FERC suspends PJM plan, CEG -4.0%; 10-year yield at 5.26%

The 10-year Treasury yield stood at 5.26% heading into Wednesday's session, WTI crude at $96.16 a barrel, and the VIX at 16.0 — elevated rates and elevated energy costs held in place by unremarkable volatility. Against that backdrop, the session delivered one clean regulatory catalyst and one analyst-driven mover.

$CEG -4.0% | FERC suspends PJM capacity plan

The Federal Energy Regulatory Commission accepted much of PJM Interconnection's capacity expansion proposal but suspended the plan for five months to review its payment structure. TD Cowen flagged "acute" uncertainty for utility stocks with AI data-center power exposure. $CEG fell 4.0%; $NRG and $TLN were also named in analyst commentary. The FERC action does not cancel the capacity build — it installs a regulatory clock on a trade that had been priced around a cleaner path forward. Five months of review is long enough to stall capital commitments. For a sector whose bull case rests on uninterrupted expansion of AI power infrastructure, a payment-structure review is not a technical delay; it is a renegotiation of who absorbs the cost.

$INTC +3.7% | BofA raises AI chip spending forecast to $2.2 trillion

Bank of America lifted its AI chip spending forecast to $2.2 trillion and named $INTC, $NVDA, and $MU as top beneficiaries. Intel gained 3.7% on the session, capping a strong September — the stock is up 212% year-to-date. Analyst consensus remains "hold" at 63x forward earnings, and the Foundry division carried a $2.1 billion operating loss last quarter. The BofA forecast provided a clean catalyst for the day's move; it does not resolve the gap between the stock's current valuation and its underlying fundamentals.

Alphabet RSU transactions

Google's CIO had $3.6 million in $GOOG shares withheld to cover RSU vesting taxes; the CFO sold $3.5 million in $GOOGL on the same basis. Both are mechanical transactions tied to compensation structure, not discretionary portfolio moves. Noted for completeness.

---

Filings desk

$COST — EVP Adamo Claudine sold 2,200 shares at $915.93 on September 29, approximately $2.0 million. She retains 7,133 shares. Routine portfolio rebalancing; no pattern of acceleration in prior filings.

---

What we set aside

Ten filings arrived today and were held for being more than 36 hours old. Two tickers — $C and $COP — produced no filings or substantive news in the review window. Stories already published earlier this week — AMD's World Labs acquisition, Tesla's material obligation disclosure, and insider sales at Berkshire and Meta — are in the archive and did not reopen today.

The desk is watching the October 1 open against a 5.26% 10-year rate environment as Q4 begins.