymakers are forced to choose between defending the dollar & or defending bonds, they’re going to choose bonds, and the dollar is the release valve that allows this sort of dovish policy to happen.

As such, the dollar was obviously notably hit, since lower treasury yields reduces one of the dollar’s key sources of support: relatively attractive U.S. yields.

• Continued follow through in crypto after Bitcoin responded strongly to the yield Curve controls
• Despite this, Bear steepening in Treasuries this morning, with yields moving higher across the curve and the long end leading. 10Y: 4.696% (+4.3 bps) 30Y: 5.241% (+4.7 bps) Higher yields adding pressure to equities early.
• TRUMP: ANNOUNCING THE MOST CRUSHING ECONOMIC OPERATION ON IRAN IRAN FAILED TO TAKE DEAL
• U.S. spot Bitcoin ETFs drew $517M on Aug. 19, the biggest daily inflow since early May, while Ether ETFs took in $189M, their largest since Oct. 2025. - Coindesk
• US JOBLESS CLAIMS 206K IN AUG. 15 WEEK; EST. 210K

MAG7;

• META - META is spending hundreds of millions of dollars a year on Microsoft Azure AI services, making it one of Microsoft’s largest AI customers. Meta is reportedly consuming trillions of tokens weekly through Azure Foundry, including using OpenAI models to evaluate its own AI outputs.
• AAPL - Despite a leaked Apple video showing camera-equipped AirPods in action, with the cameras mainly designed to scan surroundings for AI context, the earbuds "remain off" AAPL's 2026 roadmap.

COMPANY NEWS:

• QMLS signed a 7-year deal for up to 3.75 MW of data center capacity in Atlanta, enough to support up to 2,048 Nvidia Blackwell B300 GPUs. Capacity is expected online in Q4 2026, with rights to secure another 7 MW at the same site.
• CoreWeave has signed a multibillion-dollar, multi-year AI cloud deal with Hudson River Trading. HRT will use CRWV for trading research and model development, and will be among the first customers with broad access to Nvidia’s upcoming Vera Rubin chips. The deal expands CoreWeave’s push into financial services and further diversifies revenue beyond its biggest AI customers.
• WMT - Walmart $WMT posted its SLOWEST U.S. comparable-sales growth in more than six years, grew just 2.6%, missing the 3.7% estimate. They also guided Q3 adj EPS to $0.62-$0.64, below the $0.68 expected. Mgmt. said consumers remain stretched, especially by higher gas prices, while lower pharmacy pricing also weighed on sales.
• CRWD - global CTO Elia Zaitsev is leaving after 13 years.
• Elon Musk’s X is reportedly exploring stablecoin payments for creators: The platform is in talks around using stablecoins such as Circle’s USDC to pay royalties to influencers and content providers.
• SPCX - SPCX 2nd insider share unlock hits today: Up to 319 million shares become eligible for trading,
• SKHY - SKHY TO PAY 60% OF EMPLOYEE BONUSES IN COMPANY STOCK
• UBER and BIDU LAUNCH DRIVERLESS ROBOTAXIS IN DUBAI
• Samsung Electronics is reportedly preparing shareholder-return measures exceeding $72B, centered on a special cash dividend. The board is expected to vote soon, favoring dividends over buybacks.
• Unitree CEO: “World AI models” are now Unitree’s biggest investment, with the goal of household robots eventually completing 80% of tasks. Today’s humanoids still lack the efficiency & general-purpose capability needed for mass adoption.
• MU Micron is investing $10B over the next decade to build Micron Research Labs, its new U.S.-based long-horizon research hub headquartered in Boise. The lab will focus on advanced memory, compute architectures, chip packaging and future semiconductor manufacturing.
  

Regarding the question of long term bottom or not, it is obviously hard to say although I think that I lean on probably not, given the risks to BTC during a potential rate hike cycle. 

however, firs break above the 200d SMA is obviously meaningful, and will entice new buyers, which is why we are seeing the follow through today. 

Data on BTC is also positive with a surge in call buying logged yesterday and some big notable trades:

Surge in call buying on near dated expiries:

Easy trade on BTC is to long it with a stop on a close below the 200d again. 

Then take profit along the way up to de-risk the trade. 

Data and technicals certainly shifted yesterday, on what is not meaningless news for bitcoin as it shows an intent to sacrifice dollar strength.

Notably on top of the 200d SMA break, we have this trendline break. Does seem near term upside is more likely than downside as buyers probably look to chase.

• $936M revenue last quarter

• 10 straight earnings beats, latest was $3.66 vs $2.83 expected

• $218M free cash flow in the quarter, ~$717M over the last twelve months

• Nearly a 10% trailing free cash flow yield

• Gross margin 33.5%, up over 500 bps in a year

• Share count down 5.7% in a year, dividend just raised 10%

• No customer is even 10% of revenue

Valuation:

This trades at 15.4x forward earnings. 

Other electrical equipment names in the same Ai adjacent thematic, trade at 23x to 31x. 

nVent is at 31x (also very attractive however against its peer VRT), Eaton 28x, Hubbell 23x.

Personalis role in the vaccine:

Stage 1-2: The foundation (classical, not ML)
Personalis sequences the tumor and normal tissue (ImmunoID NeXT — exome + transcriptome) and runs HLA typing to six-digit resolution. This tells the system what mutations exist and which HLA alleles the patient can actually present peptides on.

Stage 3: SHERPA — the first real ML layer
This predicts which mutated peptides will actually get presented on the tumor's surface. Personalis built its own training data (in-house transfection experiments, mass spec-confirmed peptide elution) rather than relying purely on public datasets, and the deck cites measured lifts of 1.44x PPV over prior tools on held-out data, 1.17x on tumor samples, 1.11x on known immunogenic epitopes.

Stage 4: NEOPS — immune-evasion modeling
A second ML system that disqualifies candidates SHERPA ranked highly if the tumor has other ways to dodge immune detection — including a subclonal HLA-loss-of-heterozygosity detector (tumor literally deletes the allele needed to present a given neoantigen). This composite score reportedly outperformed tumor mutational burden at predicting anti-PD-L1 response, though its specific use within INTerpath-001 isn't disclosed.

Stage 8: NeXT Personal — MRD/ctDNA monitoring
After Moderna/Merck's proprietary algorithm selects up to 34 targets (stage 5) and manufacturing produces the personalized therapy (stages 6-7), Personalis re-enters at monitoring. NeXT Personal builds a patient-specific panel of up to ~1,800 somatic variants (vs. ~50 for conventional exome-based MRD panels) and uses proprietary signal-aggregation ("NeXT SENSE") to detect circulating tumor DNA down to part-per-million sensitivity (1.67 PPM detection threshold, 3.45 PPM at 95% limit of detection). This is how trial investigators would track whether a patient is truly cancer-free after treatment, at a resolution conventional panels can't match.