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Weekly digests

Week 40, 2026

Week of 28 Sept – 4 Oct 2026

7 of 28 public holdings rose so far, with an average move of −1.7% against −0.8% for the S&P 500.

Biggest moves

Up most

Down most

From the notebook

  1. Big mover

    IREN falls 42pc from its high even as revenue jumped 41pc

    IREN shares are down 45.4% from their 52-week high and slid another 11.7% this week. The FY26 results on 27 August showed revenue up 41% to $707 million but a $684 million net loss and a warning of $25-30 billion in 2027 capex. Analysts at Redburn then started the neocloud group at Neutral, dragging IREN down with CoreWeave and Nebius even as JPMorgan raised its own target to $65.

    IRENsaasrise.com247wallst.com

  2. Then & now

    Bank of America bought Merrill for $50bn 18 years ago this month

    On 15 September 2008, at the height of the financial crisis, Bank of America agreed to buy Merrill Lynch for about $50 billion in stock, ending 94 years of Merrill's independence. Eighteen years on, Merrill Wealth Management alone reported $4.1 trillion in client balances in the second quarter of 2026, with wealth and investment management net income up sharply on the year.

    Bank of Americabusiness-standard.comwealthbriefing.com

  3. Connections

    Xanadu and AMD's Backline wires quantum chips into EPYC servers

    Xanadu and AMD this month released Backline, an open platform co-designed by the two companies for rapid communication between quantum and classical computing hardware. It targets end-to-end loop times under 3 microseconds between Xanadu's photonic processors and AMD's EPYC and Threadripper CPUs, Instinct GPUs and Versal FPGAs. For AMD it's a low-cost way into quantum-adjacent infrastructure; for Xanadu it ties its PennyLane software to chips already sitting in data centres.

    Xanadu AMD

    Since this note:Xanadu −4.2%AMD −3.6%(S&P 500 −0.8%)

  4. Theme

    Shopify defaults to AI-agent checkout, Amazon keeps the gate shut

    From 21 September, Shopify started enabling Shop Pay checkout for AI shopping agents by default across eligible US merchants, letting tools like Google's AI Mode buy without a manual integration. Amazon is going the other way: it has blocked OpenAI's shopping crawlers from indexing its listings and sued Perplexity's shopping agent over unauthorised purchases. Two of the biggest commerce platforms in the portfolio are now running opposite bets on how much buying power to hand to AI agents.

    Shopify Amazon

    Since this note:Shopify +1.2%Amazon −1.4%(S&P 500 −0.8%)

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Notes are written by AI and can be wrong; check the sources. Share-price moves run from the last close before the week to the last close in it. Not financial advice.

Noosa Heads, Australia

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