Cost effectiveness of AI is becoming a hot topic. As AI adoption accelerates, the focus is increasingly shifting from simply building more powerful models to maximizing the value generated by every dollar spent. Not every task requires the most expensive or advanced AI model. In fact, the global AI inference software market is projected to grow from $21.1 billion in 2026 to $80.9 billion by 2033, representing +283% growth. As companies deploy AI at scale, reducing costs without sacrificing performance will be increasingly important. The next phase of AI is about efficiency, not just computing power.

BREAKING: The perceived probability among US consumers that the unemployment rate will be higher in 1 year increased +1.5 percentage points in October, to 45.3%, the highest since April 2020. This also marks the 3rd-highest reading on record, surpassed only by the initial pandemic surge in March and April 2020. Since January 2025, this metric has risen +11.3 percentage points. Among age groups, consumers under 40 are the most pessimistic, with the perceived probability of higher unemployment at 48.9%, the 2nd-highest reading on record. By income, this figure among those earning over $100,000 rose to 51.5%, the 2nd-highest reading on record, surpassed only by the 53.9% recorded in March 2020. Americans are worried about their jobs.

The Machine Learning market is seeing accelerating growth. The global machine learning market is now projected to grow from ~$100 billion in 2025 to ~$684 billion by 2033. This implies a CAGR of +27.2% from 2025 to 2033. As AI evolves, the focus is shifting toward AI models that can continuously learn, retain knowledge, and adapt to new tasks. This represents a fundamental shift from AI systems that rely primarily on knowledge acquired during training to systems capable of improving through experience. As adoption accelerates, demand for machine learning software, hardware, and services is expected to increase substantially. We are watching this market.

Our direct experience with Nvidia, never shared before: 22 months ago, we published the below analysis raising concerns that Nvidia's AI chips were potentially being routed to China through Singapore. Less than 24 hours later, Nvidia's Head of PR contacted us, directly addressing our analysis. Their message to us is included below. At the time, in the previous 3 quarters, $17.4 billion of Nvidia's revenue came from Singapore versus $11.6 billion from China. Furthermore, at the time, the US had ~5,375 data centers, China had 448, and Singapore had just 99. The numbers just did not add up. You can read our full analysis below. Nvidia's PR team sent us the following message: "The revenue associated with Singapore does not indicate diversion to China. Our public filings report 'bill to' not 'ship to' locations of our customers. Many of our customers have business entities in Singapore and use those entities for products destined for the US and the West. We insist that our partners comply with all applicable laws, and if we receive any information to the contrary, act accordingly. Our last 10-Q noted: 'most shipments associated with Singapore revenue were to locations other than Singapore and shipments to Singapore were insignificant.'" Fast forward to today. According to new reports, Nvidia, $NVDA, CEO Jensen Huang's relationship with a suspected Chinese spy helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese companies through a network spanning China and Singapore. The reported shipments date back to 2023 and involved ~240,000 advanced Nvidia AI chips. These allegations remain under investigation, and it is not yet established whether the shipments were connected to the revenue discrepancies we highlighted 22 months ago. Nvidia maintains that it has no reason to believe US national security or company secrets were compromised. But the overlap between these new allegations and the questions we raised in January 2025, along with Nvidia's response to us at the time, is noteworthy. We stand by our view that Jensen Huang is likely to remain CEO of Nvidia and will continue to be an integral figure in the AI Revolution. We expect more on this soon.

Berkshire Hathaway is making a historic comeback: Berkshire Hathaway outperformed the S&P 500 by +19.2 percentage points over the 1 month ending Thursday, its largest rolling monthly outperformance since 2010. This also ranks as the 4th-largest such outperformance in 30 years. By comparison, its biggest monthly rolling outperformance occurred during the 2008 Financial Crisis, at +29.6 percentage points. As of Tuesday's close, the performance gap narrowed to +16.9 percentage points, but it still ranked as one of the largest since 1996. This comes as Berkshire Hathaway's Class B stock has surged +13.2% over the last month, to an all-time high, while the S&P 500 has declined -3.7% over the same period. To put this into perspective, Berkshire was underperforming the S&P 500 by -14.3 percentage points in May 2026. Berkshire Hathaway appears strong, even without Warren Buffett as CEO.

BREAKING: Global central banks bought +321 tonnes of gold in Q3 2026, their largest quarterly purchase since Q4 2024. This also marks their 5th-largest quarterly purchase on record. Central bank gold purchases were up +8% from +296 tonnes acquired in Q2 2026 and up +453% from Q1 2026. By comparison, the 5-year quarterly average stands at +227 tonnes. China and Poland led Q3 demand, adding +63 tonnes and +40 tonnes, respectively. Year-to-date, global central banks have purchased +675 tonnes of gold, up +6% from the same period in 2025. Central banks are aggressively buying the dip in gold.

Our direct experience with Nvidia, never shared before: 22 months ago, we published the below analysis raising concerns that Nvidia's AI chips were potentially being routed to China through Singapore. Less than 24 hours later, Nvidia's Head of PR contacted us, directly addressing our analysis. Their message to us is included below. At the time, in the previous 3 quarters, $17.4 billion of Nvidia's revenue came from Singapore versus $11.6 billion from China. Furthermore, at the time, the US had ~5,375 data centers, China had 448, and Singapore had just 99. The numbers just did not add up. You can read our full analysis below. Nvidia's PR team sent us the following message: "The revenue associated with Singapore does not indicate diversion to China. Our public filings report 'bill to' not 'ship to' locations of our customers. Many of our customers have business entities in Singapore and use those entities for products destined for the US and the West. We insist that our partners comply with all applicable laws, and if we receive any information to the contrary, act accordingly. Our last 10-Q noted: 'most shipments associated with Singapore revenue were to locations other than Singapore and shipments to Singapore were insignificant.'" Fast forward to today. According to new reports, Nvidia, $NVDA, CEO Jensen Huang's relationship with a suspected Chinese spy helped facilitate at least $7.5 billion in Nvidia chip shipments to Chinese companies through a network spanning China and Singapore. The reported shipments date back to 2023 and involved ~240,000 advanced Nvidia AI chips. These allegations remain under investigation, and it is not yet established whether the shipments were connected to the revenue discrepancies we highlighted 22 months ago. Nvidia maintains that it has no reason to believe US national security or company secrets were compromised. But the overlap between these new allegations and the questions we raised in January 2025, along with Nvidia's response to us at the time, is noteworthy. We stand by our view that Jensen Huang is likely to remain CEO of Nvidia and will continue to be an integral figure in the AI Revolution. We expect more on this soon.

BREAKING: Hong Kong's GDP surged +5.2% YoY in Q3 2026, its 2nd-strongest growth rate since Q3 2021. This follows +4.2% YoY growth in Q2 and marks its 15th consecutive quarterly economic expansion. This comes as goods exports surged +30.4% YoY, up from +28.9% in Q2 and +23.8% in Q1, driven by surging global demand for AI-related electronics. At the same time, inbound tourism and domestic infrastructure investment further boosted economic activity. In the first 9 months of 2026, Hong Kong’s GDP surged +5.1% YoY, the strongest growth for that period in 5 years. Hong Kong is seeing transformative growth amid the global AI investment cycle.

Healthcare stocks are surging: The Healthcare sector has outperformed the Technology sector by +35.6 percentage points over the last 6 months, its largest 6-month rolling outperformance in 25 years. Healthcare stocks have rallied +31.7% over this period, while technology stocks have declined -3.9%. This marks a sharp reversal from the +45.6-percentage-point outperformance of Technology stocks recorded in early June. This century, only the period following the 2000 Dot-Com Bubble burst saw greater Healthcare outperformance. By comparison, during the 2008 Financial Crisis and the 2022 bear market, Healthcare outperformed Technology by +22.9 and +21.2 percentage points, respectively. Keep watching healthcare stocks.

Current investor demand for US ETFs is unprecedented: US-listed ETFs attracted +$201 billion in inflows in October, their 2nd-largest monthly intake on record. In the past, only December 2025 saw a larger monthly inflow, at +$230 billion. Year-to-date, these funds have posted +$1.70 trillion in inflows, already surpassing the previous full-year record. This puts annual inflows on track for their 3rd consecutive annual increase. By comparison, US-listed ETFs attracted +$1.45 trillion and +$1.15 trillion in 2025 and 2024, respectively. Investor appetite for US ETFs remains exceptionally strong.

BREAKING: China’s PPI inflation rose +5.7% YoY in October, its largest YoY increase since June 2022. This also marks its 3rd consecutive monthly acceleration. By comparison, PPI stood at -3.6% in both June and July 2025. The surge was driven by higher energy and non-ferrous metal prices, alongside growing demand for AI-related hardware, pushing factory costs higher. Meanwhile, producer purchasing prices, which measure what factories pay for raw materials, energy and other production inputs, jumped +7.9% YoY, the largest increase since June 2022. Inflation is back in China.

Rate hike expectations are soaring. In a sudden turn of events, markets are now pricing in the possibility of a 50 basis point rate hike in December. Market expectations for a 50 basis point hike have surged to 11%, while expectations for a 25 basis point hike stand at 84%. It is no longer a matter of if the Fed will hike rates in December, but rather by how much.

BREAKING: Democratic Senate Leader Schumer calls President Trump's defense of Nvidia, $NVDA, CEO Jensen Huang "troubling" and a "failure to address foreign espionage." Schumer says "full accounting" for President Trump's "failure to address foreign espionage in the American tech industry" is necessary.

On the Nvidia situation: Nvidia, $NVDA, is now down another -7% today and -12% since the Jensen Huang affair situation began. At this point, the market is pricing in two major potential headwinds. First, the growing possibility that Jensen Huang will be removed as CEO. Second, possibility that sensitive Nvidia technology or information was compromised. Are these scenarios possible? Sure, but we believe both remain unlikely, with less than a 20% probability. Nvidia's stock is now down -32% in just 24 trading days, erasing -$1.8 trillion in market cap, with over one-third of these losses coinciding with the Jensen Huang controversy. We believe Huang remains an integral part of Nvidia's future and the broader AI Revolution, and this week's events will not derail the broader thesis. As the dust settles and uncertainty begins to fade, we expect bargain hunters to step in. The fundamental AI investment thesis remains intact.

BREAKING: The total circulating supply of onchain tokenized equities surged by +$932 million last week, the biggest weekly jump on record. This puts total supply above $4.7 billion, also a fresh record high. Amid the US Midterm elections and the resulting volatility, tokenized equities saw historic volume. In times of volatility, investors are increasingly favoring tokenized securities which trade 24/7. The largest onchain trading platform on Solana, Jupiter, reported +60% MoM growth in the number of tokenized equity traders, with volume up +34%. Furthermore, 62% of that volume now reportedly takes place outside of market hours. Volatility is accelerating the adoption of tokenization.

BREAKING: Nvidia, $NVDA, extends losses to its lowest level since March 31st as concerns mount around Jensen Huang’s future with the company. The stock has now lost -$400 billion since Huang’s affair with an alleged Chinese spy was reported.