Oil at $97, Bears Circle Wolfspeed, and Oracle on Deck

Macro: Oil Surges, AfD Wins Germany

Brent crude jumped to $97 a barrel today. The move is the single biggest macro story of the session. Energy stocks in Europe gained. BP and Shell were in focus as oil traders priced in tighter supply. Germany's AfD party scored a major election win, rattling European equities broadly. SAP and ASML both moved on the political noise.

US: Shorts and Chips Dominate

Short sellers stayed aggressive on two names. Wolfspeed sits at 75% short interest as a percentage of free float. Borrow availability has hit zero — shorts are locked in, new bets impossible. Chewy climbed to 52% short interest this week. Bears see no near-term retail recovery.

IREN is hitting a squeeze pressure point. Utilisation reached 100% and availability dropped to just 0.65%. That is the lowest level in weeks.

On the analyst front, Palo Alto Networks was downgraded today. Micron attracted a new bullish recommendation with a consensus target of $1,513. Semiconductor bulls are not backing down.

Insider activity remains loud. An NVDA director filed $411 million in share sales last week. Bill Gates filed $927 million in Republic Services purchases, lifting his stake to roughly 37%.

Events: Oracle Reports Thursday

Oracle reports Q1 2027 results on Thursday September 10. AI and cloud demand will be the key test. GameStop also reports Wednesday. Investors will watch for any strategy update.