U.S. stocks moved lower in afternoon trading and into the close on Monday as investors weighed rising geopolitical and energy-market risks against ongoing enthusiasm for artificial intelligence infrastructure. The selling was broad-based, with the Dow Jones Industrial Average, S&P 500, Nasdaq Composite, and Russell 2000 all lower, while the CBOE Volatility Index rose nearly 7%. The S&P 500 stood at 7,745.06, down 40.70 points, or 0.52%; the Dow Jones Industrial Average was 53,459.78, down 272.63 points, or 0.51%; and the Nasdaq Composite was 26,644.91, down 84.25 points, or 0.32%. The Russell 2000 fell 0.41% to 3,055.83.

Market Snapshot

Asset / Index	Level	Change
S&P 500	7,745.06	-40.70 (-0.52%)
Dow Jones Industrial Average	53,459.78	-272.63 (-0.51%)
Nasdaq Composite	26,644.91	-84.25 (-0.32%)
Russell 2000	3,055.83	-12.59 (-0.41%)
CBOE Volatility Index	15.22	+0.97 (+6.81%)
Gold	$4,474.10	+$36.80 (+0.83%)
Bitcoin	$64,216.78	+$1,216.04 (+1.93%)

The VIX’s move to 15.18 at the close illustrated a measurable increase in investor demand for downside protection, although it remained below levels typically associated with acute market stress. Gold’s 0.83% gain and Bitcoin’s 1.93% advance suggest investors continued to seek diversification and alternative stores of value as uncertainty around energy, inflation, and global conflict increased.

Macroeconomic Report Commentary

Monday’s session followed three consecutive weeks of gains for the S&P 500, leaving the market vulnerable to profit-taking. Investors were also navigating concerns that Middle East tensions could support higher oil prices, potentially complicating the inflation outlook and the Federal Reserve’s policy calculus. Reuters reported that U.S.-Iran tensions weighed on broader risk appetite even as select technology shares advanced. The interest-rate backdrop remained equally important. Recent softer U.S. economic data have prompted market participants to pare back expectations for additional Federal Reserve rate hikes, contributing to downward pressure on the U.S. dollar. The dollar index was reported near 99.19, around a 10-week low, after falling roughly 0.3%. However, Treasury yields remained elevated. A 10-year Treasury yield near 4.7% continues to matter for equity valuations—particularly high-duration growth and technology companies—because a higher discount rate reduces the present value investors assign to future earnings. This tension helps explain why AI optimism was insufficient to drive a broad market advance Monday. The day’s domestic data offered a more constructive reading on selected parts of the economy. The Empire State Manufacturing Index reportedly rose to 20.6 in August, above the 11.0 consensus forecast, while the NAHB/Wells Fargo Housing Market Index rose one point to 35, surpassing expectations for 33. The data point to underlying resilience in manufacturing activity and a modest improvement in builder confidence, though mortgage costs and housing affordability remain meaningful headwinds.

NVIDIA, OpenAI and AI Infrastructure

NVIDIA Corporation (NVDA) remained at the center of the AI infrastructure narrative following news of an Ohio data-center project involving OpenAI (OPAI.PVT) and SB Energy. NVIDIA is expected to provide more than $105 billion in financing support for land, power, and the facility shell associated with the PORTS-Pike Technology Campus. The project is intended to begin with 4.25 gigawatts of computing capacity and could ultimately expand to 8 gigawatts. NVIDIA GPUs are expected to supply the computing infrastructure, with the buildout potentially requiring approximately 1.5 million chips. NVIDIA also agreed to make a $1.5 billion investment in SB Energy. NVIDIA (NVDA) shares gained approximately 0.8% to $227.05 during Monday’s session prior to closing at $225.01, -.07% as investors assessed the strategic implications. The proposed investment reinforces NVIDIA’s transition from a semiconductor supplier into a broader AI-capital and infrastructure ecosystem participant. For equity investors, the development is both a demand signal and a risk consideration. It illustrates durable spending appetite for accelerated computing, but it also places added emphasis on data-center economics, power availability, customer funding, execution timelines, and the difference between prospective infrastructure capacity and recognized revenue.

Groq Funding and AI Competition

Groq, a private AI-inference infrastructure company, raised $350 million at a reported $3.5 billion valuation. NVIDIA (NVDA) is expected to participate in the funding round after a prior licensing arrangement with Groq and the hiring of founder Jonathan Ross and other personnel. The company plans to focus on AI-inference data centers—facilities used to operate trained models in production—and aims to expand capacity beyond 200 megawatts by next year. The funding round is notable because Groq’s valuation was roughly half of its reported $6.9 billion valuation in September 2025. The reset highlights a growing distinction in private AI markets: demand for computing capacity remains substantial, but investors are becoming more selective about pricing, commercialization, power access, utilization, and sustainable competitive advantage.

What Investors Are Watching

• Official closing levels: Monday’s final index performance after the 4:00 PM Eastern close will determine whether the intraday pullback deepened, stabilized, or reversed.
• Energy and geopolitics: Oil-price movement and developments involving U.S.-Iran tensions could influence inflation expectations, Treasury yields, and risk appetite.
• Federal Reserve policy expectations: Softer economic data and a weaker U.S. dollar have reduced perceived pressure for additional tightening, but elevated yields and energy-sensitive inflation risks remain important variables. aa.com
• AI capital expenditures: NVIDIA (NVDA), OpenAI (OPAI.PVT), and Groq’s developments reinforce that AI infrastructure remains a powerful market theme—but one increasingly shaped by financing requirements, electricity supply, and return-on-investment discipline.
• Retail earnings: Reports from Walmart Inc. (WMT), Home Depot Inc. (HD), and Lowe’s Companies Inc. (LOW) later this week are expected to offer fresh insight into consumer demand, home-improvement spending, and the health of the U.S. consumer.

VP Watchlist Updates

Amwell® (NYSE: AMWL)

Amwell® (NYSE: AMWL) a leading provider of a comprehensive SaaS-based software platform for technology-enabled healthcare, closed at $12.34. Amwell® (NYSE: AMWL) announced (Aug. 4) financial results for the second quarter ended June 30, 2026. Dr. Ido Schoenberg, Chairman and CEO of Amwell stated, “The DHA’s intent to make Amwell a prime contractor is a powerful endorsement of our platform and our people. With subscription revenue now approaching half our total revenue, independently validated behavioral clinical outcomes, no debt, and positive cash flows from operations projected for the fourth quarter this year, we have never been better positioned to lead the era of AI-powered care.”

Amwell Second Quarter 2026 Highlights:

• Recorded Total Revenue of $52.0 million at the top end of the previously provided financial guidance range for Q2
  • Achieved subscription revenue of $25.7 million
  • Recorded Amwell Medical Group (“AMG”) visit revenue of $24.4 million
• Reported gross margin of 53%
• Net loss was ($9.6) million, compared to ($10.3) million in the first quarter of 2026, continuously moving from quarter to quarter in a favorable trajectory
• Adjusted EBITDA of ($1.2) million compared to ($3.1) million in the first quarter of 2026
• Total visits on the platform were 0.8 million.
  

Financial Outlook

The Company is significantly improving Adjusted EBITDA, reaffirming its AMG visit guidance, and raising the low end of its 2026 revenue outlook:

• Revenue in the range of $200 million to $205 million increased from $195 million to $205 million
• AMG visits between 1.32 million and 1.37 million
• Adjusted EBITDA in the range between ($9) million to ($7) million increased from ($16) million to ($12) million. 
  

The Company also provided financial guidance for Q3 2026 Revenue and adjusted EBITDA:

• Q3 revenue in the range of $46 million to $48 million
• Q3 adjusted EBITDA expected to in the range of ($5) million to ($3) million.

The Company also reiterated its objective to achieve positive cash flow from operations in the fourth quarter of 2026.

Hudson Pacific Properties (NYSE: HPP)

Hudson Pacific Properties (NYSE: HPP, $13.80) is a real estate investment trust serving dynamic tech and media tenants in global epicenters for these synergistic, converging and secular growth industries. Hudson Pacific’s unique and high-barrier tech and media focus leverages a full-service, end-to-end value creation platform forged through deep strategic relationships and niche expertise across identifying, acquiring, transforming and developing properties into world-class amenitized, collaborative and sustainable office and studio space. HPP turned in a quarter ( Aug. 5) that suggests the office malaise is not over, but it may finally be meeting resistance. Revenue came in above Wall Street’s expectations, occupancy moved higher for a fourth straight quarter, and management raised full-year guidance — a combination that does not make for a triumphant victory lap, but it does make for a more credible turnaround narrative. Learn more.

Eupraxia Pharmaceuticals Inc. (EPRX)

Eupraxia Pharmaceuticals Inc. (EPRX, $6.82, +1.49%), a clinical-stage biotechnology company leveraging its proprietary Diffusphere™ technology designed to optimize local, controlled drug delivery for applications with significant unmet need, announced (Aug. 13) positive results from a new analysis of the RESOLVE study examining the effect of EP-104GI on symptom severity, including for the first time an analysis of the effect of EP-104GI on odynophagia (pain when swallowing). This is important because odynophagia scoring is a component of Dysphagia Symptom Questionnaire (DSQ), a commonly used patient reported outcome used in pivotal clinical trials in EoE patients.

Modular Medical, Inc. (NASDAQ: MODD)

Modular Medical, Inc. (NASDAQ: MODD, $2.37), a commercial-stage medical device company preparing for the commercial launch of its next-generation Pivot™ tubeless patch pump, announced (Aug. 3) plans to initiate the first phase of commercialization of its Pivot tubeless patch pump across five strategically selected U.S. markets beginning in October 2026. The initial rollout will include Atlanta, Cincinnati/Lexington, Dallas, Houston, and Philadelphia, representing a foundational step in the Company’s capital efficient commercialization strategy with its mission to expand access to simplified insulin delivery solutions for all people living with diabetes.

MODD recently (July 22) announced the formation of its Pivot Innovation Council, a cross-functional group of leading clinicians and healthcare experts established to help guide the company’s clinical and commercial strategy. Diabetes care expert Robert Gabbay, MD, PhD, FACP was appointed as chair of the Pivot Innovation Council. The council will provide insights on target patient populations, support optimization of clinical workflows, inform evidence-generation initiatives, and help refine the Pivot product roadmap and go-to-market approach, as the Company continues to scale its differentiated offering.

Modular released findings (July 15) from an independent market research study demonstrating positive receptivity to its FDA-cleared Pivot™ tubeless patch pump due to its differentiated design, streamlined user experience, and potential for reimbursement through the pharmacy channel.

Similarweb Ltd. (NYSE: SMWB)

Similarweb Ltd. (NYSE: SMWB) delivered the sort of second-quarter report investors tend to enjoy: revenue and profitability exceeded guidance, full-year expectations moved higher, and AI demand translated into contracts rather than merely conference-call poetry. On Wednesday, August 12, SMWB shares climbed roughly 17% in premarket trading after the release; during the regular session, the stock closed at $8.56. Learn More.

LG Display Co., Ltd. (LPL)

LG Display Co., Ltd. (NYSE: LPL, $3.53, +.86%) has spent the last few years doing something many hardware companies talk about but few execute well: turning a technology pivot into a full‑blown business transformation that everyday investors can actually follow. Instead of chasing commoditized LCD TV panels in a race to the bottom, LPL is leaning into Gaming OLED, CES‑worthy innovation, and premium automotive displays – and the press trail tells a surprisingly investor‑friendly story.

Yatsen Group (NYSE: YSG)

Yatsen Group (NYSE: YSG, $3.19), a world-class beauty innovation pioneer, announced (July 8) a landmark collaboration to bring its flagship brand, Perfect Diary, to Sephora in China. This partnership integrates Yatsen’s rigorous scientific infrastructure with the world’s leading prestige beauty retailer, marking a significant milestone in Yatsen’s continuing evolution into a global beauty technology powerhouse.

Doximity, Inc. (NYSE:DOCS)

Doximity (NYSE: DOCS, $24.52) is the leading digital platform for U.S. medical professionals. The company’s network members include more than 85% of U.S. physicians across all specialties and practice areas. Doximity provides its verified clinical membership with digital tools built for medicine, enabling them to collaborate with colleagues, stay current on medical news and research, manage their careers and on-call schedules, streamline documentation and administrative paperwork, and conduct virtual patient visits.

Doximity, Inc. (NYSE: DOCS) announced (Aug. 6) results of its fiscal 2027 first quarter ended June 30, 2026. Jeff Tangney, co-founder and CEO of Doximity, “We’re proud that our clinical AI assistant, Doximity Ask, was the top-performing U.S.-based model in the NOHARM benchmark while we delivered another quarter of record engagement. In Q1 we had accelerated revenue growth along with workflow active prescriber growth of more than 30% year-over-year and AI Search query growth of over 25% quarter-over-quarter.”

Fiscal 2027 First Quarter Financial Highlights

All comparisons, unless otherwise noted, are to the three months ended June 30, 2025.

• Revenue: Revenue of $156.6 million, versus $145.9 million, an increase of 7% year-over-year.
• Net income and non-GAAP net income: Net income of $24.3 million, versus $53.3 million, representing a margin of 15.5%, versus 36.5%. Non-GAAP net income of $55.0 million, versus $71.9 million, representing a margin of 35.1%, versus 49.2%.
• Adjusted EBITDA: Adjusted EBITDA of $74.8 million, versus $79.8 million, a decrease of 6% year-over-year, representing adjusted EBITDA margins of 47.7%, versus 54.7%.
• Diluted net income per share and non-GAAP diluted net income per share: Diluted net income per share was $0.13, versus $0.27, while non-GAAP diluted net income per share was $0.29, versus $0.36.
• Operating cash flow and free cash flow: Operating cash flow of $42.0 million, versus $62.1 million, a decrease of 32% year-over-year, and free cash flow of $39.6 million, versus $60.1 million, a decrease of 34% year-over-year.

Financial Outlook

Doximity is providing guidance for its fiscal second quarter ending September 30, 2026 as follows:

• Revenue between $170 million and $171 million.
• Adjusted EBITDA between $80.5 million and $81.5 million.

Doximity is updating guidance for its fiscal year ending March 31, 2027 as follows:

• Revenue between $671 million and $681 million.
• Adjusted EBITDA between $309 million and $329 million.

Sable Offshore Corp. (SOC)

Sable Offshore Corp. (NYSE: SOC, $4.02) has moved from the awkward “pre-revenue restoration project” phase into something much more recognizable to Wall Street: a company selling meaningful volumes of oil, generating operating cash flow, and building momentum into a potentially larger 2027 earnings base. The second-quarter report on Monday was not a polished victory lap—midstream bottlenecks and one-time costs made sure of that—but it offered something potentially more valuable: proof that the Santa Ynez Unit restart is translating into barrels, revenue, and operational traction. Learn more.

T1 Energy Inc. (NYSE: TE)

T1 Energy Inc. (NYSE: TE, $4.88) offers a different type of growth story: one rooted in domestic production, trade-policy tailwinds and execution on solar manufacturing capacity. T1 reported second-quarter net sales of $250.1 million, produced 935 megawatts of solar modules at its G1_Dallas facility and generated adjusted EBITDA of $10.7 million. The company also monetized $39.1 million of 2025 Section 45X tax credits and ended the quarter with $156.4 million in cash, cash equivalents and restricted cash, including $79.1 million unrestricted. The headline loss should not be ignored: T1 reported a $36.9 million net loss from continuing operations, while its adjusted EBITDA benefited from $24.4 million in tariff refunds recognized in cost of sales. Yet the more interesting investor question is whether the company is creating a viable U.S. solar-manufacturing platform at a time when supply-chain security and domestic energy capacity carry unusually high strategic value. The company expects its first solar cells from a planned 2.1-gigawatt manufacturing facility in the first quarter of 2027. With 3 gigawatts of firm contracts, a 641-megawatt offtake agreement with Clearway and 2026 output expected toward the upper end of its 3.1-to-4.2-gigawatt range, T1’s story is increasingly about turning production capacity into contracted revenue. For investors, TE is less a conventional earnings multiple story than an execution-and-optionality story. If domestic solar demand remains durable and manufacturing milestones stay on schedule, the market may ultimately value the company less like a troubled commodity producer and more like a strategically positioned industrial platform.

Nvidia (NVDA, $225.01, -.07%)

NVDA continues to expand its influence in AI with the launch of the Alpamayo model and a new $2 billion investment in AI infrastructure.

AXT, Inc. (Nasdaq: AXTI)

AXT, Inc. (Nasdaq: AXTI, $95.97, +17.55%), a leading manufacturer of compound semiconductor substrates, announced recently that it will participate in the upcoming financial conferences:

• Needham 7th Annual Virtual Semiconductor & SemiCap 1×1 Conference on Aug. 20th
• 9th Annual B. Riley Securities Consumer & TMT Conference on Sept. 10th in New York
• Morgan Stanley ASIA Best Corporate Day on Sept. 21st-22nd in New York

The Sources

1. CNBC — Stock Market Today: Live Updates
2. Yahoo Finance — Stock Market Today: Dow, S&P 500 and Nasdaq Gain on Soft Inflation Data and Earnings
3. U.S. Bureau of Labor Statistics — Producer Price Index, July 2026
4. Charles Schwab — Stock Market Update: Tame CPI Adds to Early Stock Gains on AI Earnings
5. Barron’s — Stock Market Today: Dow, S&P 500 and Nasdaq Rise
6. Trading Economics — United States Stock Market Index
7. Trading Economics — United States Producer Prices Change
8. U.S. Bureau of Labor Statistics — 2026 Release Calendar