不敢相信离开杭州已经好几天了🥺✨ 这段时间真的过得好幸福，遇到的每一个人都那么温柔，真心感谢大家对我的照顾💕 ​杭州的美景和你们的爱，我都好好收藏在心里了 已经在期待下一次的重逢了！我会尽快回来的，你们会一直等我的，对吧？🥰 지난 주말 항저우 잘 다녀왔습니다! 벌써 시간이 이렇게 지난 게 믿기지 않네요🥹 과분한 사랑에 행복한 시간이었습니다 같이간 팀원들과 한국에서 응원해 주신 분들도 모두 감사드려요🥰 #Browndust2# #Cosis#

🎙️ #GIJNAcademy# 随选课程！ 这是一个三节的线上课程，ICIJ 培训总监 Jelena Cosic 将教授如何分析财务记录、公司注册、公共采购、跨境交易等信息，增强记者学员追踪纸本文件、进行跨国协作报道、利用开源资料揭露隐匿财富的能力。 日期：2026年6月25日、7月2日、7月9日 时间：上午8:00 – 上午10:00（美国东部夏令时间 EDT） 详情及报名：

到底什么是一时的热点，什么是该一直坚持的标的？在这个圈子里，注意力经济往往只是短暂的火光，情绪一过，一地鸡毛。潮水退去后你会发现，唯有那些真正穿越牛熊、自带强大文化共识的经典meme，才是永恒的！ 💎 中文互联网历史上生命力最强、覆盖面最广、最无可替代的超级meme！从贴吧到微信，从币圈到圈外，谁的手机里没有几个熊猫头表情包？它的底蕴和天然的传播力，是任何硬生生造出来的“土狗”都无法比拟的。🐼兄弟们，是时候停止无意义的内耗，回归真正的经典了！让自带亿万流量的熊猫头来拯救战壕里疲惫的我们。 CA：0xf3525965a4ad3ca0ac13f4d2f237113691194444 What exactly constitutes a temporary trend and what is the subject that should be consistently pursued? In this circle, the attention economy is often just a fleeting flame, and once the emotions fade, it leaves behind a mess. After the tide recedes, you will realize that only those classic memes that have transcended the ups and downs and carry a strong cultural consensus are truly eternal! 💎 The most powerful, widely spread and irreplaceable super meme in the history of Chinese internet! From Baidu Tieba to WeChat, from the cryptocurrency circle to the outside world, who doesn't have several panda head emoticons on their phone? Its depth and inherent dissemination power are beyond what any artificially created "local dog" can match. 🐼 Brothers, it's time to stop the meaningless internal strife and return to the true classics! Let the panda head, with its own billions of traffic, come to save us, the exhausted ones in the trenches. @binancezh #熊猫头#

过去 2 小时跟踪了全网 435 条新闻消息，筛出 5 条值得关注的核心信号。美国 4 月 CPI 飙升至 3.8% 创三年新高，配合霍尔木兹海峡 10 亿桶的实物缺口，二次通胀已从预期变为物理现实。 1/ US CPI hits 3-year high as energy costs explode. Headline 4.0% data shows 3.8% YoY growth with energy inflation surging to 17.9%. Fed's Goolsbee calls the report 'worse than expected' as core services hit 0.45% monthly, effectively killing H1 rate cut hopes. $TSM $NVDA 2/ Global oil deficit reaches 1 billion barrels. ADNOC CEO warns the Hormuz blockade has created a massive physical supply gap that compounds daily. With WTI breaking $101 and Brent at $107, the market is finally pricing the structural failure of global energy transit. $CVX $XOM 3/ CME to launch AI compute futures. The world's largest derivatives exchange is partnering with Silicon Data to commoditize GPU rental rates. This shift turns AI compute from a capital expense into a hedgeable financial asset, validating the 'compute as the new oil' paradigm. $NVDA $AVGO 4/ Cerebras IPO at $5.5B valuation triggers OpenAI windfall. The chipmaker's listing could net OpenAI over $5B for its 11% stake as it seeks to diversify hardware supply. This establishes a clear valuation floor for custom AI silicon outside the NVIDIA monopoly. $MSFT $NVDA 5/ Treasury Secretary Bessent backs Bank of Japan's path. Meeting with PM Ishiba, Bessent signaled 'full confidence' in Governor Ueda and acknowledged that fundamentals will stabilize the Yen. This reduces the tail risk of a chaotic, uncoordinated global carry trade unwinding. $SONY $TM That's the signal from this window. With CPI and energy both breaking higher, is the Fed's 2% target officially dead? Repost if you're watching the same tape.

Musk 跟 OpenAI 这场撕，每周都有新爆料，这周 Ilya 也现身了。报了几个有趣的点。 1、 现场让 Ilya 确认手里的 OpenAI 股份现在值多少钱，他自己说的数字是 70 亿美元。上周 Greg Brockman 的是接近 300 亿。 Ilya 当年从 Google 出来加入 OpenAI 的时候，Google 给他的 offer 是 600 万美元一年。他没去，理由是不想为钱做事，要去做非营利的 AGI。 从非营利组织到亿万富翁制造机，这个对比就是整个事件最锋利的一个切口。 （顺便，他还说了一句 "I felt like I put my life into it"） 2、更好笑的是 2023 年 11 月那场政变的复盘。 lya 庭上承认，他花了一整年收集证据，准备罢免 Sam，（很多重要证据是 Mira 提供的），理由是 Sam 有“consistent pattern of lying”（撒谎成性）。然后 11 月那个周五，他主导董事会投票，把 Sam 拿下。 接下来这句是我觉得最高光的：他说投完票之后，他整个周末都躲着没上网，后来又改变主意，因为他担心 OpenAI 会在没有 Altman 的情况下崩盘。 刚发动了硅谷史上最戏剧的一次内部换帅，然后自己关机失联了一整个周末，完全错过对手在窗口期里完成的反击布局。等他周一上网，Microsoft 已经接住 Sam，员工请愿信在内部疯传，要求董事会把 Sam 请回来…… 3、Ilya 曾经写，“地球上最强 CEO”是 Elon。八年后，他站在 Elon 律师的传唤名下作证，但被告席上是他自己投票推上去又推下去又签信请回的 Sam。时间和立场的连环滑动。 OpenAI 这事儿最讽刺的地方在于：当年那些“不为钱”的人，最后每一个都因为不为钱而拿到了天量的钱；那些喊着“开放”的人，最后建了 AI 行业最封闭的一家公司。 Musk 起诉的就是这个背叛。但……可能谁都改变不了什么。

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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.

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