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).

Foreign born population of each country : Jan 2001 Jan 2025 🇦🇹 8.7% 22.5% 🇧🇪 8.4% 20.2% 🇩🇰 4.8% 14.4% 🇫🇷 5.5% 14.0% 🇩🇪 8.9% 20.5% 🇬🇷 6.9% 11.0% 🇮🇸 3.1% 21.8% 🇮🇪 4.0% 23.3% 🇱🇺 37.5% 51.5% 🇳🇱 4.1% 16.8% 🇳🇴 4.1% 18.7% 🇸🇮 2.1% 15.5% 🇪🇸 3.4% 19.3% 🇸🇪 5.3% 20.8% 🇬🇧 4.3% 20.0% Now add children born to foreign parents and the situation looks even worse. We are living through the demographic annihilation of the people of Europe.

Last wk, oil +9% & ylds +11-26 bps across 2/30 curve w/ S&P/Nas/R2K -0.3%/-0.7%/-2.4%. This wk, I am watching reaction to 1) oil/rates, 2) calls to slow down AI development & 3) Fed on 9/16. I remain on the cautious side till US mid-terms on 11/3. This weekend, the CEO of Anthropic called for a slowing of frontier model development over safety concerns. This follows comments along similar lines by the CEO of OpenAI to employees last week if other companies were willing to do the same thing. The fundamental issues I have with this is 1) foreign adversaries would welcome the US slowing down AI development, 2) I view this as an attempt to slow down open-weight model development which would help the market dominance of OpenAI and Anthropic which are currently in the lead and 3) I do not see other companies agreeing to anything that slows down progress catching up to these two market leaders. Having said that, I could see 3rd party evaluators to limit liability risk going forward and some sort of executive order from the White House. But I hope the longer-term result of these actions is broadly distributed personal AI capabilities for all individuals versus having it become concentrated in the hands of a few companies. Along this vein of AI competition, after releasing their paid API of Muse Spark 1.3 two weeks ago with open-weight versions coming later, $Meta launched their personal AI agent Muse last week with the stock gaining 5%. With 3.6 billion daily active users, a hit product could yield large results. Meta is increasingly showing other ways they can monetize their AI capex spend. This should help the stock to re-rate from a 17x CY27 PE to a multiple closer to peers trading in the low 20s. Meta Connect on September 23–24 is another potential catalyst given their leading frontier model Watermelon should be coming at the latest by October. On the front of broadly distributed AI capabilities, $AAPL stock gained 4% last week on their new product launch. The foldable Duo will provide a personalized AI agent in your pocket with a 50% larger screen than a Pro Max. I continue to see a big upgrade cycle next year. The change from a 4” screen to 5.5” screen with the iPhone 6 drove revenue growth from 7% in FY14 to 28% in FY15. The Android ecosystem has had a foldable Samsung phone since 2019. As for the Fed on Wednesday, I believe Warsh will raise by 25 bps and echo his hawkish statements from Jackson Hole on August 28th that “Price stability is not self-executing… 65 months of sustained, elevated inflation sits squarely with the Central Bank.” The ECB statement last week when they hiked might provide some hints: “For inflation excluding energy and food, the baseline foresees 2.5% in 2026, 2.6% in 2027 and 2.3% in 2028. Compared with June, the baseline projection for inflation in 2026 is unchanged, while it has been revised up for 2027 and 2028… The outlook remains highly uncertain, with risks to the upside for inflation and to the downside for economic growth.” In summary, my caution between now and the US mid-terms on 11/3 remains for reasons I have fleshed out in prior posts including: 1. Don’t fight the Fed: The market historically under-performs during a hiking cycle with the bond market discounting 2 raises by year-end and 3.5 raises by mid-June of 2027. 2. Seasonal headwinds: September is down -0.5% on average and up only 48% of the time since 1957. 3. Historical volatility: S&P drawdowns of 10% between 7/31 and 11/9 have occurred in the lead-up to mid-terms since 1990. 4. Regulatory friction: There is bipartisan pushback against datacenter expansion that could hurt the AI buildout in the near-term. 5. Geopolitical risk: Despite US efforts to de-escalate, I believe Iran drags out hostilities at least through the 11/3 US mid-terms, keeping oil prices elevated. 6. Macroeconomic pressure: Long-term government bond yields are hitting multi-decade highs for several countries, slowing down growth and providing a reasonable alternative to stocks. I believe in not fighting the Fed, the bond market or seasonality. I like the odds stacked in my favor which should improve at least seasonally following the mid-terms.

INSTANT CLASSIC: KNICKS RALLY FROM 29 DOWN FOR 3-1 FINALS LEAD For 24 minutes, the Spurs played one of the most dominant halves in NBA Finals history. For the next 24, the Knicks delivered a comeback the Finals had never seen before. A comeback basketball had never seen before. A comeback that will live in sports lore. Knicks 107, Spurs 106: Trailing by 29 early in the 3rd quarter, New York completed the largest comeback in Finals history, outscoring San Antonio 58-30 in the 2nd half, capped by OG Anunoby’s game-winning tip-in with 1.2 seconds left to give the Knicks a 3-1 Finals lead. Closing Heroes: Anunoby (33 PTS, 7-9 3PM, 1 BLK) and Brunson (36 PTS, 5 REB, 7 AST, 3 STL) combined for 69 points, including 36 in the 2nd half, where they outscored the Spurs by themselves. Opening Heat: But before their legendary close in clutch time, the night started with an unprecedented Spurs avalanche. Early Eruption: The Spurs dropped 41 points in the 1st quarter on 6 threes. By halftime, they had drilled 14 triples – a Finals record for a half – for a 76-49 lead. All Cylinders: Victor Wembanyama (24 PTS, 13 REB, 3 BLK) had 16 points at the break, Devin Vassell (18 PTS, 5 REB, 5 3PM) was 5-of-5 from deep and 7 different Spurs had made a three. All Spurs: Their 76 1st-half points were the 2nd-most in a Finals half in the play-by-play era, opening up a 27-point lead. It was the 3rd-largest halftime lead in Finals history. No team in Playoff history had ever come back from such a halftime deficit, let alone the Finals. But San Antonio wasn’t done. Its lead soon swelled to 29 with 9:40 left in the 3rd. It was 81-52. Madison Square Garden was stunned. The Spurs couldn’t miss. The Knicks had no answers. But they didn’t give up. A Glimmer: An Anunoby dunk, and triples from himself, Brunson and Josh Hart helped fuel a 13-0 burst. A Spark: The Knicks closed the quarter on a 23-9 run, capped by another Anunoby three to trim the lead to 15 entering the 4th. The Garden Was Coming Alive: What felt impossible 30 minutes earlier suddenly felt within reach. But the Spurs pushed back. After trading buckets, Wembanyama put San Antonio up 95-75 with 9:33 left. Just when it felt like New York had life, it faced another mountain. Entering Wednesday, Playoff teams were just 4-733 when trailing by 20+ points in the 4th quarter in the play-by-play era. That’s a 0.5% win rate. And in the Finals, it had never been done. Forty-five teams had tried. Forty-five teams had failed. But those teams weren’t the New York Knicks. It Started With Rain: Jose Alvarado, Karl-Anthony Towns and Anunoby all hit threes amid a 13-2 run, capped by a tough KAT bucket inside. MSG Was Back On Its Feet: Brunson came alive, scoring four straight points, and timely three from Anunoby and Alvarado had the Knicks within four (104-100). It Was A 25-9 Run: The comeback was suddenly back on, the Garden was deafening and Brunson wasn’t done. With 2:21 left, he pulled from deep, over the outstretched arms of Wembanyama… “PUTS IT IN!” exclaimed ABC’s Mike Breen. “One-point game! This building is shaking right now!” Fifty-nine seconds later, the ball was back in Brunson’s hands, and “Captain Clutch” delivered again – dropping in a floater with 1:22 left to make it a 105-104 game. For the first time, the Knicks were in front. But Stephon Castle didn’t blink, hitting two free throws on the ensuing possession to put San Antonio back on top. Then came chaos. A loose-ball rebound sprung De’Aaron Fox into the open floor for what looked like a layup to go up 3. But Anunoby came flying in from behind, pinning the ball against the backboard before the Knicks recovered it and took a timeout with six seconds left. New York had one more chance to pull off the impossible. Naturally, the ball found Brunson. He received the inbounds near midcourt, attacked into a quick double-team and launched a 31-footer. The shot hit the front rim and bounced high into the air, hanging above a crowd of players gathered beneath the basket. As players from both teams wrestled for rebound position, another white jersey came soaring in from the perimeter. It was Anunoby. Sprinting in untouched, he flew through the crowd and stretched out his right arm, getting just enough of the ball to redirect it toward the rim. It dropped. Madison Square Garden erupted. “IT’S GOOD! IT’S GOOD! IT’S GOOD!” exclaimed Mike Breen. “Bedlam here at the Garden – they can’t believe it!" One stop later, the Knicks had done the impossible. A 29-point deficit had become a one-point win. A game that looked lost had become an all-time classic. A missed shot had become a legendary make. “Unbelievable,” said Knicks coach Mike Brown postgame. “That has to be the most iconic shot in the history of New York basketball.” Said Jalen Brunson: “There’s one word that captures that all … believe.”

Last wk, S&P/Nas/Mag7 +0.4%/+0.1%/-0.8%. Cooler inflation (CPI, PPI) & economic data (consumer sentiment, retail sales) but +5% oil steepened the yield curve but lowered odds of a rate hike. Looking forward, I continue to believe the impact of Agentic AI with the advent of OpenClaw on January 30th has at least a year to run: 1) Token production has gone up roughly ~7.5x from the end of January more than offsetting the nearly 50% token cost reduction seen since open-weight model usage started to take off in May. 2) Combined annualized run-rate revenues for OpenAI and Anthropic which ended last year at $29B seems to be around $100B currently with Anthropic getting profitable in Q2. 3) Capex from the Big6 hyperscalers accelerated from 84% y/y/ in CQ1 to 92% in CQ2 with forecasts for nearly 100% in Q3. But this is being supported by cloud revenue growth at the 3 Big Public cloud vendors of $AMZN $MSFT $GOOGL accelerating from 23% y/y in Q1:25 to 35% in Q1:26 to 43% in Q2:26. Arguable more important is public cloud operating margins expanded from 34% to 37% and 39% during those time periods. 4) The $500B financing deal backstopped by up to $125B from $NVDA adds even more lower cost money to fund AI capex spend for the non-hyperscaler players. Nvidia gained 0.5% last week. 5) The liquidation of Situational Awareness and retail accounts during July cleared out some of the frothiness in the AI related names In terms of negatives: 1) The cost of money (yields on government bonds) remain near the highest levels for the 30 yr tenor at 5.3% since 2007. 2) Given large scale offensive US military actions are seemingly off the tablein favor of financial sanctions, probably driven by current election polls, I now believe Iran is likely to hold the Strait of Hormuz hostage until past the US mid-terms. This would be akin to them releasing the US hostages in 1981 (they were held for 444 days) just hours after President Reagan was sworn in replacing Carter. There were severe financial sanctions then also. 3) Since 1990, which happens to be the Gulf War, from the end of July through November 9th, which covers the reaction to all mid-term results, the performance is worse than non mid-term years. For mid-term years the median S&P500 gain from 7/31-11/9 is 0.9% with gains 56% of the time but the median peak loss from 7/31 is 6.2% (intra-period median peak loss of 9.9%.) For non mid-term years the median gain is 2.7% from 7/31-11/9 with gains 59% of the time and the median peak loss from 7/31 is 3.5% (intra-period median peak loss of 5.2%.) This year with the momentum seen by the Socialists which are not big business friendly, I see more risk than normal. 4) The easy money on the AI technical rebound from oversold levels on 7/29 due to the forced sale by Situation Awareness is probably over. There were negative stock reactions to headline beat and raise earnings on both revs & EPS for AI infrastructure winners $CSCO (-8% for the week but still up +45% YTD), $AMAT (-6%/+97%) and $COHR (-14%/+77%). While negatives can always be found, their biggest crime was arguably their recent bounce from 7/29-8/7 of 8%, 24% and 71% respectively and their market beating YTD gains. In summary, I remain bullish. Even from the end of July through November 9th during mid-term years since 1990, the S&P has an additional median gain of 4.2% to its peak before giving some of that back closer to the election. Given some of the negatives, especially the reaction to solid earnings data, I would add some hedges back on further market gains and get more selective. Consumer discretionary hedges should also make sense if oil is higher for longer. I believe value should continue to accrue to the infrastructure layer which includes 1) the public cloud vendors such as Amazon, Microsoft, Google and 2) the semiconductor companies. $INTC, my favorite semi company, still gained 0.8% last week despite: 1) a $20B equity offering which causes ~5% dilution and 2) being up 178% YTD. This clears the funding overhang. All the best in the week ahead.

Alice World Cup Prediction Challenge ⚔️ Mexico vs Korea Republic 📅 2026-06-18 🧐Alice is backing Mexico Over 0.5 goals. 🎯That means Mexico needs to score at least 1 goal for this prediction to hit. market prices that at 78¢. alice says it's underpriced. Mexico have already scored and won in this tournament. Historical H2H includes a 3-1 Mexico win over Korea. Recent news supports the Over, though lineup data is still thin. The edge is that Mexico scoring once still looks slightly cheap despite the high market price. 💰Expected return: +28.0% 👉

BREAKING: US stock market futures fall as diesel prices hit a record high and Middle East tensions mount: 1. S&P 500: -0.6% 2. Nasdaq 100: -1.1% 3. Dow Jones: -0.4% 4. WTI Crude: +3.0% 5. Brent: +3.0% 6. Natural Gas: +2.0% Today marks day number 197 of the Iran War.

📊 @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%)

🧩 Qwen3.8-Flash-Next: A 6B-Active Preview of the Qwen4 Architecture On the same night Zhipu's GLM-5.3-Flash took over the timeline, @Alibaba_Qwen open-sourced Qwen3.8-Flash-Next — explicitly positioned as a preview of the Qwen4 architecture. Zhihu contributor Kitt在进化 argues that for people who actually run models locally, this is the more practical release of the night. The local-deployment groups he is in are, in his words, on fire. His take: the model is called 3.8, but the architecture is really Qwen4 in preview — and it borrows the best ideas from across the field. 1️⃣ Smaller, cheaper, and realistic for local deployment Flash-Next has 125B total parameters with only 6B active — far smaller than the 300B-class GLM-5.3-Flash. The API is priced at ¥1 input, ¥3 output, and ¥0.1 per cached million tokens, roughly matching DeepSeek-V4-Flash's off-peak rates. His comparison, per 1M tokens in RMB — input / output / cache hit: 🔹 Qwen3.8-Flash-Next: 1.0 / 3.0 / 0.1 🔹 GLM-5.3-Flash: 0.4 / 1.4 / 0.115 (limited-time promo rate) 🔹 DeepSeek-V4-Flash (off-peak): 1.5 / 4.5 / 0.05 2️⃣ A Qwen4 preview wearing a Qwen3.8 name The author points out this is the same play Zhipu made: GLM-5.3-Flash's architecture is also completely different from GLM-5.3. Shipping the new architecture as open weights early is deliberate pathfinding. Inference frameworks like vLLM and SGLang, plus the quantization toolchain, all need lead time to adapt before Qwen4 proper arrives. 3️⃣ An architecture that borrows from everyone The author reads Flash-Next as a synthesis of the field's best recent ideas. 🔹 Attention: Qwen's in-house QSA, built to balance throughput and speed on long context. 🔹 Knowledge: it absorbs DeepSeek's Engram line of work, packing prior knowledge into 51B of N-gram side parameters — high knowledge density at minimal compute cost. 🔹 Training: the Muon optimizer, popularized by Kimi, scheduled together with AdamW. 4️⃣ Half the active parameters, still overtaking At 6B active, Flash-Next is nearly half the size of DeepSeek-V4-Flash — yet Qwen's reported benchmarks show it overtaking that model on multiple coding and agent leaderboards. The author says he is not worried about real-world experience: the recent Qwen3.8-27B already proved itself in daily use, and this sits on the same foundation. 🔗 Full Reading: #Qwen# #Alibaba# #Qwen4# #OpenWeights# #LLM# #AIInference# #MoE#

A TON OF THINGS HAPPENED IN THE STOCK MARKET TODAY. Here's a full recap: 1. Today was a green day. The Nasdaq jumped 2.26% to a record close of 27,122.09, while the S&P 500 gained 1.49% to 7,764.70, finishing just 0.4% below its all-time high. The rally was fueled by a powerful AI and semiconductor rebound, with $AMD topping a $1T market cap for the first time, $INTC climbing roughly 12%, $ARM surging about 17%, and Meta jumping around 11% after bullish analyst commentary and strong early traction for $META Muse. Falling oil prices and easing Treasury yields also supported risk assets. The S&P 500 added roughly $1T in market value during the session, though leadership remained concentrated in mega-cap AI names while energy stocks lagged as crude pulled back. 2. Meta $META surged 11.4% to $741.25, adding roughly $200B in market value after Wells Fargo raised its price target to $796 and argued the company finally has a compelling AI monetization story. Another major catalyst was Muse becoming the #1# free app on Apple's U.S. App Store, providing the first strong consumer evidence that Meta's AI investments may be gaining traction. Investors also positioned ahead of Meta Connect, where Zuckerberg is expected to unveil new Muse features, AI models, and wearables. 3. Treasury Secretary Scott Bessent said U.S.-China talks went “very well,” announcing that the two countries have formally established U.S.-China AI Dialogues and will meet again in 2 months. Bessent also said the U.S. and China are creating an AI incidents hotline to communicate if safety-related issues arise and are now discussing protocols covering cybersecurity, AI agents, and broader AI safety. The move marks one of the first formal bilateral frameworks focused specifically on managing frontier AI risks between the two countries. 4. President Trump announced that the U.S., Denmark, and Greenland have reached an agreement giving the United States permanent responsibility for Greenland’s security, saying the arrangement comes at no cost to the U.S. Under the agreement described by Trump, no U.S. adversary will be permitted to establish a military base, maintain a military presence, or make sensitive investments in Greenland without U.S. approval. Trump also said the U.S. will begin building a significantly larger military presence on the island and described the agreement as having “no end.” 5. Anthropic told investors it expects to scale available compute capacity to roughly 5 GW by the end of this year, up from about 1.5 GW last year, according to the New York Times. That would put it roughly in line with OpenAI’s estimated compute footprint this year, with both companies targeting around 10 GW by the end of 2027. Anthropic has aggressively secured capacity across multiple providers, including a deal to pay SpaceX about $1.25B per month for compute through May 2029, while its partnership with Amazon includes up to 5 GW of capacity. The company is also reportedly in talks with Meta over a potential $10B compute lease spanning two years, though no agreement has been finalized. 6. GameStop $GME CEO and Chairman Ryan Cohen purchased another 1.15M shares for approximately $26.4M, paying an average price of $22.94 per share. The purchase increases his direct ownership to 40.5M shares. Including warrants, Cohen now beneficially owns 44.2M shares, representing roughly 8.7% of GameStop. The latest buy further increases his personal investment in the company and follows his recent series of open-market purchases. 7. The Trump administration is reportedly proposing a $5B Middle East energy reconstruction fund, according to the Wall Street Journal, aimed at rebuilding infrastructure damaged during the Iran war and reducing the region’s dependence on the Strait of Hormuz. The U.S. would seek matching contributions from Saudi Arabia, the UAE, Qatar, Bahrain, Kuwait, Oman, Iraq, and Jordan, potentially expanding the fund to $10B. The proposed fund, known as Pact, would be managed by the U.S. Development Finance Corporation, though discussions remain ongoing and the terms could still change. The proposal comes as traffic through the Strait of Hormuz remains well below pre-war levels and Gulf producers continue relying on more expensive alternative export routes. 8. The top 10 most active options today by contracts traded were $NVDA with 3.8M contracts, $TSLA with 2.8M contracts, $META with 2.8M contracts, $INTC with 2.2M contracts, $AAPL with 1.4M contracts, $AMD with 1.3M contracts, $MU with 1.2M contracts, $AMZN with 1.0M contracts, $SPCX with 826K contracts, and $MSFT with 753K contracts. 9. OpenAI projects $278B of cumulative negative free cash flow through 2030, driven by roughly $856B of compute and infrastructure spending, according to the Financial Times. The company expects revenue to grow from $36B this year to $350B in 2030, generating roughly $840B in total revenue over the remainder of the decade. OpenAI's $122B funding round from March is projected to be exhausted by 2028, and the company is now discussing another major capital raise, with investors reportedly approaching it around a $1.2T valuation while OpenAI is seeking an even higher figure. The projected cash burn has improved from $305B estimated in May, while recent model launches boosted annualized revenue by about 20% in July despite ongoing price cuts to compete with Anthropic and lower-cost Chinese open-weight models. OpenAI also confidentially filed for an IPO in June but has since delayed the listing process. 10. Meta $META’s new Muse AI assistant is outpacing ChatGPT’s early mobile launch across several key adoption metrics, according to Sensor Tower. Muse reached 2.8M downloads in its first 12 days across both app stores. On a comparable U.S. + Canada iOS basis, Muse recorded 1.8M downloads versus 1.3M for ChatGPT. Muse also set a new U.S. daily download record of 264K on September 19, marking its third consecutive day above 200K. Engagement has also been stronger, with Muse reaching 448K U.S. daily active users by day 10, while ChatGPT took 49 days to reach a similar level. By day 12, Muse had 642K U.S. mobile DAUs versus 231K for ChatGPT at the same point, while even on U.S. iOS only, Muse reached 359K DAUs. 11. Last week marked hedge funds' largest weekly purchase of U.S. equities in 5 weeks, driven by a combination of short covering in macro products such as index futures and ETFs and new long purchases in individual stocks. The strongest demand was concentrated in Information Technology and Communication Services, with hedge funds now buying those sectors for 3 consecutive weeks. Software has been a particular focus, with hedge funds purchasing U.S. software stocks in 4 straight weeks and in 6 of the last 8. As a result, software allocations have risen to roughly 5.0% of total hedge fund market exposure, the highest level since the start of the year, up from a record low of 1.3% in February. 12. U.S. household equity exposure has climbed to a record 39.9% of household net worth, up 12.6 percentage points since the 2022 bear market. Over the same period, homeowners’ equity in residential real estate has fallen to 19.3% of household net worth, down 3.5 percentage points and its lowest share since Q2 2021. As a result, the gap between household exposure to equities and real estate has widened to a record 20.6 percentage points. For perspective, during the 2005 housing boom, real estate represented 24.1% of household net worth and exceeded equity exposure by about 1 percentage point, highlighting how dramatically household wealth has shifted toward financial assets. WALL STREET IS THE GREATEST SHOW ON EARTH.