Market brief
Nvidia's $150B buyback, US-China tariff cuts – Market Brief, Sep 28, 2026
Published Sep 28, 2026
Nvidia announces a $150 billion share repurchase plan, the US and China agree to cut tariffs on $60 billion of goods, and the 10-year Treasury yield hits a 19-…
Takeaway: Two big threads ran through Monday. Nvidia said it plans to buy back $150 billion of its own shares through January 2028, while Washington and Beijing set out tariff reductions covering $60 billion of trade after last week's Trump-Xi meeting. In the background, the 10-year Treasury yield has climbed to its highest in nearly two decades, which raises the cost of the borrowing behind the AI data-centre buildout.
Nvidia announces $150 billion buyback plan
Nvidia said it intends to repurchase shares through January 2028 in a program reported at $150 billion, describing the move as reflecting confidence in its long-term opportunity. The report called the size historic.
Why it matters. A buyback is a company using its own cash to purchase its shares, which reduces the number outstanding and can lift per-share earnings. A plan of this scale may signal that management expects to keep generating large amounts of cash; Nvidia's latest full-year figures on our site show revenue of $215.9B (+65.5%) and EPS of $4.90 (+66.7%).
On this site: NVDA Full Year 2026 analysis
Sources: MarketWatch
US and China set out tariff cuts on $60 billion of goods
The United States and China published lists of products that will see lower tariffs, covering about $60 billion of goods. US imports on the list include toys, sports equipment and Christmas decorations; US farm products appear on China's list. The lists follow a meeting last week in Washington between President Trump and President Xi, who signalled plans to meet twice more this year. Analysis cited by CNBC said tangible outcomes are needed for the truce to hold.
Why it matters. Tariffs are taxes on imported goods, so lower rates may reduce costs for retailers and importers of the listed items and improve access for US agricultural exporters. Because the arrangement rests on further meetings, the relief could prove temporary.
Sources: CNBC · CNBC (2) · CNBC (3)
10-year Treasury yield at 19-year high squeezes AI borrowers
CNBC reported that the benchmark 10-year US Treasury yield has reached its highest level in about 19 years, attributing the climb to inflation that has stayed elevated, heavy government bond issuance and an investment boom tied to artificial intelligence. A separate report said companies borrowing to build AI infrastructure now face higher costs as yields spike, though the buildout shows no sign of slowing.
Why it matters. The 10-year yield is a reference rate for many other loans, so a higher level generally makes borrowing more expensive across the economy. For AI data-centre projects funded with debt, this may mean thinner returns or a need to raise more capital.
Micron's results now seen as a market event in themselves
MarketWatch reported that Micron has become increasingly important to S&P 500 profit growth and could overtake Nvidia as the biggest single contributor, with its earnings report described as a market event on its own.
Why it matters. When one company accounts for a large share of index-level profit growth, the whole index can move on that company's results. Our latest Micron analysis shows Q3 2026 revenue of $41.5B (+345.7%) and EPS of $24.67 (+1368.5%), which helps explain why its numbers now carry that weight.
On this site: NVDA Full Year 2026 analysis
Sources: MarketWatch
Paramount Skydance files delisting notice item
Paramount Skydance filed an 8-K with the SEC that includes Item 3.01, the section used for a notice of delisting or a failure to meet a stock exchange's continued listing standards, or a transfer of listing. The filing also includes a Regulation FD disclosure and exhibits. No further detail was given in the filing summary.
Why it matters. Item 3.01 covers several different situations, including a company simply moving its listing between exchanges, so the filing itself does not say which applies here. Investors may look to the full document for specifics. Our latest analysis of the company shows Q2 2026 revenue of $6.9B (+0.9%) and EPS of $0.04 (-50.0%).
On this site: PSKY Q2 2026 analysis
Sources: SEC EDGAR (8-K)
Appeals court says states can regulate Kalshi sports contracts
An appeals court ruled that states have a role in regulating Kalshi's sports prediction markets, according to CNBC. The report described it as the second such appeals court decision in less than a month concerning state oversight of sports-related event contracts.
Why it matters. Prediction markets let users trade contracts on the outcome of events. If state regulators have authority alongside federal rules, platforms may face a patchwork of licensing requirements that could limit where they operate.
Sources: CNBC
What to watch next
- Micron's upcoming earnings report, which MarketWatch says has become a market event in its own right
- Whether the US-China tariff reductions on the published product lists take effect, and the two further Trump-Xi meetings planned for this year
- The direction of the 10-year Treasury yield after reaching a 19-year high, and its effect on debt-funded AI projects
- Details in Paramount Skydance's 8-K on the listing-standards item, and TransDigm's and Kinder Morgan's newly filed disclosures
This brief is written automatically by an AI system from public feeds (official releases, SEC filings and financial press headlines). It paraphrases and links to each source and may miss context in the full articles, so check the linked sources before relying on it. For information only; not investment advice.
Related analyses
- Paramount Skydance Corporation (PSKY) · Q2 2026Revenue $6.9B (+0.9%) · EPS $0.04 (-50.0%)
Revenue rose 1% to $6.9B and Adjusted EBITDA 27% to $1.1B on Paramount+ growth (81.6M subscribers, ARPU +12%) and TV Media cost cuts, but diluted EPS halved to $0.04 on higher amortization, a 55.8% tax rate and a larger post-Skydance share count; 2026 EBITDA outlook raised to $3.8-3.9B.
- Nvidia (NVDA) · Full Year 2026Revenue $215.9B (+65.5%) · EPS $4.90 (+66.7%)
NVIDIA's fiscal 2026 revenue rose 65% to $215.9 billion, but gross margin fell 3.9 points on a $4.5 billion H20 write-off and the shift to selling full racks, and roughly $8.9 billion of pre-tax profit came from unrealized gains on its own equity investments.
For information only; not investment advice. Methodology