Data since 1950 shows that the 10-year US Treasury yield and S&P 500 valuations exhibit an "inverted U-shaped" relationship. At current earnings levels, yields would need to reach about 5%-6% to significantly compress valuations; as long as earnings growth remains above 15%, there is still room for valuation re-rating. If the yield curve bear-steepens, cyclical sectors such as energy and financials benefit more; if it flattens, tech stocks are relatively favored.

When influence can be priced, no one can stay on the sidelines.

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From 2025 to 2026, it is the inaugural year of multi-asset trading that we have built and witnessed together.

AI has shifted the valuation anchor for software companies from "revenue growth" to "capital efficiency," while pushing value toward both ends of the industry chain: one end is the infrastructure layer that actually absorbs capital expenditure, the other is the workflow layer that cannot be replaced after the model, and the part squeezed in the middle—relying solely on seat count and subscription price growth—is seeing its bargaining power eroded.

Circle's own Arc chain public mainnet will open on September 16, and the launchpad war on the Arc chain has already begun.

The unwinding of yen carry trades and French bond risks could force the Fed to accelerate dollar liquidity creation, and Ethereum is a key position for riding the liquidity wave.

Dario Amodei believes that "slowing down AI" doesn't mean we need to panic today, nor does it mean shutting everything down. But we need to ensure that our safety guardrails, understanding, and control capabilities can keep pace with the speed of technological development.

A Citi report points out that the current macro environment closely resembles the 1988-1989 tightening cycle, when the economy remained resilient, inflationary pressures gradually accumulated, and only after economic activity slowed did policy shift toward easing. During that tightening cycle, the Fed raised rates 16 times in a row.

Iran says a new channel may open in the Strait of Hormuz.

This week, YZY and ZRO have significant unlocks.

His core positions remain unchanged, but he has switched to a different playbook.

Arc mainnet will officially launch on September 16.

Ethereum is betting that once the Gas barrier disappears, more people will genuinely start using Ethereum.

Top-quality in-depth analysis articles and a weekly recap of hot topics.

A reflationary environment is taking shape. If the Fed holds steady in September, risk assets may enter a new upward window in Q4.