RMG’s Bruno Valko says global deficits, inflation risks and heavy bond issuance are complicating the outlook for fixed mortgage rates.
What’s keeping bond yields and fixed mortgage rates elevated
Iberia Visa Signature® Card Review (2026.9 Update: 90k Offer)
Non-affiliate disclosure: all information about this card has been collected independently by US Credit Card Guide and has not been reviewed by the issuer.
[2026.9 Update] There’s a link with 90k offer.
[2026.3 Update] The 90k offer is expired. Currently there’s only the regular 75k offer.
[2026.1 Update] There’s a link with 90k offer.
Application Link
Benefits
- 90k offer: earn 90,000 bonus Avios miles after spending $5,000 in 3 months. The best recent offer is 100k.
- We value IB Avios at 1.2 cents (Airline Miles Value), so the 100k highest sign-up bonus is worth about $1,200. BA Avios, IB Avios and EI Avios can be transferred to each other at a 1:1 ratio (both accounts need to be at least 90 days old).
- Earn 3 Avios per $1 spent on purchases with British Airways, Aer Lingus, Iberia, and Level. Earn 2 Avios per $1 spent on hotel accommodations. And earn 1 Avios per $1 spent on all other purchases.
- Earn a discount voucher of $1,000 to use toward two tickets on the same flight for each year you make purchases of $30,000 on your card.
- Use your Iberia Visa Signature Card to book your flight on www.iberia.com/Chase10 , and you will receive a 10% discount.
- No foreign transaction fee.
Disadvantage
- Annual fee $95, NOT waived first year.
Recommended Application Time
- [5/24 Rule] If you have 5 or more new accounts opened in the past 24 months, Chase will not approve your application, no matter how high your credit score is. The number of new accounts includes all credit card accounts, not only Chase accounts. See this post for details about how to possibly bypass this rule.
- This product is available to you if you do not have this card and have not received a new cardmember bonus for this card in the past 24 months. Note that what matters here is the time you got the sign-up bonus, not the time you open the account or close the account.
- Don’t apply for more than 2 Chase credit cards within 30 days, or it’s highly likely that you will get rejected.
- We recommend you to apply for this card after you have a credit history for more than a year.
Summary
The sign-up bonus on this card is quite decent. BA Avios, IB Avios and EI Avios can be transferred to each other at a 1:1 ratio, so it is a good card to earn Avios quickly together with Chase BA. These mileage programs each has its own advantage. The earning structure is not attractive at all, so if you are not flying IB frequently then it is not a good card to keep for long.
Related Credit Cards
Recommended Downgrade Options
- You can not downgrade this card to any card with no annual fee, so I suggest you close it when you don’t want to keep it any longer.
After Applying
- Call 800-436-7927 to check Chase application status. This is an automated telephone line, and the information has the following meanings: Receive decision in 2 weeks means your application is probably approved; Receive decision in 7-10 days means your application is probably rejected; Receive decision in 30 days simply means your application requires further review and there’s nothing to tell you for now.
Historical Offers Chart
Note: Sometimes there are offers such as 100k or 75k on this card, but the spending requirements after the first 50k are huge. Therefore, we don’t treat them as sign-up bonus; instead, we treat them as spending bonus instead. Similarly, the 4x up to 100k offer is also not counted.
Application Link
If you like this post, don’t forget to give it a 5 star rating!
Welcome to AI Autumn
<p>In the September 7 edition of The Insider newsletter, managing editor Gretchen Gavett writes on what’s next for HBR’s coverage of AI, shares new insights about blue ocean strategy, and more.</p>
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3 Things Bears Have Wrong About Nvidia Right Now
There’s no shortage of naysayers when it comes to Nvidia (NVDA -1.62%). Just 1.18% of its outstanding shares are currently being shorted, but think about what that means for a company with a market cap just above $5.5 trillion.
There are nearly $57 billion in short positions out there, and that doesn’t include put options, bearish ETFs, or other derivative activity. The actual number of shares sold short has actually increased 40% over the past year, and the value of those bearish wagers has risen another 35% on top of that.
The bears are everywhere, but I see that as more of an opportunity than a threat. Let’s go over some of the knocks on Nvidia. I want to counter by pointing out what the worrywarts might be missing.
Image source: Getty Images.
1. Nvidia is priced for perfection
There is nothing that I love more than when a bear argues that a stock is “priced for perfection.” The assumption is that current expectations are too high and that the stock is bumping up against the ceiling, with so much air below it on the way down to the floor.
Last month’s fiscal second quarter was a perfect example of Nvidia stock perpetually scaling the wall of worry. Bears were banking on analysts aiming too high by targeting 97% in top-line growth. It would be the fourth consecutive quarter of accelerating year-over-year growth.
How is that possible with a company as large as Nvidia? Expectations were high. Reality was kinder. Here’s a look at the company’s top-line growth:
- Q2 FY 2026: 56%
- Q3 FY 2026: 63%
- Q4 FY 2026: 73%
- Q1 FY 2027: 85%
- Q2 FY 2027: 106%
The late-August financial update gets even better. Those same analysts tagged by bears as overly ambitious are serial lowballers. They projected revenue would decelerate sharply to just 45% for fiscal year 2028, which starts in February. Nvidia shattered those crystal balls two weeks ago by forecasting 70% growth for next year.
Perfection isn’t the ceiling. Market winners thrive in the debunking process.

Today’s Change
(-1.62%) $-3.74
Current Price
$226.62
Key Data Points
Market Cap
Day’s Range
$226.34 – $233.71
52wk Range
$164.27 – $236.54
Volume
55.1M
Avg Vol
136.9M
Gross Margin
74.67%
Dividend Yield
0.12%
2. Rivals will gain market share at Nvidia’s expense
It would be naive for a bull like me to assume that Nvidia will be the king of the hill forever. Competitive advantages can weaken over time, just as they have been strengthening for years. A disruptor can pioneer a better mousetrap for the AI revolution or whatever giant tech trend comes next.
The one thing that’s fair to say is that it’s not happening now. Let’s have Advanced Micro Devices (AMD +6.53%) enter the chat. AMD has a colorful history of needling the market leader, and it’s certainly cashing in on the AI boom Nvidia is championing.
AMD stock has outperformed Nvidia over the past year by more than tripling. However, in its latest quarter — and I’ll point out that their fiscal quarters ended about a month apart — AMD’s overall revenue rose just 50%, half of Nvidia’s top-line growth.
I’ll beat the bears to what they’re thinking. Zoom in on AMD’s data center business, which now accounts for more than half (58%) of its revenue, and that business skyrocketed 107% for the quarter. That’s awesome, but Nvidia’s data center revenue, which accounts for 93% of its results, soared 117%.
In the end, AMD’s data center business delivered $3.5 billion in incremental revenue compared to a year earlier. Nvidia tacked on $48 billion in incremental data center revenue.
3. Margins will inevitably contract
Let’s close on a margin of error. Nvidia’s gross margin was 75% in its latest quarter. The adjusted net margin was a jaw-dropping 56%. It’s easy to question the sustainability of those levels. Unlike the flawed “priced for perfection” argument, there is a clear ceiling here: Gross margin will never exceed 100%, and the after-tax adjusted bottom line will naturally be well below that.
The reasonable bear case is that growth may continue but decelerate. Margins will contract, so earnings will grow even slower than the slowing top line — if not eventually turn into negative year-over-year earnings growth.
Set aside that high bandwidth memory (HBM) makers riding Nvidia’s coattails are currently generating gross margins approaching 85%. With competition percolating, Nvidia will need to keep innovating and fortifying its moat. It probably has more pricing flexibility now than the bears think. With third-party HBM becoming a larger cost component in the AI build-out, won’t it make it even riskier for a company to bank on non-Nvidia AI chips and accelerators?
In the meantime, you can buy the stock for less than 15 times next year’s projected earnings. This is why the bears aren’t arguing that Nvidia is too expensive, as it’s trading at a discount to the overall market despite growing substantially faster. Nvidia will be volatile, but it’s built to win.
Profitability Meets Investment | RPC
Practitioners often inherit an anti-growth tilt from factor models, yet corporate finance implies that scaling positive–net present value opportunities creates value. We reconcile these views by showing that the investment–return relation is conditional on profitability: When profitability exceeds the cost of capital, additional investment raises value and predicts higher returns, holding valuation constant. We operationalize this wealth-creation channel as the interaction of profitability and investment. In US equities (1963–2024), a long–short wealth creation factor delivers alphas up to 31 bps per month (25.5 bps per month net of transaction costs) and raises the tangency Sharpe ratio by up to 10% over the Fama–French five-factor model.
Pulte, FHFA fraud crackdown heightens counterparty vetting risks
Bill Pulte is banning people from doing business with the government-sponsored enterprises at a faster rate than his predecessors.
Processing Content
The Federal Housing Finance Agency has added 51 names to its
Since taking office, Pulte has overseen the suspension of 65 individuals, an amount under a single director only surpassed by the 96 counterparties banned by Sandra Thompson in her three-and-a-half year directorship. FHFA General Counsel Clinton Jones has signed off on all of those bans since taking his position in February 2021.
The regulator does not comment on additions to the SCP, and did not respond to requests for comment Friday. Pulte, however,
Who’s on the list
The individuals, most of whom are suspended indefinitely, are barred from working with the FHFA-regulated entities Fannie Mae, Freddie Mac and the Federal Home Loan Banks. The regulator flags people who have a conviction or administrative sanction within the past three years that pose a risk to the GSEs, and suspensions are typically finalized years after legal proceedings.
The program spans a wide variety of convicted fraudsters and isn’t limited to loan officers and real estate agents. The last addition on Aug. 26, Elvina Buckley, is a former Realtor who pleaded guilty last year to a charge related to
Other suspended counterparties are serving federal prison sentences. That includes Mohammad Zafaranchi, who was convicted last December for running a fraudulent loan modification call center and was
The previous high-number of suspensions in a calendar year were 38, under Thompson’s purview in 2022. Following Pulte and Thompson, ex-FHFA director Mel Watt oversaw the banning of 51 people during his five-year term from 2014 to 2019.
Tim Rood, founder and CEO of compliance automation firm Impact Capitol, said that he hasn’t seen the number of suspensions rise dramatically since Pulte took the helm at FHFA.
“I don’t know that we can speculate that Pulte is spending a lot of time on this,” he said in emailed comments. “The staff normally addresses this issue and publishes those who have been approved for suspension — which has different time frames.”
Over the past two years, the FHFA has also removed eight individuals and two companies from the list, while three additional people saw their suspensions expire. While people placed on the SCP can appeal their ban, the FHFA does not clarify why individuals were removed. The live platform also doesn’t provide information on possible prior removals and expirations.
Enforcement updates
The bans come as the FHFA has proposed removing “reputational harm” as a trigger for placement on the SCP. The regulator suggested the condition potentially diverts resources from more salient risks.
A federal lawmaker has also floated a bill to grant the FHFA even more oversight over third-party vendors amid the
The regulatory reach is granted to other regulators and was temporarily given to the NCUA, but that power has since expired, Foster explained.
“We have learned the hard way how much damage supply chain vulnerabilities can cause, and third-party vendors are attractive targets,” said Foster in a press release this week. “This bill will give regulators the tools they need to better protect Americans’ money and sensitive data as AI-assisted cyber threats grow.”
American Airlines Adding 7 New International Routes for Summer 2027
American Adds 7 New International Routes for 2027
American Airlines has announced seven new international routes for 2027, including three new destinations: Porto, Reykjavik and Vienna.
Most of the expansion is focused on Europe, with new service from Philadelphia, New York and Charlotte. American is also adding a new Chicago-Tokyo route and a fourth daily JFK-London Heathrow flight. All of the new summer routes will operate daily.
New American Airlines Routes for 2027
- Charlotte (CLT) – Barcelona (BCN): Starts May 27, Boeing 777-200ER
- Chicago (ORD) – Tokyo Narita (NRT): Starts March 19, Boeing 787-9
- New York (JFK) – Amsterdam (AMS): Starts March 28, Airbus A321XLR
- New York (JFK) – Nice (NCE): Starts May 6, Airbus A321XLR
- Philadelphia (PHL) – Porto (OPO): Starts March 28, Airbus A321XLR
- Philadelphia (PHL) – Reykjavik (KEF): Starts May 27, Airbus A321neo
- Philadelphia (PHL) – Vienna (VIE): Starts May 6, Airbus A321XLR
American will also restore a fourth daily JFK-London Heathrow flight beginning March 28 using a Boeing 787-9 with Flagship Suite seats.
Philadelphia gets the three entirely new destinations. American will serve Porto and Vienna for the first time, while Reykjavik returns to the network for the first time since 2019. The Vienna route will run through early January 2028, giving travelers an option for holiday and Christmas-market trips as well.
New York also gets two new European routes. The JFK-Amsterdam service will complement American’s existing Amsterdam flights from Dallas and Philadelphia, while JFK-Nice will provide another nonstop option to the French Riviera.
American is also adding Charlotte as its sixth U.S. gateway to Barcelona and launching Chicago-Tokyo Narita in time for Japan’s spring travel season. The Tokyo route will also provide connections beyond Japan through American’s partnership with Japan Airlines.
The airline will also extend the seasons for Charlotte-Paris and Miami-Milan, with both routes returning earlier on March 4, 2027.
The Financial Case for Managing Your Search Engine Footprint
Opinions expressed by Entrepreneur contributors are their own.
Key Takeaways
- In today’s highly digitized economy, CEOs must treat their brand’s digital footprint as a high-yield compounding revenue engine that requires active management.
- Long before an introductory call or formal proposal, page one of a search engine serves as an automated background check for every prospect, investor and high-caliber candidate.
- Companies that actively own and protect their digital search real estate see significantly higher conversion rates. Over time, it compounds into a financial advantage in customer acquisition and customer lifetime value.
Many CEOs treat their company’s online search presence like a quarterly credit score — checking it periodically to ensure no major damage has occurred, then forgetting about it.
Such a passive and defensive view misses how online searchers actually make decisions today, representing a fundamental misunderstanding of modern enterprise growth. When business-to-business (B2B) or direct-to-consumer (DTC) executives relegate their digital footprint to a mere reputation metric, they mistake active pipeline development for simple cost management.
In reality, in a highly digitized economy, a brand’s digital footprint must be treated as a high-yield, compounding revenue engine that requires active management.
The danger of the passive approach becomes obvious when you look at how customers, partners, investors — quite literally anyone and everyone — interact with a brand online. Long before an introductory call or formal proposal, page one of a search engine serves as an automated background check for every prospect, investor and high-caliber candidate. This digital environment dictates whether or not a deal even has a chance to close, a reality supported by critical market dynamics:
- At the onset: Industry data indicate that 93% of all online experiences begin with a search engine, making page one a brand and/or an executive’s digital front door.
- The trust hurdle: Buyers strongly favor independent research; 68% of B2B buyers prefer to research online before engaging with a sales representative. In conversations with mid-market CEOs, I consistently hear about lengthened sales cycles. The root cause isn’t a bad product; it’s that prospects are disqualifying companies, based entirely on unmanaged search results, before the first sales call even happens.
- The cost of doubt: If that self-directed search surfaces a fragmented or negative narrative, historical complaints or irrelevant noise, high-intent leads quietly exit the sales funnel, directly suppressing conversion rates and inflating customer acquisition costs (CAC).
Ultimately, treating search presence as a static score to be monitored four times a year allows third parties and fast-moving competitors to control your brand’s narrative. To capture modern demand and protect margins, executive leadership must stop playing defense and start managing search results as the aggressive distribution channel it is meant to be.
The page-one economy
Marketing organizations invest significant capital in optimizing downstream assets such as landing pages, automated nurture sequences and sales scripts. However, far less strategic energy goes into controlling the search environment above the click, where consumer trust is actually won or lost.
Every dollar allocated to paid media or organic campaign traffic is essentially a wager that our search destination will withstand scrutiny. A flawless user interface or an aggressive ad buy cannot overcome a search results page laden with brand inconsistencies or unmanaged risks.
The actual conversion decision often occurs in the search engine results page (SERP) before a prospect ever navigates further. In fact, search behavior data shows that the first organic result on Google captures 28.5% of all clicks, with click-through rates dropping sharply to just 2.5% by the tenth position.
Look at your current marketing budget. If you are spending $50,000 a month on Google Ads but ignoring the organic complaints right next to those ads, you are actively subsidizing your own friction. We must stop treating paid acquisition and organic reputation as separate silos.
If those premium top positions are held by disjointed or negative third-party content, brands and executives lose traffic they have already paid to attract. With this, there is a compounding business advantage. Imagine two businesses execute identical marketing budgets with identical creative assets; the company that actively owns and protects its digital search real estate captures significantly higher conversion rates. Over time, this variance compounds into a financial advantage in customer acquisition and customer lifetime value.
Transitioning reputation into financial growth
Historically, companies have regarded online reputation management as a defensive, reactive crisis communications and PR function. In today’s digital reputation landscape, the market leaders who treat their search footprint as an offensive growth asset are the market winners.
When a brand’s search environment is proactively structured with its digital reputation prioritized, overall marketing performance rises. Paid search performance increases because prospects see cohesive, positive and accurate organic results. Organic traffic converts at higher rates because supporting digital assets validate organizational credibility, and proactively managing this pre-click environment can drive overall revenue while reducing operational acquisition friction.
Ultimately, safeguarding the digital front door is no longer just an IT or marketing task. In a digital-first economy, controlling the narrative on page one is a core fiduciary responsibility for the modern chief executive.
Executive summary for leadership
If your current marketing strategy excludes proactive search and digital reputation management, your team is optimizing only half of the conversion equation. What prospects find in the moments immediately preceding business engagement dictates the financial return on your entire ad spend.
The goal is not simply to spend more capital, but to spend it strategically through a proactive lens focused on the brand’s positive digital reputation. A strategic, well-curated search results page is not a side project for corporate communications; it is the first consumer impression, a primary trust signal and a critical line item on a brand’s revenue statement.
Key Takeaways
- In today’s highly digitized economy, CEOs must treat their brand’s digital footprint as a high-yield compounding revenue engine that requires active management.
- Long before an introductory call or formal proposal, page one of a search engine serves as an automated background check for every prospect, investor and high-caliber candidate.
- Companies that actively own and protect their digital search real estate see significantly higher conversion rates. Over time, it compounds into a financial advantage in customer acquisition and customer lifetime value.
Many CEOs treat their company’s online search presence like a quarterly credit score — checking it periodically to ensure no major damage has occurred, then forgetting about it.
Such a passive and defensive view misses how online searchers actually make decisions today, representing a fundamental misunderstanding of modern enterprise growth. When business-to-business (B2B) or direct-to-consumer (DTC) executives relegate their digital footprint to a mere reputation metric, they mistake active pipeline development for simple cost management.
In reality, in a highly digitized economy, a brand’s digital footprint must be treated as a high-yield, compounding revenue engine that requires active management.
The real jobs problem CEOs are talking about isn’t hiring
Good morning. Happy post-Labor Day! This is the time of year when hiring is supposed to pick up, and Friday’s job report did show U.S. employers adding 162,000 jobs in August, 98% of which went to women. Much of the job growth was in lower-wage sectors like food service and home health care, and the Bureau of Labor Statistics expects total employment to grow only 3.5% between 2025 and 2035, down from the prior decade’s 10.9% rate. My conversations with CEOs about jobs elicit less optimism and more concerns about skills gaps, low engagement, the leadership pipeline, uncertainty about AI, and pressure to cut costs. Here’s what a few are doing about it.
Investing in skilled trades. BlackRock is investing $100 million in skilled trade training programs; it’s also partnered with Ford, Carhartt and Alphabet on the Alliance for America’s Skilled Trades. (More information on that here.) Meta has partnered with CBRE and other groups on a five-week program that guarantees a job upon completion. Matthew DiCanio is president and incoming CEO of Concentra, a national health care company that conducts employment screenings. He told me last week that he’s seeing “white-collar jobs shrinking slightly and blue-collar jobs picking up speed.” While trade schools are becoming more popular, most parents continue to push their kids towards four-year colleges, the annual cost of which can now surpass $100,000. But they’re favoring public or elite institutions, as I did with my kids. (The opportunity to think, forge deep friendships, and explore are more important than ever.)
Employee engagement. Fewer than a third of employees are engaged in their jobs, with Gallup reporting that more than half of U.S. workers now report significant daily stress. As Gallup CEO Jon Clifton recently told me, “work makes people unhappy because we’re not focused on the things that really matter.” What does matter? Trust is a motif that emerges in our surveys of top employers in partnership with Great Place to Work, as does purpose. But tangible signals matter. Workers want pay that keeps pace with inflation, which is not happening as real wages have fallen for four months in a row. And benefits matter. Earlier this summer, one CEO talked about implementing a new T&E system that deprived employees of the right to get personal loyalty benefits from travel. “People started refusing to go on trips” or demanded compensation in other ways, he said. “We underestimated the hit to morale.”
Leadership pipeline. As ADP CEO Maria Black points out, AI should be a teammate that increases the value of judgement and other leadership skills. But the data shows that AI is also decreasing entry-level jobs, which impacts the ability to develop those skills. Voya Financial CEO Heather Lavallee thinks about that a lot. As Lavallee told me: “If you’re relying too much on automation and AI for some entry-level jobs, how do you create future experts?” She’s focused on bringing in talent of all ages while investing in training and mentorship. People learn best on the job. But CEOs of U.S. public companies spend an average of 8.5 years in the top job, where they’re rewarded for cutting costs, not building up the bottom of the pyramid. The federal government is doing more to incentivize apprenticeship programs, as are different states. But the most direct route is for companies to hire and train more Gen Z workers.
Contact CEO Daily via Diane Brady at diane.brady@fortune.com
Top leadership news
Tech leaders’ pay jumps on AI demand
Median compensation for executives with “technology” in their title rose about 45% from 2021 to $2.6 million in the latest fiscal year. That’s more than the increase for CEOs, COOs, CFOs, and CIOs combined.
Wall Street expects a Fed rate hike
Traders put the odds of a 25-basis-point rate hike at roughly 58% ahead of the Federal Reserve’s Sept. 16 meeting after August employment data showed the U.S. added 162,000 jobs and unemployment held at 4.1%. The shift conflicts with President Donald Trump’s calls for lower rates, putting pressure on Kevin Warsh’s Fed as inflation remains above the central bank’s 2% target.
AI leaders meet protesters at G20
At a G20 event in North Carolina, tech leaders, including Sam Altman and Jensen Huang, promoted AI and the need for more data centers while hundreds of protesters outside raised concerns about water use, energy consumption, and other potential consequences. Data-center resistance has spread nationwide, with 142 demonstrations in 42 states in July and two-thirds of Americans opposing a facility in their own community, according to an Economist/YouGov poll.
The markets
S&P 500 futures are down 0.40% this morning. The last session closed down 0.38%. The STOXX Europe 600 was down 0.59% in early trading. The U.K.’s FTSE 100 was down 0.18% in early trading. The Nikkei 225 was down 1.70%. South Korea’s KOSPI was down 0.58%. China’s CSI 300 was down 0.36%. Hong Kong’s Hang Seng was down 0.38%. India’s NIFTY 50 was down 0.55%. Bitcoin is down at $78k.
Around the watercooler
OpenAI’s AI agents secretly used a German wiki website as a message board. OpenAI stayed quiet about it for weeks by Beatrice Nolan
This billionaire founder made his first million at 27—years before Warren Buffett. His advice to Gen Z: Don’t ask for a raise, ask for equity by Orianna Rosa Royle
Exclusive: Ineffable Intelligence adds six ‘cofounders,’ hiring veterans from Google DeepMind, InstaDeep and venture firm Flying Fish by Jeremy Kahn
‘Uncharted territory’: The $40 trillion U.S. national debt just got uglier as interest payments rise to $1.25 trillion a year by Sasha Rogelberg
Asian family philanthropy is ‘a lot more hands-on’—and more corporate—than the West by Nicholas Gordon
CEO Daily is curated and edited by Joseph Abrams, Jason Ma, Claire Zillman, and Lee Clifford.
