I’ve picked our five winners 👇 @JYdmnLFG — 多哪个 @thankUcrypto — 光环 @LTChives — 圈内浏览器 @showmeuourguts — 多拿圈 @deepbluue — 朵拉 Thank you all for helping @donutai find its name 💕 But between us… my favorite is still “甜甜圈” 🍩 . And a little secret…something big is coming soon.

据美国新闻与世界报道报道，美国与中国就霍尔木兹海峡通行费问题达成共识，双方一致认为任何国家均不应在该海峡收取通行费。这一共识标志着两国在霍尔木兹海峡议题上立场罕见趋同。美中两国的联合表态为国际社会在该问题上的讨论确立了明确基调。 #美中关系# #霍尔木兹海峡# #航运自由# ———————————————————————— US News & World Report reports that the United States and China have reached an agreement on the issue of transit fees in the Strait of Hormuz, with both sides concurring that no country should be permitted to charge passage fees through the strait. The consensus marks a rare alignment between the two nations on the Hormuz issue. The joint stance by the US and China sets a clear tone for international discussions on the matter. #USChinaRelations# #StraitOfHormuz# #FreedomOfNavigation#

和Quant Alex @StochAlex07 讨论： SABR Theta与Spot Theta+Vol Theta+Cross Theta的异同与应用，以及SABR模型自洽性分析。 **English Summary of the Chat** **SABR Theta vs Spot Theta + Vol Theta + Cross Theta** The conversation between **Alex Wu** (white bubbles) and **Jeff Liang** (green bubbles) is a technical discussion focused on **SABR Theta versus Total Theta** (i.e., Spot Theta + Cross Theta + Vol Theta), model self-consistency, PDE residual, and the correct definition of SABR Greeks. ### Key Points Discussed: 1. **SABR Gamma = Spot Gamma** (first major question, raised by Jeff) Jeff asked whether SABR Gamma (\(\partial^2 P / \partial F^2\)) is identical to Spot Gamma and whether it includes the dependence of \(\sigma_B\) on \(F\). He also provided the full chain-rule expansion of SABR Gamma in terms of Black-76 Greeks. Alex confirmed the understanding and **later affirmed in code** that this is exactly how SABR Gamma is implemented in their system. 2. **SABR Theta vs Total Theta and Model Self-Consistency** (main topic, led by Jeff) Jeff shared a clear 3-point understanding: - SABR Theta is computed directly via the SABR approximation formula to obtain \(\sigma_B\), then applying the Black-76 chain rule: \(\partial P/\partial t =\) BS_Theta(\(\sigma_B\)) + BS_Vega \(\cdot \partial\sigma_B/\partial t\). - Total Theta is the exact decomposition from the SABR PDE (Spot Theta + Cross Theta + Vol Theta). - When the model is **fully self-consistent** (Residual = \(\partial P/\partial t + \mathcal{L}P = 0\)), SABR Theta = Total Theta; otherwise the difference is the unexplained PnL caused by the approximation error in the Hagan formula (especially pronounced in long-dated, high vol-of-vol, or high-skew options). 3. **Practical Implication – Theta Decomposition Decision** (comment by Alex) Alex noted that whether to perform Theta decomposition depends on the risk-management approach: - Without decomposition → use SABR Gamma vs. dP/dt. - With decomposition → SABR Gamma maps to Spot Theta, Vanna to Cross Theta, and Volga to Vol Theta. **Overall Tone**: The discussion is highly technical and collaborative. Jeff drives the conversation by asking clarifying questions and presenting a well-structured 3-point summary of his recent study. Alex provides confirmations, practical insights, and code-level validation. Both participants demonstrate a strong command of SABR model nuances, particularly the relationship between approximation error, PDE residual, and real-world risk management.

[Self-made Animation] Comparison Between Draft and Final Version of Chen Qianyu 【自制动画】《陈千语》草稿与成片的对比 这是前天画的小动画的草稿与成片的对比 希望大家喜欢 多多支持！！

This time, I drew a battle between the Rain Man and Jules Verne, with the Crescent Moon as their companion某一天的雨夜，贴纸部队的雨人接到了一个神秘任务；上面写到从【雅南第三世代佩剑博士—凡尔纳】夺回某物；信封结尾处还写到：金发女孩虽身躯娇小却拥有操控巨物的力量，还请执行者小心！

A beautiful journey with you — thank you, Director Chong Keat Aun. 与你同行，是一段美好的旅程，谢谢你，张吉安导演。 Between light and shadow, stories find their way. Udine feels like a beautiful scene I never want to leave. 🎞️ #FEFF28#

走私AI伺服器到中國，無法改變美超微的毛利率衰退趨勢 節錄自新聞報導： "...servers sold for $510 million between late April 2025 and mid-May 2025..." 報導原文： 美超微在2Q CY2025的營收至少約1/10的營收來自走私。理論上走私的毛利率應該很高，但2Q CY2025的毛利率卻顯著衰退至9.6% (vs. 2Q CY2024的11.3%)。 兩種可能： 1. 合法銷售業務的毛利率太差，這回應了我之前關於AI伺服器組裝毛利率承壓的分析 ( 2. 當時可能不只美超微走私，有其他選擇下有助買家提高議價力，故美超微的非法銷售毛利率沒想像中高。

《嘉贝莉娜·加入狩猎》草稿与成片的对比！ 这是之前嘉贝莉娜动画的草稿和成片的对比 希望大家喜欢！！ Comparison between the draft and the finished film of "Gabriella Joins the Hunt"! This is a comparison between the draft and the finished animation of Gabelina I hope you all like it!!

#preOPAI# 是否会受到OpenAI股权转让限制的影响？ 1、preOPAI 底层的 OpenAI 股权通过直接投资获得，而非投资者之间的股权转让，不受该份近期声明影响。 2、preOPAI 由Republic发行的债务凭证，旨在反映 OpenAI 业绩表现，并非真实股票，持有代币不代表持有OpenAI股权。因此，preOPAI 的交易和转移不受OpenAI股权转让限制，因为它不等于 OpenAI 的股权。 Will preOPAI be affected by OpenAI’s equity transfer restrictions? 1. The underlying OpenAI equity exposure of preOPAI was obtained through direct investment, not through equity transfers between investors, and is therefore not affected by the recent statement. 2. preOPAI is a debt instrument issued by Republic, designed to reflect OpenAI’s performance. It is not actual equity, and holding the token does not represent ownership of OpenAI shares. Therefore, trading and transferring preOPAI are not subject to OpenAI’s equity transfer restrictions, as preOPAI is not OpenAI equity.

记录我和健身小男友 一个小男友开始正面努力的满足我，我也在积极配合他，另一个小男友和我老公在一旁欣赏我的足底，感觉他们一时之间不知道该欣赏哪里，老公看着我和单男的交合处，此刻的他绿帽感满满，最后小男友精液内射在我的骚穴里流出来，第二位小男友继续接力满足我…… A Chronicle of Me and My Younger Lovers One of my younger lovers began earnestly striving to satisfy me face-to-face, and I actively reciprocated his efforts. Meanwhile, my husband and another younger lover stood by, admiring the soles of my feet—though it seemed for a moment as if they didn't quite know where to focus their gaze. My husband watched the intimate union between me and the other man, feeling utterly consumed by the sensation of being cuckolded in that moment. Finally, the young lover ejaculated deep inside my "naughty little pussy," his semen spilling back out; then, the second young lover stepped in to take up the relay and continue satisfying me... @sktwober @sktworel @sktwolris @sktwobba