The Trade Desk (TTD) cuts 15% of staff as Zscaler (ZS) discloses layoffs hours earlier
The Trade Desk (TTD) told the SEC it will cut about 15% of staff, with $39 million to $51 million in charges. Zscaler (ZS) disclosed a 3% workforce cut ten hours earlier. They are the only two Item 2.05 filings on our watchlist inside the same 24 hours in a year.
Nvidia (NVDA) owns $90.7 billion of other companies. Its public stock portfolio has lost $16.4 billion since June 30.
Nvidia's latest 10-Q carries $42.8 billion of marketable equity securities and $47.9 billion of funded private stakes, with $25 billion more committed but not yet paid in. Its June 30 13F positions have given back about $16.4 billion since, and a $105 billion guarantee on an OpenAI data center sits off the balance sheet entirely.
Software's biggest day of 2026, and the Salesforce (CRM) beat behind it is mostly paper
Software is on pace for its biggest day of 2026, led by a 22% jump in Salesforce. But the $5.90 adjusted EPS everyone is quoting includes a $2.6 billion investment gain the company doesn't strip out. Back it out and the beat is single digits at best.
The AI stock map: every layer of the trade, from sand to software
A top-to-bottom deep dive on the AI supply chain, from the machines that make the chips down to the hyperscalers writing the checks, and how every layer pushes and pulls on the others.