tongzai personal page - To The Moon

tongzai

No personal profile

0Follow

0Followers

0Topic

0Badge

09-22 12:12

Y5345s5ube6d9lg3rr5d$Vici Properties(VICI)$ oop

Meta's Muse Reignites Tech Stock Rally — Is the AI Boom Really Back? Wall Street Remains Divided

Go to Tiger App to see more news

{"i18n":{"language":"en_US"},"userPageInfo":{"id":"4137974097536332","uuid":"4137974097536332","gmtCreate":1674890924245,"gmtModify":1675732168316,"name":"tongzai","pinyin":"tongzai","introduction":"","introductionEn":"","signature":"","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","hat":null,"hatId":null,"hatName":null,"vip":1,"status":2,"fanSize":0,"headSize":0,"tweetSize":1,"questionSize":0,"limitLevel":999,"accountStatus":4,"level":{"id":0,"name":"","nameTw":"","represent":"","factor":"","iconColor":"","bgColor":""},"themeCounts":0,"badgeCounts":0,"badges":[],"moderator":false,"superModerator":false,"manageSymbols":null,"badgeLevel":null,"boolIsFan":false,"boolIsHead":false,"favoriteSize":0,"symbols":null,"coverImage":null,"realNameVerified":"success","userBadges":[{"badgeId":"44212b71d0be4ec88898348dbe882e03-1","templateUuid":"44212b71d0be4ec88898348dbe882e03","name":"Boss Tiger","description":"The transaction amount of the securities account reaches $100,000","bigImgUrl":"https://static.tigerbbs.com/c8dfc27c1ee0e25db1c93e9d0b641101","smallImgUrl":"https://static.tigerbbs.com/f43908c142f8a33c78f5bdf0e2897488","grayImgUrl":"https://static.tigerbbs.com/82165ff19cb8a786e8919f92acee5213","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2026.05.19","exceedPercentage":"60.17%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1101,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"1026c425416b44e0aac28c11a0848493-2","templateUuid":"1026c425416b44e0aac28c11a0848493","name":"Senior Tiger","description":"Join the tiger community for 1000 days","bigImgUrl":"https://static.tigerbbs.com/0063fb68ea29c9ae6858c58630e182d5","smallImgUrl":"https://static.tigerbbs.com/96c699a93be4214d4b49aea6a5a5d1a4","grayImgUrl":"https://static.tigerbbs.com/35b0e542a9ff77046ed69ef602bc105d","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.10.25","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1001,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"972123088c9646f7b6091ae0662215be-3","templateUuid":"972123088c9646f7b6091ae0662215be","name":"Legendary Trader","description":"Total number of securities or futures transactions reached 300","bigImgUrl":"https://static.tigerbbs.com/656db16598a0b8f21429e10d6c1cb033","smallImgUrl":"https://static.tigerbbs.com/03f10910d4dd9234f9b5702a3342193a","grayImgUrl":"https://static.tigerbbs.com/0c767e35268feb729d50d3fa9a386c5a","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.09.27","exceedPercentage":"93.33%","individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"7a9f168ff73447fe856ed6c938b61789-1","templateUuid":"7a9f168ff73447fe856ed6c938b61789","name":"Knowledgeable Investor","description":"Traded more than 10 stocks","bigImgUrl":"https://static.tigerbbs.com/e74cc24115c4fbae6154ec1b1041bf47","smallImgUrl":"https://static.tigerbbs.com/d48265cbfd97c57f9048db29f22227b0","grayImgUrl":"https://static.tigerbbs.com/76c6d6898b073c77e1c537ebe9ac1c57","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2025.01.02","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1102,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0},{"badgeId":"a83d7582f45846ffbccbce770ce65d84-1","templateUuid":"a83d7582f45846ffbccbce770ce65d84","name":"Real Trader","description":"Completed a transaction","bigImgUrl":"https://static.tigerbbs.com/2e08a1cc2087a1de93402c2c290fa65b","smallImgUrl":"https://static.tigerbbs.com/4504a6397ce1137932d56e5f4ce27166","grayImgUrl":"https://static.tigerbbs.com/4b22c79415b4cd6e3d8ebc4a0fa32604","redirectLinkEnabled":0,"redirectLinkType":null,"redirectLink":null,"redirectLinkValidityFrom":null,"redirectLinkValidityTo":null,"hasAllocated":1,"isWearing":0,"stamp":null,"stampPosition":0,"hasStamp":0,"allocationCount":1,"allocatedDate":"2023.02.15","exceedPercentage":null,"individualDisplayEnabled":0,"backgroundColor":null,"fontColor":null,"individualDisplaySort":0,"categoryType":1100,"isScarce":0,"effectEnabled":0,"plateImgUrl":null,"plateColors":null,"validityTo":null,"validityToTimestamp":null,"wearingSort":0}],"userBadgeCount":5,"currentWearingBadge":null,"individualDisplayBadges":null,"crmLevel":12,"crmLevelSwitch":0,"location":null,"starInvestorFollowerNum":0,"starInvestorFlag":false,"starInvestorOrderShareNum":0,"subscribeStarInvestorNum":0,"ror":null,"winRationPercentage":null,"showRor":false,"investmentPhilosophy":null,"starInvestorSubscribeFlag":false},"baikeInfo":{},"tab":"post","tweets":[{"id":610400358494712,"gmtCreate":1790050331119,"gmtModify":1790051090757,"author":{"id":"4137974097536332","authorId":"4137974097536332","name":"tongzai","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"4137974097536332","idStr":"4137974097536332"},"themes":[],"title":"","htmlText":"Y5345s5ube6d9lg3rr5d<a href=\"https://ttm.financial/S/VICI\">$Vici Properties(VICI)$ </a> oop","listText":"Y5345s5ube6d9lg3rr5d<a href=\"https://ttm.financial/S/VICI\">$Vici Properties(VICI)$ </a> oop","text":"Y5345s5ube6d9lg3rr5d$Vici Properties(VICI)$ oop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/610400358494712","repostId":"1152062461","repostType":2,"repost":{"id":"1152062461","kind":"news","weMediaInfo":{"introduction":"Global Stock Market Deep Analysis","home_visible":1,"media_name":"Deep News","id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"pubTimestamp":1790044819,"share":"https://ttm.financial/m/news/1152062461?lang=en_US&edition=fundamental","pubTime":"2026-09-22 10:40","market":"us","language":"en","title":"Meta's Muse Reignites Tech Stock Rally — Is the AI Boom Really Back? Wall Street Remains Divided","url":"https://stock-news.laohu8.com/highlight/detail?id=1152062461","media":"Deep News","summary":"The launch of Meta's AI agent Muse has reignited bets that consumer-grade artificial intelligence is finally hitting a mainstream inflection point, but Wall Street is split on whether this marks a...","content":"<html><head></head><body><p style=\"text-align: left;\">The launch of Meta&#39;s AI agent Muse has reignited bets that consumer-grade artificial intelligence is finally hitting a mainstream inflection point, but Wall Street is split on whether this marks a genuine return to the AI trade or just another fleeting spike.<br/><br/>On September 21, the Nasdaq 100 jumped roughly 2.83% to reclaim the 30,000-point level, its highest close since June. Yet Goldman Sachs trading desk analyst Peter Callahan called it a &#34;quiet surge&#34; — trading activity scored just 3 out of 10, the S&amp;P 500 equal-weight index rose a mere 18 basis points, and the gains were heavily concentrated in mega-cap tech names.</p><p style=\"text-align: left;\"></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/86f176b6c7458b14d364d5ce6bb8b069\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: left;\">&#34;This is one of the rare ~3% Nasdaq rallies I can recall that felt so subdued,&#34; Callahan noted.<br/>The explosion of Muse-style products has directly opened up new demand for CPU chips, with ARM surging over 15% on the day, Intel climbing more than 12%, and AMD rising nearly 10%.<br/>Meanwhile, credit markets are diverging from equities: investment-grade CDS spreads have widened to a five-month high, signaling skepticism about the rally&#39;s staying power. Next week&#39;s earnings report from Micron Technology is being viewed as the key validation point for whether the AI infrastructure trade can hold.</p><p style=\"text-align: left;\"><strong>Muse: From Chatbot to an Agent That Gets Things Done</strong><br/><br/>The trigger for all of this was Meta&#39;s consumer AI agent, Muse, which launched on September 8. Unlike traditional conversational AI, Muse can autonomously execute multi-step tasks — booking travel, managing calendars, and completing e-commerce purchases — running continuously in the background rather than waiting for user commands.<br/><br/>Wells Fargo analyst Ken Gawrelski, citing SensorTower data in a client note, highlighted the following:<br/><br/>Muse hit 264,000 daily downloads on September 19, marking the third straight day above 200,000.<br/><br/>Daily active users peaked at 448,000 by day ten.<br/><br/>For comparison, ChatGPT took nearly a year to reach 200,000 daily downloads and 49 days to hit 450,000 daily active users.<br/><br/>Gawrelski raised his Meta price target from $640 to $796, maintaining an &#34;Overweight&#34; rating, and wrote: &#34;Muse marks the shift of consumer AI from chatbots to AI assistants, and whoever gets to market first has the advantage — because the more an AI assistant is used, the more valuable it becomes.&#34;<br/><br/>Goldman Sachs trader Rich Privorotsky pointed out the strategic significance directly: &#34;Meta has essentially built a direct-to-consumer agent factory — shopping, calling, subscriptions, admin tasks, increasingly acting on your behalf. The end state is clear: everyone will have dozens of agents helping with groceries, bill payments, holidays, and school arrangements. Your productivity becomes you plus your team of agents. This is a massive efficiency release and a massive compute multiplier.&#34;<br/><br/>Meta shares surged roughly 11% to 12% on the day, hitting their highest level since October 2025.</p><p style=\"text-align: left;\"></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0ab7ff824a2ad82b85ee3399cfabbd2e\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: left;\"><br/><br/><strong>Why CPUs, Not Just GPUs, Are the Story</strong><br/><br/>The structure of the chip rally reveals the market&#39;s bet on a shifting AI architecture. On September 21, ARM Holdings (ASX: ARM) jumped over 15%, Intel climbed more than 12%, and AMD rose nearly 10% — all three are core CPU players, not the traditional AI compute narrative&#39;s usual protagonist, Nvidia.<br/><br/>According to market intelligence firm Vital Knowledge, early generative AI relied mainly on GPUs for isolated text and image generation tasks. AI agents, by contrast, need to run continuous background processes, logic loops, and local data orchestration, making agentic AI far more CPU-intensive than GPU-heavy workloads.<br/><br/>In other words, the explosion of Muse-style products has directly created new demand for CPU silicon.<br/><br/>AMD touched the $1 trillion market cap threshold for the first time on the day, surpassing JPMorgan and joining the ranks of Eli Lilly and Berkshire Hathaway. Goldman&#39;s Peter Callahan noted in a flash note: &#34;If AMD overtakes those two names going forward, the S&amp;P 500&#39;s top ten companies will all be TMT firms, each with a market cap above $1 trillion.&#34;<br/><br/>Additionally, reports indicate that OpenAI is accelerating development of a Muse-like consumer agent, with expectations of an industry arms race further lifting valuations across the CPU and cloud computing supply chain.<br/><br/><strong>A Quiet Surge with Sharp Internal Divergence</strong><br/><br/>Goldman&#39;s TMT desk flash note captured the session&#39;s character in one line: &#34;The Nasdaq is back above 30,000, but this is one of the quietest ~3% rallies I can recall.&#34;<br/><br/>The day&#39;s data tells the story:<br/><br/>The S&amp;P 500 equal-weight index rose just ~18 basis points, while the S&amp;P 500 itself gained ~130 basis points — a spread that ranks among the top five single-day gaps in the past five-plus years.<br/><br/>The SOX semiconductor index posted a cumulative gain of nearly 12% over five trading days, its strongest five-day run since early August 2025.<br/><br/>Options activity hit a one-month high, with single-day call volume on AMD and Intel each exceeding 1 million contracts, near year-to-date peaks.<br/><br/>Media reports noted large tech call buying at the open, triggering an unusual combination of &#34;spot up, volatility also up&#34; — a hallmark of options-driven moves rather than fundamentals-led gains.<br/><br/>Goldman&#39;s desk also recorded roughly balanced buy/sell flows on the day: long-only funds (LO) were net buyers in communication services and information technology, while hedge funds (HF) added in communication services, financials, and consumer discretionary — but overall activity remained muted.<br/><br/><strong>Investors Are Skeptical: Fundamentals Are Solid, But the Move Feels Too Fast</strong><br/><br/>Goldman&#39;s TMT flash note directly captured investors&#39; reactions: &#34;Clients acknowledge the fundamentals are solid, but sentiment indicators are more cautious — we received a flood of &#39;this is moving too fast&#39; and &#39;where&#39;s the price target?&#39; inquiries.&#34;<br/><br/>Callahan noted this echoes recent conversations at Goldman&#39;s technology conferences, where investors show clear tension over whether to fully &#34;re-enter the AI infrastructure trade.&#34; The reason: at the macro level, oil prices and rates pressure have recently overshadowed healthy fundamental signals like supply-demand commentary, return-on-capital data, and product updates. &#34;It seems to be forming a pattern of &#39;buyers waiting at higher levels,&#39;&#34; he said.<br/><br/>In short: fundamentals are fine, but macro noise is keeping investors from chasing highs.<br/><br/><strong>The Credit Market Sends a Different Signal</strong><br/><br/>The equity market&#39;s optimism is not backed by credit markets. Bloomberg macro strategist Frank Monkam analyzed that despite the S&amp;P 500 near record highs, investment-grade credit quality — as measured by 5-year investment-grade CDS — has deteriorated to a five-month low, and this divergence has widened steadily since the Fed&#39;s rate hike this month.<br/><br/>Monkam wrote: &#34;Equities continue to price in resilient growth and earnings, plus a more optimistic narrative. Credit is doing the math, demanding higher risk compensation for corporates. This apparent mispricing begs the question: which market has the wrong read on risk premia? I lean toward the signal from higher up the capital structure ultimately having the final say.&#34;<br/><br/>Two markets, looking at the same corporate balance sheets, are arriving at very different answers.<br/><br/><strong>Oil and Rates: Temporary Relief or a Real Turning Point?</strong><br/><br/>Another macro backdrop to this tech rally is the pullback in oil prices. Brent crude fell below $100 per barrel. Satellite data showed Saudi Arabian oil loadings at Persian Gulf ports jumped sharply over the weekend to their highest since June, indicating the kingdom has shifted export routes back through the Strait of Hormuz after Red Sea pipeline disruptions from drone attacks.<br/><br/>The drop in oil helped push the 10-year Treasury yield back below 5%. Goldman&#39;s Rich Privorotsky characterized rates and rates volatility as &#34;the biggest macro risk right now,&#34; noting: &#34;The risk of rates and energy prices decoupling persists — oil has come down, but the effects of secondary inflation and global rate shocks are already baked in.&#34;<br/><br/><strong>The Next Catalyst: Micron&#39;s Earnings</strong><br/><br/>Goldman&#39;s TMT flash note closed by flagging the next focus for markets: &#34;Away from conferences and geopolitics, the next catalyst on my radar is next week&#39;s Micron Technology earnings.&#34;<br/><br/>As a core supplier of AI memory chips, Micron Technology&#39;s report will directly test the real strength of AI infrastructure demand. Notably, within this round of chip gains, memory stocks have clearly lagged — SanDisk fell about 3% on the day, while Western Digital and Seagate were roughly flat — a sharp contrast to the CPU explosion.<br/><br/>Whether Micron Technology can bridge this gap will be a key reference for the market in judging whether the &#34;return to AI trade&#34; is sustainable.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meta's Muse Reignites Tech Stock Rally — Is the AI Boom Really Back? Wall Street Remains Divided</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeta's Muse Reignites Tech Stock Rally — Is the AI Boom Really Back? Wall Street Remains Divided\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Deep News </p>\n<p class=\"h-time\">2026-09-22 10:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">The launch of Meta&#39;s AI agent Muse has reignited bets that consumer-grade artificial intelligence is finally hitting a mainstream inflection point, but Wall Street is split on whether this marks a genuine return to the AI trade or just another fleeting spike.<br/><br/>On September 21, the Nasdaq 100 jumped roughly 2.83% to reclaim the 30,000-point level, its highest close since June. Yet Goldman Sachs trading desk analyst Peter Callahan called it a &#34;quiet surge&#34; — trading activity scored just 3 out of 10, the S&amp;P 500 equal-weight index rose a mere 18 basis points, and the gains were heavily concentrated in mega-cap tech names.</p><p style=\"text-align: left;\"></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/86f176b6c7458b14d364d5ce6bb8b069\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: left;\">&#34;This is one of the rare ~3% Nasdaq rallies I can recall that felt so subdued,&#34; Callahan noted.<br/>The explosion of Muse-style products has directly opened up new demand for CPU chips, with ARM surging over 15% on the day, Intel climbing more than 12%, and AMD rising nearly 10%.<br/>Meanwhile, credit markets are diverging from equities: investment-grade CDS spreads have widened to a five-month high, signaling skepticism about the rally&#39;s staying power. Next week&#39;s earnings report from Micron Technology is being viewed as the key validation point for whether the AI infrastructure trade can hold.</p><p style=\"text-align: left;\"><strong>Muse: From Chatbot to an Agent That Gets Things Done</strong><br/><br/>The trigger for all of this was Meta&#39;s consumer AI agent, Muse, which launched on September 8. Unlike traditional conversational AI, Muse can autonomously execute multi-step tasks — booking travel, managing calendars, and completing e-commerce purchases — running continuously in the background rather than waiting for user commands.<br/><br/>Wells Fargo analyst Ken Gawrelski, citing SensorTower data in a client note, highlighted the following:<br/><br/>Muse hit 264,000 daily downloads on September 19, marking the third straight day above 200,000.<br/><br/>Daily active users peaked at 448,000 by day ten.<br/><br/>For comparison, ChatGPT took nearly a year to reach 200,000 daily downloads and 49 days to hit 450,000 daily active users.<br/><br/>Gawrelski raised his Meta price target from $640 to $796, maintaining an &#34;Overweight&#34; rating, and wrote: &#34;Muse marks the shift of consumer AI from chatbots to AI assistants, and whoever gets to market first has the advantage — because the more an AI assistant is used, the more valuable it becomes.&#34;<br/><br/>Goldman Sachs trader Rich Privorotsky pointed out the strategic significance directly: &#34;Meta has essentially built a direct-to-consumer agent factory — shopping, calling, subscriptions, admin tasks, increasingly acting on your behalf. The end state is clear: everyone will have dozens of agents helping with groceries, bill payments, holidays, and school arrangements. Your productivity becomes you plus your team of agents. This is a massive efficiency release and a massive compute multiplier.&#34;<br/><br/>Meta shares surged roughly 11% to 12% on the day, hitting their highest level since October 2025.</p><p style=\"text-align: left;\"></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0ab7ff824a2ad82b85ee3399cfabbd2e\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: left;\"><br/><br/><strong>Why CPUs, Not Just GPUs, Are the Story</strong><br/><br/>The structure of the chip rally reveals the market&#39;s bet on a shifting AI architecture. On September 21, ARM Holdings (ASX: ARM) jumped over 15%, Intel climbed more than 12%, and AMD rose nearly 10% — all three are core CPU players, not the traditional AI compute narrative&#39;s usual protagonist, Nvidia.<br/><br/>According to market intelligence firm Vital Knowledge, early generative AI relied mainly on GPUs for isolated text and image generation tasks. AI agents, by contrast, need to run continuous background processes, logic loops, and local data orchestration, making agentic AI far more CPU-intensive than GPU-heavy workloads.<br/><br/>In other words, the explosion of Muse-style products has directly created new demand for CPU silicon.<br/><br/>AMD touched the $1 trillion market cap threshold for the first time on the day, surpassing JPMorgan and joining the ranks of Eli Lilly and Berkshire Hathaway. Goldman&#39;s Peter Callahan noted in a flash note: &#34;If AMD overtakes those two names going forward, the S&amp;P 500&#39;s top ten companies will all be TMT firms, each with a market cap above $1 trillion.&#34;<br/><br/>Additionally, reports indicate that OpenAI is accelerating development of a Muse-like consumer agent, with expectations of an industry arms race further lifting valuations across the CPU and cloud computing supply chain.<br/><br/><strong>A Quiet Surge with Sharp Internal Divergence</strong><br/><br/>Goldman&#39;s TMT desk flash note captured the session&#39;s character in one line: &#34;The Nasdaq is back above 30,000, but this is one of the quietest ~3% rallies I can recall.&#34;<br/><br/>The day&#39;s data tells the story:<br/><br/>The S&amp;P 500 equal-weight index rose just ~18 basis points, while the S&amp;P 500 itself gained ~130 basis points — a spread that ranks among the top five single-day gaps in the past five-plus years.<br/><br/>The SOX semiconductor index posted a cumulative gain of nearly 12% over five trading days, its strongest five-day run since early August 2025.<br/><br/>Options activity hit a one-month high, with single-day call volume on AMD and Intel each exceeding 1 million contracts, near year-to-date peaks.<br/><br/>Media reports noted large tech call buying at the open, triggering an unusual combination of &#34;spot up, volatility also up&#34; — a hallmark of options-driven moves rather than fundamentals-led gains.<br/><br/>Goldman&#39;s desk also recorded roughly balanced buy/sell flows on the day: long-only funds (LO) were net buyers in communication services and information technology, while hedge funds (HF) added in communication services, financials, and consumer discretionary — but overall activity remained muted.<br/><br/><strong>Investors Are Skeptical: Fundamentals Are Solid, But the Move Feels Too Fast</strong><br/><br/>Goldman&#39;s TMT flash note directly captured investors&#39; reactions: &#34;Clients acknowledge the fundamentals are solid, but sentiment indicators are more cautious — we received a flood of &#39;this is moving too fast&#39; and &#39;where&#39;s the price target?&#39; inquiries.&#34;<br/><br/>Callahan noted this echoes recent conversations at Goldman&#39;s technology conferences, where investors show clear tension over whether to fully &#34;re-enter the AI infrastructure trade.&#34; The reason: at the macro level, oil prices and rates pressure have recently overshadowed healthy fundamental signals like supply-demand commentary, return-on-capital data, and product updates. &#34;It seems to be forming a pattern of &#39;buyers waiting at higher levels,&#39;&#34; he said.<br/><br/>In short: fundamentals are fine, but macro noise is keeping investors from chasing highs.<br/><br/><strong>The Credit Market Sends a Different Signal</strong><br/><br/>The equity market&#39;s optimism is not backed by credit markets. Bloomberg macro strategist Frank Monkam analyzed that despite the S&amp;P 500 near record highs, investment-grade credit quality — as measured by 5-year investment-grade CDS — has deteriorated to a five-month low, and this divergence has widened steadily since the Fed&#39;s rate hike this month.<br/><br/>Monkam wrote: &#34;Equities continue to price in resilient growth and earnings, plus a more optimistic narrative. Credit is doing the math, demanding higher risk compensation for corporates. This apparent mispricing begs the question: which market has the wrong read on risk premia? I lean toward the signal from higher up the capital structure ultimately having the final say.&#34;<br/><br/>Two markets, looking at the same corporate balance sheets, are arriving at very different answers.<br/><br/><strong>Oil and Rates: Temporary Relief or a Real Turning Point?</strong><br/><br/>Another macro backdrop to this tech rally is the pullback in oil prices. Brent crude fell below $100 per barrel. Satellite data showed Saudi Arabian oil loadings at Persian Gulf ports jumped sharply over the weekend to their highest since June, indicating the kingdom has shifted export routes back through the Strait of Hormuz after Red Sea pipeline disruptions from drone attacks.<br/><br/>The drop in oil helped push the 10-year Treasury yield back below 5%. Goldman&#39;s Rich Privorotsky characterized rates and rates volatility as &#34;the biggest macro risk right now,&#34; noting: &#34;The risk of rates and energy prices decoupling persists — oil has come down, but the effects of secondary inflation and global rate shocks are already baked in.&#34;<br/><br/><strong>The Next Catalyst: Micron&#39;s Earnings</strong><br/><br/>Goldman&#39;s TMT flash note closed by flagging the next focus for markets: &#34;Away from conferences and geopolitics, the next catalyst on my radar is next week&#39;s Micron Technology earnings.&#34;<br/><br/>As a core supplier of AI memory chips, Micron Technology&#39;s report will directly test the real strength of AI infrastructure demand. Notably, within this round of chip gains, memory stocks have clearly lagged — SanDisk fell about 3% on the day, while Western Digital and Seagate were roughly flat — a sharp contrast to the CPU explosion.<br/><br/>Whether Micron Technology can bridge this gap will be a key reference for the market in judging whether the &#34;return to AI trade&#34; is sustainable.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4587":"ChatGPT概念","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","SG9999002224.SGD":"Allianz Global High Payout SGD","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","BK4554":"元宇宙及AR概念","BK4553":"喜马拉雅资本持仓","SG9999002232.USD":"Allianz Global High Payout USD","BK4588":"碎股","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","CNAV":"Mohr Company Nav ETF","FBX":"Corgi META 2x Daily ETF","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU2355687059.USD":"NORDEA 1 GLOBAL IMPACT  \"BP\" (USD) ACC","SGXZ80539844.SGD":"ALLIANZ GLOBAL HIGH PAYOUT \"AMI\" (H2-SGD) INC","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC","IETC":"iShares U.S. Tech Independence Focused ETF","FBY":"META期权收益策略ETF-YieldMax","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","DRMY":"XFUNDS Memory Income ETF","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","FBYY":"GraniteShares YieldBOOST META ETF","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","LU1979441026.SGD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"A\" (SGDHDG) ACC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","SPRX":"Spear Alpha ETF","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","ILDR":"First Trust Innovation Leaders ETF","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","BK4543":"AI","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","WUGI":"AXS Esoterica NextG Economy ETF","BK4605":"半导体精选","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","DISK":"Tema Memory ETF","FTXL":"First Trust Nasdaq Semiconductor ETF","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","XLC":"Communication Services Select Sector SPDR Fund","FCOM":"Fidelity MSCI Communication Services Index ETF","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","BK4609":"英伟达持仓股","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1935043452.HKD":"宏利环球多元资产收益 \"AA\" 基金（港元）派息","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","BK4575":"芯片概念","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","SOCL":"社交媒体ETF-Global X","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","BK4612":"AI芯片","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","BK4614":"Manus概念股","BK4579":"人工智能","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","BK4573":"虚拟现实","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","ARTY":"ISHARES FUTURE AI & TECH ETF","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU0859254822.USD":"T ROWE PRICE GLOBAL VALUE EQUITY \"A\" (USD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU2357627491.SGD":"TRP GLOBAL VALUE EQUITY \"AH\" (SGDHDG) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","BK4566":"资本集团","XLK":"高科技指数ETF-SPDR","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","SOXQ":"Invesco PHLX Semiconductor ETF","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","SOXX":"iShares费城交易所半导体ETF","LU1917777945.USD":"安联专题基金Cl AT Acc","VGT":"信息技术ETF-Vanguard","SOXY":"YieldMax Target 12 Semiconductor Option Income ETF","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","GXPC":"Global X PureCap MSCI Communication Services ETF","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","FXL":"First Trust Technology AlphaDEX Fund","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU2063271972.USD":"富兰克林创新领域基金","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","SHOC":"Strive U.S. Semiconductor ETF","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","BOBP":"CORE16 Best of Breed Premier Index ETF","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","FDTX":"Fidelity Disruptive Technology ETF","TTEQ":"T. Rowe Price Technology ETF","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","XDAT":"Franklin Exponential Data ETF","QQQA":"ProShares Nasdaq-100 Dorsey Wright Momentum ETF","SMH":"半导体指数ETF-HOLDRs","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","IXN":"iShares Trust S&P Global Informa","CHPX":"Global X AI Semiconductor & Quantum ETF","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","CHPS":"XTRACKERS SEMICONDUCTOR SELECT EQUITY ETF","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","TTXU":"Direxion Daily Technology Top 5 Bull 2X ETF","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LEGR":"First Trust Indxx Innovative Transaction & Process ETF","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","SMHX":"VanEck Fabless Semiconductor ETF","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","GAMR":"Amplify Video Game Leaders ETF","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","TRFK":"PACER DATA AND DIGITAL REVOLUTION ETF","LU1861558580.USD":"日兴方舟颠覆性创新基金B","HBMX":"Tuttle Capital Concentrated Memory Stack ETF","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","TEK":"iShares Technology Opportunities Active ETF","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","XNTK":"SPDR NYSE Technology ETF","IE000F7OJYX1.SGD":"RQI GLOBAL \"I\" (SGDHDG) INC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","IE0000B7K699.USD":"RQI GLOBAL \"I\" (USD) INC","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","IE000BZT7R73.USD":"RQI GLOBAL \"I\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","IE000MB6IJN5.SGD":"RQI GLOBAL \"I\" (SGD) ACC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","TRUC":"VanEck Communication Services TruSector ETF","BK4592":"伊斯兰概念","INT":"2倍做多INTC ETF-Corgi","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU2102340556.USD":"AZ ALLOCATION - RISK PARITY FACTOR \"A\" (USD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","USXF":"iShares ESG Advanced MSCI USA ETF","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU2048586759.USD":"ALLIANZ SMART ENERGY \"AT\" (USD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","INTW":"2倍做多INTC ETF-GraniteShares","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","IE000WAW04H5.SGD":"RQI GLOBAL \"I\" (SGD) INC A","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","IE000SO60NU8.SGD":"RQI GLOBAL \"I\" (SGDHDG) ACC A","BK4585":"ETF&股票定投概念","INYY":"YieldMax INTC Option Income Strategy ETF","LU0552385451.USD":"摩根士丹利投资基金-环球机会基金 C","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU1046421795.USD":"富达环球科技A-ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","AMDC":"Corgi AMD 2x Daily ETF","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","AMDD":"1倍做空AMD ETF-Direxion","LU0079474960.USD":"联博美国增长基金A","AMDG":"2倍做多AMD ETF- Leverage Shares","AMDL":"2倍做多AMD ETF-GraniteShares","METD":"1倍做空META ETF-Direxion","LINT":"Direxion Daily INTC Bull 2X ETF","LU0528227936.USD":"富达环球人口趋势基金A-ACC","AMDS":"GRANITESHARES 1X SHORT AMD DAILY ETF","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0238689110.USD":"贝莱德环球动力股票基金","METG":"Leverage Shares 2x Long META Daily ETF","LU0072462426.USD":"贝莱德全球配置 A2","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","AMDU":"Defiance Leveraged Long + Income AMD ETF","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","AMDW":"Roundhill AMD WeeklyPay ETF","METQ":"Tradr 2X Short META Daily ETF","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4529":"IDC概念","METU":"2倍做多META ETF-Direxion","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","AMDY":"AMD期权收益策略ETF-YieldMax","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","METV":"Roundhill Ball Metaverse ETF","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","METW":"Roundhill META WeeklyPay™ ETF","LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","RSPC":"Invesco S&P 500 Equal Weight Communication Services ETF","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","INTC":"英特尔","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","BK4524":"宅经济概念","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","BK4527":"明星科技股","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","DAMD":"2倍做空AMD ETF-Defiance","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","VOX":"电信业ETF-Vanguard","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU0109392836.USD":"富兰克林科技股A","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","BK4532":"文艺复兴科技持仓","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU0444971666.USD":"天利全球科技基金","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","AMUU":"2倍做多AMD ETF-Direxion","BK4534":"瑞士信贷持仓","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","BK4141":"半导体产品","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","AMYY":"GraniteShares YieldBOOST AMD ETF","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","RULE":"Adaptive Core ETF","AMD":"美国超微公司","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","AIFD":"TCW Artificial Intelligence ETF","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","BK4507":"流媒体概念","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","NULC":"Nuveen ESG Large-Cap ETF","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","JGRO":"Jpmorgan Active Growth ETF","OGIG":"ALPS O'Shares Global Internet Giants ETF","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","SG9999001424.SGD":"United E-Commerce Fund SGD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","AIPI":"REX AI EQUITY PREMIUM INCOME ETF","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","BAI":"iShares A.I. Innovation and Tech Active ETF","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","AIQ":"Global X Artificial Intelligence & Technology ETF","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","PSI":"INVESCO SEMICONDUCTORS ETF","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU1564329628.SGD":"Blackrock Dynamic High Income A2 SGD-H","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","WLDR":"Affinity World Leaders Equity ETF","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","AIS":"VistaShares Artificial Intelligence Supercycle ETF","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","EMSF":"Matthews Emerging Markets Sustainable Future Active ETF","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0080751232.USD":"富达环球多元动力基金A","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","SG9999001077.SGD":"United International Growth Fund SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","FTEC":"Fidelity MSCI Information Techno","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","FAI":"First Trust Bloomberg Artificial Intelligence ETF","BK4512":"苹果概念","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","EFIV":"SPDR S&P 500 ESG ETF","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","META":"Meta Platforms, Inc.","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LTL":"PROSHARES ULTRA COMMUNICATION SERVICES","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","CGGO":"Capital Group Global Growth Equity ETF","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","PTF":"Invesco Dorsey Wright Technology Momentum ETF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","BK4077":"互动媒体与服务","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","EGGY":"NESTYIELD DYNAMIC INCOME SHIELD ETF","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","FBL":"2倍做多META ETF-GraniteShares","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152062461","content_text":"The launch of Meta's AI agent Muse has reignited bets that consumer-grade artificial intelligence is finally hitting a mainstream inflection point, but Wall Street is split on whether this marks a genuine return to the AI trade or just another fleeting spike.On September 21, the Nasdaq 100 jumped roughly 2.83% to reclaim the 30,000-point level, its highest close since June. Yet Goldman Sachs trading desk analyst Peter Callahan called it a \"quiet surge\" — trading activity scored just 3 out of 10, the S&P 500 equal-weight index rose a mere 18 basis points, and the gains were heavily concentrated in mega-cap tech names.\"This is one of the rare ~3% Nasdaq rallies I can recall that felt so subdued,\" Callahan noted.The explosion of Muse-style products has directly opened up new demand for CPU chips, with ARM surging over 15% on the day, Intel climbing more than 12%, and AMD rising nearly 10%.Meanwhile, credit markets are diverging from equities: investment-grade CDS spreads have widened to a five-month high, signaling skepticism about the rally's staying power. Next week's earnings report from Micron Technology is being viewed as the key validation point for whether the AI infrastructure trade can hold.Muse: From Chatbot to an Agent That Gets Things DoneThe trigger for all of this was Meta's consumer AI agent, Muse, which launched on September 8. Unlike traditional conversational AI, Muse can autonomously execute multi-step tasks — booking travel, managing calendars, and completing e-commerce purchases — running continuously in the background rather than waiting for user commands.Wells Fargo analyst Ken Gawrelski, citing SensorTower data in a client note, highlighted the following:Muse hit 264,000 daily downloads on September 19, marking the third straight day above 200,000.Daily active users peaked at 448,000 by day ten.For comparison, ChatGPT took nearly a year to reach 200,000 daily downloads and 49 days to hit 450,000 daily active users.Gawrelski raised his Meta price target from $640 to $796, maintaining an \"Overweight\" rating, and wrote: \"Muse marks the shift of consumer AI from chatbots to AI assistants, and whoever gets to market first has the advantage — because the more an AI assistant is used, the more valuable it becomes.\"Goldman Sachs trader Rich Privorotsky pointed out the strategic significance directly: \"Meta has essentially built a direct-to-consumer agent factory — shopping, calling, subscriptions, admin tasks, increasingly acting on your behalf. The end state is clear: everyone will have dozens of agents helping with groceries, bill payments, holidays, and school arrangements. Your productivity becomes you plus your team of agents. This is a massive efficiency release and a massive compute multiplier.\"Meta shares surged roughly 11% to 12% on the day, hitting their highest level since October 2025.Why CPUs, Not Just GPUs, Are the StoryThe structure of the chip rally reveals the market's bet on a shifting AI architecture. On September 21, ARM Holdings (ASX: ARM) jumped over 15%, Intel climbed more than 12%, and AMD rose nearly 10% — all three are core CPU players, not the traditional AI compute narrative's usual protagonist, Nvidia.According to market intelligence firm Vital Knowledge, early generative AI relied mainly on GPUs for isolated text and image generation tasks. AI agents, by contrast, need to run continuous background processes, logic loops, and local data orchestration, making agentic AI far more CPU-intensive than GPU-heavy workloads.In other words, the explosion of Muse-style products has directly created new demand for CPU silicon.AMD touched the $1 trillion market cap threshold for the first time on the day, surpassing JPMorgan and joining the ranks of Eli Lilly and Berkshire Hathaway. Goldman's Peter Callahan noted in a flash note: \"If AMD overtakes those two names going forward, the S&P 500's top ten companies will all be TMT firms, each with a market cap above $1 trillion.\"Additionally, reports indicate that OpenAI is accelerating development of a Muse-like consumer agent, with expectations of an industry arms race further lifting valuations across the CPU and cloud computing supply chain.A Quiet Surge with Sharp Internal DivergenceGoldman's TMT desk flash note captured the session's character in one line: \"The Nasdaq is back above 30,000, but this is one of the quietest ~3% rallies I can recall.\"The day's data tells the story:The S&P 500 equal-weight index rose just ~18 basis points, while the S&P 500 itself gained ~130 basis points — a spread that ranks among the top five single-day gaps in the past five-plus years.The SOX semiconductor index posted a cumulative gain of nearly 12% over five trading days, its strongest five-day run since early August 2025.Options activity hit a one-month high, with single-day call volume on AMD and Intel each exceeding 1 million contracts, near year-to-date peaks.Media reports noted large tech call buying at the open, triggering an unusual combination of \"spot up, volatility also up\" — a hallmark of options-driven moves rather than fundamentals-led gains.Goldman's desk also recorded roughly balanced buy/sell flows on the day: long-only funds (LO) were net buyers in communication services and information technology, while hedge funds (HF) added in communication services, financials, and consumer discretionary — but overall activity remained muted.Investors Are Skeptical: Fundamentals Are Solid, But the Move Feels Too FastGoldman's TMT flash note directly captured investors' reactions: \"Clients acknowledge the fundamentals are solid, but sentiment indicators are more cautious — we received a flood of 'this is moving too fast' and 'where's the price target?' inquiries.\"Callahan noted this echoes recent conversations at Goldman's technology conferences, where investors show clear tension over whether to fully \"re-enter the AI infrastructure trade.\" The reason: at the macro level, oil prices and rates pressure have recently overshadowed healthy fundamental signals like supply-demand commentary, return-on-capital data, and product updates. \"It seems to be forming a pattern of 'buyers waiting at higher levels,'\" he said.In short: fundamentals are fine, but macro noise is keeping investors from chasing highs.The Credit Market Sends a Different SignalThe equity market's optimism is not backed by credit markets. Bloomberg macro strategist Frank Monkam analyzed that despite the S&P 500 near record highs, investment-grade credit quality — as measured by 5-year investment-grade CDS — has deteriorated to a five-month low, and this divergence has widened steadily since the Fed's rate hike this month.Monkam wrote: \"Equities continue to price in resilient growth and earnings, plus a more optimistic narrative. Credit is doing the math, demanding higher risk compensation for corporates. This apparent mispricing begs the question: which market has the wrong read on risk premia? I lean toward the signal from higher up the capital structure ultimately having the final say.\"Two markets, looking at the same corporate balance sheets, are arriving at very different answers.Oil and Rates: Temporary Relief or a Real Turning Point?Another macro backdrop to this tech rally is the pullback in oil prices. Brent crude fell below $100 per barrel. Satellite data showed Saudi Arabian oil loadings at Persian Gulf ports jumped sharply over the weekend to their highest since June, indicating the kingdom has shifted export routes back through the Strait of Hormuz after Red Sea pipeline disruptions from drone attacks.The drop in oil helped push the 10-year Treasury yield back below 5%. Goldman's Rich Privorotsky characterized rates and rates volatility as \"the biggest macro risk right now,\" noting: \"The risk of rates and energy prices decoupling persists — oil has come down, but the effects of secondary inflation and global rate shocks are already baked in.\"The Next Catalyst: Micron's EarningsGoldman's TMT flash note closed by flagging the next focus for markets: \"Away from conferences and geopolitics, the next catalyst on my radar is next week's Micron Technology earnings.\"As a core supplier of AI memory chips, Micron Technology's report will directly test the real strength of AI infrastructure demand. Notably, within this round of chip gains, memory stocks have clearly lagged — SanDisk fell about 3% on the day, while Western Digital and Seagate were roughly flat — a sharp contrast to the CPU explosion.Whether Micron Technology can bridge this gap will be a key reference for the market in judging whether the \"return to AI trade\" is sustainable.","news_type":1,"symbols_score_info":{"CHPS":1,"RULE":1,"INTW":0.6,"FTXL":1,"AIFD":1,"XNTK":1,"SOXY":1,"FBYY":0.6,"LEGR":1,"XLK":1,"AMDS":1,"SOXX":1,"METW":0.6,"XDAT":1,"AMDW":0.6,"METV":1,"CHAT":1,"FAI":1,"BAI":1,"AMDU":1,"METU":0.6,"METQ":0.6,"CNAV":1,"FBX":0.6,"DISK":1,"AMDC":0.6,"AMDG":0.6,"EGGY":1,"TTXU":1,"PSI":1,"AMDL":0.6,"AMDD":0.6,"GXPC":1,"NULC":1,"FDTX":1,"HBMX":1,"SOCL":1,"TTEQ":1,"ARTY":1,"AIS":1,"SOXQ":1,"WISE":1,"AIQ":1,"TRUC":1,"XLC":1,"AMYY":0.6,"FTEC":1,"INYY":0.6,"CGGO":1,"CHPX":1,"EFIV":1,"FBY":0.6,"SMH":1,"JGRO":1,"FXL":1,"DAMD":0.6,"AMD":2,"METD":0.6,"PTF":1,"VGT":1,"OGIG":1,"FBL":0.6,"LINT":0.6,"IXN":1,"WUGI":1,"TEK":1,"USXF":1,"INTC":2,"SMHX":1,"AMDY":0.6,"AMUU":0.6,"DRMY":1,"INT":0.6,"EMSF":1,"LTL":1,"FCOM":1,"RSPC":1,"ILDR":1,"SHOC":1,"WLDR":1,"QQQA":1,"METG":0.6,"SPRX":1,"AIPI":1,"VOX":1,"GAMR":1,"IETC":1,"TRFK":1,"META":2,"BOBP":1}},"isVote":1,"tweetType":1,"viewCount":27,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":610400358494712,"gmtCreate":1790050331119,"gmtModify":1790051090757,"author":{"id":"4137974097536332","authorId":"4137974097536332","name":"tongzai","avatar":"https://community-static.tradeup.com/news/default-avatar.jpg","crmLevel":12,"crmLevelSwitch":0,"followedFlag":false,"idStr":"4137974097536332","authorIdStr":"4137974097536332"},"themes":[],"title":"","htmlText":"Y5345s5ube6d9lg3rr5d<a href=\"https://ttm.financial/S/VICI\">$Vici Properties(VICI)$ </a> oop","listText":"Y5345s5ube6d9lg3rr5d<a href=\"https://ttm.financial/S/VICI\">$Vici Properties(VICI)$ </a> oop","text":"Y5345s5ube6d9lg3rr5d$Vici Properties(VICI)$ oop","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":0,"repostSize":0,"link":"https://ttm.financial/post/610400358494712","repostId":"1152062461","repostType":2,"repost":{"id":"1152062461","kind":"news","weMediaInfo":{"introduction":"Global Stock Market Deep Analysis","home_visible":1,"media_name":"Deep News","id":"1039043262","head_image":"https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922"},"pubTimestamp":1790044819,"share":"https://ttm.financial/m/news/1152062461?lang=en_US&edition=fundamental","pubTime":"2026-09-22 10:40","market":"us","language":"en","title":"Meta's Muse Reignites Tech Stock Rally — Is the AI Boom Really Back? Wall Street Remains Divided","url":"https://stock-news.laohu8.com/highlight/detail?id=1152062461","media":"Deep News","summary":"The launch of Meta's AI agent Muse has reignited bets that consumer-grade artificial intelligence is finally hitting a mainstream inflection point, but Wall Street is split on whether this marks a...","content":"<html><head></head><body><p style=\"text-align: left;\">The launch of Meta&#39;s AI agent Muse has reignited bets that consumer-grade artificial intelligence is finally hitting a mainstream inflection point, but Wall Street is split on whether this marks a genuine return to the AI trade or just another fleeting spike.<br/><br/>On September 21, the Nasdaq 100 jumped roughly 2.83% to reclaim the 30,000-point level, its highest close since June. Yet Goldman Sachs trading desk analyst Peter Callahan called it a &#34;quiet surge&#34; — trading activity scored just 3 out of 10, the S&amp;P 500 equal-weight index rose a mere 18 basis points, and the gains were heavily concentrated in mega-cap tech names.</p><p style=\"text-align: left;\"></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/86f176b6c7458b14d364d5ce6bb8b069\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: left;\">&#34;This is one of the rare ~3% Nasdaq rallies I can recall that felt so subdued,&#34; Callahan noted.<br/>The explosion of Muse-style products has directly opened up new demand for CPU chips, with ARM surging over 15% on the day, Intel climbing more than 12%, and AMD rising nearly 10%.<br/>Meanwhile, credit markets are diverging from equities: investment-grade CDS spreads have widened to a five-month high, signaling skepticism about the rally&#39;s staying power. Next week&#39;s earnings report from Micron Technology is being viewed as the key validation point for whether the AI infrastructure trade can hold.</p><p style=\"text-align: left;\"><strong>Muse: From Chatbot to an Agent That Gets Things Done</strong><br/><br/>The trigger for all of this was Meta&#39;s consumer AI agent, Muse, which launched on September 8. Unlike traditional conversational AI, Muse can autonomously execute multi-step tasks — booking travel, managing calendars, and completing e-commerce purchases — running continuously in the background rather than waiting for user commands.<br/><br/>Wells Fargo analyst Ken Gawrelski, citing SensorTower data in a client note, highlighted the following:<br/><br/>Muse hit 264,000 daily downloads on September 19, marking the third straight day above 200,000.<br/><br/>Daily active users peaked at 448,000 by day ten.<br/><br/>For comparison, ChatGPT took nearly a year to reach 200,000 daily downloads and 49 days to hit 450,000 daily active users.<br/><br/>Gawrelski raised his Meta price target from $640 to $796, maintaining an &#34;Overweight&#34; rating, and wrote: &#34;Muse marks the shift of consumer AI from chatbots to AI assistants, and whoever gets to market first has the advantage — because the more an AI assistant is used, the more valuable it becomes.&#34;<br/><br/>Goldman Sachs trader Rich Privorotsky pointed out the strategic significance directly: &#34;Meta has essentially built a direct-to-consumer agent factory — shopping, calling, subscriptions, admin tasks, increasingly acting on your behalf. The end state is clear: everyone will have dozens of agents helping with groceries, bill payments, holidays, and school arrangements. Your productivity becomes you plus your team of agents. This is a massive efficiency release and a massive compute multiplier.&#34;<br/><br/>Meta shares surged roughly 11% to 12% on the day, hitting their highest level since October 2025.</p><p style=\"text-align: left;\"></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0ab7ff824a2ad82b85ee3399cfabbd2e\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: left;\"><br/><br/><strong>Why CPUs, Not Just GPUs, Are the Story</strong><br/><br/>The structure of the chip rally reveals the market&#39;s bet on a shifting AI architecture. On September 21, ARM Holdings (ASX: ARM) jumped over 15%, Intel climbed more than 12%, and AMD rose nearly 10% — all three are core CPU players, not the traditional AI compute narrative&#39;s usual protagonist, Nvidia.<br/><br/>According to market intelligence firm Vital Knowledge, early generative AI relied mainly on GPUs for isolated text and image generation tasks. AI agents, by contrast, need to run continuous background processes, logic loops, and local data orchestration, making agentic AI far more CPU-intensive than GPU-heavy workloads.<br/><br/>In other words, the explosion of Muse-style products has directly created new demand for CPU silicon.<br/><br/>AMD touched the $1 trillion market cap threshold for the first time on the day, surpassing JPMorgan and joining the ranks of Eli Lilly and Berkshire Hathaway. Goldman&#39;s Peter Callahan noted in a flash note: &#34;If AMD overtakes those two names going forward, the S&amp;P 500&#39;s top ten companies will all be TMT firms, each with a market cap above $1 trillion.&#34;<br/><br/>Additionally, reports indicate that OpenAI is accelerating development of a Muse-like consumer agent, with expectations of an industry arms race further lifting valuations across the CPU and cloud computing supply chain.<br/><br/><strong>A Quiet Surge with Sharp Internal Divergence</strong><br/><br/>Goldman&#39;s TMT desk flash note captured the session&#39;s character in one line: &#34;The Nasdaq is back above 30,000, but this is one of the quietest ~3% rallies I can recall.&#34;<br/><br/>The day&#39;s data tells the story:<br/><br/>The S&amp;P 500 equal-weight index rose just ~18 basis points, while the S&amp;P 500 itself gained ~130 basis points — a spread that ranks among the top five single-day gaps in the past five-plus years.<br/><br/>The SOX semiconductor index posted a cumulative gain of nearly 12% over five trading days, its strongest five-day run since early August 2025.<br/><br/>Options activity hit a one-month high, with single-day call volume on AMD and Intel each exceeding 1 million contracts, near year-to-date peaks.<br/><br/>Media reports noted large tech call buying at the open, triggering an unusual combination of &#34;spot up, volatility also up&#34; — a hallmark of options-driven moves rather than fundamentals-led gains.<br/><br/>Goldman&#39;s desk also recorded roughly balanced buy/sell flows on the day: long-only funds (LO) were net buyers in communication services and information technology, while hedge funds (HF) added in communication services, financials, and consumer discretionary — but overall activity remained muted.<br/><br/><strong>Investors Are Skeptical: Fundamentals Are Solid, But the Move Feels Too Fast</strong><br/><br/>Goldman&#39;s TMT flash note directly captured investors&#39; reactions: &#34;Clients acknowledge the fundamentals are solid, but sentiment indicators are more cautious — we received a flood of &#39;this is moving too fast&#39; and &#39;where&#39;s the price target?&#39; inquiries.&#34;<br/><br/>Callahan noted this echoes recent conversations at Goldman&#39;s technology conferences, where investors show clear tension over whether to fully &#34;re-enter the AI infrastructure trade.&#34; The reason: at the macro level, oil prices and rates pressure have recently overshadowed healthy fundamental signals like supply-demand commentary, return-on-capital data, and product updates. &#34;It seems to be forming a pattern of &#39;buyers waiting at higher levels,&#39;&#34; he said.<br/><br/>In short: fundamentals are fine, but macro noise is keeping investors from chasing highs.<br/><br/><strong>The Credit Market Sends a Different Signal</strong><br/><br/>The equity market&#39;s optimism is not backed by credit markets. Bloomberg macro strategist Frank Monkam analyzed that despite the S&amp;P 500 near record highs, investment-grade credit quality — as measured by 5-year investment-grade CDS — has deteriorated to a five-month low, and this divergence has widened steadily since the Fed&#39;s rate hike this month.<br/><br/>Monkam wrote: &#34;Equities continue to price in resilient growth and earnings, plus a more optimistic narrative. Credit is doing the math, demanding higher risk compensation for corporates. This apparent mispricing begs the question: which market has the wrong read on risk premia? I lean toward the signal from higher up the capital structure ultimately having the final say.&#34;<br/><br/>Two markets, looking at the same corporate balance sheets, are arriving at very different answers.<br/><br/><strong>Oil and Rates: Temporary Relief or a Real Turning Point?</strong><br/><br/>Another macro backdrop to this tech rally is the pullback in oil prices. Brent crude fell below $100 per barrel. Satellite data showed Saudi Arabian oil loadings at Persian Gulf ports jumped sharply over the weekend to their highest since June, indicating the kingdom has shifted export routes back through the Strait of Hormuz after Red Sea pipeline disruptions from drone attacks.<br/><br/>The drop in oil helped push the 10-year Treasury yield back below 5%. Goldman&#39;s Rich Privorotsky characterized rates and rates volatility as &#34;the biggest macro risk right now,&#34; noting: &#34;The risk of rates and energy prices decoupling persists — oil has come down, but the effects of secondary inflation and global rate shocks are already baked in.&#34;<br/><br/><strong>The Next Catalyst: Micron&#39;s Earnings</strong><br/><br/>Goldman&#39;s TMT flash note closed by flagging the next focus for markets: &#34;Away from conferences and geopolitics, the next catalyst on my radar is next week&#39;s Micron Technology earnings.&#34;<br/><br/>As a core supplier of AI memory chips, Micron Technology&#39;s report will directly test the real strength of AI infrastructure demand. Notably, within this round of chip gains, memory stocks have clearly lagged — SanDisk fell about 3% on the day, while Western Digital and Seagate were roughly flat — a sharp contrast to the CPU explosion.<br/><br/>Whether Micron Technology can bridge this gap will be a key reference for the market in judging whether the &#34;return to AI trade&#34; is sustainable.</p></body></html>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Meta's Muse Reignites Tech Stock Rally — Is the AI Boom Really Back? Wall Street Remains Divided</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nMeta's Muse Reignites Tech Stock Rally — Is the AI Boom Really Back? Wall Street Remains Divided\n</h2>\n\n<h4 class=\"meta\">\n\n\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1039043262\">\n\n\n<div class=\"h-thumb\" style=\"background-image:url(https://community-static.tradeup.com/news/8296859682db4b478146245e72de1922);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Deep News </p>\n<p class=\"h-time\">2026-09-22 10:40</p>\n</div>\n\n</a>\n\n\n</h4>\n\n</header>\n<article>\n<html><head></head><body><p style=\"text-align: left;\">The launch of Meta&#39;s AI agent Muse has reignited bets that consumer-grade artificial intelligence is finally hitting a mainstream inflection point, but Wall Street is split on whether this marks a genuine return to the AI trade or just another fleeting spike.<br/><br/>On September 21, the Nasdaq 100 jumped roughly 2.83% to reclaim the 30,000-point level, its highest close since June. Yet Goldman Sachs trading desk analyst Peter Callahan called it a &#34;quiet surge&#34; — trading activity scored just 3 out of 10, the S&amp;P 500 equal-weight index rose a mere 18 basis points, and the gains were heavily concentrated in mega-cap tech names.</p><p style=\"text-align: left;\"></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/86f176b6c7458b14d364d5ce6bb8b069\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: left;\">&#34;This is one of the rare ~3% Nasdaq rallies I can recall that felt so subdued,&#34; Callahan noted.<br/>The explosion of Muse-style products has directly opened up new demand for CPU chips, with ARM surging over 15% on the day, Intel climbing more than 12%, and AMD rising nearly 10%.<br/>Meanwhile, credit markets are diverging from equities: investment-grade CDS spreads have widened to a five-month high, signaling skepticism about the rally&#39;s staying power. Next week&#39;s earnings report from Micron Technology is being viewed as the key validation point for whether the AI infrastructure trade can hold.</p><p style=\"text-align: left;\"><strong>Muse: From Chatbot to an Agent That Gets Things Done</strong><br/><br/>The trigger for all of this was Meta&#39;s consumer AI agent, Muse, which launched on September 8. Unlike traditional conversational AI, Muse can autonomously execute multi-step tasks — booking travel, managing calendars, and completing e-commerce purchases — running continuously in the background rather than waiting for user commands.<br/><br/>Wells Fargo analyst Ken Gawrelski, citing SensorTower data in a client note, highlighted the following:<br/><br/>Muse hit 264,000 daily downloads on September 19, marking the third straight day above 200,000.<br/><br/>Daily active users peaked at 448,000 by day ten.<br/><br/>For comparison, ChatGPT took nearly a year to reach 200,000 daily downloads and 49 days to hit 450,000 daily active users.<br/><br/>Gawrelski raised his Meta price target from $640 to $796, maintaining an &#34;Overweight&#34; rating, and wrote: &#34;Muse marks the shift of consumer AI from chatbots to AI assistants, and whoever gets to market first has the advantage — because the more an AI assistant is used, the more valuable it becomes.&#34;<br/><br/>Goldman Sachs trader Rich Privorotsky pointed out the strategic significance directly: &#34;Meta has essentially built a direct-to-consumer agent factory — shopping, calling, subscriptions, admin tasks, increasingly acting on your behalf. The end state is clear: everyone will have dozens of agents helping with groceries, bill payments, holidays, and school arrangements. Your productivity becomes you plus your team of agents. This is a massive efficiency release and a massive compute multiplier.&#34;<br/><br/>Meta shares surged roughly 11% to 12% on the day, hitting their highest level since October 2025.</p><p style=\"text-align: left;\"></p><p class=\"t-img-caption\"><img src=\"https://community-static.tradeup.com/news/0ab7ff824a2ad82b85ee3399cfabbd2e\" data-align=\"center\" data-image-type=\"kline\" tg-width=\"560\" tg-height=\"240\"/><span></span></p><p style=\"text-align: left;\"><br/><br/><strong>Why CPUs, Not Just GPUs, Are the Story</strong><br/><br/>The structure of the chip rally reveals the market&#39;s bet on a shifting AI architecture. On September 21, ARM Holdings (ASX: ARM) jumped over 15%, Intel climbed more than 12%, and AMD rose nearly 10% — all three are core CPU players, not the traditional AI compute narrative&#39;s usual protagonist, Nvidia.<br/><br/>According to market intelligence firm Vital Knowledge, early generative AI relied mainly on GPUs for isolated text and image generation tasks. AI agents, by contrast, need to run continuous background processes, logic loops, and local data orchestration, making agentic AI far more CPU-intensive than GPU-heavy workloads.<br/><br/>In other words, the explosion of Muse-style products has directly created new demand for CPU silicon.<br/><br/>AMD touched the $1 trillion market cap threshold for the first time on the day, surpassing JPMorgan and joining the ranks of Eli Lilly and Berkshire Hathaway. Goldman&#39;s Peter Callahan noted in a flash note: &#34;If AMD overtakes those two names going forward, the S&amp;P 500&#39;s top ten companies will all be TMT firms, each with a market cap above $1 trillion.&#34;<br/><br/>Additionally, reports indicate that OpenAI is accelerating development of a Muse-like consumer agent, with expectations of an industry arms race further lifting valuations across the CPU and cloud computing supply chain.<br/><br/><strong>A Quiet Surge with Sharp Internal Divergence</strong><br/><br/>Goldman&#39;s TMT desk flash note captured the session&#39;s character in one line: &#34;The Nasdaq is back above 30,000, but this is one of the quietest ~3% rallies I can recall.&#34;<br/><br/>The day&#39;s data tells the story:<br/><br/>The S&amp;P 500 equal-weight index rose just ~18 basis points, while the S&amp;P 500 itself gained ~130 basis points — a spread that ranks among the top five single-day gaps in the past five-plus years.<br/><br/>The SOX semiconductor index posted a cumulative gain of nearly 12% over five trading days, its strongest five-day run since early August 2025.<br/><br/>Options activity hit a one-month high, with single-day call volume on AMD and Intel each exceeding 1 million contracts, near year-to-date peaks.<br/><br/>Media reports noted large tech call buying at the open, triggering an unusual combination of &#34;spot up, volatility also up&#34; — a hallmark of options-driven moves rather than fundamentals-led gains.<br/><br/>Goldman&#39;s desk also recorded roughly balanced buy/sell flows on the day: long-only funds (LO) were net buyers in communication services and information technology, while hedge funds (HF) added in communication services, financials, and consumer discretionary — but overall activity remained muted.<br/><br/><strong>Investors Are Skeptical: Fundamentals Are Solid, But the Move Feels Too Fast</strong><br/><br/>Goldman&#39;s TMT flash note directly captured investors&#39; reactions: &#34;Clients acknowledge the fundamentals are solid, but sentiment indicators are more cautious — we received a flood of &#39;this is moving too fast&#39; and &#39;where&#39;s the price target?&#39; inquiries.&#34;<br/><br/>Callahan noted this echoes recent conversations at Goldman&#39;s technology conferences, where investors show clear tension over whether to fully &#34;re-enter the AI infrastructure trade.&#34; The reason: at the macro level, oil prices and rates pressure have recently overshadowed healthy fundamental signals like supply-demand commentary, return-on-capital data, and product updates. &#34;It seems to be forming a pattern of &#39;buyers waiting at higher levels,&#39;&#34; he said.<br/><br/>In short: fundamentals are fine, but macro noise is keeping investors from chasing highs.<br/><br/><strong>The Credit Market Sends a Different Signal</strong><br/><br/>The equity market&#39;s optimism is not backed by credit markets. Bloomberg macro strategist Frank Monkam analyzed that despite the S&amp;P 500 near record highs, investment-grade credit quality — as measured by 5-year investment-grade CDS — has deteriorated to a five-month low, and this divergence has widened steadily since the Fed&#39;s rate hike this month.<br/><br/>Monkam wrote: &#34;Equities continue to price in resilient growth and earnings, plus a more optimistic narrative. Credit is doing the math, demanding higher risk compensation for corporates. This apparent mispricing begs the question: which market has the wrong read on risk premia? I lean toward the signal from higher up the capital structure ultimately having the final say.&#34;<br/><br/>Two markets, looking at the same corporate balance sheets, are arriving at very different answers.<br/><br/><strong>Oil and Rates: Temporary Relief or a Real Turning Point?</strong><br/><br/>Another macro backdrop to this tech rally is the pullback in oil prices. Brent crude fell below $100 per barrel. Satellite data showed Saudi Arabian oil loadings at Persian Gulf ports jumped sharply over the weekend to their highest since June, indicating the kingdom has shifted export routes back through the Strait of Hormuz after Red Sea pipeline disruptions from drone attacks.<br/><br/>The drop in oil helped push the 10-year Treasury yield back below 5%. Goldman&#39;s Rich Privorotsky characterized rates and rates volatility as &#34;the biggest macro risk right now,&#34; noting: &#34;The risk of rates and energy prices decoupling persists — oil has come down, but the effects of secondary inflation and global rate shocks are already baked in.&#34;<br/><br/><strong>The Next Catalyst: Micron&#39;s Earnings</strong><br/><br/>Goldman&#39;s TMT flash note closed by flagging the next focus for markets: &#34;Away from conferences and geopolitics, the next catalyst on my radar is next week&#39;s Micron Technology earnings.&#34;<br/><br/>As a core supplier of AI memory chips, Micron Technology&#39;s report will directly test the real strength of AI infrastructure demand. Notably, within this round of chip gains, memory stocks have clearly lagged — SanDisk fell about 3% on the day, while Western Digital and Seagate were roughly flat — a sharp contrast to the CPU explosion.<br/><br/>Whether Micron Technology can bridge this gap will be a key reference for the market in judging whether the &#34;return to AI trade&#34; is sustainable.</p></body></html>\n\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"BK4587":"ChatGPT概念","LU2087621335.USD":"ALLSPRING GLOBAL FACTOR ENHANCED EQUITY \"A\" (USD) ACC","HK0000304805.HKD":"PICTET 战略收益基金 P类港元","SG9999002224.SGD":"Allianz Global High Payout SGD","IE00BFSS8Q28.SGD":"Janus Henderson Balanced A Inc SGD-H","IE00BN29S564.USD":"JANUS HENDERSON BALANCED \"A3\" (USD) INC","HK0000304797.USD":"PICTET 战略收益基金 P类 美元","BK4554":"元宇宙及AR概念","BK4553":"喜马拉雅资本持仓","SG9999002232.USD":"Allianz Global High Payout USD","BK4588":"碎股","LU1670628061.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) INC","CNAV":"Mohr Company Nav ETF","FBX":"Corgi META 2x Daily ETF","LU1366333091.USD":"FIDELITY GLOBAL FOCUS \"A\" (USD) ACC","LU2355687059.USD":"NORDEA 1 GLOBAL IMPACT  \"BP\" (USD) ACC","SGXZ80539844.SGD":"ALLIANZ GLOBAL HIGH PAYOUT \"AMI\" (H2-SGD) INC","LU1670710588.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) ACC","IETC":"iShares U.S. Tech Independence Focused ETF","FBY":"META期权收益策略ETF-YieldMax","LU1066053197.SGD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM3\" (SGDHDG) INC","DRMY":"XFUNDS Memory Income ETF","LU1670710661.SGD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (SGD) INC","LU2065170008.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) INC","FBYY":"GraniteShares YieldBOOST META ETF","LU1059921491.USD":"NORDEA 1 GLOBAL STABLE EQUITY \"HB\" (USDHDG) ACC","LU0889566641.SGD":"FTSF - Templeton Shariah Global Equity A Acc SGD","LU0642271901.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD-H","LU1670711123.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) INC","LU1979441026.SGD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"A\" (SGDHDG) ACC","LU0985320562.USD":"NORDEA 1 GLOBAL STARS EQUITY \"BP\" (USD) ACC","LU0109391861.USD":"富兰克林美国机遇基金A Acc","SPRX":"Spear Alpha ETF","LU1316542783.SGD":"Janus Henderson Horizon Global Technology Leaders A2 SGD","IE0009G5SDU7.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) INC","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","IE0001KFT4U8.USD":"FTGF CLEARBRIDGE GLOBAL GROWTH LEADERS \"A\" (USD) INC","LU0466842654.USD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"A\" (USD) ACC","ILDR":"First Trust Innovation Leaders ETF","LU2860962120.EUR":"CPR INVEST - ARTIFICIAL INTELLIGENCE \"A2\" (EUR) ACC A","IE000ITXATA3.USD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (USD) ACC","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","SG9999004303.SGD":"Nikko AM Shenton Global Opportunities SGD","IE000YTNTUN2.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG)INC","BK4543":"AI","LU0170899867.USD":"EASTSPRING INVESTMENTS WORLD VALUE EQUITY  \"A\" (USD) ACC","WUGI":"AXS Esoterica NextG Economy ETF","BK4605":"半导体精选","LU2602419157.SGD":"HSBC ISLAMIC GLOBAL EQUITY INDEX \"AC\" (SGD) ACC","DISK":"Tema Memory ETF","FTXL":"First Trust Nasdaq Semiconductor ETF","LU2463028550.USD":"AB SICAV I AMERICAN MULTI-ASSET PORTFOLIO \"A\" (USD) ACC","SGXZ81514606.USD":"大华环球创新基金A Acc USD","LU0320765059.SGD":"FTIF - Franklin US Opportunities A Acc SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","LU2065171311.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) ACC","XLC":"Communication Services Select Sector SPDR Fund","FCOM":"Fidelity MSCI Communication Services Index ETF","LU2065171402.SGD":"M&G (LUX) GLOBAL MAXIMA \"A\" (SGD) INC","LU2543165471.USD":"E FUND (HK) GLOBAL QUALITY GROWTH \"A\" (USD) ACC","LU2237957902.USD":"NIKKO AM GLOBAL EQUITY \"F\" (USD) ACC","BK4609":"英伟达持仓股","LU2237957811.SGD":"NIKKO AM GLOBAL EQUITY \"F\" (SGD) ACC","LU2471134952.CNY":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (CNYHDG) INC","LU2361044865.SGD":"WELLINGTON US QUALITY GROWTH \"A\" (SGDHDG) ACC","LU1935043452.HKD":"宏利环球多元资产收益 \"AA\" 基金（港元）派息","IE00BJTD4N35.SGD":"Neuberger Berman US Long Short Equity A1  Acc SGD-H","LU0823421333.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) ACC","LU2471134879.HKD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (HKD) INC","BK4575":"芯片概念","LU2471134523.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) ACC","SOCL":"社交媒体ETF-Global X","LU0823421416.USD":"BNP PARIBAS DISRUPTIVE TECHNOLOGY \"C\" (USD) INC","LU1935042215.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC A","IE0003U64NQ7.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) ACC","LU2471134796.USD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (USD) INC","IE00BFSS7M15.SGD":"Janus Henderson Balanced A Acc SGD-H","LU2720916845.USD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (USD) ACC","BK4612":"AI芯片","LU0823434583.USD":"BNP PARIBAS US GROWTH \"C\" (USD) ACC","LU2750360641.GBP":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (GBPHDG) INC","LU0820562030.AUD":"ALLIANZ INCOME AND GROWTH \"AMH2\" (AUDHDG) H2 INC","IE000KEQY171.SGD":"PIMCO BALANCED INCOME AND GROWTH \"M\" (SGDHDG) INC","LU0210536198.USD":"JPM US GROWTH \"A\" ACC","BK4614":"Manus概念股","BK4579":"人工智能","HK0000914686.HKD":"GFI Global Select Equity Fund Class A (HKD)","LU0823434740.USD":"BNP PARIBAS US GROWTH \"C\" (USD) INC","LU2896262040.SGD":"JPM US GROWTH FUND \"A\" (SGD) ACC","LU2750360997.AUD":"INVESCO GLOBAL EQUITY INCOME ADVANTAGE \"A\" (AUDHDG) INC","HK0000914660.USD":"GFI Global Select Equity Fund Class A (USD)","BK4573":"虚拟现实","LU1084165304.USD":"FIDELITY WORLD \"A\" (USD) ACC","ARTY":"ISHARES FUTURE AI & TECH ETF","IE00BMPRXR70.SGD":"Neuberger Berman 5G Connectivity A Acc SGD-H","LU2487616109.SGD":"JPM AMERICA EQUITY \"A\" (SGD) ACC","IE00BJTD4V19.USD":"NEUBERGER BERMAN US LONG SHORT EQUITY \"A1\" (USD) ACC","LU0210528500.USD":"JPM AMERICA EQUITY \"A\" ACC","IE00B4YYXB79.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) ACC","LU0859254822.USD":"T ROWE PRICE GLOBAL VALUE EQUITY \"A\" (USD) ACC","SGXZ99366536.SGD":"United Global Innovation A Acc SGD-H","LU2106854487.HKD":"ALLIANZ THEMATICA \"AMG\" (HKD) INC","LU2168564495.EUR":"AZ ALLOCATION - TREND \"AI\" (EUR) ACC","LU2357627491.SGD":"TRP GLOBAL VALUE EQUITY \"AH\" (SGDHDG) ACC","LU2168564222.USD":"AZ ALLOCATION - TREND \"AAZ\" (USDHDG) ACC","BK4566":"资本集团","XLK":"高科技指数ETF-SPDR","LU0106261372.USD":"SCHRODER ISF US LARGE CAP \"A\" ACC","LU2168564065.EUR":"AZ ALLOCATION - TREND \"AAZ\" (EUR) ACC","LU1629891620.HKD":"ALLIANZ INCOME AND GROWTH \"AMG2\" (H2-HKD) INC","LU2168563687.JPY":"AZ ALLOCATION - TREND \"AAZ\" (JPYHDG) ACC","LU1935042488.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (USD) INC","LU2168564149.EUR":"AZ ALLOCATION - TREND \"BAZ\" (EUR) ACC","LU1989764748.USD":"东方汇理环球颠覆性机遇A2 Acc","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","IE000W1ABFV2.USD":"PIMCO BALANCED INCOME AND GROWTH \"R\" (USD) INC","SOXQ":"Invesco PHLX Semiconductor ETF","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU1989764664.SGD":"CPR Invest - Global Disruptive Opportunities A2 Acc SGD-H","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","LU2023250330.USD":"ALLIANZ INCOME AND GROWTH \"AMG\" (USD) INC","LU0348723411.USD":"ALLIANZ GLOBAL HI-TECH GROWTH \"A\" (USD) INC","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","SOXX":"iShares费城交易所半导体ETF","LU1917777945.USD":"安联专题基金Cl AT Acc","VGT":"信息技术ETF-Vanguard","SOXY":"YieldMax Target 12 Semiconductor Option Income ETF","LU1804176565.USD":"EASTSPRING INV GLOBAL GROWTH EQUITY \"A\" (USD) ACC","GXPC":"Global X PureCap MSCI Communication Services ETF","IE00B19Z3B42.SGD":"Legg Mason ClearBridge - Value A Acc SGD","IE00BQXX3D17.EUR":"GUINNESS GLOBAL INNOVATORS \"C\" (EUR) ACC","LU0784385170.HKD":"BGF GLOBAL MULTI ASSET INCOME \"A6\" (HKDHGD) INC","IE00BQXX3C00.GBP":"GUINNESS GLOBAL INNOVATORS \"C\" (GBP) ACC","LU0162691827.USD":"BGF US BASIC VALUE \"A4\" INC","IE00BQXX3F31.USD":"GUINNESS GLOBAL INNOVATORS \"C\" (USD) ACC","LU0133085943.USD":"T ROWE PRICE US BLUE CHIP EQUITY \"A\" ACC","FXL":"First Trust Technology AlphaDEX Fund","LU0072461881.USD":"BGF US BASIC VALUE \"A2\" ACC","LU0792757196.USD":"TEMPLETON SHARIAH GLOBAL EQUITY FUND \"A\" (USD) ACC","LU2108987350.USD":"UBS (LUX) EQUITY SICAV GLOBAL OPPORTUNITY SUSTAINABLE (USD) \"P\" (USD) ACC","LU0174119429.USD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"A\" ACC","LU2063271972.USD":"富兰克林创新领域基金","LU2244417387.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) ACC","LU2462591350.SGD":"T ROWE PRICE US LARGE CAP GROWTH EQUITY \"AN\" (SGDHDG) ACC","LU1242518931.SGD":"Fullerton Lux Funds - Asia Absolute Alpha A Acc SGD","LU0127658192.USD":"EASTSPRING INVESTMENTS GLOBAL TECHNOLOGY \"A\" (USD) ACC","LU2290526834.HKD":"BGF NEXT GENERATION TECHNOLOGY \"A2\" (HKDHDG) ACC","LU1066051498.USD":"HSBC GIF GLOBAL EQUITY VOLATILITY FOCUSED \"AM2\" (USD) INC","IE0009356076.USD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A2\" (USD) ACC","LU2764262908.HKD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (HKD) ACC","LU0265550359.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A2\" (USD) ACC","LU0081259029.USD":"UBS (LUX) EQUITY FUND - TECH OPPORTUNITY \"P\" (USD) ACC","LU0198837287.USD":"UBS (LUX) EQUITY SICAV - USA GROWTH \"P\" (USD) ACC","SHOC":"Strive U.S. Semiconductor ETF","IE0002270589.USD":"LEGG MASON CLEARBRIDGE VALUE \"A\" (USD) INC","SG9999014880.SGD":"大华全球优质成长基金Acc SGD","SG9999018857.SGD":"United Global Quality Growth Fd Cl Acc SGD-H","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","GB00B4QBRK32.GBP":"FUNDSMITH EQUITY \"R\" (GBP) INC","LU2265009873.SGD":"Eastspring Investments - Global Growth Equity AS SGD-H","GB00B4LPDJ14.GBP":"FUNDSMITH EQUITY \"R\" (GBP) ACC","BOBP":"CORE16 Best of Breed Premier Index ETF","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","IE00BKDWB100.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5H\" (SGDHDG) ACC","FDTX":"Fidelity Disruptive Technology ETF","TTEQ":"T. Rowe Price Technology ETF","LU0912757837.SGD":"JPMorgan Investment Funds - Global Income A (mth) SGD-H","XDAT":"Franklin Exponential Data ETF","QQQA":"ProShares Nasdaq-100 Dorsey Wright Momentum ETF","SMH":"半导体指数ETF-HOLDRs","LU2097829019.USD":"AZ EQUITY - BORLETTI GLOBAL LIFESTYLE \"AI\" (USD) ACC","IXN":"iShares Trust S&P Global Informa","CHPX":"Global X AI Semiconductor & Quantum ETF","LU0724617625.USD":"BGF GLOBAL ALLOCATION \"A4\" (USD) INC","LU1232071149.USD":"AZ FUND 1 GLOBAL GROWTH SELECTOR \"AAZ\" (USDHDG) ACC","LU0211331839.USD":"FRANKLIN MUTUAL GLB DISCOVERY \"A\" (USD) ACC","CHPS":"XTRACKERS SEMICONDUCTOR SELECT EQUITY ETF","LU0788109477.HKD":"BGF GLOBAL ALLOCATION \"A2\" (HKDHGD) ACC","TTXU":"Direxion Daily Technology Top 5 Bull 2X ETF","LU1674673691.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (USD) INC","LU0210533765.USD":"JPM GLOBAL GROWTH \"A\" (USD) ACC","LU1674673428.USD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AC\" (USD) ACC","LEGR":"First Trust Indxx Innovative Transaction & Process ETF","LU2456880835.USD":"ALLIANZ GLOBAL INCOME \"AT\" (USD) ACC","SMHX":"VanEck Fabless Semiconductor ETF","LU1551013342.USD":"Allianz Income and Growth Cl AMg2 DIS USD","LU0726765562.USD":"JPM GLOBAL INCOME \"A\" (USD HEDGED) INC","LU2347655073.USD":"JPM GLOBAL INCOME \"A\" (USDHDG) INC A","LU2381873111.SGD":"BGF SYSTEMATIC GLOBAL EQUITY HIGH INCOME \"A6\" (SGDHDG) INC","LU0795875086.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD","LU0070217475.USD":"JPM GLOBAL SELECT EQUITY \"A\" ACC","LU1880398554.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) INC","GAMR":"Amplify Video Game Leaders ETF","IE000M9KFDE8.USD":"NEUBERGER BERMAN US LARGE CAP VALUE \"A\" (USD) ACC","TRFK":"PACER DATA AND DIGITAL REVOLUTION ETF","LU1861558580.USD":"日兴方舟颠覆性创新基金B","HBMX":"Tuttle Capital Concentrated Memory Stack ETF","LU1069344957.HKD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (HKD) INC","LU2764263039.SGD":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (SGDHDG) ACC","TEK":"iShares Technology Opportunities Active ETF","LU2764263203.CNY":"BGF GLOBAL UNCONSTRAINED EQUITY \"A2\" (CNYHDG) ACC","CHAT":"ROUNDHILL GENERATIVE AI & TECHNOLOGY ETF","LU0719512351.SGD":"JPMorgan Funds - US Technology A (acc) SGD","XNTK":"SPDR NYSE Technology ETF","IE000F7OJYX1.SGD":"RQI GLOBAL \"I\" (SGDHDG) INC","SG9999015952.SGD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (SGD) ACC","IE0000B7K699.USD":"RQI GLOBAL \"I\" (USD) INC","LU2317271919.USD":"BGF FUTURE CONSUMER \"A2\" (USD) ACC","IE000BZT7R73.USD":"RQI GLOBAL \"I\" (USD) ACC","LU2756315664.SGD":"ALLIANZ INCOME AND GROWTH \"AMI\" (SGDHDG) INC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","IE000MB6IJN5.SGD":"RQI GLOBAL \"I\" (SGD) ACC","LU0957791311.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"ZU\" (USD) ACC","IE00B4JS1V06.HKD":"JANUS HENDERSON BALANCED \"A2\" (HKD) ACC","LU1242518857.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"I\" (USD) ACC","LU1935043023.USD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (USD) INC A","TRUC":"VanEck Communication Services TruSector ETF","BK4592":"伊斯兰概念","INT":"2倍做多INTC ETF-Corgi","LU2746668461.USD":"MANULIFE DYNAMIC LEADERS \"AA\" (USD) ACC","LU1267930730.SGD":"富兰克林美国机遇基金AS Acc SGD (CPF)","LU2102340556.USD":"AZ ALLOCATION - RISK PARITY FACTOR \"A\" (USD) ACC","IE00B5949003.HKD":"JANUS HENDERSON GLOBAL TECHNOLOGY AND INNOVATION \"A\" (HKD) ACC","USXF":"iShares ESG Advanced MSCI USA ETF","LU2462157665.USD":"ALLIANZ GLOBAL INCOME \"A\" (USD) INC","LU2089985449.USD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (USD) ACC","LU0320765489.SGD":"FTIF - Franklin Mutual US Value A Acc SGD","LU2048586759.USD":"ALLIANZ SMART ENERGY \"AT\" (USD) ACC","LU2756315318.SGD":"ALLIANZ INCOME AND GROWTH \"AMG\" (SGDHDG) INC A","LU1803068979.SGD":"FTIF - Franklin Technology A (acc) SGD-H1","LU2931357623.SGD":"MANULIFE GF GLOBAL SEMICONDUCTOR OPPORTUNITIES \"AA\" (SGDHDG) ACC","INTW":"2倍做多INTC ETF-GraniteShares","LU2746668974.SGD":"MANULIFE DYNAMIC LEADERS \"AA\" (SGDHDG) ACC","IE000WAW04H5.SGD":"RQI GLOBAL \"I\" (SGD) INC A","LU1003077747.HKD":"BGF GLOBAL EQUITY INCOME \"A6\" (HKDHDG) INC","LU0265550946.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A5\" (USD) INC","IE000SO60NU8.SGD":"RQI GLOBAL \"I\" (SGDHDG) ACC A","BK4585":"ETF&股票定投概念","INYY":"YieldMax INTC Option Income Strategy ETF","LU0552385451.USD":"摩根士丹利投资基金-环球机会基金 C","IE00BK4W5L77.USD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (USD) ACC","LU1127390331.HKD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A\" (HKD) ACC","IE00BK4W5M84.HKD":"HSBC GLOBAL FUNDS ICAV US EQUITY INDEX \"HC\" (HKD) ACC","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0784384876.USD":"Blackrock Global Multi-Asset Income A6 USD","LU2417539215.USD":"ALLIANZ GLOBAL INCOME \"AMF\" (USD) INC","LU1974910355.USD":"Allianz Thematica Cl AMg DIS USD","LU1046421795.USD":"富达环球科技A-ACC","LU0070302665.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) ACC","LU2272731865.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AM\" (HKD) INC","AMDC":"Corgi AMD 2x Daily ETF","IE00B775H168.HKD":"JANUS HENDERSON BALANCED \"A5M\" (HKD) INC","SGXZ31699556.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"C\" (SGDHDG) ACC","IE0004445015.USD":"JANUS HENDERSON BALANCED \"A2\" (USD) ACC","AMDD":"1倍做空AMD ETF-Direxion","LU0079474960.USD":"联博美国增长基金A","AMDG":"2倍做多AMD ETF- Leverage Shares","AMDL":"2倍做多AMD ETF-GraniteShares","METD":"1倍做空META ETF-Direxion","LINT":"Direxion Daily INTC Bull 2X ETF","LU0528227936.USD":"富达环球人口趋势基金A-ACC","AMDS":"GRANITESHARES 1X SHORT AMD DAILY ETF","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU2322448791.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (USD) INC","LU0310799852.SGD":"FTIF - Templeton Global Equity Income A MDIS SGD","LU0238689110.USD":"贝莱德环球动力股票基金","METG":"Leverage Shares 2x Long META Daily ETF","LU0072462426.USD":"贝莱德全球配置 A2","IE00BJJMRX11.SGD":"Janus Henderson Balanced A Acc SGD","AMDU":"Defiance Leveraged Long + Income AMD ETF","LU0661504455.SGD":"Blackrock Global Equity Income A5 SGD-H","LU2322448957.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMG\" (HKD) INC","LU1366192091.USD":"ALLIANZ US EQUITY PLUS \"AM\" (USD) INC","LU0545039389.USD":"BGF GLOBAL EQUITY INCOME \"A2\" ACC","AMDW":"Roundhill AMD WeeklyPay ETF","METQ":"Tradr 2X Short META Daily ETF","LU0011850046.USD":"贝莱德全球长线股票 A2 USD","GB00BDT5M118.USD":"天利环球扩展Alpha基金A Acc","BK4529":"IDC概念","METU":"2倍做多META ETF-Direxion","LU0097036916.USD":"贝莱德美国增长A2 USD","LU0048584097.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) INC","AMDY":"AMD期权收益策略ETF-YieldMax","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","METV":"Roundhill Ball Metaverse ETF","LU0308772762.SGD":"Blackrock Global Allocation A2 SGD-H","METW":"Roundhill META WeeklyPay™ ETF","LU1697837992.HKD":"BGF DYNAMIC HIGH INCOME \"A6\" (HKDHDG) INC","RSPC":"Invesco S&P 500 Equal Weight Communication Services ETF","LU0985489474.SGD":"First Eagle Amundi International AHS-C SGD-H","LU0672654240.SGD":"FTIF - Franklin US Opportunities A Acc SGD-H1","LU0444973449.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"DU\" (USD) ACC","LU0878866978.SGD":"First Eagle Amundi International AHS-QD SGD-H","LU0274383776.USD":"MANULIFE GF US SMALL CAP EQUITY \"AA\" (USD) INC","LU1642822529.SGD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"A\" (SGD) ACC","LU1145028129.USD":"ALLIANZ INCOME AND GROWTH \"AQ\" (USD) INC","LU2473716301.USD":"ALLIANZ GLOBAL INTELLIGENT CITIES INCOME \"AMF\" (USD) INC","INTC":"英特尔","LU0433182093.SGD":"First Eagle Amundi International AS-C SGD","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","LU1823568750.SGD":"Fidelity Global Technology A-ACC SGD","IE00BJJMRY28.SGD":"Janus Henderson Balanced A Inc SGD","LU2023250843.SGD":"Allianz Thematica Cl AT Acc H2-SGD","LU0690374615.EUR":"FUNDSMITH EQUITY \"R\" (EUR) ACC","BK4524":"宅经济概念","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0157215616.USD":"FIDELITY GLOBAL FOCUS \"A\" INC","LU1564329115.USD":"Blackrock Dynamic High Income A6 USD","LU0690374961.EUR":"FUNDSMITH EQUITY \"R\" (EUR) INC","BK4527":"明星科技股","LU0096362180.USD":"CT (LUX) I GLOBAL FOCUS \"DU\" (USD)","LU1564329461.SGD":"Blackrock Dynamic High Income A6 SGD-H","DAMD":"2倍做空AMD ETF-Defiance","LU0068578508.USD":"First Eagle Amundi International Cl AU-C USD","LU0353189763.USD":"ALLSPRING  US ALL CAP GROWTH FUND \"I\" (USD) ACC","LU2404859667.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) ACC","LU1839511570.USD":"WELLS FARGO GLOBAL FACTOR ENHANCED EQUITY \"I\" (USD) ACC","VOX":"电信业ETF-Vanguard","LU2404859741.USD":"FUNDSMITH EQUITY FUND \"R\" (USD) INC","LU2125154778.USD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (USD) INC","LU0208291251.USD":"FRANKLIN MUTUAL U.S. VALUE \"A\" (USD) INC","IE00B19Z8X17.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH  \"AG\" (USD) ACC","LU1992135399.USD":"Allianz Global Intelligent Cities AT Acc USD","LU0154236417.USD":"BGF US FLEXIBLE EQUITY \"A2\" ACC","LU1551013425.SGD":"Allianz Income and Growth Cl AMg2 DIS H2-SGD","IE00B19Z3581.USD":"Legg Mason ClearBridge - Value A Acc USD","LU2247934214.USD":"FIDELITY FUNDS SUSTAINABLE FUTURE CONNECTIVITY \"A\" (USD) ACC","LU0943347566.SGD":"安联收益及增长平衡基金AM H2-SGD","LU0096364046.USD":"CT (LUX) I AMERICAN \"DU\" (USD) ACC","LU0187121727.USD":"FIDELITY SUSTAINABLE US EQUITY \"A\" (USD) INC","LU0109392836.USD":"富兰克林科技股A","SG9999015945.SGD":"LionGlobal Disruptive Innovation Fund A SGD","LU1564329032.USD":"BGF DYNAMIC HIGH INCOME \"A2\" (USD) ACC","LU1732800096.USD":"摩根大通环球收益基金A (irc)","LU1496350502.SGD":"FRANKLIN DIVERSIFIED DYNAMIC \"A\" (SGDHDG) ACC","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","LU0211327993.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (USD) ACC","BK4532":"文艺复兴科技持仓","LU1064131342.USD":"Fullerton Lux Funds - Global Absolute Alpha A Acc USD","LU0444971666.USD":"天利全球科技基金","LU1861215975.USD":"贝莱德新一代科技基金 A2","LU0787776722.HKD":"AB SELECT US EQUITY PORTFOLIO \"A\" (HKD) ACC","SG9999018865.SGD":"United Global Quality Growth Fd Cl Dist SGD-H","LU1861220033.SGD":"Blackrock Next Generation Technology A2 SGD-H","LU1323610961.USD":"UBS (LUX) EQUITY SICAV - LONG TERM THEMES (USD) \"P\" (USD) ACC","AMUU":"2倍做多AMD ETF-Direxion","BK4534":"瑞士信贷持仓","LU1267930490.SGD":"TEMPLETON GLOBAL EQUITY INCOME \"AS\" (SGD) INC A","BK4141":"半导体产品","LU0889565833.HKD":"FRANKLIN TECHNOLOGY \"A\" (HKD) ACC","BK4533":"AQR资本管理(全球第二大对冲基金)","AMYY":"GraniteShares YieldBOOST AMD ETF","SG9999014898.SGD":"United Global Quality Growth Fund Dis SGD","LU2326559502.SGD":"Natixis Loomis Sayles US Growth Equity P/A SGD-H","SGXZ51526630.SGD":"大华环球创新基金A Acc SGD","LU1935042991.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME  \"AA\" (SGDHDG) INC","IE00BSNM7G36.USD":"NEUBERGER BERMAN SYSTEMATIC GLOBAL SUSTAINABLE VALUE \"A\" (USD) ACC","LU1778281490.HKD":"HSBC GIF GLOBAL LOWER CARBON EQUITY \"AD\" (HKD) INC","LU0251132253.USD":"FIDELITY FUNDS  GLOBAL THEMATIC OPPORTUNITIES \"A\" (USD) ACC","LU0203202063.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"A2X\" (USD) ACC","LU0077335932.USD":"FIDELITY AMERICAN GROWTH \"A\" INC","LU2023250504.SGD":"Allianz Thematica Cl AMg DIS H2-SGD","LU0266013472.USD":"AXA WF - Framlington Longevity Economy A Cap USD","LU0353189680.USD":"富国美国全盘成长基金Cl A Acc","LU0203201768.USD":"AB SICAV I - ALL MARKET INCOME PORTFOLIO \"AX\" (USD) INC","LU0476273544.USD":"CT (LUX) I GLOBAL TECHNOLOGY \"BU\" (USD) ACC","LU1732799900.SGD":"JPMorgan Investment Funds - Global Income A (irc) SGD-H","RULE":"Adaptive Core ETF","AMD":"美国超微公司","LU0553294199.USD":"BGF GLOBAL EQUITY INCOME \"A5G\" (USD) INC","LU1699723380.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"AP\" (USD) ACC","LU2242650005.HKD":"FIDELITY FUNDS GLOBAL MULTI ASSET DYNAMIC \"A\" (HKD) ACC","LU0882574139.USD":"富达环球消费行业基金A ACC","AIFD":"TCW Artificial Intelligence ETF","SG9999015978.USD":"利安颠覆性创新基金A","LU0964807845.USD":"ALLIANZ INCOME & GROWTH \"A\" (USD) INC","LU1861559042.SGD":"日兴方舟颠覆性创新基金B SGD","LU2211815571.USD":"ALLIANZ POSITIVE CHANGE \"AT\" (USD) ACC","LU0211328371.USD":"TEMPLETON GLOBAL EQUITY INCOME \"A\" (MDIS) (USD)   INC","LU1852331112.SGD":"Blackrock World Technology Fund A2 SGD-H","LU0149725797.USD":"汇丰美国股市经济规模基金","LU0784385840.USD":"Blackrock Global Multi-Asset Income A2 USD","LU0276348264.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN\"AUP\" (USD) INC","BK4507":"流媒体概念","LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU1935043536.SGD":"MANULIFE GF GLOBAL MULTI-ASSET DIVERSIFIED INCOME \"AA\" (SGDHDG) INC A","NULC":"Nuveen ESG Large-Cap ETF","LU2213496289.HKD":"ALLIANZ INCOME AND GROWTH \"AT\" (HKD) ACC","IE0034235188.USD":"PINEBRIDGE GLOBAL FOCUS EQUITY \"A\" (USD) ACC","JGRO":"Jpmorgan Active Growth ETF","OGIG":"ALPS O'Shares Global Internet Giants ETF","LU0784383803.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A\" (USD) INC A","LU1815336760.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"AUP\" (USD) INC","SG9999015986.USD":"LIONGLOBAL DISRUPTIVE INNOVATION \"I\" (USD) ACC","LU0820561909.HKD":"ALLIANZ INCOME AND GROWTH \"AM\" (HKD) INC","LU0323591593.USD":"SCHRODER ISF QEP GLOBAL QUALITY \"A\" (USD) ACC","LU0061474960.USD":"天利环球焦点基金AU Acc","LU1119994496.HKD":"FIDELITY WORLD \"A\" (HKD) ACC","LU1791710582.SGD":"Fidelity Global Demographics A-ACC-SGD (SGD/USD hedged)","LU1116320737.USD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (USD) INC","LU0256863902.USD":"ALLIANZ US EQUITY \"AT\" (USD) ACC","IE00B19Z8W00.USD":"FTGF CLEARBRIDGE US LARGE CAP GROWTH \"A\" INC","LU1791710400.SGD":"Fidelity Global Demographics A-ACC-SGD","IE0034235303.USD":"PINEBRIDGE US RESEARCH ENHANCED CORE EQUITY \"A\" (USD) ACC","LU1670711040.USD":"M&G (LUX) GLOBAL DIVIDEND \"A\" (USD) ACC","LU2054465674.USD":"UBS (LUX) KEY SELEC SICAV DIGITAL TRANSFORMATION T \"P\" (USD) ACC","LU0056508442.USD":"贝莱德世界科技基金A2","LU0390134368.USD":"FRANKLIN GLOBAL GROWTH \"A\" (USD) ACC","LU2065169927.USD":"M&G (LUX) GLOBAL MAXIMA \"A\" (USD) ACC","LU0215105999.USD":"SCHRODER ISF GLOBAL EQUITY \"A\" ACC","LU2403377893.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AM\" (USD) INC","SG9999001424.SGD":"United E-Commerce Fund SGD","LU0689472784.USD":"安联收益及增长基金Cl AM AT Acc","IE00B19Z9505.USD":"美盛-美国大盘成长股A Acc","AIPI":"REX AI EQUITY PREMIUM INCOME ETF","LU1116320901.HKD":"BGF SYSTEMATIC GLOBAL ENHANCED EQUITY YIELD \"A6\" (HKD) INC","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","IE00B1BXHZ80.USD":"Legg Mason ClearBridge - US Appreciation A Acc USD","LU1261432733.SGD":"Fidelity World A-ACC-SGD","LU1670627923.USD":"M&G (LUX) NORTH AMERICAN DIVIDEND \"A\" (USD) ACC","BAI":"iShares A.I. Innovation and Tech Active ETF","LU0786609619.USD":"高盛全球千禧一代股票组合Acc","LU2250418816.HKD":"BGF WORLD TECHNOLOGY \"A\" (HKD) ACC","AIQ":"Global X Artificial Intelligence & Technology ETF","IE00B7KXQ091.USD":"Janus Henderson Balanced A Inc USD","LU1992135472.HKD":"ALLIANZ GLOBAL INTELLIGENT CITIES \"AT\" (HKD) ACC","IE0005OL40V9.USD":"JANUS HENDERSON BALANCED \"A6M\" (USD) INC","IE00B7SZLL34.SGD":"Legg Mason ClearBridge - Value A Acc SGD-H","PSI":"INVESCO SEMICONDUCTORS ETF","WISE":"THEMES GENERATIVE ARTIFICIAL INTELLIGENCE ETF","LU2286300806.USD":"Allianz Cyber Security AT Acc USD","LU0203345920.USD":"SCHRODER ISF QEP GLB ACT. VL \"A\" (USD) ACC","LU2360107168.USD":"BGF NEXT GENERATION TECHNOLOGY \"A4\" (USD) INC","LU0354030438.USD":"富国美国大盘成长基金Cl A Acc","LU1564329628.SGD":"Blackrock Dynamic High Income A2 SGD-H","LU1153585028.USD":"BGF GLOBAL LONG-HORIZON EQUITY  \"A4\" (USD) INC","WLDR":"Affinity World Leaders Equity ETF","IE00BJLML261.HKD":"HSBC GLOBAL EQUITY INDEX \"HCH\" (HKD) ACC","LU0316494557.USD":"FRANKLIN GLOBAL FUNDAMENTAL STRATEGIES \"A\" ACC","LU0234570918.USD":"高盛全球核心股票组合Acc Close","AIS":"VistaShares Artificial Intelligence Supercycle ETF","LU0354030511.USD":"ALLSPRING  U.S. LARGE CAP GROWTH \"I\" (USD) ACC","LU1301847155.USD":"BGF GLOBAL MULTI-ASSET INCOME FUND \"A4G\" (USD) INC","LU2458330243.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A-H1\" (SGDHDG) ACC","LU0061475181.USD":"THREADNEEDLE (LUX) AMERICAN \"AU\" (USD) ACC","LU0820561818.USD":"安联收益及增长平衡基金Cl AM DIS","LU1718418525.SGD":"JPMorgan Investment Funds - Global Select Equity A (acc) SGD","LU0708995401.HKD":"FRANKLIN U.S. OPPORTUNITIES \"A\" (HKD) ACC","EMSF":"Matthews Emerging Markets Sustainable Future Active ETF","LU2458330169.SGD":"FRANKLIN SHARIAH TECHNOLOGY \"A\" (SGD) ACC","LU2236285917.USD":"ALLIANZ GLOBAL INCOME \"AMG\" (USD) INC","LU1267930813.SGD":"FRANKLIN TEMPLETON SHARIAH GLOBAL EQUITY \"AS\" (SGD) ACC","LU2133065610.SGD":"JPMorgan Investment Funds - Global Dividend A (mth) SGD","LU1235294995.USD":"FIDELITY GLOBAL TECHNOLOGY \"A\" (USDHDG) ACC","LU1303367103.USD":"摩根大通多经理另类基金 A (acc)","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","LU0080751232.USD":"富达环球多元动力基金A","LU2552382132.HKD":"WELLINGTON US BRAND POWER \"A\" (HKD) ACC","LU2098885051.SGD":"JPMorgan Funds - Multi-Manager Alternatives A (acc) SGD","LU0345769128.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) ACC","LU2552382058.USD":"WELLINGTON US BRAND POWER \"A\" (USD) ACC","LU0957808578.USD":"THREADNEEDLE (LUX) GLOBAL TECHNOLOGY \"ZU\" (USD) ACC","IE00BMPRXQ63.HKD":"NEUBERGER BERMAN NEXT GENERATION CONNECTIVITY FUND \"A\" (HKDHDG) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","LU2552382215.SGD":"WELLINGTON US BRAND POWER \"A\" (SGDHDG) ACC","LU1951198990.SGD":"Natixis Thematics AI & Robotics Fund H-R/A SGD-H","LU0345769631.USD":"NINETY ONE GSF GLOBAL EQUITY \"A\" (USD) INC","LU2420271590.USD":"ALLIANZ SELECT INCOME AND GROWTH \"AT\" (USD) ACC","LU2505996509.AUD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (AUDHDG) INC","LU1951200564.SGD":"Natixis Thematics AI & Robotics Fund R/A SGD","SG9999001077.SGD":"United International Growth Fund SGD","LU2505996681.GBP":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (GBPHDG) INC","LU1868837300.USD":"CT (LUX) I AMERICAN FUND \"9\" (USD) ACC","FTEC":"Fidelity MSCI Information Techno","LU0006306889.USD":"SCHRODER ISF US LARGE CAP \"A\" (USD) INC AV","LU0683600562.USD":"AB SELECT US EQUITY \"A\" (USD) ACC","LU1923623000.USD":"Natixis Thematics AI & Robotics Fund R/A USD","LU1814569148.SGD":"WELLINGTON GLOBAL QUALITY GROWTH \"D\" (SGDHDG) ACC","LU2087625088.SGD":"ALLSPRING  US ALL CAP GROWTH \"A\" (SGDHDG) ACC","LU1988902786.USD":"FULLERTON LUX FUNDS GLOBAL ABSOLUTE ALPHA \"I\" (USD) ACC","LU1868836914.USD":"CT (LUX) I AMERICAN \"3\" (USD) ACC","IE00BMPRXN33.USD":"NEUBERGER BERMAN 5G CONNECTIVITY \"A\" (USD) ACC","FAI":"First Trust Bloomberg Artificial Intelligence ETF","BK4512":"苹果概念","LU1868837136.USD":"CT (LUX) I AMERICAN \"8\" (USD) ACC","LU1548497426.USD":"安联环球人工智能AT Acc","LU1429558221.USD":"Natixis Loomis Sayles US Growth Equity RA USD","LU2592432038.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"A\" (USD) ACC","LU0203347892.USD":"SCHRODER ISF QEP GLOBAL ACTIVE VALLUE \"A\" (USD)  INC AV","LU2264538146.SGD":"Fullerton Lux Funds - Global Absolute Alpha A Acc SGD","EFIV":"SPDR S&P 500 ESG ETF","LU1435385759.SGD":"Natixis Loomis Sayles US Growth Equity RA SGD-H","LU1868836591.USD":"CT (LUX) I AMERICAN \"1U\"(USD) ACC","LU1868836757.USD":"CT (LUX) I AMERICAN FUND \"2\" (USD) ACC","LU2347655156.SGD":"JPMorgan Investment Funds - Global Income A (icdiv) SGD-H","SG9999014906.USD":"大华全球优质成长基金Acc USD","LU1815333072.USD":"THREADNEEDLE (LUX) GLOBAL FOCUS \"AUP\" (USD) INC","META":"Meta Platforms, Inc.","LU2461242641.AUD":"WELLINGTON US QUALITY GROWTH \"A\" (AUDHDG) ACC","LTL":"PROSHARES ULTRA COMMUNICATION SERVICES","SGXZ23171101.USD":"NIKKO AM SHENTON GLOBAL OPPORTUNITIES (USD) ACC","LU2430703095.HKD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (HKD) INC","CGGO":"Capital Group Global Growth Equity ETF","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU2430703178.SGD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4H\" (SGDHDG) INC","LU0979878070.USD":"FULLERTON LUX FUNDS - ASIA ABSOLUTE ALPHA \"A\" (USD) ACC","LU2430703251.USD":"WELLINGTON MULTI-ASSET HIGH INCOME \"AM4\" (USD) INC","LU1489326972.SGD":"First Eagle Amundi International AHS-MD SGD-H","LU2360106780.USD":"BGF WORLD TECHNOLOGY \"A4\" (USD) INC","LU0082616367.USD":"摩根大通美国科技A（dist）","LU0795875169.SGD":"JPMorgan Investment Funds - Global Income A (div) SGD-H","LU1035775433.USD":"AB SICAV I - AMERICAN GROWTH PORTFOLIO \"AD\" (USD) INC","SG9999017495.SGD":"UGDP UNITED GLOBAL QUALITY GROWTH \"B\" (SGD) ACC","LU2272731782.SGD":"Allianz Global Intelligent Cities AM Dis H2-SGD","LU0949170772.SGD":"Blackrock Global Equity Income A6 SGD-H","PTF":"Invesco Dorsey Wright Technology Momentum ETF","SG9999014914.USD":"UNITED GLOBAL QUALITY GROWTH (USDHDG) INC","LU2272731600.USD":"Allianz Global Intelligent Cities AM Dis USD","BK4077":"互动媒体与服务","LU2125154935.USD":"ALLSPRING (LUX) WF GLOBAL EQUITY ENHANCED INCOME \"I\" (USD) INC","EGGY":"NESTYIELD DYNAMIC INCOME SHIELD ETF","IE0004445239.USD":"JANUS HENDERSON US FORTY \"A2\" (USD) ACC","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU2361045086.USD":"WELLINGTON US QUALITY GROWTH \"A\" (USD) ACC","LU1880398471.USD":"AMUNDI FUNDS GLOBAL EQUITY \"A2\" (USD) ACC","LU0738911758.USD":"Blackrock Global Equity Income A6 USD","LU2361044949.HKD":"WELLINGTON US QUALITY GROWTH \"A\" (HKD) ACC","LU0061474705.USD":"THREADNEEDLE (LUX) GLOBAL DYNAMIC REAL RETURN \"AU\" (USD) ACC","LU2242649171.HKD":"FIDELITY FUNDS GLOBAL THEMATIC OPPORTUNITIES \"A\" (HKD) ACC","LU2360032135.SGD":"ALLSPRING GLOBAL EQUITY ENHANCED INCOME \"A\" (SGDHDG) INC","FBL":"2倍做多META ETF-GraniteShares","IE00B3SWFQ91.USD":"PIMCO BALANCED INCOME AND GROWTH \"E\" (USD) INC","LU0949170426.SGD":"Blackrock Global Multi-Asset Income A6 SGD-H"},"source_url":"","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1152062461","content_text":"The launch of Meta's AI agent Muse has reignited bets that consumer-grade artificial intelligence is finally hitting a mainstream inflection point, but Wall Street is split on whether this marks a genuine return to the AI trade or just another fleeting spike.On September 21, the Nasdaq 100 jumped roughly 2.83% to reclaim the 30,000-point level, its highest close since June. Yet Goldman Sachs trading desk analyst Peter Callahan called it a \"quiet surge\" — trading activity scored just 3 out of 10, the S&P 500 equal-weight index rose a mere 18 basis points, and the gains were heavily concentrated in mega-cap tech names.\"This is one of the rare ~3% Nasdaq rallies I can recall that felt so subdued,\" Callahan noted.The explosion of Muse-style products has directly opened up new demand for CPU chips, with ARM surging over 15% on the day, Intel climbing more than 12%, and AMD rising nearly 10%.Meanwhile, credit markets are diverging from equities: investment-grade CDS spreads have widened to a five-month high, signaling skepticism about the rally's staying power. Next week's earnings report from Micron Technology is being viewed as the key validation point for whether the AI infrastructure trade can hold.Muse: From Chatbot to an Agent That Gets Things DoneThe trigger for all of this was Meta's consumer AI agent, Muse, which launched on September 8. Unlike traditional conversational AI, Muse can autonomously execute multi-step tasks — booking travel, managing calendars, and completing e-commerce purchases — running continuously in the background rather than waiting for user commands.Wells Fargo analyst Ken Gawrelski, citing SensorTower data in a client note, highlighted the following:Muse hit 264,000 daily downloads on September 19, marking the third straight day above 200,000.Daily active users peaked at 448,000 by day ten.For comparison, ChatGPT took nearly a year to reach 200,000 daily downloads and 49 days to hit 450,000 daily active users.Gawrelski raised his Meta price target from $640 to $796, maintaining an \"Overweight\" rating, and wrote: \"Muse marks the shift of consumer AI from chatbots to AI assistants, and whoever gets to market first has the advantage — because the more an AI assistant is used, the more valuable it becomes.\"Goldman Sachs trader Rich Privorotsky pointed out the strategic significance directly: \"Meta has essentially built a direct-to-consumer agent factory — shopping, calling, subscriptions, admin tasks, increasingly acting on your behalf. The end state is clear: everyone will have dozens of agents helping with groceries, bill payments, holidays, and school arrangements. Your productivity becomes you plus your team of agents. This is a massive efficiency release and a massive compute multiplier.\"Meta shares surged roughly 11% to 12% on the day, hitting their highest level since October 2025.Why CPUs, Not Just GPUs, Are the StoryThe structure of the chip rally reveals the market's bet on a shifting AI architecture. On September 21, ARM Holdings (ASX: ARM) jumped over 15%, Intel climbed more than 12%, and AMD rose nearly 10% — all three are core CPU players, not the traditional AI compute narrative's usual protagonist, Nvidia.According to market intelligence firm Vital Knowledge, early generative AI relied mainly on GPUs for isolated text and image generation tasks. AI agents, by contrast, need to run continuous background processes, logic loops, and local data orchestration, making agentic AI far more CPU-intensive than GPU-heavy workloads.In other words, the explosion of Muse-style products has directly created new demand for CPU silicon.AMD touched the $1 trillion market cap threshold for the first time on the day, surpassing JPMorgan and joining the ranks of Eli Lilly and Berkshire Hathaway. Goldman's Peter Callahan noted in a flash note: \"If AMD overtakes those two names going forward, the S&P 500's top ten companies will all be TMT firms, each with a market cap above $1 trillion.\"Additionally, reports indicate that OpenAI is accelerating development of a Muse-like consumer agent, with expectations of an industry arms race further lifting valuations across the CPU and cloud computing supply chain.A Quiet Surge with Sharp Internal DivergenceGoldman's TMT desk flash note captured the session's character in one line: \"The Nasdaq is back above 30,000, but this is one of the quietest ~3% rallies I can recall.\"The day's data tells the story:The S&P 500 equal-weight index rose just ~18 basis points, while the S&P 500 itself gained ~130 basis points — a spread that ranks among the top five single-day gaps in the past five-plus years.The SOX semiconductor index posted a cumulative gain of nearly 12% over five trading days, its strongest five-day run since early August 2025.Options activity hit a one-month high, with single-day call volume on AMD and Intel each exceeding 1 million contracts, near year-to-date peaks.Media reports noted large tech call buying at the open, triggering an unusual combination of \"spot up, volatility also up\" — a hallmark of options-driven moves rather than fundamentals-led gains.Goldman's desk also recorded roughly balanced buy/sell flows on the day: long-only funds (LO) were net buyers in communication services and information technology, while hedge funds (HF) added in communication services, financials, and consumer discretionary — but overall activity remained muted.Investors Are Skeptical: Fundamentals Are Solid, But the Move Feels Too FastGoldman's TMT flash note directly captured investors' reactions: \"Clients acknowledge the fundamentals are solid, but sentiment indicators are more cautious — we received a flood of 'this is moving too fast' and 'where's the price target?' inquiries.\"Callahan noted this echoes recent conversations at Goldman's technology conferences, where investors show clear tension over whether to fully \"re-enter the AI infrastructure trade.\" The reason: at the macro level, oil prices and rates pressure have recently overshadowed healthy fundamental signals like supply-demand commentary, return-on-capital data, and product updates. \"It seems to be forming a pattern of 'buyers waiting at higher levels,'\" he said.In short: fundamentals are fine, but macro noise is keeping investors from chasing highs.The Credit Market Sends a Different SignalThe equity market's optimism is not backed by credit markets. Bloomberg macro strategist Frank Monkam analyzed that despite the S&P 500 near record highs, investment-grade credit quality — as measured by 5-year investment-grade CDS — has deteriorated to a five-month low, and this divergence has widened steadily since the Fed's rate hike this month.Monkam wrote: \"Equities continue to price in resilient growth and earnings, plus a more optimistic narrative. Credit is doing the math, demanding higher risk compensation for corporates. This apparent mispricing begs the question: which market has the wrong read on risk premia? I lean toward the signal from higher up the capital structure ultimately having the final say.\"Two markets, looking at the same corporate balance sheets, are arriving at very different answers.Oil and Rates: Temporary Relief or a Real Turning Point?Another macro backdrop to this tech rally is the pullback in oil prices. Brent crude fell below $100 per barrel. Satellite data showed Saudi Arabian oil loadings at Persian Gulf ports jumped sharply over the weekend to their highest since June, indicating the kingdom has shifted export routes back through the Strait of Hormuz after Red Sea pipeline disruptions from drone attacks.The drop in oil helped push the 10-year Treasury yield back below 5%. Goldman's Rich Privorotsky characterized rates and rates volatility as \"the biggest macro risk right now,\" noting: \"The risk of rates and energy prices decoupling persists — oil has come down, but the effects of secondary inflation and global rate shocks are already baked in.\"The Next Catalyst: Micron's EarningsGoldman's TMT flash note closed by flagging the next focus for markets: \"Away from conferences and geopolitics, the next catalyst on my radar is next week's Micron Technology earnings.\"As a core supplier of AI memory chips, Micron Technology's report will directly test the real strength of AI infrastructure demand. Notably, within this round of chip gains, memory stocks have clearly lagged — SanDisk fell about 3% on the day, while Western Digital and Seagate were roughly flat — a sharp contrast to the CPU explosion.Whether Micron Technology can bridge this gap will be a key reference for the market in judging whether the \"return to AI trade\" is sustainable.","news_type":1,"symbols_score_info":{"CHPS":1,"RULE":1,"INTW":0.6,"FTXL":1,"AIFD":1,"XNTK":1,"SOXY":1,"FBYY":0.6,"LEGR":1,"XLK":1,"AMDS":1,"SOXX":1,"METW":0.6,"XDAT":1,"AMDW":0.6,"METV":1,"CHAT":1,"FAI":1,"BAI":1,"AMDU":1,"METU":0.6,"METQ":0.6,"CNAV":1,"FBX":0.6,"DISK":1,"AMDC":0.6,"AMDG":0.6,"EGGY":1,"TTXU":1,"PSI":1,"AMDL":0.6,"AMDD":0.6,"GXPC":1,"NULC":1,"FDTX":1,"HBMX":1,"SOCL":1,"TTEQ":1,"ARTY":1,"AIS":1,"SOXQ":1,"WISE":1,"AIQ":1,"TRUC":1,"XLC":1,"AMYY":0.6,"FTEC":1,"INYY":0.6,"CGGO":1,"CHPX":1,"EFIV":1,"FBY":0.6,"SMH":1,"JGRO":1,"FXL":1,"DAMD":0.6,"AMD":2,"METD":0.6,"PTF":1,"VGT":1,"OGIG":1,"FBL":0.6,"LINT":0.6,"IXN":1,"WUGI":1,"TEK":1,"USXF":1,"INTC":2,"SMHX":1,"AMDY":0.6,"AMUU":0.6,"DRMY":1,"INT":0.6,"EMSF":1,"LTL":1,"FCOM":1,"RSPC":1,"ILDR":1,"SHOC":1,"WLDR":1,"QQQA":1,"METG":0.6,"SPRX":1,"AIPI":1,"VOX":1,"GAMR":1,"IETC":1,"TRFK":1,"META":2,"BOBP":1}},"isVote":1,"tweetType":1,"viewCount":27,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"lives":[]}