The September 2026 Consumer Price Index (CPI) rose 0.6% on the month and 3.7% on the year, with core running hotter than expected, prompting a risk-off reaction across global financial markets.
The hot print was felt most in the chip stocks, as the SOXX ETF, which includes big names like NVDA, AMD, INTC, TSM, and others, fell for eight straight sessions, matching its longest losing streak since 2008.
Speaking of losing streaks, last week marked the fifth consecutive week of declining onchain volumes since the highs in early September. Is the bottom close? We sure hope so.
On a more positive note, fomo never stopped rolling out updates. On the mobile app we introduced creator rewards for perps, an improved onramp flow, and faster load times, among other enhancements.
The web app got an overhaul of the discovery tab, with custom filters, multiple panels, live thesis updates, and customizable windows.
The market charges tuition, and it isn’t cheap. Every lesson comes with a price tag paid in losses. The in the trenches weekly podcast offers a stipend, letting you learn from people who've already paid it.
Amid concerns about inflated valuations and unsustainable CapEx for AI companies, CoreWeave (CRWV) faces investor scrutiny, with some calling it the AI trade’s subprime tranche.
With more than $51 billion in debt and obligations to finance its infrastructure build-out, yields on its 2031 bonds recently topped 15%, while its five-year credit default swaps widened, at one point surging above 1,140 basis points.
Along with the aforementioned decline in the SOXX ETF, the market is signaling that it wants to see cash flow materialize before investing more in AI companies’ arguably inflated valuations.
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A core belief of ours is that trading has always been social, but until fomo came along, there was no discovery layer native to the financial markets.
This week’s trader spotlight showcases this in action.
With just 402 followers on X, @end837 was just another reply guy in the CT (Crypto Twitter) microcosm. But on fomo, he’s quickly become a legend.
Thanks to his rise to the top of the perps leaderboard over the last 30 days, with an impressive PnL of +$559,466, his follower count has now grown to over 61,000.
His track record is filled with absolute bangers, and it’s not just in crypto, with huge wins also in stocks like SNDK, MU, and SPCX.
His most successful perp trade, though, came with ENA, where he made just north of $300,000.
Have you traded assets other than crypto on fomo?
Last week’s top trade came from @gutterpalace, who earned a tasty 3x return on ELON, bringing the position’s profit to +$89,014.
The runner-up position is taken by @ZypherHQ. After investing $1,500 at a market cap of just $65,800, his VEIL position has ballooned to $80,000. A massive 53x gain.
Third place goes to @surgz with a 6x gain on ELON, turning a $14,600 investment into $76,562 as of today. Not easy to make a buck in these market conditions so hats off to these chads.
Naturally, the top trade ranks will flip around as the week progresses. If you wish to stay on track, download fomo and keep your eyes peeled 👀
Rather than following the typical structure of highlighting major coins and small caps, this week’s newsletter will cover a few coins that have shown relative strength compared with the rest of the market.
CATE
For the longest time, CATE has been the most held coin on fomo, and its price action has remained relatively strong compared to other memecoins.
After falling by about 60% from its ATH of $121 million, CATE has since recovered to $75 million, demonstrating the strength that comes in numbers.
MASK
MASK, a ZK privacy protocol we discussed a few editions back, is among a very short list of coins that have shown strength in this otherwise horrific market.
Following a 50% correction, last week MASK posted six consecutive green daily candles, going from a market cap of $18 million to around $50 million, a roughly 150% move off the lows.
PRIORS
PRIORS is an on-chain credit pool for agents on Robinhood Chain, where agents can borrow USDG, repay it, and earn a public credit score.
The token went from $5.6 million in market cap to $13 million, more than doubling while other AI plays bled.
HOOKR
HOOKR is another coin we’ve mentioned in this newsletter, and one that’s sitting near its ATH of around $30 million in market cap.
The TL;DR is that it’s a multifaceted infrastructure play for surfacing, composing, and integrating custom Uniswap hooks on Robinhood Chain, and it appears people aren’t eager to sell it.
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Until next week!
