A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY.

Here's a full recap:

1. SanDisk $SNDK laid out its investor day targets, guiding for mid-to-high teens revenue growth, roughly 80% non-GAAP gross margins, and about 50% adjusted free cash flow margins. The company also expects to return 100% of excess cash to shareholders. SanDisk highlighted its HBF technology as a potential major efficiency unlock for AI inference, saying internal testing showed 1 HBF GPU could run the same model that required 8 HBM GPUs, implying 8x CapEx efficiency, while 4 HBF GPUs matched the token output of 8 HBM GPUs, implying 2x GPU efficiency. $SNDK was up 14%.

2. U.S. PPI came in slightly cooler on the headline number, rising 4.7% YoY versus 4.9% expected and 0.0% MoM versus 0.2% expected. Core PPI was mixed, rising 4.2% YoY versus 4.1% expected, but only 0.2% MoM versus 0.3% expected. Initial jobless claims came in at 209K versus 202K expected, while continued claims were 1.777M versus 1.794M expected.

3. Norway’s $2.3T sovereign wealth fund, the world’s largest, generated a record $184.3B profit in H1 2026. The fund returned 9.4% over the period, with its 72.1% equity allocation up 13.0%. In Q2 alone, the portfolio gained 11.5%, its strongest quarter since Q2 2020, led by equities returning 16.0% as AI-related names drove performance. Nvidia $NVDA remained the fund’s largest holding at the end of H1, followed by Microsoft $MSFT and Apple $AAPL. Norway’s fund now owns roughly 1.5% of all publicly listed companies globally and has become one of the world’s largest institutional investors in AI-related stocks.

4. OpenAI’s annualized revenue has reportedly topped $40B, roughly doubling its run rate from the end of 2025, according to Bloomberg. July run-rate revenue rose more than 20% MoM, driven by strength in Codex, subscriptions, and early ad sales, highlighting how quickly OpenAI’s monetization is scaling across both consumer and business lines.