Hey Snackers,
A powerful artificial intelligence, recruits “induced” to steal trade secrets, hundreds of billions of dollars at stake: it’s not the plot of the latest hot series on Netflix but a lawsuit from xAI, run by the richest man in the world, Elon Musk. The lawsuit it filed against OpenAI includes some Netflix-worthy quotes, alleging that the company lured former xAI employees in a “coordinated, unfair, and unlawful campaign” to steal its “secret sauce.” Read the whole complaint.
The S&P 500 fell 0.5% on Thursday, marking its third straight day in the red for the first time in over a month. The Nasdaq 100 gave back 0.4% and the Russell 2000 fell 1%. Every S&P 500 sector ETF finished in the red aside from energy, with consumer discretionary and healthcare faring the worst.
🧠Trivia time: Test your knowledge on recent business and tech news with our Snacks Seven Quiz. Here’s the first question:Â
Which ad-free streaming service is the most expensive?
Check your answer.
Retailers prep for an October sales blitz ahead of a cutthroat holiday shopping season
Christmas is still months away, but the holiday shopping wars are already here. Mega-retailers are pushing up their calendars with earlier sales events, faster delivery promises, and perks aimed at budget-conscious shoppers.
Next month alone:
Amazon will hold its Prime Big Deal Days on October 7 and 8. The two-day sale is shorter than July’s four-day Prime Day but is designed to pull spending forward ahead of Black Friday.
Walmart will give Walmart+ members early access on October 6 before opening a five-day event October 7 through 12 with discounts across categories like toys, fashion, and electronics.
Target is bringing back its fall Circle Week, which runs October 5 through 11, with early access for Circle 360 members on October 4. Deals will include home goods, apparel, toys, and electronics.
Bankrate’s 2025 Holiday Spending Report shows about half of consumers plan to start shopping before Halloween, and YouGov’s Black Friday and Cyber Monday Outlook found that 22% are shopping before Black Friday, largely to avoid unexpected price hikes.
PwC’s 2025 Holiday Outlook survey found consumers expect to spend ~$1,552 each this holiday season, down 5.3% from last year, marking the first comparable decline since 2020.
The Takeaway
Even as wallets tighten, shoppers still expect convenience. Walmart is expanding next-day delivery and leaning on “buy now, pay later” at checkout. Amazon is betting on its same-day hubs and AI-driven product recommendations to keep carts moving. Target has not only slashed prices, but also pushed curbside and in-store pickup options to help drive sales. Outside of price, 62% of US consumers say faster shipping will be the deciding factor when making purchases this season.
75+ Patents. Trials Ongoing. The Invention That Could Disrupt the Tire Industry
It’s not AI. It’s not EVs.
It’s the Air Suspension Wheel (ASW) — named one of TIME’s “Best Inventions of 2023”1 — and it could make the rubber tire obsolete.
Traditional off-the-road mining tires cost up to $75,000, last just 6–9 months, and end up in landfills.
Global Air Cylinder Wheels (GACW) has built a patented solution designed to last the lifetime of a vehicle — potentially cutting costs by up to 60%2 and eliminating punctures and overheating.
With 75+ patents, $7M raised across all offerings3, and a planned commercial launch in the next 6 months2, this is a ground-floor moment.
Quantum stocks sputter after nearly doubling
Quantum computing stocks have been on an absolute tear, driven in large part by rumors of more US government support for the nascent technology, which were realized in a memo earlier this week highlighting quantum technology as an R&D budgetary priority for fiscal 2027.
Emergent technologies — most notably the internet — have historically benefited from a strong government push. Even now, the President Trump-backed AI joint venture known as Stargate is playing a starring role in driving billions in market value for established tech giants like Oracle.
The quantum industry (and the investors flocking to the space) are hoping that their development is similarly turbocharged by state support.
“It’s encouraging to see the Trump Administration recognize that the private sector must play a central role in applied research and commercialization for quantum technologies,” D-Wave CEO Dr. Alan Baratz told Sherwood News.
The handful of pure-play quantum computing companies we track closely — IonQ, D-Wave Quantum, Rigetti Computing, and Quantum Computing — have added a whopping $23 billion in market capitalization over the past month, nearly doubling in the process despite a mild reversal on Thursday.
The Takeaway
That being said, current valuations for quantum computing firms embed a lot of optimism around the idea that a government push will soon lead to explosive revenue growth in the future. Combined, these firms have generated less than $100 million over the past four quarters. And these companies have their fair share of detractors, including former hedge fund manager and biotech founder Martin Shkreli, who has been a vocal opponent of their businesses. Short interest as a share of float is about 18%, on average, across these four stocks as of mid-September, per exchange data.
The Best Thing We Read Today
Investors are growing bullish on cannabis stocks. But why?
Cannabis investors have learned not to get their hopes up too much over the years, but are cautiously optimistic that there are better days ahead soon. We spoke to ATB Capital Markets analyst Frederico Gomes about why and what the outlook is for rescheduling marijuana as a less dangerous drug.
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What Else We're Snackin'
One analyst’s case for why Google should be the most valuable company on the planet
Rex-Osprey launched the first ETF with ethereum staking
Amazon settled its FTC case regarding Prime dark patterns for $2.5 billion
Why a Canadian geoengineering startup is feeding Tums to the ocean
Yesterday’s Big Daily Movers
Stitch Fix fell as tepid guidance and declining customer numbers disappointed investors
Carmax tumbled on worse-than-expected earnings and sinking used car sales
Opendoor surged after trading firm Jane Street revealed a 5.9% stake in the company
Intel rose as it seeks Apple as its next big backer
Want to get the news on the biggest movers of the day right after market close? Subscribe to The Wrap here.
Snack Fact Of The Day
China’s carbon footprint is more than double the next-highest-emitting country.
Today's Events
August PCE (the Fed’s preferred inflation gauge)Â
University of Michigan final September consumer sentiment
1 See more details on TIME’s Best Inventions of 2023 award here.
2 Statements made regarding planned release dates, planned contracts, and results are based on current expectations and assumptions and involve risks and uncertainties that could cause actual results to differ materially.Â
3 The amount raised may include insider investments, which may go toward meeting the minimum offering amount.
4 The minimum investment is $502.50. Please read the offering circular and related risks at GACW’s StartEngine Page.This is a paid advertisement for GACW’s Regulation CF Offering. This Reg CF offering is made available through StartEngine Primary, LLC.
This Reg CF offering is made available through StartEngine Primary, LLC. This investment is speculative, illiquid, and involves a high degree of risk, including the possible loss of your entire investment.
Past performance is no guarantee of future results. Investing in private company securities is not suitable for all investors because it is highly speculative and involves a high degree of risk. It should only be considered a long-term investment. You must be prepared to withstand a total loss of your investment. Private company securities are also highly illiquid, and there is no guarantee that a market will develop for such securities.
This was a paid for ad. Sherwood Media has been compensated for this ad by the GACW Reg CF Campaign hosted on StartEngine.