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Treasury Doubles Down: $4B Buybacks Put a Floor Under the Long End

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‼️ Treasury has doubled buybacks to $4 billion per operation from September 9 through November 4, and its commitment to provide further guidance on November 4 points to the likelihood of continued intervention. Treasury’s larger purchases of older 10–30 year bonds add incremental demand to the long end, pushing bond prices up and yields down.

OpenAI CFO to Staff: “We’ll Be Public in 2027—or Sooner”

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‼️ 🧠 OpenAI CFO Friar told employees the company “will be a public company in 2027” or sooner, framing the IPO as “a milestone, another fundraise” rather than a finish line. He noted OpenAI raised $122 billion in March, giving it flexibility, and said it’s fine if Anthropic goes public first—both are confidentially filed, and Anthropic could debut as early as September. She also shared internal slides showing OpenAI’s revenue run rate is up 35% quarter-to-date, enterprise revenue run rate up 50%, and its AI coding/work product has reached 20 million weekly active users.

Micron Surges Past Kioxia as NAND Revenue Nearly Doubl

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‼️ 🧠 Micron’s NAND flash revenue share rose to 15.1% in Q2 from 13.9% in Q1, overtaking Kioxia to become the world’s third-largest supplier by revenue behind Samsung and SK Hynix. TrendForce attributed the gain to a sharp rise in ASPs, with Micron’s NAND revenue reaching $11.85 billion, up 99.2% QoQ—the fastest growth among the top five vendors.