Markets
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Luke Kawa

GameStop jumps after report that Cohen’s picture with Saylor meant what traders hoped it did

GameStop is spiking after-hours as CNBC reports that the retailer slash meme stock slash T-bill fund is considering investing in bitcoin and other cryptocurrencies.

This would be exactly what GameStop bulls were suspecting when they bid up the stock after CEO Ryan Cohen posted a photo with Strategy CEO Michael Saylor, whose company holds more bitcoin on its balance sheet than any other.

However, the article, citing sources familiar with the matter, says Saylor isn’t involved in any of the discussions on whether or not to proceed with such a tactic and that no plans are concrete at this time.

GameStop has about $4.6 billion in highly liquid assets thanks to its share sales during the meme-stock booms and interest on the securities it holds, which, for reference, would be enough to buy nearly 48,000 bitcoin at current prices. From T-bills to bitcoin would be one helluva lurch in the risk profile of a corporate treasury, to state the obvious.

CNBC pundit Jim Cramer, by the way, proposed a version of this idea back in 2021:

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Luke Kawa

CoreWeave spikes after Nvidia buys an additional $2 billion of the neocloud’s shares

Shares of CoreWeave are spiking after Nvidia purchased an additional $2 billion of the neocloud’s stock investment at a purchase price of $87.20 per share.

This “expanded relationship” between the two parties is intended to help CoreWeave build more than 5 gigawatts of AI factories by 2030, in part by using the chip designer’s financial might to help the neocloud secure power, land, and other infrastructure to develop these facilities.

As part of this enhanced pact, CoreWeave will be utilizing CPUs specifically developed by Nvidia for the data center environment, a challenge to the likes of Intel (which the chip designer has also invested in) and AMD.

Nvidia still books a record amount of free cash flow despite spending the most on buybacks and capital expenditure in its history. As such, management has ample opportunities to invest in the AI ecosystem as a means of implicit vertical integration as well as to fortify demand for its offerings and boost the potential size of the market.

Nvidia anchored CoreWeave’s 2025 IPO, and its most recent 13F filing showed 86% of its public equity holdings were in CoreWeave as of the end of Q3.

markets
Claire Yubin Oh

Gold tops $5,000 per ounce for the first time

Gold stormed past the $5,000-per-oz threshold for the first time ever, extending a historic rally fueled by growing geopolitical tensions, central bank buying, and a weaker dollar.

After first crossing the milestone in trading on Sunday, bullion pushed even higher in early action on Monday, topping $5,110. The latest extension of the shiny metal’s blinding rally has been boosted by the continued sell-off of the US dollar. Indeed, the US Dollar Index has now hit its lowest mark since 2021, following weekend speculation over a joint US-Japan intervention on the yen after the New York Federal Reserve reportedly conducted rate checks — where officials ask dealers what price they would get were they to enter the market — on Friday. The US dollar has shed ~3.2% against the Japanese currency since Thursday.

The surge in precious metals continues to be buoyed by enhanced retail attention, with the iShares Silver Trust and SPDR Gold Shares ETF far and away the most referenced tickers on the r/WallStreetBets subreddit over the past 12 hours.

Gold Silver Top Trending 1/26/26
Source: SwaggyStocks

Geopolitical tensions between the US and NATO over Greenland, increased American pressure against Iran, and the Trump administration seizing Venezuelan President Nicolás Maduro have also helped pushed the price of gold in recent months, contributing to a blockbuster 68% rally in the past year. Other precious metals like silver, which has become a favorite among retail traders in its own right, also surged to a record $110 per ounce on Monday.

Last week, Goldman Sachs hiked its year-end gold price forecast to $5,400 per ounce, as analysts at the investment bank expect continued rampant central bank buying, as well as increased retail attention and ETF inflows, to drive further demand.

markets
Luke Kawa

USA Rare Earth soars after signing deal with US government for $1.6 billion in federal funding

USA Rare Earth signed a nonbinding letter of intent with the US government for $1.6 billion in federal funding, sending shares skyward in early trading.

“USAR and the Department of Commerce will mobilize a multi-year partnership at unprecedented scale and speed to build out capacity across heavy rare earth feedstock, processing, metal, and magnets,” Chairman Michael Blitzer said in a press release. In addition to the government financing, the company also announced that it has raised $1.5 billion through private investment in public equity in a direct sale.

The Trump administration will receive a 10% stake in the company (as well as warrants). These were reportedly priced at about a 30% discount to where the stock closed on Friday per the Financial Times, which first reported news of this deal on Saturday. Shares of the rare earths producer had jumped 9% to end the week on a high note, as did most of its peers. That rally came amid President Donald Trump’s push for a deal that gives the US more control over Greenland, including access to its mineral resources.

The equity position accounts for less than $300 million of the $1.6 billion package, with the remainder dedicated to debt and linked to the CHIPS Act.

USA Rare Earth, which controls the mineral rights to the Round Top deposit in Texas, is the latest company to benefit from the US government’s push to bolster the industry, whose outputs are used in everything from fluorescent lights to EV batteries to semiconductors. Aside from Intel and L3Harris, the Trump administration’s forays into equity ownership have focused on critical minerals producers. These include a 15% position in MP Materials revealed in July, as well as 5% and 10% stakes in Lithium Americas and Trilogy Metals, respectively, announced in October.

The government’s involvement has helped spur more private interest in the space, both from massive institutions like JPMorgan aiming to support the development of strategically important industries as well as investors looking to “follow the feds” and own companies that the government has already invested in, or may do so in the future, in hopes of outsized returns.

Other companies involved in the production of rare earths and other critical minerals include Critical Metals, United States Antimony Corp., and American Battery Technology Co..

Tasha Matsumoto
1/23/26
Stocks whipsaw ahead of next week’s Big Tech earnings

Stocks struggled for direction ahead of next week’s Fed meeting and Meta, Microsoft, Tesla, and Apple earnings.

BISHOP'S STORTFORD, ENGLAND - JANUARY 25: Snowfall in the Essex countryside on January 25, 2021 in Bishop's Stortford, Essex, United Kingdom.
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Earnings season a chance for AI hyperscalers to “get their mojo back”

Hyperscalers need more “hype” on their potential AI moneymaking opportunities or to show that their “scale” continues to drive huge growth through this spending binge.

Luke Kawa1/23/26

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