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TRUMP: EVERYBODY'S PROFITING! YOUR 401K IS UP, THANK YOU PRESIDENT TRUMP!

TRUMP ON FINANCIAL DISCLOSURES, CONFLICTS OF INTEREST: I NEVER SPEAK TO THE PEOPLE THAT RUN THE MONEY

OPENAI ENGINEERS DEVELOPED NEW OPTIMIZATIONS CUTTING MODEL INFERENCE COSTS BY MORE THAN 50%, REQUIRING LESS NVIDIA CHIPS: THE INFORMATION OPENAI MAY USE THESE SAVINGS TO LOWER API PRICING OR INCREASE USER QUERY LIMITS

MEITUAN DEBUTS CHINA’S BIGGEST AI MODEL TRAINED ON LOCAL CHIPS - 1.6T parameters · MoE with ~48B active · 1M context - Both the full training run and the large-scale deployment are built entirely on AI ASIC superpods. - LongCat-2.0 is pre-trained on over 50K AI ASICs (No GPUs). - it used the Huawei Collective Communication Library (HCCL) to improve training stability. HCCL is a chip-to-chip communication system similar to the Nvidia Collective Communication Library (NCCL). - Competing models like DeepSeek-V4-pro relied on domestic chips only for inference, Meituan utilized domestic hardware for both inference and the highly intensive pre-training phase. - Because the domestic accelerators possess less per-device memory than an Nvidia H800 (80 GB), Meituan address this challenge along two dimensions: parallelism strategy and memory management. More: https://longcat.chat/blog/longcat-2.0

JAPANESE YEN DROPS TO NEAR 40-YEAR LOW YEN REACHES 161.97 AGAINST US DOLLAR, WEAKEST SINCE 1986

MICROSTRATEGY'S ENTERPRISE MNAV FALLS BELOW 1 [INFINITYHEDGE]

STRATEGY'S STRC PREFERRED STOCK DROPS TO RECORD LOW $75 STRATEGY DROPS BELOW $90: INFINITYHEDGE

MICROSTRATEGY DROPS BELOW $100, FIRST TIME SINCE MAR 2024: INFINITYHEDGE

TWITTER (X), A COMPANY OWNED BY WORLD'S FIRST TRILLIONAIRE DOWN AGAIN: INFINITYHEDGE

MIRCOSTRATEGY'S STRC PREFERRED STOCK LOSES PEG, DROPS TO RECORD LOW $85: INFINITYHEDGE

FED WARSH PRESSER SUMMARY: INFINITYHEDGE Tldr: "THE GOOD NEWS FOR YOU IS WE HAVE A TASK FORCE FOR THAT" WARSH: FED DROPS FORWARD GUIDANCE FROM POLICY STATEMENT; MARKETS SHOULD REACT TO REAL-TIME DATA RATHER THAN TRYING TO ANTICIPATE FED MOVES "Forward Guidance not well-suited to the current policy conjuncture"......think financial markets perform best when they react to incoming data. I think the financial markets work less efficiently when they ask a question, how will the Fed react to that incoming info" WARSH: FED IS UNANIMOUS AND UNAMBIGUOUS IN COMMITMENT TO DELIVER 2% PRICE STABILITY; THE 2% TARGET ITSELF IS NOT UNDER REVIEW WARSH: NO DISCUSSION OF RATE CUTS TODAY; POLICY RESTRICTIVENESS IS "UNEVEN" - APPEARS RESTRICTIVE IN HOUSING, BUT LESS SO IN FINANCIAL MARKETS - Warsh said that he appointing a task force in each of five areas that are central to the broad conduct of monetary policy: 1. Fed Communications 2. The Fed's Balance Sheet: > will review the benefits and risks of the current ample reserves regime and the composition of the balance sheet. 3. Data Sources: > will evaluate new info sources and consider methodological changes to improve data-gathering, with the aim of giving policy-makers more accurate, relevant, contemporaneous, and perhaps most important, actionable information on the state of our economy. "Fed needs real-time, contemporaneous data rather than relying on outdated survey methods and "echoes of history" that are subject to constant revisions" 4. Productivity and Jobs: > it'll survey the pace, the reach, the economic impact of new general purpose technologies, including AI, and explore the implications for the Fed in pursuit of our employment and inflation mandates 5. Inflation Frameworks: > examine the drivers of inflation, first principles, and weigh the full range of ideas for delivering price stability in a changing economy

*April FOMC statement: ~ 350 words *June FOMC statement: ~130 words WELCOME TO FED WARSH'S REGIME CHANGE

TRADERS PRICE IN ADDITIONAL FED TIGHTENING AFTER DOTS REVISED

FOMC STATEMENT

FED: NINE OF 18 FOMC PARTICIPANTS PENCIL IN 2026 RATE HIKE

*FED REMOVES STATEMENT REFERENCE TO ADDITIONAL RATE ADJUSTMENTS

*FED: NINE OF 18 FOMC PARTICIPANTS PENCIL IN 2026 RATE HIKE

FED LEAVES RATES UNCHANGED

FOMC RATE DECISION IMMINENT

The Week Ahead: Mon: G7 leaders summit begins Tue: * BOJ meeting: Bank of Japan set to hike key interest rate to 1% [31-year high]; BOJ will also review its bond taper plan, running through March next year, and lay out a new plan for fiscal 2027 and beyond. BOJ is also considering pausing the tapering of its government bond purchasing program, starting in April 2027. * A Unknown-Known to some Coinbase announcement Wed: FOMC meeting: “The FOMC will almost certainly leave rates unchanged, but the biggest source of intrigue may be the new chair’s debut press conference. Which Warsh will show up: the recent advocate of lower rates, or the inflation hawk we saw during and after the Global Financial Crisis?”. Will he submit a forecast for rate projections he disdains? How much will he say at a press conference he’d rather not hold?. Warsh wants the Fed to say less and let markets do more of the work…. So far, insiders say his promised “regime change” has been kinder and gentler than feared—more courtship than chain saw. Thu: BOE meeting: will leave rate unchanged Fri: US-IRAN Deal official signing ceremony in Switzerland. Whole Week: Central banks week, rate decisions and Iran MOU details