LAST WEEK IN REVIEW
AI's Circular Financing Concerns Deepen: AMD and OpenAI announced a multi-billion dollar reciprocal deal, closely mirroring a recent Nvidia-OpenAI pact. These massive, interconnected investments are fueling fears that the AI sector is artificially propping up its own valuation, creating a bubble by having the industry's biggest players finance each other.
The "Debasement Trade" Hits Overdrive: Gold blew past $4,000 an ounce and Bitcoin surged to a new record near $125,000. This signals a significant loss of faith in government-issued currencies, as investors flee to hard assets to hedge against massive government debt and spending.
US-China Trade Whiplash Roils Markets: President Trump threatened a "massive increase" in Chinese tariffs on Friday, sending the Dow plummeting over 800 points. He then softened his tone over the weekend, causing stock futures to sharply rebound, highlighting the market's extreme vulnerability to unpredictable trade policy.
Fed Flies Blind as Internal Divisions Grow: The ongoing government shutdown is depriving the Fed of crucial economic data needed for its upcoming rate decision. Speeches and newly released minutes from the last meeting reveal a widening public split among officials on whether to cut rates aggressively to support the weakening job market or hold firm to fight stubborn inflation.
Trump Admin Buys Stake in Critical Minerals Miner: The administration took a 10% stake in mining company Trilogy Metals and issued an executive order to fast-track an access road to a mineral-rich site in Alaska. This represents a direct government intervention to build a domestic supply chain for materials like copper and cobalt, aiming to reduce US reliance on China.
CEOs Warn Tariffs Mean Higher Prices For You: A new KPMG survey revealed 86% of US CEOs plan to raise prices directly because of tariffs. This confirms that the costs of the administration's trade policies are being passed directly to consumers, squeezing household budgets.
Fed Minutes Confirm More Rate Cuts Likely: Minutes from the Fed's September meeting showed most officials believe further interest rate cuts will be appropriate this year. This reinforces expectations for easier monetary policy ahead, even as a few members expressed significant concern about progress on inflation stalling.
YOUR WEEKLY FORECAST
Tuesday, October 14th:
Big Bank Earnings (Citigroup, JPMorgan Chase, Wells Fargo): In the absence of government data, these earnings reports are the main event. They provide a real-time look into the financial health of consumers and businesses through loan growth, credit card spending, and default rates.
Wednesday, October 15th:
Big Bank Earnings (Bank of America): The insights continue with another major bank's results, offering a crucial proxy for broader economic activity.
Consumer Price Index (CPI): Release likely delayed. This is the government’s key inflation report, but its postponement leaves a blind spot on price pressures.
MBA Mortgage Applications: This private survey on home loan applications offers a timely indicator of the housing market's direction.
Empire State Manufacturing: A regional survey that provides a valuable, on-the-ground look at manufacturing activity and business sentiment.
Thursday, October 16th:
Retail Sales & Producer Price Index (PPI): Releases likely delayed. The lack of this official data on consumer spending and wholesale inflation makes Thursday's private reports even more significant.
Initial & Continuing Jobless Claims: Release likely delayed. The postponement of this weekly labor market data obscures our real-time view of layoffs.
NAHB Housing Market Index: This survey of homebuilder confidence is a key forward-looking indicator for the construction sector and housing market.
Philadelphia Fed Index: Another important regional manufacturing report that helps fill the information gap left by delayed national data.
Friday, October 17th:
Housing Starts, Building Permits & Industrial Production: Releases likely delayed. The market will close the week without this key government data on construction and factory output, increasing reliance on the corporate earnings and private surveys released earlier in the week.
THE HALAL STOCK SPOTLIGHT*
AMD
A top Bank of America analyst has reaffirmed his "Buy" rating and $250 price target on AMD stock. This strong conviction follows an investor call with AMD's management that provided greater confidence in the company's AI strategy, particularly its massive partnership with OpenAI.
The Scale of the OpenAI Deal
The central pillar of the bullish case is the expanding OpenAI partnership. AMD is on track to supply its MI450 Series racks for OpenAI's first 1-gigawatt AI deployment in the second half of 2026, a deal valued at an enormous $15-$20 billion per gigawatt.
A Clear Path for Future Expansion
The deal structure provides a powerful, long-term growth catalyst. OpenAI is strongly incentivized to complete all six planned gigawatts before its warrants expire in October 2030, creating a clear and significant revenue pipeline for AMD over the next five years.
Strong Near-Term Financials
AMD's current business momentum is also strong, with Wall Street expecting the company to report 28% revenue growth in its upcoming third-quarter results. Investors will be looking to this earnings call for further updates on data center demand and AI execution, which could drive the stock's performance.
*This is not a recommendation to buy/sell any asset. Halal status is as determined by AAOIFI standards and is subject to change after the time of writing this publication
MOVERS & SHAKERS
Malika Sadani and Weaponizing Transparency
In the deafeningly loud market of consumer goods, Malika Sadani built The Moms Co. into a beloved, nine-figure brand by deploying a strategy most companies are terrified of: radical transparency. Facing a sea of competitors making vague "all-natural" claims, Sadani chose to show, not tell. Her company’s website became a library of information, meticulously listing every single ingredient, explaining its purpose, and showcasing its safety certifications. She didn't rely on clever copy; she relied on verifiable proof. This approach transformed her brand from just another option into a trusted authority, creating a loyal community of mothers who felt seen and respected. In an age of overwhelming skepticism, transparency is your greatest marketing weapon. Don't just ask for your customer's trust; build an ironclad, evidence-based case for why you deserve it.
Read more about her on the Women Economic Forum
THE HALAL HUSTLE
Q: My net worth is growing. Do I really need a special "Islamic Will"? What even is that?
A financial plan that doesn't account for your death isn't a plan; it's a gamble. And a standard will from a legal website won't cut it. An Islamic estate plan is crucial because it ensures your assets are distributed according to both Islamic principles and the law of the land.
It has two key components:
The Bequest (Wasiyyah): This is your discretionary portion. Islam allows you to bequeath up to one-third of your net estate to whomever you choose, provided they are not already a Quranically-stipulated heir. This is your chance to leave a legacy gift to a mosque, a charity, or an individual who needs support.
The Inheritance (Mirath): The remaining two-thirds (or the entire estate if you don't make a bequest) must be distributed according to the fixed, divine inheritance shares outlined in the Quran. These shares are allocated to specific family members (spouse, children, parents, etc.).
You need a lawyer who specializes in estate planning and understands how to structure these Islamic requirements within a legally enforceable trust or will in your state or province. You can also explore free online options like this template from Islamic Relief USA. Don't leave your legacy to chance.
In today’s world, who you know is becoming more important than what you know. Join the largest online community of Muslim professionals in North America at muslimprofessionals.us.
That's all for this week. Make it a great one.
