The week’s main story in U.S. equities was liquidity, not AI.
ADP said August private payrolls rose by just 38,000, below the 48,000 expected by the market. ISM manufacturing PMI and JOLTS job openings also softened. After repeated signs that the labor market was cooling, Federal Reserve Governor Christopher Waller said he would be willing to keep rates unchanged if inflation pressure eases. September rate-hike odds then fell quickly from about 66%, taking some pressure off risk assets.
Markets responded immediately. On Sept. 3, the three major U.S. stock indexes rebounded, with the Dow posting its best single day in nearly a month. Bitcoin climbed intraday to $81,379, its highest level in almost four months. The biggest winners were not AI leaders but U.S.-listed crypto-linked names: Robinhood Markets (HOOD) rose 19.7% for the week, while Strategy (MSTR) gained 14.3%.
In the same week, Broadcom (AVGO) reported AI semiconductor growth of 221% year over year, yet the stock still finished down 3.1%. Put together, those two moves show where investors focused: not just on headline growth, but on how changing rate expectations affect different parts of the market.
Key sectors and names this week
Macro: softer labor signals and lower hike odds
Odaily’s review highlighted three macro signals for the week:
- ADP private payrolls for August increased by 38,000, below expectations for 48,000. ISM manufacturing PMI and JOLTS job openings weakened at the same time, extending signs of labor-market cooling.
- Waller said he would be willing to hold rates unchanged if inflation pressure eases. September hike odds dropped quickly from around 66%. On Sept. 3, all three major U.S. indexes rebounded, and the Dow posted its best single-day performance in nearly a month.
- Bitcoin rose intraday to $81,379, a near four-month high, while gold also strengthened. Long-end Treasury yields and the U.S. dollar both moved lower, leaving risk assets and safe-haven assets rising together.
AI compute and chips: Broadcom beat, stock still fell
Broadcom (AVGO) was down 3.1% for the week and up 3.4% for the year.
The company reported Q3 revenue of $29.59 billion, up 86% year over year. Adjusted EPS came in at $3.32, above the $3.24 expected by the market. AI semiconductor revenue reached $16.7 billion, up 221% from a year earlier and 54% from the prior quarter. Broadcom also said business with Anthropic and OpenAI continued to expand. For Q4, it guided AI semiconductor revenue to $21.7 billion, implying 236% year-over-year growth.
The numbers were strong, but the stock still fell after earnings. The issue was outside AI. Broadcom guided Q4 total revenue to $34.8 billion, slightly below the market expectation of $35.03 billion, while the recovery pace in non-AI operations remained slower than investors had hoped.
AI security: Zscaler beat estimates but ended lower
Zscaler (ZS) fell 3.0% for the week and is down 19.3% year to date.
Q4 revenue came in at $898 million, up 25% year over year and above the $877 million expected by the market. Adjusted EPS was $1.19, topping the $1.09 consensus. ARR reached $3.77 billion, also up 25% year over year, with quarterly net new ARR of $246 million. Guidance for the first quarter of the new fiscal year also came in above expectations.
Even so, the shares still closed the week lower. The gap between operating performance and stock performance is one of the main points to watch from here.
Crypto and brokerages: HOOD and MSTR outperformed
Robinhood Markets (HOOD) gained 19.7% for the week and is up 9.7% for the year, making it one of the strongest long trades in U.S. equities during the period.
As Bitcoin broke above $81,000, trading activity accelerated and helped drive HOOD sharply higher. Odaily’s report also pointed to on-chain data: on Sept. 2, real-world asset, or RWA, token turnover on Robinhood Chain reached $390 million in a single day. Within that, memecoin-stock trading pairs accounted for $217 million and tokenized stocks reached $127 million, both all-time highs. User payments on the network totaled $3.75 million over 24 hours, also a record.
Strategy (MSTR) rose 14.3% for the week but remains down 7.4% year to date. Its move outpaced Bitcoin itself, which the report framed as evidence that when hike expectations fade, the beta of Bitcoin-holding companies can expand even more sharply. The year-to-date figure also shows the same leverage works in both directions.
EVs and autonomy: Tesla unveils Cybercab
Tesla (TSLA) rose 7.6% for the week and is down 14.0% year to date.
On Sept. 3, Tesla introduced the production version of Cybercab in Austin, a two-seat autonomous vehicle with no steering wheel and no pedals, with a target price below $30,000. The market reacted positively. Shares jumped that day for their best single-session performance in nearly three months, and the stock has gained 18% over the past month.
Even after that move, TSLA remains down 14.0% this year. Whether the narrative can turn into deliveries and revenue remains the next key issue.
Stock focus
Robinhood: why it outpaced Bitcoin
Bitcoin moved above $81,000, but Robinhood rose even more over the week. Odaily’s framing was that this was not just a simple sympathy trade; it reflected leverage embedded in the company’s business model.
Robinhood’s revenue is directly linked to trading volume, and trading volume can expand nonlinearly during a strong market. The report noted that daily tokenized-asset turnover on Robinhood Chain reached $390 million this week, while user payments hit $3.75 million, both records. In that reading, retail users did not just return to the market; they returned through new products.
Tokenized stocks are another line item the report said investors should keep watching. The $127 million in daily turnover is not large in the context of traditional brokerage volumes, but it points to a new revenue curve in a regulatory framework that is still taking shape. If that activity keeps growing, HOOD’s valuation framework may no longer rest only on crypto beta.
Broadcom: AI strength was not enough on its own
Broadcom posted $16.7 billion in quarterly AI semiconductor revenue, up 221% year over year, and guided that figure to $21.7 billion in Q4. Those were unusually strong numbers. The stock still fell.
The report’s point was that the problem was not AI. It was everything outside AI. Broadcom’s Q4 total revenue guide of $34.8 billion came in slightly below the $35.03 billion expected by the market, and the recovery in VMware, broadband and enterprise storage was slower than expected. Once AI is fully priced in, investors start asking harder questions about the rest of the business.
Odaily also noted that Oracle (ORCL) earnings next week could offer another example of the same issue.
What the market debated this week
Why weaker jobs data lifted stocks
The report argued that the market’s reaction function has flipped compared with prior years. In earlier cycles, weaker employment data often increased recession fears. In the current setup, the key issue is whether the Fed will keep hiking, not whether it will cut.
According to the input text, the Fed under Warsh is discussing hikes, with September hike odds having climbed to about 66% and rates still in a 3.50%-3.75% range. In that environment, the bigger threat to equities is tighter policy rather than recession. That is why weak labor data has been treated as good news: it reduces immediate hike pressure. With ADP at just 38,000 and Waller sounding more open to a hold, the market quickly added back risk exposure, and the Dow posted its best day in nearly a month on Sept. 3.
The next test, the report said, is inflation. PPI on Sept. 10 and CPI on Sept. 11 are presented as the final variables ahead of the Sept. 16 FOMC decision. If inflation turns back up, that logic could reverse quickly.
Why crypto-linked names ran harder than AI
Bitcoin broke above $81,000. HOOD gained 19.7% for the week and MSTR added 14.3%, outperforming Broadcom and Zscaler, both of which posted weekly losses.
Odaily’s explanation centered on duration. AI stocks already have visible cash flows and a meaningful share of their valuation is tied to profits that are being realized now. Crypto assets, by contrast, are valued much more on future expectations. When discount rates fall, that kind of asset tends to show greater sensitivity on the upside.
But the same structure cuts both ways. When expectations reverse, crypto-linked names can fall just as quickly. The report described the crypto complex as the most sensitive thermometer for liquidity expectations, not the most stable position. MSTR’s 7.4% year-to-date loss, despite its 14.3% gain this week, was used as the clearest example.
Next week’s calendar
The input states that all dates are in Eastern Time and earnings dates are subject to company announcements.
The setup for next week was described as quiet first, then active. Because of the Labor Day market holiday, there will be only four trading days, leaving thinner liquidity. The main risk points are Sept. 10 PPI and Sept. 11 CPI, followed directly by the Sept. 15-16 FOMC decision window. The report suggested paying closer attention to position risk control ahead of those dates.
Q&A from the report
Why did Broadcom fall even with 221% AI revenue growth?
The answer in the source text was that the market had already priced in AI’s high growth rate. What mattered more was that Q4 total revenue guidance of $34.8 billion came in slightly below the $35.03 billion expected, with the shortfall tied to slower recoveries in VMware, broadband and enterprise storage.
Was Robinhood’s 19.7% gain just a Bitcoin trade?
The report said there was correlation, but not complete overlap. HOOD’s revenue is directly linked to trading volume, and volume expands nonlinearly in active markets. At the same time, Robinhood Chain recorded $390 million in daily RWA turnover and $3.75 million in user payments, both records, showing real activity in the company’s own product stack.
Zscaler beat across the board. Why did the stock still fall?
The source text said the earnings numbers themselves were clean: revenue up 25%, EPS above expectations, ARR at $3.77 billion, and higher guidance for the new fiscal year. But with ZS still down 19.3% year to date, the market clearly remains divided on valuation and competitive positioning. The report said one quarter is not enough to settle that debate.
How should investors read the Fed now?
The input says the current rate range is 3.50%-3.75%, and the discussion is about whether the Fed will hike, not cut. September hike odds were once around 66% but fell this week as labor data softened and Waller spoke. Before the Sept. 15-16 FOMC meeting, PPI on Sept. 10 and CPI on Sept. 11 are the two key variables.
Where is the risk after such a big move in crypto-linked stocks?
The report’s answer was straightforward: the upside elasticity is also downside elasticity. The crypto chain is highly sensitive to changes in liquidity expectations. It can rise fastest when discount rates fall and drop fastest when those expectations turn. MSTR remaining down 7.4% year to date, despite a 14.3% weekly jump, was cited as the clearest case.
The original report also carried a disclaimer saying the material is for market information and educational reference only and does not constitute investment advice. It said the stocks mentioned are publicly discussed market names and do not represent recommendations or opinions from MEXC, that price changes are based on public market information and subject to final quotations, and that the material was provided by the MEXC U.S. equities spot team. It added that copyright for the weekly report belongs to MEXC and reprints should cite the source.