Table of Contents

Wall Street generally expects that the new jobs added in September will drop to 90,000, with the unemployment rate remaining at 4.1%. The strong data from August was mainly boosted by unusual seasonal factors, and its revision will directly determine the strength of the September data. As Federal Reserve officials' recent statements have caused the probability of an interest rate hike in October to plummet to 25%, the market focus has shifted to long-term interest rates. Currently, systemic funds hold about $390 billion in global bond shorts, and if the employment data unexpectedly cools, it will trigger severe market turbulence.

Cloud computing and mobile internet are no longer the main forces driving the transformation of financial services.

The bottom is likely to have already appeared, and it indeed happened at some point in July.

Decentralization never means that the network is always online; the operation of the chain depends on whether there are enough participants to reach a consensus.

According to reports, Anthropic is set to launch its roadshow as early as November, aiming to complete its public listing before the Thanksgiving holiday in the United States on November 26. It will hold a Pre-IPO Investor Day on October 14 with potential investors and has sent invitations to a group of institutional investors; some potential investors believe the company's reasonable valuation could reach between $1.8 trillion and $2 trillion.

The real issue is: how to issue, sell, and complete the redemption of tokenized products in practice.

The global bond market storm continues to escalate, and TS Lombard Chief Economist Steven Blitz has issued a shocking warning: the Federal Reserve is repeating its "original sin" by prematurely easing monetary policy, which will drive the yield on 10-year U.S. Treasuries to reach 8% in the coming years. While Wall Street is still debating whether 6% is a reality, Blitz has asserted that 5.75% is merely a temporary plateau—expansive fiscal policy combined with loose monetary policy will raise the inflation and yield center in each cycle, and the era of "buying the dip" may come to an end.

The tokenized market size reached 331.8 billion USD, with non-stablecoin assets growing by 13.3%, but trading remains concentrated on a few products. The next step is to address how assets can truly be utilized after being put on the blockchain.

What will the next round of new assets be, and where will they be traded? This issue shares insights starting from the distribution demand of RWA, discussing the growth logic of Hood Chain, and then returning to the traffic, ARPU, and asset income of Robinhood.

In the most elite fields, just a slight lead can result in a significant difference in returns, so the future requires specialization.

Micron's revenue for the fourth fiscal quarter was $54.229 billion, a year-on-year increase of 379% and a quarter-on-quarter increase of 31%, exceeding market expectations of $51.49 billion. The median revenue forecast for the first quarter of fiscal year 2027 is $61.5 billion, higher than the market expectation of $57.02 billion; the gross margin is approximately 86.25%, which is also lower than the market expectation of 86.7%. The CFO stated that the pace of price increases will moderate. The CEO indicated that demand has further strengthened since the last earnings report and expects supply and demand conditions in 2027 and 2028 to be significantly tighter than in 2026.

After the lower-than-expected U.S. August PCE data was released, Goldman Sachs pushed back its expectation for the Federal Reserve's second interest rate hike from October to December, stating that it does not rule out the possibility that the Federal Reserve ultimately believes no further rate hikes are necessary. "The Wall Street Journal" Timiraos pointed out that the PCE did not change the previously known trend of rising inflation. Currently, the market is pricing in a 39% probability of an interest rate hike in October, down from 45% before the PCE was released; the probability for a December hike is 90%. The yield on the 2-year U.S. Treasury bond fell slightly after the PCE release and then rebounded, while the 10-year yield continued to rise.

If AGI is really close, AI should have already created tremendous economic value, but where is that value?

In this round of cases, 1,537 projects with unlocking plans from RootData were selected as samples. Similarly, in modifying the unlocking schedule, there are significant differences in the future supply quantity and rhythm of each project.

The structural constraints of traditional markets—lack of 24/7 trading, geographical barriers, lack of Pre-IPO access, margin islands—are the sustainable wedges for on-chain markets.

Robinhood CEO: Without a market, ownership cannot operate; without traders, the market cannot operate.

With hardware wallets and exchanges being continuously hacked, where should users place their funds when every choice comes with a cost?

The global fintech industry is currently at the starting point of a new cycle characterized by market fluctuations, regulatory reshaping, and technological updates. We believe that trends such as increasing compliance requirements, accelerated international expansion, diversified and integrated development, continuous digital innovation, and the accelerated integration of internal and external industries will bring more opportunities and challenges, especially as AI and globalization may be key variables reshaping growth engines. We are actively seeking high-quality sectors and companies that combine resilience and growth, focusing on leading internet brokerages in overseas markets with accelerated new business expansion and undervalued valuations, as well as the long-term potential of emerging formats like AI and Web3.0.

Your dots are already waiting for you.

September 29 Market Important Events Overview