Meta Platforms considered cutting some teams by as much as 60% as it reshaped the company around AI, Reuters reported. The company ultimately laid off 10% of its workforce in May and dropped plans for a second round of job cuts. Meta said second-quarter costs and expenses rose 55% year over year to $42.03 billion, and it expects 2026 capital spending of at least $130 billion. Meta shares were down more than 10% year to date at the time of writing, with $592 cited as a near-term technical level.

SuperX AI said its wholly owned Japanese subsidiary, SuperX Industries, has received a commercial purchase order worth about $38.8 million from Japanese technology company WOODMAN. The order covers Nvidia Corporation’s (NVDA) B300 GPU-based server clusters for an AI infrastructure project in Yokohama, Japan, with delivery scheduled by mid-November 2026. As of Aug. 20, SuperX had received roughly 20% of the order value as an advance payment, with the remaining balance due before shipment under the contract terms. SUPX shares remain well below last year’s highs, leaving the deal as a potential focal point for market attention.

Major U.S. stock indexes traded in a narrow range on Wednesday as investors waited for Nvidia’s earnings report. The Fed’s preferred inflation gauge, the July PCE price index, rose 0.2% month over month and 3.7% year over year, slightly above expectations, while core PCE matched forecasts. Rate futures continued to imply about a 60% chance the Federal Reserve keeps rates unchanged next month, according to CME Group’s FedWatch.

U.S. stocks traded in a narrow range on Wednesday, with the S&P 500 slipping less than 0.1% while staying near record highs, the Dow down 113 points and the Nasdaq off 0.1%. Inflation data showed the Federal Reserve’s preferred gauge held at 3.7% last month, well above the central bank’s 2% goal. Abercrombie & Fitch surged 35.7% after posting quarterly earnings above expectations, while Smucker rose 4.3% on results that topped forecasts but later fell 3.2% after its profit-growth outlook for the next fiscal year missed analysts’ estimates.

Galaxy Digital said it has launched a crypto credit line for retail clients. The service allows users to borrow for liquidity using bitcoin (BTC), ether (ETH) and Solana (SOL) as collateral. The rollout brings an institutional-style financing tool to the retail market. It could broaden digital-asset use cases and increase the financial utility and holding appeal of the collateral tokens.

Nvidia is set to report fiscal second-quarter results after the close on Aug. 26, with attention on whether its revenue can sustain rapid growth. Over the past 12 months, the company generated $119 billion in free cash flow, up 54% year over year, and posted gross margins near 75%. Nvidia is also in talks to invest in AI search platform Perplexity AI at a $30 billion valuation, up from $20 billion last year. Perplexity’s annualized revenue has risen this year from $250 million to more than $750 million.

Coinbase said it will allow its 75 million users in the US to buy a home using Bitcoin as collateral. The service is designed to let buyers avoid selling their Bitcoin when purchasing a property. It marks an expansion of Bitcoin’s use in traditional real-estate finance and brings crypto assets further into mainstream consumer use.

The U.S. PCE Price Index held steady at 3.7% year over year in July, above the 3.6% consensus forecast. After the release, expectations for further Fed tightening firmed, with the implied probability of an October rate hike rising to 54.7%. U.S. Treasury yields climbed, with the 2-year moving above 4.22% and the 10-year holding above 4.66%. Gold failed to break $4630–$4650 and slipped back toward $4600, while silver came under pressure as it tested support near $68.00.