As we predicted, September opened on-brand with the S&P 500 down over 1.4%, the Dow down ~1.1%, and the Nasdaq with a ~1.7% decline. Heavy tech selling was of note, with behemoth Nvidia tumbling over 3.5%. Our thesis holds: Tech dominance is priced for perfection and poses increasing risk to the downside

Consumer staples, healthcare, and utilities cushioned the downturn the most (exactly as expected in a “tech-led drop” ) which highlights the defensive tilt of the selloff. In the same vein, small-caps held up better and contributed to the softer drop.

Gold soared 2%, reaching new highs north of $3,500. Meanwhile, long-term yields climbed with 10-year Treasuries hit ~4.27%, and 30-year yields approached 5%. This is a rare environment where both gold and bond yields climb simultaneously... an inflationary indicator we called out this morning that is eerily reminiscent of the stagflation of the 1970’s.

The mood? Here at T&Q we’re feeling a market climate of intense caution, defying usual safe-haven dynamics.

In a breezy 4-minute essay, Callie Cox captures the surprising resurgence in IPO enthusiasm. Despite low issuance, 2025’s public debuts are soaring, up an average of 35% on Day 1, with standouts like Figma popping 250% and Circle jumping 169% out of the gate. It’s a striking contrarian signal: unlike the consensus view that the SMB IPO market is broken, investors are desperately chasing what little is available, treating each offering like the coolest new kid on the block.

Sure, the elite tech remains dominant, but IPOs are lighting up rallies and tempting investors beyond the mega-cap enclave. Is this hinting at breadth lurking just beneath today’s concentrated rally… or a bearish signal? After all, classic cycles show runaway enthusiasm for fresh listings often coinciding with a market top. So check out the fun to be had, but be wary of the confetti, as it sometimes signals the end of the party.

Apple just secretly added Starlink satellite support to iPhones through iOS 18.3.

One of the biggest potential winners? Mode Mobile.

Mode’s EarnPhone already reaches 50M+ users that have earned over $325M, and that’s before global satellite coverage. With SpaceX eliminating "dead zones" worldwide, Mode's earning technology can now reach billions more in unbanked and rural populations worldwide.

Their global expansion is perfectly timed, and you still have a chance to invest in their pre-IPO offering before it closes. 

50,000 investors participated in Mode’s previously sold out offering and limited space remains in the current round.

With their recent 32,481% revenue growth and newly reserved Nasdaq ticker, Mode is one step closer to a potential IPO.

Join 50,000+ investors before Mode’s pre-IPO offering closes.

In this week’s episode of We Study Billionaires, Kyle Grieve digs into Netflix’s unconventional playbook… where fewer rules, radical candor, and ruthless talent selection proved more powerful than rigid corporate systems. Rather than drowning employees in policies, Netflix built a culture based on "talent density," granting elite hires sweeping autonomy while demanding accountability. Practices like “sunshining mistakes” and the “Keeper Test” (letting go of anyone your team wouldn’t fight to keep) are the opposite of today’s consensus that process-driven oversight protects companies.

The practical takeaway? Consider that the markets might be over-indexed on mega-tech tethered to strict frameworks… and seek out companies with structurally nimble cultures that prioritize elite performance over bureaucracy. If freer systems often outmaneuver those trapped in rules, that’s a moat you’ll want to price in.