$香港交易所(00388)$  

The CET1 ratio determines the room banks can do three things: loan, buy back shares, and take losses JPM: CET1 from 14.8% → 13.9%, RWA increased $51 billion GS: CET1 from 14.3% (early year) → 12.4%, both market and credit RWA rose WFC: CET1 from 10.3% → 10.0%, target range bottom line Citi: CET1 maintains 12.8% but is only about 120 basis points higher than requirement

The gap between revenue growth and cost growth is narrowing or even reversing.

Asymmetry of risk: If any of the AI story breaks – capital spending slows down, model performance bottlenecks, regulatory tightening – the higher the concentration, the sharper the pullback. In a market where the yield of ten-year treasury bond is already higher than the stock earnings yield, why does it still refuse to call back despite soaring nearly 70% in oil prices this year, and the 10-year bond interest rate still remains near 5.24%?

$久久王(01927)$  

Alex Gerko Using 25,000 mostly Nvidia AI chips and a supercomputer in Iceland, XTX competes ferociously in the business of market making — and reaps big rewards. the firm expanded into equities, commodities, and index derivatives, establishing itself as one of the largest electronic market-makers across asset classes. Its daily trading volumes soon reached hundreds of billions of dollars, spanning more than 35 countries. XTX’s core edge lay in forecasting and execution. Its models analyzed tens of thousands of instruments — spot currencies, futures, equities, ETFs, and options — updating probabilistic forecasts multiple times per second. The firm’s infrastructure evolved into one of the world’s most powerful private computing systems, comprising tens of thousands of GPUs and hundreds of pe

$香港交易所(00388)$  

SpaceX announced plans to raise $40 billion in debt after last night's market closed, just to buy NVIDIA chips.

The French 10-year OAT yield rate climbed to 4.90%-4.92%, the highest since 2002. The interest rate spread between France and Germany over the 10-year period widened to between 131 and 149 basis points, just 110 basis points a week ago, and 12-month average was about 75 basis points.

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$香港交易所(00388)$  

At the peak of the dot-com bubble in 1999, Internet companies accounted for less than 40% of VC funds. Today's AI concentration has more than twice that of that year.

If you remove AI related companies from the S&P 500, the index has fallen 5.4% since the end of August

The largest mortgage lender in the United States, United Wholesale Mortgage, just fell to its lowest closing price in history after trading red for an 8th straight month, its longest losing streak ever! $UWM Holdings Corporation(UWMC)$  

The Chicago Federal Reserve warned that if supply shocks become permanent, the Federal Reserve "must respond to maintain credibility". 

Only 25 percent of the index component stocks are currently higher than their 50 days. A month ago in mid August, this proportion is still 70 %. Seemingly stable at the index level, but actually a few super giants hold up the whole scene.

Only 25% of the S&P 500's components stand above the 50 day moving average.

$久久王(01927)$  

$香港交易所(00388)$  

$久久王(01927)$