🆕 Newsmakers — 12:30p ET, 2026-07-22 — new since last alert

📰 NEW MARKET THEMES: • The Credit Cycle Is Flashing Yellow The credit markets are flashing yellow, with rising default rates and deteriorating fundamentals across private credit and commercial real estate. Oracle faces heightened credit risk as its debt load surges from AI infrastructure CapEx and skepticism grows over its $300B OpenAI… — seekingalpha.com · 07/22 12:20p https://seekingalpha.com/article/4924252-the-credit-cycle-is-flashing-yellow • Trump set to expand power cost pledge on data centers President Donald Trump is set to unveil on Thursday a pledge backed by governors, lawmakers, utilities and data center developers aimed at shielding households from electricity costs tied to the AI boom, as he ​pushes to make the United States the global leader in artificial int… — reuters.com · 07/22 12:09p https://www.reuters.com/legal/litigation/trump-set-expand-power-cost-pledge-data-centers-2026-07-22/ • Senate crypto bill would ban federal officials — including presidents — from issuing digital assets A new version of the Clarity Act would impose the first limits on federal officials sponsoring or issuing cryptocurrency. — cnbc.com · 07/22 12:00p https://www.cnbc.com/2026/07/22/senate-crypto-bill-would-ban-federal-officials-from-issuing-digital-assets.html • Kevin Warsh has homed in on three key phrases. How Fed watchers interpret them In five public appearances, Warsh has used the phrase "family fight" 13 times, returning to "first principles" 11 times and "inflation is a choice" for the Fed six times. — cnbc.com · 07/22 11:49a https://www.cnbc.com/2026/07/22/kevin-warsh-has-homed-in-on-three-key-phrases-how-fed-watchers-interpret-them.html • Fed's favorite inflation tracker is getting an overhaul — just as the central bank weighs interest-rate hikes. What's going on? The inflation tracker that exerts the biggest influence on the actions of the Federal Reserve is getting a makeover just as a divided central bank weighs whether to raise U.S. interest rates this fall. — marketwatch.com · 07/22 11:44a https://www.marketwatch.com/story/feds-favorite-inflation-tracker-is-getting-an-overhaul-just-as-the-central-bank-weighs-interest-rate-hikes-whats-going-on-3ecb3a1c

🐘 NEW BIG-CAP MOVERS:

1. SMCI +25% $31.91 (21B cap) SMCI & GOOGL Earnings Adding to AI Roadmap & Clarity Act's Stall in D.C. The rebound in the AI infrastructure trade offered reprieve for Wall Street, says @CharlesSchwab's Nathan Peterson. Wednesday's key headlines on Super Micro (SMCI) and Alphabet (GOOGL) earnings are now in full focus as investors wait for more inflation on the AI trade. — youtube.com · 07/22 12:00p https://www.youtube.com/watch?v=H02LGrMT6Ec

2. NVDA +3% $213.51 (5170B cap) Jim Cramer Says Own These 2 Stocks and Never Trade Them Jim Cramer's most durable investing rule is a short one: some stocks you own, and some stocks you trade. — 247wallst.com · 07/22 11:28a https://247wallst.com/investing/2026/07/22/jim-cramer-says-own-these-2-stocks-and-never-trade-them/

3. T +3% $22.90 (159B cap) AT&T: Buybacks Support The Bull Case Even Though Leverage Remains A Bit High AT&T remains a Buy as aggressive buybacks and steady EBITDA growth offset legacy business declines. T's free cash flow is on track for $18B+ in 2026, supporting $10B buybacks and $8B in dividends. We go over our outlook and how we played it for an 11% yield. — seekingalpha.com · 07/22 12:18p https://seekingalpha.com/article/4924250-at-and-t-buybacks-support-the-bull-case-even-though-leverage-remains-a-bit-high

4. IREN +3% $42.41 (15B cap) Alger Capital Appreciation Fund Q2 2026 Portfolio Update Class A shares of the Alger Capital Appreciation Fund outperformed the Russell 1000 Growth Index during the second quarter of 2026. Nebius Group has positioned itself as a leading next-generation cloud provider purpose-built for machine learning and high-performance computing wo… — seekingalpha.com · 07/22 11:35a https://seekingalpha.com/article/4924224-alger-capital-appreciation-fund-q2-2026-portfolio-update

5. NFLX +2% $70.08 (295B cap) Netflix's Valuation Reset Is Complete: Why Hold Is The Only Rational Move Netflix has transitioned from a high-growth stock to a mature value asset, with shares correcting to reflect slower growth and market saturation. At a forward P/E of 19 and TTM revenue of $48.4B, NFLX is now fairly valued for its stable, high-margin business and robust cash flow… — seekingalpha.com · 07/22 12:19p https://seekingalpha.com/article/4924251-netflix-valuation-reset-is-complete-why-hold-only-rational-move

📈 NEW GAINERS:

1. SMCI +25% $31.89 (21B cap) SMCI & GOOGL Earnings Adding to AI Roadmap & Clarity Act's Stall in D.C. The rebound in the AI infrastructure trade offered reprieve for Wall Street, says @CharlesSchwab's Nathan Peterson. Wednesday's key headlines on Super Micro (SMCI) and Alphabet (GOOGL) earnings are now in full focus as investors wait for more inflation on the AI trade. — youtube.com · 07/22 12:00p https://www.youtube.com/watch?v=H02LGrMT6Ec

2. WAB +12% $294.48 (50B cap) Compared to Estimates, Wabtec (WAB) Q2 Earnings: A Look at Key Metrics The headline numbers for Wabtec (WAB) give insight into how the company performed in the quarter ended June 2026, but it may be worthwhile to compare some of its key metrics to Wall Street estimates and the year-ago actuals. — zacks.com · 07/22 10:31a https://www.zacks.com/stock/news/2958022/compared-to-estimates-wabtec-wab-q2-earnings-a-look-at-key-metrics?cid=CS-STOCKNEWSAPI-FT-fundamental_analysis|nfm-2958022

— new items only (already-sent headlines filtered). Full list in the 10am/3pm digest.