Mortgage demand surges as rates fall

Today’s topics

• Oracle’s boom makes Ellison richer than Musk—if just for a moment

• Apple’s Big Reveal: Air Wins, Pro Doesn’t

• SpaceX Launches First Satellites for New U.S. Military Constellation

• NBA Investigates Alleged Salary-Cap Scandal Involving Clippers

• The Disappearance of 8,000 Tennis Courts Since 2020

  and more…

Oracle’s boom makes Ellison richer than Musk—if just for a moment

At 81, Larry Ellison still isn’t slowing down. Oracle’s stock exploded 36% in a single day, gifting him a record-breaking $101B boost—the biggest one-day gain ever. That briefly nudged him past Elon Musk with a $383B net worth, though Tesla’s volatility quickly restored Musk’s crown by $1B. It was Oracle’s wildest ride since the ’90s, while Tesla’s stock is dragging, down 14% this year. Musk, however, still has that mega pay package that could one day make him the world’s first trillionaire.

Mortgage Mania: Rates Finally Chill Out

Looks like people do want houses—just not at “sell your soul” interest rates. Mortgage rates slipped to 6.49%, the lowest since October 2024, and suddenly buyers and refinancers came running. Applications spiked 9.2% last week, the busiest pace since 2022. Refinancing alone soared 12% in a week and 34% year-over-year. Basically, borrowers caught a whiff of a discount and rushed the gates like it was Black Friday. Rates are still higher than last year, but at least we’ve escaped the torture chamber of 2023.

Producer Prices Cool, Demand Shows Some Chill

US producer inflation finally eased in August, with the Producer Price Index slipping 0.1%—its first drop in months. The decline came mostly from weaker trade, transportation, and warehousing costs, while goods prices inched up. The move suggests businesses are eating more of the tariff-driven costs instead of passing them on, hinting at softer demand. On the flip side, dealmaking is waking up again: North American M&A activity in July was among the strongest since 2021, with global deal volume up nearly 30% year-over-year.

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Apple’s Big Reveal: Air Wins, Pro Doesn’t

Apple hyped its “awe dropping” event, but it mostly landed as “awe, that again?” The headliner is the iPhone Air—a 5.6mm-thin supermodel of a phone that looks gorgeous but dies faster than your AirPods underground. The iPhone 17 Pro, on the other hand, ditched last year’s titanium “must-have” for basic aluminum, added $100 to the price tag, and even killed off black. Translation: the flashy one has a worse battery, the “Pro” feels less pro, and Apple’s real innovation is marketing subtraction as progress. Throw in a guilt-tripping Apple Watch and AirPods that translate awkward dates in real time, and you’ve got another keynote of Apple selling less for more.

Amazon’s Toaster on Wheels Hits Vegas

Amazon’s Zoox just rolled out its robotaxi service in Las Vegas, and the vehicle looks like a breadbox crossed with a golf cart. No steering wheel, no front or back—just four seats facing each other so you can exchange awkward eye contact while hoping the AI doesn’t glitch outside a Raiders game. Rides are free for now, because nothing says “beta test” like tossing drunk tourists into unproven hardware. While Tesla’s robotaxi remains vaporware, Zoox is already shuttling people around in its toaster pods—and in Vegas, that might be the riskiest gamble of all.

SpaceX Launches First Satellites for New U.S. Military Constellation

On September 10, 2025, SpaceX successfully launched 21 satellites from California as part of the Pentagon’s new Proliferated Warfighter Space Architecture. The network aims to boost secure communications and missile tracking, marking a major milestone in America’s defense strategy in orbit.

NASA Prepares for Life After the ISS

With the International Space Station set to retire around 2030, NASA has asked U.S. companies to pitch ideas for commercial space stations. The move ensures America maintains a human presence in orbit, shifting from government-led operations to privately owned platforms.

Strongest Signs Yet of Possible Ancient Life on Mars

NASA’s Perseverance rover has uncovered compelling geological evidence in Mars’ Bright Angel formation (Neretva Vallis) that may suggest ancient microbial life. The rover found clay-rich mudstones filled with organic carbon and minerals like iron phosphate and sulfide—compounds often associated with live organisms on Earth. While scientists caution that non-biological processes could also produce similar features, this represents perhaps the most promising sample yet. Read more

U.S. to Dismantle Key Climate Advisory Panels

On September 10, 2025, the U.S. Financial Stability Oversight Council (led by the Treasury) voted to disband two climate-focused advisory bodies: the Climate-Related Financial Risk Committee and its Advisory Committee. These were originally set up under the Biden administration to monitor the financial risks climate change poses. Critics warn this move could weaken the government’s ability to anticipate climate-driven economic threats. Read more

New Report: U.S. Greenhouse Gas Reductions Slowing Significantly

A recent analysis from the Rhodium Group shows that under current Trump administration policies, U.S. greenhouse gas emissions are expected to fall much more slowly than earlier estimates. Whereas past projections under more aggressive clean-energy policies anticipated a ~56% cut (from 2005 levels) by 2035, the new trajectory shows a drop of only 26-35%. Environmental rollback of regulations and weaker support for renewables are cited as major factors. Read more

NBA Investigates Alleged Salary-Cap Scandal Involving Clippers

The NBA has launched an independent investigation into claims that Clippers owner Steve Ballmer arranged a $28 million "no-show" endorsement deal for Kawhi Leonard through the bankrupt company Aspiration. The deal is alleged to have been structured to sidestep salary-cap rules. Commissioner Adam Silver has emphasized the league’s strong ability to sanction violations. Read more

The Disappearance of 8,000 Tennis Courts Since 2020

Pickleball has officially shoved tennis out of its country-club parking spot. The New York Times crunched 100,000 aerial images and discovered 26,000 pickleball courts popped up in the past seven years—mostly by striping over existing tennis courts. Since 2020, more than 8,000 tennis courts have been erased. Translation: tennis players are now squaring off against paddle-wielding retirees for court time. With 68,000 pickleball courts across the U.S., the asphalt battle is on—and tennis is on the ropes.

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