Markets on Edge: Oil, Chips, and GME Steal the Show

Macro and Energy

Oil prices are climbing fast. Chinese oil prices hit record highs today after attacks on a Saudi pipeline. Beijing had been drawing down strategic stocks to cushion the global market. That buffer is now gone. Energy stocks are in focus. Meanwhile, Wells Fargo raised its prime rate to 7.00%, a move that signals tighter credit conditions ahead for consumers and businesses.

US Highlights

KKR is doubling its private debt book to $80 billion. AI-driven data centre spending is the engine. Generac issued Amazon a warrant for up to 1.7 million shares. The deal is tied to $8 billion in data centre generator orders — another sign AI infrastructure is reshaping corporate partnerships at scale.

GameStop is back in the spotlight. Ryan Cohen reportedly put $20M behind the stock as the short book collapses. Short sellers in GME have been squeezed hard. Lennar reported Q3 guidance today, flagging 19,500–20,500 new orders for Q4 and 22,000–23,000 deliveries. Homebuilder sentiment stays cautiously firm despite rate pressure.

The semiconductor ETF SOXL hit 100% utilisation today. Borrowable shares sit at just 4.66% of short interest — the lowest in 52 weeks. This lines up with the heavy bearish options flow flagged in chips this week, targeting NVDA, MU, and AMD.

Europe in Focus

European stocks slid today but defence names rallied. Ukraine ratifying a $105 billion EU loan deal lifted the sector. The landmark US crypto bill failed in the Senate, a blow to an industry that spent record sums lobbying for it. Italy's Revolut users were also caught in a hacker breach targeting crypto accounts.