10AM Hour: Nvidia’s $150B Buyback, Mortgage Rate Outlook, Meta Pulls Back 9/28/26

NVIDIA's record $150B buyback is proportionally small versus market cap, while surging yields and oil are quietly punishing the median stock beneath index highs.

• NVIDIA's buyback: NVIDIA added a $150B buyback authorization, targeting $235B in total buybacks by fiscal 2028 (~$40B/quarter); Bernstein's Stacey Rasgun says that's double his prior model but still under 5% of NVIDIA's ~$5T market cap, versus Apple's 2018 buyback that was ~11-12% of its market cap.
• Rates, not the Fed, drive housing: Cotality's Selma Hepp says mortgage rates (30-year near 7.5%) are now driven by the bond market, not the Fed; 9% is a tail scenario needing a Treasury shock to 6-7%, not her base case of ~7% for a while.

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