Corning

The Club's top 10 things to watch Monday, Sept. 14 — Portfolio director Jeff Marks wrote today's newsletter. 1. AI semiconductor and infrastructure stocks are under heavy pressure ahead of Monday's open on Wall Street. The reason? Anthropic co-founder and CEO Dari Amodei posted a white paper over the weekend calling for a global coordinated slowdown in the development of artificial intelligence models. Sam Altman and Elon Musk agreed with Amodei's warnings in posts on social media. 2. Altman, co-founder and CEO of OpenAI, said the company won't go public this year due to growing AI safety risks.

Jim Cramer talked about the situation in two commentaries, here and here , that went out to CNBC Investing Club members yesterday, and a third one sent out this morning . He laid out a plan of action for how to manage your portfolio in these confusing times. 3. Software and cybersecurity stocks are rallying off the coordinated plan to curb AI development. A slowdown in model development could ease some of the "SaaSpocalypse" fears, while growing AI safety risks mean enterprises must act now to invest in their cybersecurity solutions. In a post on X, CrowdStrike CEO George Kurtz put out a seven-point framework for securing AI .

4. Oil is continuing to rally in the background, with WTI crude and Brent both up roughly 3% and both over $100 per barrel, after Saudi Arabia shut down a pipeline that bypasses the Strait of Hormuz. Not surprisingly, bond yields , which have been trading in lockstep with oil, are up this morning. An interest rate hike at this week's Federal Reserve meeting is expected. 5. Johnson & Johnson is in talks with Apollo Global Management to sell its DePuy Synthes orthopedics business for around $20 billion. A sale would be a cleaner exit versus a planned separation.

It's a great way for J & J to become more focused on more profitable parts of medtech and its incredible line-up of drugs. 6. Corning shares are down more than 8% this morning after entering a $2 billion equity distribution agreement with Goldman Sachs to sell shares through an at-the-market equity offering program. The stock is also getting caught up in the selling of names tied to the data center buildout. We recently exited Corning to reduce our AI exposure. 7. Melius downgraded Honeywell Aerospace and GE Aerospace to hold, citing slowing commercial aviation aftermarket sales.

We exited Honeywell Aerospace last month. 8. Baird downgraded Nike and Dick's Sporting Goods , as well as VF Corp , the company behind The North Face, Vans, and Timberland, all to a hold. The analysts named Under Armour and Canada Goose as bearish picks. Baird took a much more negative turn on apparel and footwear given increased consumer risks entering the fourth quarter. 9. TD Cowen downgraded McCormick to hold from buy and cut its price target to $55 from $60. S. food service and flavor businesses.