Good morning.

Hundreds of French supermarkets learned the hard way that a fridge is now an internet device. A cyberattack starting Sunday evening hit the refrigeration systems of about 150 to 200 Intermarché stores and nearly 100 Coopérative U outlets, forcing them to "throw away all their products," fresh and frozen, Euronews reported. Coopérative U chief executive Dominique Schelcher called the attack "unprecedented," the Paris prosecutor has opened an investigation, and Intermarché warned that insurance policies may not "cover this type" of incident. The hackers targeted older versions of Danfoss refrigeration-control software, and two stores in Alsace alone reported €270,000 in losses, BFM Business reported, with the national bill possibly running to several million euros.

Hackers have finally done what no marketing team could: made the frozen-food aisle the hottest spot in the store.

Semiconductors

When the guy dealing the cards says the table is rigged for tourists, people get up from the table.

Broadcom (AVGO) CEO Hock Tan told a conference in Singapore that many AI investors don't understand what they're betting on, the Guardian reported, citing Bloomberg. He said they "set very extreme expectations only to find out that it's almost like they are in a casino." Meanwhile, Chinese memory maker CXMT reported progress on a new DRAM architecture, a direct challenge to Samsung, SK Hynix and Micron.

The one-two punch cleared the chip tables in Asia on Tuesday. Seoul's Kospi sank 5.46% to 6,035.35, its fifth straight losing session, and the exchange triggered a sell-side "sidecar" curb, Yonhap reported. Samsung Electronics fell 7.39% and SK Hynix plunged 10.09%, while foreigners dumped a net $3.35 billion of Korean stocks.

The irony is thick. Tan isn't a bear: he still expects Broadcom's annual AI chip revenue to climb from about $58 billion this fiscal year to $230 billion by fiscal 2028, Benzinga reported. His real warning was about the bankroll. He said access to financing, not memory shortages, could become the industry's biggest constraint. DBS chief executive Tan Su Shan made a similar point on Bloomberg Tech on Monday, saying "now people are asking for higher returns" on money flowing into AI buildouts.

The pit bosses are already raising the minimum bet:

Know When to Fold: None of this changes the demand story overnight; Tan's own forecast says the chips will keep selling. What's changing is the price of the bankroll. When banks shrink their underwriting and the IMF flags bond markets, the AI trade stops being a pure bet on demand and becomes a bet on who can keep financing it. With the US consumer price index due Wednesday, per Yonhap, the cost of money gets its next say before the chip earnings do.

Big Tech

Big Tech is tired of ordering takeout from Nvidia.

Microsoft (MSFT) unveiled Maia 300, the third generation of its in-house AI chip, and said large-scale deployments begin in 2027, GeekWire reported. Azure chief Scott Guthrie said Maia will become "the primary AI inference system for Microsoft products and services," and CEO Satya Nadella called it "our biggest bet yet on our own silicon."

The same day, Meta Platforms (META) launched Muse Wonder and Muse Wonder Full, the latest models from its rebuilt AI effort, which it says reach "state-of-the-art" performance on agentic tasks, Meta said. Investors liked the home cooking: Meta rose 3.4% Monday and Microsoft gained 1.1%, while Nvidia (NVDA) slipped 1.3%, the Motley Fool tallied.

Every hyperscaler now wants its own kitchen. Google has been baking TPUs for years, Amazon's Trainium has won over AI labs, and Meta and OpenAI have rolled out custom silicon. Microsoft's pitch is efficiency: it says Maia 300 produces 40% more AI output per unit of power than leading GPU systems, and that a full rack produces up to seven times the output of the current generation. Unlike Google's and Amazon's chips, Maia won't be rented to outside customers. It will feed Microsoft's own appetite, from Copilot to GitHub, GeekWire noted.

The specs, Techzine reported, include compute chiplets built on TSMC's N2P process and racks of 96 accelerators drawing 167 kilowatts. Meta's ingredients are different but the instinct is the same: it trained Wonder on its gigawatt-scale Prometheus data center, and Alexandr Wang, head of Meta Superintelligence Labs, called the pair "true frontier models, competitive with the best models in the world," Axios reported. Muse Wonder is available through the Meta Model API and Muse Code, and will power Meta's Muse assistant, starting with paid subscribers.

Kitchen Nightmares?: Homemade doesn't mean cheap. Evercore ISI analysts estimate Maia will make up only about 10% of Microsoft's AI chip spending by early 2027, per CNBC as cited by GeekWire, so Nvidia remains a key supplier. And Meta's benchmark claims still need independent testing, as Axios noted. The point is leverage. Every inference job Microsoft runs on its own chips is one it doesn't buy at Nvidia's prices, and every frontier model Meta builds is one it doesn't rent from a rival. That matters more now that Hock Tan says the bankroll, not the menu, is AI's real constraint.

Deals

After five years of public dating, Bumble may be ready to settle down off the market.

Bumble (BMBL) is in advanced talks to be taken private by Ithaca Holdings in a deal that would value the dating app at about $1 billion, Reuters reported, citing a source, following a Wall Street Journal report. The company's market value was about $389 million at Friday's close. Neither Bumble nor Ithaca commented.

Shares rose about 50% Monday to close at $3.80, their biggest one-day gain since the IPO, TNW reported. Ithaca was founded by Silicon Valley executives Ravi Gupta and John Hegeman.

Online dating has had a rough few years. Bumble and Match Group, the owner of Tinder and Hinge, face weaker engagement, especially from Gen Z users who are tired of endless swiping, Reuters noted. Founder Whitney Wolfe Herd returned as CEO in March 2025 to lead an AI-powered overhaul, and in August Bumble changed its core rule to let men send the first message, TNW added.

By the numbers: IPO price of $43 in February 2021; deal could come as soon as this week; Blackstone holds about 22% (Benzinga) · paying users down 16.4% to 3.2 million in Q2 2026, after 2025 sales fell nearly 10% to about $966 million (TNW).

Off the Market: Wolfe Herd sidestepped questions about going private in May, telling Axios, "We are always exploring what's best for the shareholders." Leaving the public markets would let Bumble rebuild its product without quarterly scorecards. Until there's a signed deal, though, this is still just a promising first date.

Monday's quiet session turned into a chip selloff overnight. Today the big banks open earnings season, and tomorrow brings inflation data. Between a CEO calling the AI trade a casino and the IMF checking the bond market's pulse, the house is reminding everyone that it sets the table limits.

That's the tape. We'll see you at the open. — AllThingsWallSt