United States Daily Briefing

CoreWeave (CRWV) closed at $65.78, down 15.46%, after Gartner predicted 80% of neocloud AI infrastructure providers could vanish by 2030. The sell-off was compounded by rising 10-year Treasury yields, which structurally penalize capital-heavy, high-multiple tech companies. The event is a broader sentiment tax on AI infrastructure plays heading into Q3 earnings season — watch for read-throughs to peers like Pure Storage and Vertiv.

BNY Mellon delivered a strong Q3 earnings beat, with the stock 'popping' on the post-earnings conference call — a signal that buy-side positioning was underweight going in. Financials (+1.38%) outperformed on the day, with BNY's result suggesting custody and asset-servicing revenues are holding up better than feared despite rate volatility. The result favors a selective long in quality financials with fee-income models vs rate-spread-dependent community banks.

Berkshire Hathaway disclosed a further $330M investment in Bending Spoons (BSP), the Italian consumer software roll-up, sending shares 35% higher. Berkshire's endorsement of a European SaaS roll-up strategy is notable — it implies Buffett sees durable FCF in BSP's buy-and-optimize model for consumer apps. The implied conversion price of ~$11.34/share sets a floor; the next 90-day SEC filing cadence will reveal whether this is a single block or an ongoing accumulation.