CXMT Surges 466%, 30-Year Yield at 5.17%: Markets Flash Warning Signs; Bittensor Advances in AI

Key Takeaways

1. CXMT surged 466% on debut, reaching $484B valuation, raising bubble concerns. — via 1
2. 30-year US Treasury yield hit 5.17%, the highest since July 2007, signaling inflation concerns. — via 1
3. Bittensor's Subnet 62 outperformed Cognition Labs on SWE-bench, proving open competition in AI. — via 1 2
4. AI companies are destroying rare books to train models, sparking ethical backlash and prediction of licensing solutions. — via 1 2
5. Google posted record $112B net profit but stock fell 7% on AI spending and negative free cash flow. — via 1

1. Markets & Macroeconomics

1. Memory-chip maker CXMT surged 466% on its first trading day, reaching a $484 billion valuation and becoming the most valuable company listed in mainland China, which many interpreted as a bubble sign. — via 1
2. The 30-year US Treasury yield closed at 5.17%, the highest since July 2007, reflecting persistent inflation fears. — via 1
3. Chipmaker valuations are reaching extreme levels: SK Hynix ADR trades at a 29% premium to its Korean shares, and overall sector valuations exceed dot-com bubble peaks. — via 1 2
4. Despite a record $112 billion net profit, Google's stock dropped 7% as AI spending concerns and negative free cash flow spooked investors. — via 1
5. SanDisk stock fell 53% from its all-time high in a month, though it still boasts nearly 2500% one-year return, illustrating extreme volatility in semiconductor names. — via 1
6. The wealth effect from high-net-worth individuals continues to support consumer spending, contrary to recession forecasts. — via 1

2. AI & Technology

1. Bittensor's Subnet 62 achieved a state-of-the-art result on SWE-bench, surpassing Cognition Labs, demonstrating the power of open competition in AI development. — via 1 2
2. Reports suggest some AI companies are purchasing rare books in bulk to train models and then destroying the originals, prompting widespread criticism and predictions that paid data licensing will become mandatory. — via 1 2
3. A reverse engineering project has enabled The Legend of Zelda: Ocarina of Time to run natively on iOS/iPadOS as an ARM64 app, with support for widescreen, 60fps, and Bluetooth controllers; the code is open source. — via 1

3. Corporate & Finance

1. JPMorgan's net income grew from $24 billion to $65 billion over 10 years, making it the world's largest and most profitable bank. — via 1
2. Politicians including Pelosi and Trump have recently bought Uber stock, coinciding with increased lobbying spending by the company. — via 1

4. Short Selling & Mining

1. A review of 33 short-seller campaigns against mining companies found that the average stock drop on report day is only 3.7%, and 42% of targets have risen since publication, highlighting the difficulty of shorting in a commodity bull market. — via 1