JPMorgan: "AI Bills Are Out Of Control"

"Investment analysts, particularly at HFs, are using a ton of AI. I’ve run into numerous analysts whose personal token budgets reach tens of thousands of dollars with some even exceeding $100K. If you’re not using AI in your investment process today, you are falling behind."

This Still Isn't Panic

Fear is spreading across macro, tech, and emerging markets. The uncomfortable part is that this still feels like orderly de-risking rather than outright panic.

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The Potemkin Ballot

The history of elections suggests a Potemkin ballot: a public ritual of choice that frequently conceals prearranged outcomes driven by entrenched interests...

The Fragile Market

The scary part isn't volatility. It's how little it takes to create it. Markets increasingly resemble a giant short-gamma ecosystem where relatively small flows can produce outsized price moves.