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Luke Kawa10/24/25

Data center and AI energy stocks rise as Trump administration reportedly pushes for data centers to access power faster

The Trump administration is urging regulators to speed up the approval process that allows for data centers to connect to the power grid, per a Bloomberg report published late Thursday evening.

Citing a proposed rule draft that US Energy Secretary Christopher Wright sent to the Federal Energy Regulatory Commission, the administration is looking to limit these reviews to 60 days. At present, such reviews can stretch on for years. “Data centers could win a speedy review if they include new power plants or agree to curtail usage in response to regional grid strain during high-demand periods such as heatwaves,” per the report.

Simply, the more roadblocks are removed from data centers being in operation, the faster a supply-constrained AI boom can realize demand. As such, adopting such a proposal could be a boon for the entire ecosystem, from data center upstarts to the fledgling power providers looking to meet the growing demand for power.

Data center companies IREN and Cipher Mining are up big in premarket trading, as are nuclear energy company Oklo and fuel cell company Bloom Energy.

Other companies identified with the AI power trade were also getting a lift, including Constellation Energy, Talen Energy, turbine-maker GE Vernova, and AI infrastructure company Vistra.

The FERC had previously rejected a request by Talen to supply an Amazon data center campus from with power from its Susquehanna nuclear plant.

Caveat: these are volatile stocks, and it’s very unclear whether this report is the catalyst for their early gains — but it certainly stands to reason that it would!

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GameStop falls after Q3 revenues dip about 5% year on year

The video games and collectibles retailer just reported Q3 results.

GameStop signage

Tasha Matsumoto

Stocks waver ahead of tomorrow’s interest rate decision

The S&P 500 struggled for direction, but small-caps were trading near all-time highs.

The small polar bear lady Antonia eats an ice cake with fruit and vegetable filling at the zoo in Gelsenkirchen, Germany, 20 December 2017.

Matt Phillips7h

The buy-the-dip bid from retail traders has been a massive market theme throughout 2025, and analysts at Jefferies have tried to quantify just how big of a footprint individual traders now have in US markets.

In a note published Tuesday, they wrote (emphasis added):

“Retail investors have become an increasingly relevant component of the US trading ecosystem, representing >20% of volume — and even higher among names <$5. Growth in accounts, assets, and activity is reflected in the growth of Robinhood, Interactive Brokers, Charles Schwab, etc. A burgeoning product suite, expanded trading hours, and increased investor education support continued growth. Retail interest is here to stay; institutional investors should adjust their strategies accordingly.”

(Robinhood Markets Inc. is the parent company of Sherwood Media, an independently operated media company subject to certain legal and regulatory restrictions.)

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JPMorgan said Marvell’s management told them their Microsoft and Amazon custom chip business is on track, contradicting other reports

The latest release from the Marvell Chipematic Universe is out:

JPMorgan analyst Harlan Sur hosted a meeting with Marvell Technology President and COO Chris Koopmans and Senior VP of Investor Relations Ashish Saran on Monday amid reports that the chip company was poised to lose business from its two biggest hyperscaler custom chip clients: Amazon and Microsoft.

Benchmark downgraded the company on Monday, citing a loss of Trainium3 and 4 business, while The Information said on Friday the latter was planning on shifting its business to Broadcom. Shares tumbled 7% on Monday, erasing all of its post-earnings bounce, and are down again on Tuesday.

The message communicated to Sur from Marvell is, in short, one of Vince Vaughn’s quotable lines in “Wedding Crashers”: “Erroneous! Erroneous on both counts!”

“At our meeting yesterday, the Marvell team reiterated securing purchase orders for all of CY26 for the next-gen Trainium 3 XPU ASIC program at AWS and that the Microsoft 3 nanometer Maia AI XPU ASIC program remains on track to ramp back-half of calendar year 2026 and into calendar year 2027,” Sur wrote in a note to clients on Tuesday. “Moreover, the team reiterated that they are already working on next-gen 2 nanometer XPU programs for both customers.”

The analyst maintained a $92 price target and “overweight” rating on the shares.

Sur added that Marvell’s management “remains perplexed/frustrated at all of the ‘noise’ in the market.”

This whole thing is starting to have the feel of a three- to four-episode subplot arc from HBO’s “Billions.”

Apple’s stock is behaving differently from the rest of BATMMAAN because its AI strategy is nowhere

Apple is so bad at AI that its stock is increasingly detached from the rest of Big Tech. Some days that’s a blessing; on others, it’s a curse.

Parakeet among pigeons on cobblestone sidewalk

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