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Market Updates · retained edition

Market Updates — Past 24 Hours

The dominant change in the past 24 hours is a genuine regime shift in U.S. monetary policy: the Federal Reserve raised rates 25bp to 3.75%–4.00% in a unanimous 12–0 vote, its first hike since July 2023, and the dot plot now shows 12 of 18 officials expecting one more hike in 2026 with the median 2027 rate at 4.1% [SRC114][SRC115][SRC117][SRC120]. Chair Kevin Warsh said inflation is "too high and has been for too long," that he is "hard-pressed to call financial conditions restrictive," and that he is "not in the forward guidance business" [SRC123][SRC126]. The 10-year Treasury yield rose to 5.002% as he spoke, the dollar index hit 100.19, and the Dow fell over 800 points intraday before closing down 1.21% [SRC127][SRC403][SRC443][SRC453]. This collided with an energy shock: a U.S.-contracted vessel was struck near Hormuz, Saudi pipeline pumping stations remain damaged, and the SPR fell to its lowest since 1982 [SRC047][SRC092][SRC048][SRC081]. Offsetting the hawkish macro, AI-infrastructure financing and procurement kept compounding — OpenAI weighed a ~$1.2T round, banks lined up a $22B chip loan tied to Blackstone and Alphabet, and Generac signed an up-to-$8B Amazon data-center generator deal [SRC008][SRC009][SRC136][SRC151].

Published
16 September 2026 · 23:48 Cairo
Artifact age
3 weeks old
Edition
12 themes
Items
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Market Posts
156
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300
Posts Reviewed
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01

Fed hikes for the first time since 2023 and signals "higher for longer"

The FOMC raised the federal-funds target range by 25bp to 3.75%–4.00% in a 12–0 vote, its first increase in more than three years, saying the action "will support a timelier return to 2 percent" [SRC114][SRC120]. Officials projected one additional hike in 2026 and two more in 2027, with the 2027 median fed-funds rate at 4.1% [SRC115]. The projections showed 12 of 18 officials seeing one more 25bp hike this year, four seeing two, and two seeing none [SRC117]. The Fed also raised its 2026 and 2027 GDP projections to 2.3% and 2.4% and lifted 2026 core PCE to 3.4% [SRC120].

Mechanism
A higher-for-longer policy path lifts real yields and the dollar, compressing equity multiples and pressuring rate-sensitive sectors.
Wider market or sector impact
The end of the easing bias forces a repricing of duration, credit and equity risk premia across global markets.
Wider-impact evidence
The Fed's first hike in over three years, a unanimous vote, and a dot plot projecting further tightening reset the discount rate for every asset class and reversed the prior easing bias.
Countercase
Two officials saw no further hikes, and the 2027 dot remained split, leaving the terminal path genuinely contested [SRC117].
Next test
Whether the October FOMC delivers another hike, with traders pricing roughly a 50% chance [SRC128].

Entities U.S. Treasuries · U.S. dollar · S&P 500 · rate-sensitive equities

Inspect evidence · 4 records

  1. SRC114 · Market reportingObserved 16 September 2026

    *FED HIKES RATES BY 25BPS

  2. SRC115 · Market reportingObserved 16 September 2026

    *FED PROJECTS 2 MORE 2027 RATE HIKES *FED 2027 MEDIAN FED FUNDS 4.1% (+0.5) *FED 2027 MEDIAN CORE PCE 2.5% (UNCHANGED) *FED 2027 MEDIAN PCE 2.3% (UNCHANGED) *FED 2027 MEDIAN UNEMPLOYMENT 4.1% (-0.2) *FED 2027 MEDIAN GDP 2.4% (+0.1)

  3. SRC117 · Market reportingObserved 16 September 2026

    FED PROJECTIONS SHOW 12 OF 18 OFFICIALS SEE ONE MORE 25-BASIS-POINT RATE HIKE THIS YEAR; FOUR SEE TWO HIKES; TWO SEE NO MORE HIKES

  4. SRC120 · Market reportingObserved 16 September 2026

    *Federal Reserve unanimously raised its policy rate by 25 basis points Wednesday to a 3.75%–4.00% target range, its first increase in more than three years.* The Details: • Policy vote: The Federal Open Market Committee approved the rate increase in a 12–0 vote. • Inflation goal: The Fed said its action will support a timelier return to its 2% inflation goal. • Rate outlook: Officials projected one additional rate hike in 2026 and two more hikes in 2027. • Economic forecasts: The Fed raised 2026 and 2027 GDP projections to 2.3% and 2.4%, respectively. • Inflation forecast: Officials raised 2026 core PCE inflation to 3.4% and maintained the 2027 projection at 2.5%.
02

Warsh's hawkish press conference drives yields to 5% and a Dow selloff

Warsh said inflation remains elevated and summer data showed no improvement, with too many categories rising above 3% on six- and 12-month bases [SRC123]. He said price stability is the Fed's predominant focus, that the labor side is in good shape, and that he was hard-pressed to call financial conditions restrictive — a view he said was widely shared by the FOMC [SRC123]. He added that the economy has strengthened but inflation remains the central problem [SRC126]. The 10-year Treasury yield rose to 5.002% as he spoke [SRC127], and the White House's Desai called the hike "rather unfortunate" [SRC130].

Mechanism
A chair explicitly declining to signal a peak keeps term premia and volatility elevated, weighing on long-duration equities.
Wider market or sector impact
A credibility-focused Fed raises the risk that financial conditions tighten more than the policy rate alone implies.
Wider-impact evidence
The chair's framing — inflation not improving, conditions not restrictive, no forward guidance — is the transmission channel from the statement to the sharp intraday equity and yield moves.
Countercase
Warsh said the Fed can restore price stability without damaging the labor market — "we don't need to do harm to the job market" [SRC431].
Next test
Whether the 10-year yield holds above 5% or retreats as the market digests the dot plot [SRC127].

Entities 10-year Treasury yield · U.S. dollar · Dow Jones · S&P 500

Inspect evidence · 4 records

  1. SRC123 · Market reportingObserved 16 September 2026

    *Federal Reserve Chair Kevin Warsh said Wednesday that inflation remains elevated and that summer data did not show improvement in the inflation outlook.* The Details: • Price pressures: Warsh said too many categories posted inflation increases above 3% on both six- and 12-month bases. • Policy focus: He said price stability is the Federal Reserve’s predominant focus. • Labor conditions: Warsh said the labor side of the Federal Reserve’s remit is in good shape. • Financial conditions: He said he was hard-pressed to call financial conditions restrictive and said that view was widely shared by the FOMC. • Policy action: Warsh said the FOMC removed a dose of accommodation and cited robust credit flows.

  2. SRC126 · Market reportingObserved 16 September 2026

    *Federal Reserve Chair Kevin Warsh said that the economy has strengthened, but inflation remains the central problem facing monetary policy.* The Details: • Fed independence: Warsh said the Fed stays in its lane on monetary policy and called independence “a two-way street.” • Trade pressure: He responded after President Trump threatened to cut trade with countries unless interest rates were lowered. • Inflation trends: Warsh said inflation trends were not passing the test and that he had seen little to change that assessment. • Policy rationale: He said financial conditions were not broadly restrictive, so the FOMC removed a dose of accommodation. • Data approach: Warsh said trends matter and individual data points, including CPI, can be noisy.

  3. SRC127 · Market reportingObserved 16 September 2026

    US 10-YEAR TREASURY YIELD RISES TO 5.002% AS WARSH SPEAKS, SIGNALING HIGHER RATE PRESSURE

  4. SRC130 · Market reportingObserved 16 September 2026

    *WHITE HOUSE'S DESAI: FED RATE HIKE IS 'RATHER UNFORTUNATE'
03

Energy chokepoint risk escalates: Hormuz strike, Saudi pipeline damage, SPR at 1982 low

A U.S.-contracted vessel was struck during an Iranian attack earlier this week near the Strait of Hormuz, according to two sources cited by Fox News [SRC047]. Two pumping stations along Saudi Arabia's east-west oil pipeline were damaged in an attack last week, with the repair timeline for stations 8 and 9 unclear [SRC092]. The U.S. Strategic Petroleum Reserve fell 403,000 barrels to 285 million barrels, its lowest level since 1982 [SRC081], and commercial crude declined 640,000 barrels versus expectations for a 1.5 million-barrel draw [SRC081]. The SPR was separately reported at its lowest since 1982 [SRC048].

Mechanism
With buffers depleted and a chokepoint under attack, any supply disruption transmits directly into crude and product prices.
Wider market or sector impact
A thinner safety net raises the geopolitical risk premium embedded in energy and freight costs.
Wider-impact evidence
A strike on a U.S.-contracted vessel, damaged Saudi pipeline pumping stations, and a multi-decade-low SPR together remove the oil market's safety buffers.
Countercase
U.S. Energy Secretary Wright said 18 million barrels flowed out of the Persian Gulf yesterday, above the 7-day average of about 11 million bpd, suggesting flows continue [SRC063].
Next test
Whether Saudi Aramco restores pipeline capacity and whether further vessel strikes occur near Hormuz [SRC092].

Entities Crude oil · refined products · energy equities · SPR

Inspect evidence · 4 records

  1. SRC047 · Market reportingObserved 16 September 2026

    A U.S.-contracted vessel was struck during an Iranian attack earlier this week near the Strait of Hormuz, according to two sources cited by Fox News.

  2. SRC092 · Market reportingObserved 16 September 2026

    2 pumping stations along Saudi Arabia's east-west oil pipeline damaged in attack last week Repair timeline unclear for pumping stations 8 and 9 damaged along Saudi east-west oil pipeline

  3. SRC048 · Market reportingObserved 16 September 2026

    US STRATEGIC PETROLEUM RESERVE CRUDE OIL STOCKS DECLINE TO LOWEST LEVEL SINCE 1982.

  4. SRC081 · Market reportingObserved 16 September 2026

    *The Strategic Petroleum Reserve fell 403,000 barrels to 285 million barrels, its lowest level since 1982.* The Details: • Crude stocks: U.S. commercial crude inventories declined 640,000 barrels, versus expectations for a 1.5 million-barrel draw. • Gasoline stocks: Gasoline inventories increased 794,000 barrels. • Distillate stocks: Distillate inventories rose 1.585 million barrels. • Cushing stocks: Crude inventories at Cushing, Oklahoma declined 342,000 barrels. • Oil production: U.S. crude-oil production decreased 3,000 barrels per day.
04

OpenAI weighs a ~$1.2T round as AI private-market valuations accelerate

OpenAI has held preliminary investor discussions about a private funding round that could value the company at roughly $1.2 trillion, the Financial Times reported [SRC009]. The reported valuation would rise from OpenAI's $852 billion valuation in March [SRC009]. Investors reportedly initiated the conversations, which remain early [SRC009]. OpenAI's annualized revenue exceeded $40 billion last month after increasing about 20% following GPT-5.6, and the company raised $122 billion in March [SRC009]. A separate report said OpenAI investors approached the company about a new round [SRC057], and another flagged the ~$1.2T figure [SRC008].

Mechanism
A higher private mark raises the opportunity cost of capital for listed AI peers and validates continued hyperscaler capex.
Wider market or sector impact
Escalating private AI valuations pressure public comparables to justify their own multiples.
Wider-impact evidence
A reported ~$1.2T valuation for OpenAI would be a step-change in private AI pricing and a benchmark for the entire AI capital cycle.
Countercase
CEO Sam Altman has said an OpenAI IPO is unlikely before 2027, and the talks remain early and investor-initiated [SRC009].
Next test
Whether a round is formally announced and at what valuation [SRC009].

Entities OpenAI · AI-linked equities · private AI valuations

Inspect evidence · 3 records

  1. SRC008 · Market reportingObserved 16 September 2026

    OPENAI WEIGHS FUNDING ROUND AT .2TN VALUATION BEFORE IPO - FT

  2. SRC009 · Market reportingObserved 16 September 2026

    *OpenAI has held preliminary investor discussions about a private funding round that could value the company at roughly $1.2 trillion, the Financial Times reported.* The Details: • Valuation target: The reported valuation would rise from OpenAI’s $852 billion valuation in March. • Talk status: Investors reportedly initiated the conversations, which remain in their early stages. • Revenue growth: OpenAI’s annualized revenue exceeded $40 billion last month after increasing about 20% following GPT-5.6. • Prior financing: The company raised $122 billion in March and spent $34 billion last year. • IPO outlook: CEO Sam Altman has said an OpenAI initial public offering is unlikely before 2027.

  3. SRC057 · Market reportingObserved 16 September 2026

    OpenAI investors have approached the company about a new funding round
05

Banks line up a $22B chip loan tied to Blackstone and Alphabet

Banks lined up a $22 billion chip loan tied to Blackstone and Alphabet [SRC136]. The financing underscores how debt markets are being enlisted to fund AI semiconductor and data-center capacity.

Mechanism
Large syndicated chip financing lowers the equity burden of AI capex, sustaining semiconductor demand.
Wider market or sector impact
Debt-financed AI buildout expands the credit channel through which AI capex reaches markets.
Wider-impact evidence
A $22B debt package tied to Blackstone and Alphabet is a concrete financing signal for AI compute buildout.
Countercase
No cited dissent available.
Next test
Whether the loan syndication closes and at what terms [SRC136].

Entities Alphabet · Blackstone · semiconductors · AI infrastructure

Inspect evidence · 1 record

  1. SRC136 · Market reportingObserved 16 September 2026

    *BANKS LINE UP $22B CHIP LOAN TIED TO BLACKSTONE, ALPHABET
06

Generac signs up-to-$8B Amazon data-center backup generator deal

Generac signed a long-term agreement to supply backup generators for Amazon data centers, with potential payments of up to $8 billion [SRC151]. Generac expects $2.4 billion of generator deliveries across 2027 and 2028 [SRC151]. Amazon received warrants covering up to 1,693,745 Generac shares at an exercise price of $200.9266 per share, with 307,954 shares vesting immediately and the remainder vesting based on Amazon payments through Sept. 16, 2033 [SRC151]. A separate report confirmed the warrant under a Sept. 16 agreement [SRC154].

Mechanism
Data-center power procurement converts AI capex into multi-year industrial order books.
Wider market or sector impact
Backup-power demand becomes a durable industrial revenue stream tied to AI buildout.
Wider-impact evidence
An up-to-$8B supply agreement with Amazon ties an industrial power-equipment maker directly to AI data-center demand.
Countercase
No cited dissent available.
Next test
Whether initial 2027 deliveries proceed on schedule [SRC151].

Entities Generac · Amazon · data-center power equipment

Inspect evidence · 2 records

  1. SRC151 · Market reportingObserved 16 September 2026

    * $GNRC signed a long-term agreement to supply backup generators for $AMZN data centers, with potential payments of up to $8 billion.* The Details: • Initial deliveries: Generac expects $2.4 billion of generator deliveries across 2027 and 2028. • Power supply: The generators will provide backup power for Amazon data centers. • Warrant grant: Amazon received warrants covering up to 1,693,745 Generac shares. • Exercise terms: The warrants carry an exercise price of $200.9266 per share and may be exercised for cash or cashlessly. • Vesting schedule: Warrants for 307,954 shares vested immediately; remaining shares vest based on Amazon payments through Sept. 16, 2033.

  2. SRC154 · Market reportingObserved 16 September 2026

    $GNRC issued $AMZN a warrant under a Sept. 16 agreement to acquire up to 1.69 million Generac shares at $200.9266 per share.
07

SK Hynix and Intel explore U.S. memory production; SK Hynix says nothing finalized

Reuters reported that SK Hynix and Intel are exploring potential U.S. memory-production arrangements centered on Intel's roughly 1,000-acre New Albany, Ohio campus, under construction since 2022 [SRC024]. SK Hynix could lease part of the campus, and SK Hynix, Intel and major cloud companies could form a joint venture to secure more stable memory-chip supply [SRC024]. Intel previously estimated fully developing the Ohio site could require as much as $100 billion [SRC024]. SK Hynix then said no agreement has been finalized, that it is reviewing measures including additional production bases, and that it has not decided whether to manufacture memory in the U.S. [SRC025].

Mechanism
Domestic memory capacity would reduce reliance on Asian supply and shift the geography of AI memory sourcing.
Wider market or sector impact
U.S. memory localization could alter DRAM/HBM supply chains and capex allocation.
Wider-impact evidence
A potential U.S. memory-production arrangement centered on Intel's Ohio campus would reshape domestic semiconductor supply and memory sourcing.
Countercase
SK Hynix explicitly said "no matters have been determined at this stage" and did not confirm any arrangement [SRC025].
Next test
Whether a formal lease or joint-venture agreement is announced [SRC024].

Entities SK Hynix · Intel · memory chips · cloud companies

Inspect evidence · 2 records

  1. SRC024 · Market reportingObserved 16 September 2026

    *Reuters reported that $SKHY and $INTC are exploring potential U.S. memory-production arrangements centered on Intel’s Ohio semiconductor campus.* The Details: • Lease option: $SKHY could lease part of Intel’s roughly 1,000-acre New Albany, Ohio campus, which has been under construction since 2022. • Joint venture: SK Hynix, Intel, and major cloud companies could form a joint venture to secure a more stable memory-chip supply. • Campus cost: Intel previously estimated fully developing its Ohio site could require as much as $100 billion. • Indiana project: SK Hynix broke ground last month on a $4 billion high-bandwidth-memory facility in Indiana. • Technology review: Reuters could not determine the memory type; sources said Seoul could scrutinize HBM or DRAM production.

  2. SRC025 · Market reportingObserved 16 September 2026

    $SKHY said no agreement has been finalized on U.S. memory-chip production or cooperation with specific companies after a Reuters report involving $INTC’s Ohio campus. The Details: • Production review: $SKHY is reviewing measures, including additional production bases, to strengthen its memory-business competitiveness. • U.S. plans: The company said it has not decided whether to manufacture memory chips in the United States. • Intel discussions: $SKHY did not dispute that discussions had occurred but said no arrangement with $INTC was finalized. • Company statement: SK Hynix said “no matters have been determined at this stage.”
08

DRAM supply seen tight through at least 2027

Bloomberg analysis indicates global DRAM supply could remain tight through at least 2027 and potentially until 2029 or 2030 if cloud companies sustain AI-infrastructure investment [SRC017]. Under currently planned capacity growth, supply would not catch up with demand until 2028 at the earliest, and delays to new memory-fab construction could extend the shortage [SRC017]. AI servers consume high-bandwidth memory while also increasing demand for server DDR5 and high-capacity DRAM [SRC017]. The report identifies Nanya Technology as a principal Taiwanese beneficiary [SRC017].

Mechanism
Persistent memory tightness supports DRAM pricing and margins for suppliers.
Wider market or sector impact
Memory becomes a bottleneck and pricing lever across the AI hardware stack.
Wider-impact evidence
A multi-year DRAM shortage tied to AI-infrastructure spending is a direct pricing and margin driver for memory makers.
Countercase
The outlook is conditional on sustained cloud AI-infrastructure spending [SRC017].
Next test
Whether new memory-fab construction is announced or delayed [SRC017].

Entities DRAM · Nanya Technology · memory suppliers · AI servers

Inspect evidence · 1 record

  1. SRC017 · Market reportingObserved 16 September 2026

    *Bloomberg analysis indicates global DRAM supply could remain tight through at least 2027 and potentially until 2029 or 2030 if cloud companies sustain AI-infrastructure investment.* The Details: • Demand driver: Continued spending by cloud-computing companies on AI infrastructure is the cited cause of persistent memory demand. • Capacity outlook: Under currently planned capacity growth, supply would not catch up with demand until 2028 at the earliest. • Construction risk: Delays to new memory-fab construction could extend the shortage beyond that timeline. • Memory products: AI servers consume high-bandwidth memory while also increasing demand for server DDR5 and high-capacity DRAM. • Taiwan supplier: The report identifies Nanya Technology as a principal Taiwanese beneficiary of tight DRAM supply and demand.
09

Apple weighs a return to servers using its own chips and Nvidia networking

Apple is considering a return to the server market and has talked with Nvidia to use network technology, The Information reported [SRC052]. The move would mark a re-entry into enterprise server hardware, potentially leveraging Apple silicon alongside Nvidia networking.

Mechanism
A new server entrant using proprietary silicon could shift AI-inference hardware competition.
Wider market or sector impact
Apple's entry would broaden competition in AI server infrastructure.
Wider-impact evidence
Apple re-entering the server market with its own silicon and Nvidia networking would extend its AI-infrastructure ambitions.
Countercase
No cited dissent available.
Next test
Whether Apple confirms a server product or partnership [SRC052].

Entities Apple · Nvidia · server hardware · AI inference

Inspect evidence · 1 record

  1. SRC052 · Market reportingObserved 16 September 2026

    Apple Considers Return To Server Market, Has Talked With Nvidia To Use Network Tech - The Information
10

Amazon sued by FTC, Florida AG and 21 states over ad-auction surcharge

Amazon was sued by the Florida Attorney General, the FTC and 21 states over an undisclosed ad-auction surcharge, with the suit alleging $20 billion-plus extracted from 1.2 million advertisers and Florida sellers hit for hundreds of millions [SRC138]. The action targets Amazon's advertising auction mechanics.

Mechanism
Antitrust and consumer-protection litigation raises legal costs and could force changes to ad-auction pricing.
Wider market or sector impact
Regulatory scrutiny of ad-auction practices could ripple across digital-advertising platforms.
Wider-impact evidence
A multi-state and federal antitrust suit over alleged undisclosed ad-auction surcharges is a material legal and reputational risk for Amazon's advertising business.
Countercase
No cited dissent available.
Next test
Whether the suit proceeds and whether other states join [SRC138].

Entities Amazon · digital advertising · e-commerce

Inspect evidence · 1 record

  1. SRC138 · Market reportingObserved 16 September 2026

    AMAZON SUED BY FLORIDA AG, FTC AND 21 STATES OVER UNDISCLOSED AD AUCTION SURCHARGE; $20B+ EXTRACTED FROM 1.2M ADVERTISERS, FLORIDA SELLERS HIT FOR HUNDREDS OF MILLIONS
11

Ciena targets ~30% revenue CAGR through 2029; shares halted for news

Ciena reported FY2029 financial targets, including a revenue CAGR of roughly 30% from 2026 through 2029 and adjusted gross margin of about 50% for 2026 to 2029 [SRC111]. Shares were halted for news pending ahead of the disclosure [SRC106]. The targets frame Ciena as a beneficiary of AI data-center interconnect demand.

Mechanism
Aggressive optical-interconnect growth targets reflect expected AI-driven bandwidth demand.
Wider market or sector impact
Optical networking becomes a leveraged play on AI data-center buildout.
Wider-impact evidence
A ~30% revenue CAGR target through 2029 signals strong expected demand for optical interconnect tied to AI data centers.
Countercase
No cited dissent available.
Next test
Whether Ciena's quarterly results track toward the ~30% CAGR [SRC111].

Entities Ciena · optical networking · AI data-center interconnect

Inspect evidence · 2 records

  1. SRC106 · Market reportingObserved 16 September 2026

    $CIEN SHARES HALTED FOR NEWS PENDING

  2. SRC111 · Market reportingObserved 16 September 2026

    *CIENA REPORTS FY 2029 FINL TARGETS *CIENA TARGETS REVENUE CAGR OF ~30% FROM 2026 THRU 2029 *CIENA TARGETS ~30% REVENUE CAGR FOR FY2026-FY2029 *CIENA TARGETS ADJ. GROSS MARGIN OF ABOUT 50% FOR 2026 TO 2029
12

Fluence cuts FY2026 guidance on Houston manufacturing delays

Fluence Energy cut FY2026 revenue guidance to about $2.4 billion from a prior ~$3.0 billion midpoint and now sees an adjusted EBITDA loss of about $200 million, blaming Houston contract-manufacturing ramp delays [SRC147]. A separate report confirmed the Houston delays prompted the reduced revenue and adjusted EBITDA outlook [SRC150].

Mechanism
Manufacturing ramp delays push revenue recognition out and raise unit costs, hitting margins.
Wider market or sector impact
Execution risk in energy-storage manufacturing weighs on the sector's growth narrative.
Wider-impact evidence
A guidance cut from ~$3.0B to ~$2.4B revenue and a swing to a ~$200M adjusted EBITDA loss is a material negative for the energy-storage sector.
Countercase
No cited dissent available.
Next test
Whether Fluence resolves the Houston ramp and restores guidance [SRC147].

Entities Fluence Energy · energy storage · grid equipment

Inspect evidence · 2 records

  1. SRC147 · Market reportingObserved 16 September 2026

    FLUENCE ENERGY $FLNC CUTS FY2026 REVENUE GUIDANCE TO ~$2.4B FROM ~$3.0B MIDPOINT, SEES ADJUSTED EBITDA LOSS OF ~$200M ON HOUSTON CONTRACT MANUFACTURING RAMP DELAYS - PRESS RELEASE

  2. SRC150 · Market reportingObserved 16 September 2026

    Houston contract-manufacturing delays prompted Fluence to reduce its fiscal 2026 revenue and adjusted EBITDA outlook.