Some quick Macro notes. 1. Semiconductor Volatility: has been cut in half since July (VXSMH is a proxy for semis implied volatility). 2. Hyperscaler Bond Issuance: forecasted to rise to $320B in 2026, which would be around 70% of Treasury bond issuance. That'd be a record high at ~2x 2025 levels and ~9x 2024 levels. 3. HFs + Leverage: very risk-off right now. L/S + Nets ratios below 10th %ile. Gross significantly down also. Plenty of room for risk to be added. Similar story with KOSPI too - finally some room for institutional investors add risk back on. 4. Fund Flows: $3B positive net inflows into global eq. funds last week, but slightly less than recent weeks. Net outflows are being driven by U.S. funds, driven by Tech funds. 5. Fed: time will tell whether the Fed hikes with Sep's FOMC. The main Q everyone wants to know though is whether or not they keep hiking...no one knows, it's all gut feel. The retail investor in me says to hike and be done with it. I want 2027 to have everything going for it. 6. Iran War: what's new??? One surprising stat I came across today was that Persian Gulf oil exports are at ~16M barrels per day. That's around 60-70% of pre-war levels. Regardless, I don't think stocks care too much about Iran anymore as a primary driver. I.e. when Iran tensions escalate, U.S. stock prices don't really react too much to it. Good! But I think risk is too tied to rates right now. Investors obviously want lower rates rather than just high growth guidance by AI/semis companies. Otherwise, $NVDA or $AVGO earnings would've re-rated some semis names at least, which wasn't the case.