Federal Reserve Chair Kevin Warsh said he has no information to provide about discussions with the President.

A JP Morgan "long software, short semiconductors" basket jumped 12.1% on Tuesday, its largest single-day gain, reflecting a sharp intra-AI trade rotation. Investors are pricing a potential slowdown in frontier AI model training, prompting flows out of some AI infrastructure and long-cycle semiconductor equipment into software, cybersecurity, large cloud platforms and lagging AI names. JP Morgan warns that a slower R&D cadence does not equal halted training—tighter safety, alignment and third-party evaluations could increase compute demand—so this appears to be a scenario reassessment rather than confirmation of reduced AI compute needs (JP Morgan report Sept. 15).

Brent crude slipped below $103/bbl, falling nearly 2% intraday.