🇺🇸US DATA RUNS HOT: INFLATION STICKY, DEMAND FIRM INFLATION • Headline PCE MoM: +0.2% vs +0.1% est.; prior -0.1% • Headline PCE YoY: +3.7% vs +3.6% est.; prior +3.7% • Core PCE MoM: +0.2% vs +0.2% est.; prior +0.1% • Core PCE YoY: +3.3% vs +3.3% est.; prior +3.3% GDP • Q2 GDP annualized: +1.5% vs +1.5% est.; prior +1.5% • Personal consumption: +3.4% vs +3.2% est.; prior +3.2% • GDP Price Index: +6.4% vs +6.2% est.; prior +6.2% • Core PCE QoQ: +3.6% vs +3.4% est.; prior +3.4% INCOME & SPENDING • Personal income MoM: +0.4% vs +0.2% est.; prior +0.2% • Personal spending MoM: +0.2% vs +0.1% est.; prior +0.3% • Real personal spending MoM: 0.0% vs 0.0% est.; prior +0.4% DURABLE GOODS • Durable goods orders MoM: +1.1% vs +0.5% est.; prior +0.5% • Durables ex-transportation: +0.4% vs +0.6% est.; prior +0.7% • Core capital goods orders: +0.2% vs +0.7% est.; prior revised to +1.7% • Core capital goods shipments: +1.4% vs +1.0% est.; prior revised to +2.4% BOTTOM LINE: Inflation remains sticky while consumer demand and headline durable goods beat expectations. GDP growth was in line, but stronger price pressures could keep the Fed cautious on rates.

In 2023, more than 5,000 attended the 30th Annual "OWN IT!" Baron Conference at New York's iconic Met Opera House. The 2024, 31st Annual "Building Legacy" Baron Conference on November 15th at The Met… features exceptional executives of SpaceX...MSCI...Arch Capital...and Red Rock Resorts...the Baron Capital team...incredible entertainment...and an ice cream cone served by former ice cream truck driver Ron... Oh yeah...good luck winning one of three awesome Tesla Y door prizes. All expenses, including door prizes...are paid by @BaronCapital...not our clients... Investors should consider the investment objectives, risks, and charges and expenses of the investment carefully before investing. The prospectus and summary prospectuses contain this and other information about the Funds. You may obtain them from the Funds’ distributor, Baron Capital, Inc., by calling 1-800-99-BARON or visiting Please read them carefully before investing. Portfolio holdings as a percentage of net assets as of June 30, 2024 for securities mentioned are as follows: Space Exploration Technologies Corporation - Baron Asset Fund (2.9%), Baron Fifth Avenue Growth Fund (0.9%), Baron Focused Growth Fund (10.3%), Baron Global Advantage Fund (6.1%), Baron Opportunity Fund (2.8%), Baron Partners Fund (13.2%*); Tesla, Inc. - Baron Fifth Avenue Growth Fund (3.2%), Baron Focused Growth Fund (8.6%), Baron Global Advantage Fund (3.3%), Baron Opportunity Fund (3.5%), Baron Partners Fund (28.9%*), Baron Technology Fund (2.5%); MSCI Inc. - Baron Asset Fund (0.5%), Baron Durable Advantage Fund (2.1%), Baron FinTech Fund (2.5%), Baron Focused Growth Fund (3.1%), Baron Growth Fund (9.8%), Baron Partners Fund (1.8%*); Arch Capital Group Ltd. - Baron Asset Fund (4.8%), Baron Durable Advantage Fund (2.1%), Baron FinTech Fund (3.0%), Baron Focused Growth Fund (6.4%), Baron Growth Fund (12.7%), Baron International Growth Fund (2.8%), Baron Partners Fund (9.5%*); Red Rock Resorts, Inc. - Baron Discovery Fund (1.6%), Baron Focused Growth Fund (3.9%), Baron Growth Fund (1.5%), Baron Partners Fund (1.5%*), Baron Real Estate Fund (1.7%), Baron Small Cap Fund (3.6%). *% of Long Positions. Portfolio holdings are subject to change. Current and future portfolio holdings are subject to risk. All expenses associated with this conference are paid by Baron Capital, Inc. No conference expenses are paid by Baron Funds. BAMCO, Inc. is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Baron Capital, Inc. is a broker-dealer registered with the SEC and member of the Financial Industry Regulatory Authority, Inc. (FINRA).

📊 @Solana is the largest network by RWA holder count at 290,353, up 133.5% year-to-date Below is the breakdown by asset class and market share: 1) Stocks: 234.6K (80.8%) 2) Commodities: 27.2K (9.4%) 3) U.S. Treasury Debt: 8.9K (3.1%) 4) Specialty Finance: 8.1K (2.8%) 5) Asset-Backed Credit: 5.6K (1.9%) 6) Non-US Government Debt: 4.3K (1.5%) 7) Real Estate: 1.3K (0.5%) 8) Diversified Credit: 159 (0.1%) 9) Corporate Credit: 71 (0.02%) 10) Active Strategies: 27 (0.01%) 11) Private Equity: 20 (0.01%) 12) Cryptocurrencies: 12 (0.01%)

2010. The IMF designed Greece's austerity program using a fiscal multiplier of 0.5. The actual multiplier was 0.9 to 1.7 — up to 3x higher. They predicted GDP would shrink 2.6%. It shrank 7.1%. Over six years, Greece lost 25% of its economy. The IMF later admitted the error — in a working paper, years after the damage was done. One wrong assumption. One unchecked model. One country's decade. This is why forecasting needs more than smart people. It needs a system that catches wrong assumptions before they become policy.

📌 VI. Trigger Matrix (V2.0 – Observation Status Log) Observation Item Current Value Threshold Status Consecutive Days/Trend Super-Capital Concentration Risk 9.3 8.0 ESCALATION ↑ 1 day (new) AI Governance Risk 8.8 8.0 ESCALATION ↑ 1 day (new) Resilience Ratio 0.63 0.70 ESCALATION ↑ 4 days US-Iran Deal Signing Status 接近 Formal Signing WATCH — Brent Crude Oil Price 3-mo low — THRESHOLD_CROSSED 1 day New Ebola Health Zone (DRC) Confirmed spread — THRESHOLD_CROSSED 3 days EU Accession Talks Launched — THRESHOLD_CROSSED 1 day Items Near Threshold (Elevated Observation): Observation Item Current Value Threshold Current Status • Formal signing of US-Iran deal 接近 Formal Signing ALERT • SpaceX market cap stability Above $2T Drop below $2T WATCH • OpenAI probe scope expands Multi-state Federal involvement ALERT • G7 Summit statements on AI & trade 即将 held Substantive regulatory共识 WATCH • Cross-border Ebola spread Risk rising First邻国 confirmed case ALERT • Clustered cases in fan zones No reports Confirmed cluster transmission WATCH --- 📅 VII. Key Observation List for the Next 72 Hours Grade A Observations (High Impact): Observation Item Potential Impact if Triggered 1. Formal signing of US-Iran MOU Geopolitical entropy pressure declines further, but execution risk仍需 assessed. 2. SpaceX market cap stability above $2T Test of sustainability for super-capital concentration narrative. 3. OpenAI probe expands to federal level Potential further upgrade to AI governance risk level. 4. G7 Summit statements on AI & trade First collective test of institutional response capacity. Grade B Observations (Medium Impact): Observation Item 1. Expansion of Ebola outbreak zone in DRC 2. Subsequent日程 for EU accession negotiations 3. Public health data during FIFA World Cup --- 📜 VIII. CRI Calculation Summary (V1.6) Variable Weight Risk Score Weighted Contribution V_capital 20% 9.3 1.86 V_tech 18% 8.8 1.58 V_inst 18% 8.1 1.46 V_geo 15% 7.5 1.13 V_human 10% 7.6 0.76 V_expansion 8% 7.9 0.63 V_market 6% 7.2 0.43 V_energy_price 5% 6.5 0.33 Total 100% CRI = 8.2 Calibration Notes: Added V_capital variable (weight 20%) to reflect super-capital concentration as a new structural risk dimension. V_tech上调 to 8.8 (AI governance race launch). V_geo下调 to 7.5 (US-Iran deal接近, declining war risk). --- 📌 IX. Structural Conclusion On June 13, 2026, the global civilizational system's Resilience Ratio remains below the 0.70警戒线 for the fourth consecutive day. What is most worth recording today is not war – but the first time in human civilization that private wealth approaches the GDP of a中等发达国家. When a single entrepreneur owns a satellite network, rocket system, AI platform, energy network, financial capital, and global data流入口, civilization is entering a new organizational form: Transitioning from nation-state-led civilization to platform-infrastructure-led civilization. If the core question of the 20th century was "How to constrain state power?", then the core question of the latter half of the 21st century may well become "How to govern super-platform power."

$JEPI vs $JEPQ Both are JPMorgan covered call ETFs that pay monthly, but take vastly different approaches $JEPI JPMorgan Equity Premium Income ETF Inception: May 20, 2020 Total Assets: $43.96B Yield: 8.45% 1-Year Return: +9.84%🟢 Expense Ratio: 0.35% May 2026 Distribution: $0.44761/share Top Holdings: 🥇 $JNJ Johnson & Johnson 1.7% 🥈 $HWM Howmet Aerospace 1.7% 🥉 $ADI Analog Devices 1.7% $JEPQ JPMorgan Nasdaq Equity Premium Income ETF Inception: May 3, 2022 Total Assets: $34.27B Yield: 11.98% 1-Year Return: +28.67%🟢 Expense Ratio: 0.35% May 2026 Distribution: $0.59095/share Top Holdings: 🥇 $NVDA NVIDIA 7.4% 🥈 $AAPL Apple 6.4% 🥉 $GOOGL Google 5.1%

"ClickHouse can't do joins" — is that actually true? 🏎️ A no-tuning, same-query benchmark across three platforms makes for a fun read. Title: Join me if you can: ClickHouse vs. Databricks vs. Snowflake — Part 1 URL: 🏎️ Overview A benchmark comparing ClickHouse, Databricks, and Snowflake on join-heavy SQL workloads using identical queries and data, from 721M to 7.2B rows — testing the conventional wisdom about join performance. ❓ Challenges Solved ClickHouse is known as a fast analytics DB, yet there's a persistent belief that "it can't do joins." ・That belief often becomes a reason to drop ClickHouse when choosing an analytics stack ・This post checks whether it's true via a same-conditions three-way comparison 💡 Methodology ・Reproduces an existing "coffee shop" benchmark that originally compared Databricks and Snowflake ・Runs the 17 join-heavy queries on ClickHouse Cloud with minimal changes ・Key detail: no tuning at all — not the queries, not the ClickHouse side ・Each query run 5 times with the fastest reported, across 2-16 node configs (AWS) 📊 Experimental Results ・721M rows: most queries finish in under 1 second — 3-5x faster than alternatives at lower cost ・1.4B rows: one query joins and processes 1.7 billion rows in just 0.5 seconds (competitors need 5-13s) ・7.2B rows: even complex queries finish in seconds, not minutes It shows ClickHouse handles large multi-table joins efficiently without special configuration. #ClickHouse# #Database#

MiniMax H3 Fashion Lookbook | Anime Character Reveal + Editorial MV Prompt🔥 Made this high-saturation anime PV with 13 fast visual beats in 15 seconds. A few years ago, this would’ve been days of AE work. Now? Prompt → generate → refine. Prompt 👇 Create a **15s, 16:9, 24fps anime character reveal trailer** with **13 fast visual beats**. Style: **Japanese anime opening × premium AAA motion graphics × fashion campaign**. The video should feel **explosive, sexy, stylish, bold and high-impact**, with **80% motion graphics and 20% character action**. ## CHARACTER LOCK — HIGHEST PRIORITY AO is a **young adult East Asian anime woman** with a sexy, confident Japanese anime aesthetic. She has: * small refined face * sharp expressive crimson eyes * glossy lips * confident, teasing gaze * slim feminine curvy figure * long elegant legs * stylish, cool, alluring presence Keep her identical throughout: * chin-length vivid red bob with messy bangs * crimson-red eyes * black choker * fitted red cropped top * short white cropped jacket, worn open * black mini skirt or fitted shorts * red belt detail * black thigh strap * white-and-red platform sneakers * subtle silver accessories Preserve the same face, body proportions, hairstyle, outfit, materials and colors in every shot. **Never redesign AO. Never change her face or outfit. If a shot becomes too complex, simplify the action first.** ## VISUAL STYLE Palette: **vivid red, crimson, white, black, silver**. Use: giant kinetic typography, red circles, diagonal slashes, manga speed lines, split screens, halftone dots, barcode strips, UI ticks, freeze frames, RGB flashes, impact shakes, poster layouts and graphic wipes. Every beat should feel: **fast, sharp, sexy, explosive, graphic and iconic**. Keep typography bold and readable. Editing: hard cuts, aggressive snap zooms, whip pans, speed ramps, freeze frames, impact shakes and foreground wipes. ## 13 VISUAL BEATS **01 | 0.0–1.0s** White field. Massive red circle slams into frame. Black bars slash across. UI ticks flicker. Giant **A**, then **O**, hit with heavy impact shake. **02 | 1.0–2.0s** The O becomes a circular frame showing an extreme close-up of AO’s crimson eye and glossy lips. She gives a teasing side glance. RGB flash. Circle bursts into red-and-white fragments. **03 | 2.0–3.1s** Black background, huge white **AO**. AO enters fast, turns sharply and power-slides beneath the typography. Red speed streaks trail behind her. Whip-pan out. **04 | 3.1–4.0s** Three red/white/black vertical panels. AO appears in three poses: hip turn, hair touch, over-shoulder stare. Huge vertical **FULL SPEED** moves behind her. **05 | 4.0–5.1s** AO jumps through a rotating typography ring reading **NO BRAKES / ALL EYES ON ME**. One clean mid-air spin. Snap zoom into her confident face. **06 | 5.1–6.0s** White editorial frame. Huge black **HOT** with a red slash. AO crosses the frame with a runway-like step, one hand at her waist. Typography compresses and rebounds. **07 | 6.0–7.0s** Bright red field with black diagonal stripe. AO performs one smooth fast turn. Three ghosted freeze positions trace the movement. Giant outlined **TURN** rotates behind her. **08 | 7.0–8.0s** Words hit one per beat: **HOT / FAST / WILD / RED** AO changes pose with each word: direct stare, hair toss, hip shift, confident forward lean. **09 | 8.0–9.0s** Black frame with manga perspective lines and a graphic grid. AO steps forward and freezes in a strong hero pose. Red circular target graphics lock around her. **10 | 9.0–10.1s** AO moves toward camera through three red-and-white graphic panels. Each panel shatters as she passes. Large **A O** fragments appear behind her. Finish with a hair or leg foreground wipe. **11 | 10.1–11.1s** Rapid poster montage: four frames of the same AO — close-up stare, walking, side pose, hands at waist. Add **01–04**, barcodes, halftone dots and sharp Japanese poster graphics. **12 | 11.1–13.0s** Hero moment on a clean white background. AO lands in a powerful fashion pose: one leg forward, one hand at her waist, chin lifted, direct eye contact. Huge red shockwave rings explode behind her. Typography fragments and speed lines burst outward. Hold an iconic confident freeze. **13 | 13.0–15.0s** Final identity card. Huge black **AO** on a bright white field. AO stands relaxed and alluring in front of the letters. Red circles, halftone, technical arcs and sharp speed accents surround her. Final red pulse flashes through the frame and ends on a hard stinger. ## ANIME STYLE Premium modern Japanese anime rendering: * clean cel shading * sharp linework * polished highlights * cinematic close-ups * dynamic perspective * fashion-editorial full-body framing * smooth hair and fabric motion AO must look like a **stylish adult anime heroine**, not chibi and not childish. ## AUDIO Hard-hitting **electro / future bass / anime-opening style music**. Use: heavy drums, bass hits, risers, glitch fills, synth stabs, typography slams, whooshes and shutter impacts. Build continuously. Peak at Beat 12. End with a sharp electronic stinger. ## PRIORITIES 1. AO identity consistency 2. sexy adult anime character design 3. red-black-white outfit consistency 4. maximum visual impact 5. readable typography 6. premium anime rendering 7. fast beat-synced editing Avoid: childlike proportions, chibi style, blue clothing, face changes, outfit changes, extra characters, unreadable typography, weak motion, dull compositions or generic schoolgirl styling. Final result: **explosive, sexy, red-hot, premium, graphic-driven and visually unforgettable.** Try MiniMax H3 on Ima Studio 👉 #MiniMaxH3# #MotionDesign# #Anime# #AIVideo# #ImaStudio#

Revenue: KRW 171.5 trillion (+130.0% YoY, 1.7% below consensus) Operating profit: KRW 89.5 trillion (+1,813.8% YoY, 5.5% above consensus) Operating margin: 52.2% (+45.9ppt YoY, above expectations) Net income: KRW 71.3 trillion (+1,344.4% YoY, 1.8% above consensus)