US stocks rebound after a rare pullback, with futures pointing higher ahead of the Federal Reserve’s September meeting minutes. Gold surges past $4,000 an ounce for the first time as billionaire investor Ray Dalio calls it a stronger haven than the dollar, citing echoes of the 1970s inflation era. Nvidia (NVDA) reportedly invests up to $2B in Elon Musk’s xAI as the startup raises $20B to fund its Colossus 2 supercomputer project. The move follows OpenAI’s blockbuster AMD (⁠AMD⁠) deal, intensifying the AI arms race. Meanwhile, investors await Fed commentary for clues on future rate cuts amid a data vacuum caused by the government shutdown. In trending tickers, Verizon (VZ) partners with AST SpaceMobile (ASTS) to launch satellite-to-phone service, Penguin Solutions (AVCTQ) sinks on weak sales guidance, and Jefferies (JEF) slides after revealing $161M exposure to bankrupt auto supplier First Brands Group.

Takeaways:

• Gold tops $4,000 as investors seek safety from inflation and a weak dollar

• Nvidia to invest up to $2B in Elon Musk’s xAI, fueling AI competition

• Fed Minutes expected to show division on pace of rate cuts amid shutdown

• Verizon expands space partnership, Jefferies discloses bankruptcy exposure

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