# September Market Report: Meta’s Rally, American Steel and the Infrastructure Behind SI

> Meta rallies 29% as September markets connect AI, American steel and energy. Explore Nvidia, SpaceX, Bitcoin, oil and the outlook for October.

By Lidia Yadlos · September 30, 2026

Canonical: https://blockster.com/september-market-report-metas-rally-american-steel-and-the-infrastructure-behind-si

September connected technology stocks with the physical economy: steel, electricity, oil and the financing needed to build new capacity.

Meta gained **29.1%**, SpaceX advanced **3.9%** and Nvidia rose **2.9%** through September 29. Their different performances showed that enthusiasm for AI did not lift every company equally.

Beyond stocks, Washington introduced “Super Intelligence,” or SI, into federal terminology and launched [America.gov](http://America.gov). President Donald Trump highlighted an **$18 billion American iron-and-steel project**, while developments in Venezuela and the Strait of Hormuz reshaped the energy outlook.

September’s final morning added another important development: softer underlying inflation alongside an upward revision to economic growth.

Together, these stories raise a practical question: **how quickly can energy, materials and financing support the expansion of digital intelligence?**

![](https://blockster-images.s3.us-east-1.amazonaws.com/uploads/1790787011-9fe47d9e4b573b0b.png)

## September’s Market Snapshot

Technology outperformed the Dow heading into the final session. Bitcoin remained positive despite a stronger dollar and elevated bond yields.

Those yields matter beyond trading screens. Data centers, mines, steel mills and power projects require substantial investment before generating revenue. The cost of financing helps determine which projects proceed.

## Trump Highlights an $18 Billion American Steel Project

On September 28, [Mesabi Metallics announced an $18 billion investment](https://www.mesabimetallics.com/mesabi-metallics-investing-18-billion-to-create-a-fully-integrated-american-steel-company-uniting-minnesota-mine-and-iowa-steel-complex/) connecting its Minnesota iron ore operation with a planned Iowa steel complex.

The announcement allocates **$15 billion to Iowa**, alongside approximately **$3 billion being spent to complete the Minnesota mine**. Mesabi describes the steel complex as the largest single investment of its kind in U.S. history.

The planned operation combines direct-reduced iron with electric arc furnace steelmaking, linking domestic raw materials with finished steel for energy, vehicles, defense and infrastructure.

> At the White House event, Export-Import Bank Chairman John Jovanovic described Minnesota’s Iron Range as “the most prolific iron ore deposit in the world” over 145 years.

That description concerns its production history, rather than establishing that it holds the world’s largest remaining reserves.

[EXIM approved a $770 million direct loan](https://www.exim.gov/news/exim-chairman-jovanovic-oval-office-it-all-starts-mining-more-america) for Mesabi’s Minnesota operation, which is expected to produce up to **seven million tons of high-grade iron ore pellets annually**.

The investment could strengthen domestic steel supply, but its contribution will depend on construction, commissioning and the products the facilities can deliver competitively.

## Why Steel Matters to SI and Data Centers

Computing capacity requires more than chips. Data centers need buildings, cooling systems, equipment supports and connections to the electricity grid.

![](https://blockster-images.s3.us-east-1.amazonaws.com/uploads/1790787047-9caace89a178e7de.png)

**The strongest economic case for domestic steel is greater control over delivery, specifications and supply continuity.**

When suitable products are available domestically, developers have more options for coordinating fabrication and transportation. That can reduce exposure to overseas shipping disruptions and help keep construction on schedule.

Delays carry a financial cost. A completed building cannot generate computing revenue until power, cooling and servers are installed and commissioned. Meanwhile, capital remains tied up and financing costs continue.

Construction steel and specialized electrical steel also serve different purposes. Expanding general steel production does not automatically resolve transformer shortages, nor does the Mesabi announcement establish that it has secured data-center contracts.

## Power Could Determine the Pace of Expansion

The [International Energy Agency’s 2026 outlook](https://www.iea.org/reports/key-questions-on-energy-and-ai/executive-summary) projects global data-center electricity consumption rising from **485 terawatt-hours in 2025 to approximately 950 terawatt-hours in 2030**. Consumption at AI-focused facilities is projected to triple over that period.

Meeting that demand requires grid connections, generating capacity and electrical equipment alongside new buildings.

Transformers illustrate the challenge. Production depends on specialized electrical steel, copper, aluminum, skilled workers and factory capacity. In August, the Department of Energy outlined plans for a program worth up to **$375 million** to strengthen domestic production of transformers, components, materials and other grid equipment.

Steelmaking itself adds to electricity demand. Electric arc furnaces and data centers both require dependable, competitively priced power.

The industrial opportunity therefore extends across steel, electrical equipment, construction and utilities. Progress in one part of that chain can still be held back by shortages elsewhere.

## Nucor’s Outlook Improves, but Steel Remains Cyclical

Data centers add demand for steel, but orders from factories, commercial buildings and other construction projects still influence pricing and profitability.

The [World Steel Association](https://worldsteel.org/media/press-releases/2026/august-2026-crude-steel-production/) reported **144.2 million metric tonnes** of crude steel production across its 70 reporting countries in August, down **1.2% year over year**. Production is not a direct measure of demand, but the decline shows that AI construction is expanding within an uneven global steel market.

[Nucor’s third-quarter guidance](https://investors.nucor.com/news/news-details/2026/Nucor-Announces-Guidance-for-the-Third-Quarter-of-2026-Earnings/default.aspx) projected earnings of **$5.55–$5.65 per diluted share**, compared with **$5.04 in the second quarter**. At the midpoint, that would represent an increase of approximately **11%**.

Nucor also announced a **$59 million expansion** of its Vulcraft Indiana facility to add steel-grating capabilities. Vulcraft’s broader product range includes joists and decking used in data centers and other nonresidential buildings.

For investors, the test is whether new construction produces profitable orders. Shipments, selling prices, input costs and mill utilization will determine how much of the infrastructure spending reaches steelmakers’ earnings.

## Washington Introduces SI and Launches America.gov

On September 29, Trump signed an [executive order](https://www.whitehouse.gov/presidential-actions/2026/09/inaugurating-the-era-of-super-intelligence/) directing the executive branch to use **“Super Intelligence,” or “SI,”** in place of “Artificial Intelligence” and “AI,” to the maximum extent permitted by law.

The order initially applies the existing statutory definition of artificial intelligence. It changes federal terminology without establishing that today’s systems have reached a new technical threshold.

![](https://blockster-images.s3.us-east-1.amazonaws.com/uploads/1790791493-fbb5e1b7b4e4482d.png)

The administration also launched [America.gov](http://America.gov), developed by the General Services Administration and the White House’s National Design Studio. GSA says the portal combines information from more than **29,000 government websites** to simplify access to federal information and services.

> Joe Gebbia, Airbnb co-founder and U.S. chief design officer, described a technology partnership involving Google’s Gemini and Grok.

Tony Robbins participated in the launch, while Trump credited chief brand architect Peter Arnell and the National Design Studio team.

Separately, leaders from Google, Meta, Nvidia, OpenAI, Anthropic and xAI joined a voluntary agreement addressing internal controls, external audits and board oversight. That accord is separate from the team implementing [America.gov](http://America.gov).

The developments broaden the market story to include government adoption, service delivery and oversight. Contract values and earnings contributions will require further disclosure.

## Meta Surges 29% as Muse Changes the Investment Story

**Meta gained 29.1% through September 29**, climbing from **$572.34 to $738.79**. The advance included an **11.4% jump on September 21**.

Muse helped change investor perceptions of Meta’s AI spending. Its September launch and rapid rise up app-store rankings gave shareholders a consumer product through which to assess the company’s strategy.

![](https://blockster-images.s3.us-east-1.amazonaws.com/uploads/1790787527-8b5ecbbc6804fb0f.png)

As explored in [Blockster’s coverage of Muse](https://blockster.com/metas-free-muse-agent-is-winning-fansand-moving-beyond-the-phone), the opportunity extends beyond answering questions to helping users access services and complete tasks. That opens potential revenue opportunities around transactions and customer relationships.

The rally also came with sharp reversals. Shares reached a September closing high of **$777.59 on September 24**, fell **4.8% on September 28**, then recovered **3.2% the following day**.

October’s test is whether initial interest becomes repeat usage and revenue. September’s gains raised the expectations against which that progress will be judged.

## Nvidia Gains 2.9% and Expands Its Buyback

**Nvidia rose 2.9% through September 29**, from **$220.78 to $227.21**, delivering a smaller advance than Meta despite its central role in AI computing.

On September 28, Nvidia authorized an additional **$150 billion in share repurchases**, bringing its remaining authorization to **$235 billion**. Shares gained **1.7% that day**, before slipping **0.7% the following session**.

![](https://blockster-images.s3.us-east-1.amazonaws.com/uploads/1790787547-342acf2080a02a41.png)

The expanded authorization gives Nvidia substantial capacity to return cash to shareholders as competition in AI chips intensifies. It represents permission to repurchase shares, rather than purchases already completed.

Nvidia also introduced software addressing agent safety. [Blockster’s reporting on agent guardrails](https://blockster.com/ai-agents-can-trade-borrow-and-spend-nvidia-and-100-organizations-are-building-the-guardrails) examines the controls businesses need as agents gain permission to trade, borrow and spend.

Chip demand, competitive pressure, cash generation and buyback execution remain the key financial questions heading into October.

## SpaceX Rises 3.9% Despite Late-Month Swings

**SpaceX gained 3.9% through September 29**, rising from **$143.69 to $149.24**. Shares closed as high as **$154.81 on September 17** before giving back part of that advance.

Starship’s September 28 flight delivered an operational milestone as the vehicle reached orbit. The stock nevertheless fell **2.2% that day**, closing at **$145.47**, before rebounding **2.6% on September 29**.

![](https://blockster-images.s3.us-east-1.amazonaws.com/uploads/1790787589-86ab033018f4666e.png)

The contrast shows why an engineering achievement and its immediate market reception need to be assessed separately. Investors weigh progress against expectations, costs and valuation.

SpaceX entered September’s final session with a positive monthly return, but one well below Meta’s. Further execution milestones and evidence of their commercial value will shape the next phase of its public-market performance.

## OpenAI Rules Out a 2026 IPO; Anthropic’s Listing Remains Pending

**OpenAI will not go public in 2026**, according to Sam Altman, who cited AI safety concerns.

Anthropic’s reported timetable still points to a potential **November listing**, with marketing expected to begin in mid-October at the earliest. That remains a prospective schedule.

Neither company has a publicly traded share-price return to compare with Meta, Nvidia or SpaceX. Investors following their financing plans should distinguish anticipated valuations and listing dates from shares already available through a brokerage.

## Venezuela’s Oil Agreement: Reserves, Rights and Revenue

The U.S.–Venezuela oil arrangement, announced in late August and highlighted during September, adds another potential source of long-term energy supply.

According to the [White House’s published terms](https://www.whitehouse.gov/fact-sheets/2026/08/fact-sheet-president-donald-j-trump-announces-historic-oil-agreement-to-secure-american-energy-dominance-and-drive-venezuelas-economic-recovery/), North American Blue Energy Partners received **100-year concessions covering 17 oilfields**, holding approximately **65 billion barrels of proven reserves**.

The administration says the agreement grants the United States:

- A **35% equity stake** in NABEP’s corporate parent.
- The right to purchase **20% of production at production cost**.
- First refusal on the remaining **80%**, alongside governance rights.

The 20% purchase entitlement is separate from the roughly one-fifth of Venezuela’s reserves covered by the agreement.

At an illustrative **$65 per barrel**, 65 billion barrels would have a gross value of approximately **$4.23 trillion**. That calculation excludes development and operating costs, taxes, royalties, production timing and the division of proceeds. It is neither the value of the U.S. equity stake nor money already received.

Turning those reserves into supply requires electricity, pipelines, storage and investment. September 30 reporting from an energy conference in Caracas identified unreliable power as a major obstacle to expanding production.

## Recovering Hormuz Traffic Could Ease Oil Pressure

Gulf shipments recovered during September as military protection, tanker shuttle operations and alternative routes helped exporters move more oil.

September 30 reporting, citing maritime authorities, indicated that U.S. air cover enabled approximately **30 vessels a day** to pass through the Strait of Hormuz over the preceding week, most of them oil tankers.

Iran’s exports remained heavily curtailed by the maritime blockade, while other producers restored shipments through Hormuz and alternative routes. The recovery remained incomplete.

Sustained additional supply and lower shipping costs would support the case for cheaper oil. Potential growth in Venezuelan production could contribute over a longer period.

Prices had not yet followed that path consistently. Oil rose during September 30 trading as stalled negotiations, tight fuel markets and elevated freight costs continued to influence the market. Crude supplies and finished products such as diesel can recover at different speeds.

For manufacturers and builders, lower fuel costs could eventually ease transportation and construction expenses. Data-center operations remain more directly dependent on electricity prices and grid availability.

## Softer Inflation and Stronger Growth Change the Rate Outlook

September’s final morning brought a more encouraging economic combination.

August’s **core Personal Consumption Expenditures price index** rose **0.2% month over month**, below the **0.3% expected**. Annual core inflation stood at **3.0%**, matching July’s downwardly revised rate.

Second-quarter real GDP growth was revised from **1.5% to 2.2% annualized**, an increase of **0.7 percentage points**.

The figures followed the [Federal Reserve’s September 16 decision](https://www.federalreserve.gov/newsevents/pressreleases/monetary20260916a.htm) to raise its target interest-rate range to **3.75%–4.00%**.

Brendan Ma, Head of Investment Strategy at the Arbitrum Foundation, described the backdrop as a Fed tightening into economic strength.

> “A 0.2% monthly rise in core PCE prices is welcome news for the Fed. If September CPI points the same way, the pressure for an October hike eases,” Ma said in commentary shared with Blockster.

He emphasized that July’s annual core inflation rate was revised lower, making the updated history the appropriate comparison for August.

A gentler rate path could improve financing conditions for infrastructure projects, while stronger growth could support demand. Long-term borrowing costs will still depend on bond-market conditions.

Ma also highlighted the implications for digital assets and tokenized Treasuries:

> “A gentler rate path tends to favour digital assets and equities over cash. Also, most of the tokenised Treasury market is in short-dated products, so the change would reach holders of these onchain assets gradually as bills mature, which leaves allocators time to decide where that cash should sit.”

If short-term rates decline, reinvestment at lower yields would gradually affect income from maturing Treasury bills. The effect on holders depends on each product’s structure and distributions.

## Gold and Bitcoin Diverge

Gold recovered during September 30 trading but remained on course for a monthly decline. A morning snapshot placed spot gold around **$4,210 an ounce**, down approximately **5.4% for September**.

Bitcoin, meanwhile, was up **more than 6% month to date**.

The divergence shows why the two assets should not be expected to respond identically to interest rates, currencies and investor demand. Both figures remained provisional ahead of the month’s final close.

## What to Watch in October

- **Inflation and rates:** Whether September CPI reinforces the softer PCE reading and eases expectations for another Fed hike.
- **Meta and Nvidia:** Muse adoption and monetization, chip demand and Nvidia’s buyback execution.
- **SpaceX and IPOs:** Further operational milestones and updates to Anthropic’s prospective listing.
- **Steel and data centers:** Customer orders, construction progress, transformer deliveries and power connections.
- **Venezuela:** Investment in production infrastructure and implementation of the agreement’s commercial terms.
- **Gulf energy:** Sustained shipments, freight and insurance costs, refining capacity and inventories.

September linked technological ambition with the cost of building it. October’s evidence will come through orders, revenue, production and completed infrastructure.

## Where U.S. Customers Can Buy the Assets in This Report

The platforms in [Blockster’s exchange comparison guide](https://blockster.com/crypto-exchange-guide-compare-stocks-ai-trading-rewards-and-borrowing) offer different products depending on location and account eligibility.

The table below covers conventional shares, ETF shares and spot Bitcoin available to eligible U.S. customers.

_Listings checked September 30, 2026. Linked entries open the platform’s asset page._

![](https://blockster-images.s3.us-east-1.amazonaws.com/uploads/1790787200-19110f09c01286be.png)

_Kraken’s stock entries refer to its brokerage service, which currently excludes New York and Maine residents. Its xStocks products are unavailable to U.S. customers. Coinbase requires brokerage onboarding for securities._

![](https://blockster-images.s3.us-east-1.amazonaws.com/uploads/1790787267-d81778dc1cc2e146.png)

**OpenAI and Anthropic do not currently offer ordinary publicly listed shares through these platforms.** Private-market products or tokens referencing them may provide different rights and liquidity.

Compare fees, trading hours, agent permissions, rewards and borrowing features in the [full Blockster exchange guide](https://blockster.com/crypto-exchange-guide-compare-stocks-ai-trading-rewards-and-borrowing).