This is a good, and very debatable question - Which of the 3 women's GS champs so far this year will end up with the most singles GSs in their career? I'm choosing: 1. Noskova 2. Rybakina (close behind) 3. Andreeva

GS Hedge Fund VIP Basket relative to the SPX down 2.6% today and since the peak at the end of Q2 the 75 day rate of change is now the worst since the weeks after Lehman Bankruptcy. This is just equities. Add in the pain in fixed income from Coreweave fallout last week and French bonds every day and hedge fund deleveraging contagion continues. All with positive breadth today and 12 of the last 16 as the unwind of concentration isn't stopping yet.

Editor-in-chief: Nina Garcia Photographer: Inez & Vinoodh Stylist: Jahleel Weaver Writer: Roxane Gay Hair: Jawara at Art Partner using Fenty Hair Makeup: Hector Espinal using Fenty Beauty & Fenty Skin Manicure: Kim Truong at A-Frame Agency Produced by GS World Media and VLM Productions

GS on 天孚通信：We are positive on TFC Optical and raise TP to Rmb436 to reflect ：(1)rising GS estimates on global optical modules TAM (Report link), and TFC as a key OE (Optical Engine) supplier, (2) incremental revenues from CPO scale-out and scale-up optical market (Report link), and(3) gradual expansion of optical module assembly business with higher content value. Following the 7% QoQ growth in 1Q26, we expect to see sequential QoQ growth ahead on improving optics chips supply and 1.6T products ramp up. We remain constructive on TFC Optical with its capabilities of offering a total solution (optical engine, FAU, ELS, optical module assembly etc.), benefiting from the growing optical module market and incremental CPO scale-out/scale-up opportunities.

The FTC is hiring an Information Technology Specialist (INFOSEC) (GS 11) to work in its Office of the Chief Information Officer (OCIO). Apply by 10/14/26:

Top Overnight News Federal Reserve chair Kevin Warsh has signaled that hotter-than-anticipated inflation has not swayed his views on the US economy, prompting traders to further scale back bets on a rate rise this month. FT Goldman economists say Warsh’s comments indicate the FOMC is set to pause in October; they continue to expect a second and final hike in December. GIR President Donald Trump said he would not use nuclear weapons against Iran, telling Newsmax that the U.S. “doesn’t have to.” Trump also said he did not foresee sending U.S. ground troops into Iran. CNBC Iran’s Navy identified a “violating” oil tanker “a few hours ago” that caught fire in a restricted zone east of the Strait of Hormuz, state-run IRIB News reports; the tanker had turned off its tracking systems. BBG US Central Command confirmed that a container ship that sank in the Strait of Hormuz this week was struck by an Iranian projectile; Trump declined to rule out using the “Mother of all Bombs” on Iran after the midterms. BBG The US is considering moves to ease restrictions on “shadow fleet” tankers linked to Russia and Iran as it struggles to bring down soaring diesel prices ahead of November’s midterm elections. FT The International Energy Agency said member countries agreed to complete the release of 100 million barrels of oil still outstanding from an intervention in March. BBG China moved to stabilize its equity market by urging companies and state funds to buy shares while guiding some investors to curb selling, people familiar with the matter said. Financial regulators held a meeting Thursday to discuss stabilization measures for the stock market. BBG Taiwan is preparing to tighten export controls on AI chips to further align with US restrictions, according to a senior official in Taipei, joining a Trump administration clampdown on the smuggling of cutting-edge semiconductors to China. BBG China proposed adding advanced AI technologies to its export-control list, potentially restricting overseas transfers of AI models and chips. BBG Indonesian stocks suffered their worst rout in nearly three decades after MSCI warned the country’s emerging-market status is at risk, stoking fears of removal from global indexes and foreign capital flight. BBG Ukraine's resumption of strikes on Russian refineries is a 'disgrace' that keeps global energy prices elevated, US President Donald Trump said. Ukraine struck a Russian oil refinery after President Volodymyr Zelenskiy declared that Kyiv was abandoning a ceasefire covering energy sites that Trump had announced, and criticized his willingness to strike deals with Moscow. RTRS Progress toward a U.S.-Mexico tariff deal has stalled after opposition from Commerce Secretary Howard Lutnick, people familiar with the talks said, the second time that he has had a hand in upending advanced negotiations with a North American partner. WSJ PM Mark Carney urged Albertans to reject separatism in an Oct. 19 referendum, calling national unity critical. The province will vote on whether to remain in Canada or start a process that may lead to secession, subject to a second ballot. BBG UK Chancellor Healey will raise taxes on banks, likely by increasing the bank surcharge; UK lenders fell in early trading. BBG Three CoreWeave co-founders have sold $3.3 billion in company shares since last year’s IPO. BBG Some Anthropic investors discussed a more tempered $1.5 trillion valuation on the back of slowing revenue growth. RTRS via BBG JPM Econ (Abiel Reinhart) keeps its September core PCE forecast at 0.31% m/m (3.1% y/y) after PPI; GS raised its estimate to 0.34%. JPM/GIR US President Trump is to deliver remarks in Dalton, Georgia at 14:45 EDT/19:45BST on Friday. US President Trump said no real reason for him to go to Maine and thinks he will go to Minnesota, while he said he is not involved in that when asked regarding probe into Democrat Rep. Omar. Japan is to sidestep 3.5% defence spending target despite US pressure: Asahi US President Trump said he will be going to Iowa state on Thursday, October 22nd and Sunday, November 1st.

Just some notes from $NBIS fireside chat at Goldman Sachs Tech Conference: TLDR: Yep, it's bullish. 1. Order book extends into H1 2028 which is 2 quarters further out than at Q2 ER. Arkady said "people are demanding tens of thousands of vGPUs and GPUs now. So we see demand today as unlimited." Bro...what?!! At Q2, they said that all of 2027 could be sold today. But Nebius having visibility ~1.5 years away massively de-risks their ~5GW contracted power target and their ~$25B of FY26 capex. On demand, Arkady also said that demand visibility now extends to 24+ months (vs. 18 months previously). This is HUGE because demand duration is a huge crux for neocloud bears (kinda makes sense why). Even $CRWV CEO said at the GS Conference that they are "struggling to meet demand everyday." 2. "We do not pre-sell much. We are focusing on free capacity, which we will be selling later" I think two things are happening here with Nebius First - this is the opposite of $CRWV's model where their ~$104B backlog is take/pay dynamics. Nebius are instead choosing to sit on uncontracted 2027 capacity so they can sell into rising prices, kinda like how $MU and co. were doing pre-LTAs. Second - keeping some spare capacity keeps room for longer-term strategic partners arriving into 2027 (which will be extremely supply-constrained). I.e. enterprise names coming via the $PLTR partnership. I think both reasons make sense, I'm fairly confident that 2027 pricing will be higher. 3. "We actually have a list of new customers that are looking for any of the older generation chips that come available." This lines up with $CRWV disclosing at Q2 an A100 contract priced out to 2029 and completely guts the residual-value thesis bears like Burry lean on. 4. $SHOP "used open-weight models, trained it with their own data repetitively, and they achieved the quality which is higher than they had with GPT-5 and 6." Feels like that's the whole enterprise adoption thesis summarized....narrow domain, pvt data, repeated loop, open weights > fronteir, at a fraction of the cost. Probably also why the token factor and the Tavily acq. matter. So yeah, Nebius' entire infrastructure goes kinda crazy. More than just GPU rental. 5. Contract mix Marc: 3-6 month short-term deals go out "at a multiple of the ARR per megawatt" of the core. 1-3 year medium-term deals are "the lion's share" and 5+ year hyperscaler deals were done "with the explicit intent that we are looking for the capitalization benefit." - So the longer duration $MSFT + $META contracts are lower risk collateral for financing the build - the opportunistic short-duration surge contracts at materially higher pricing are the top-ups. - and the 1-3 year book with AI natives and enterprises (priced above hyperscaler deals + prepaid) are the core + fastest growing segment. Just for a summary of the points I found most interesting / different from Q2 earnings. Cool to also see the "the vision that Arkady has is us becoming a hyperscaler." I've been sharing the same vision for some time now, and is why Nebius ultimately deserve to trade multiples higher than Coreweave for example.