From October 20-22, by the banks of Shanghai's Huangpu River, the 2026 Sustainable Global Leaders Conference returns once again. Nobel Prize and Turing Award winners will take the stage to discuss the future and trends of technology, and there will be a live dialogue between internet-famous professors麦克法兰 (Macfarlane) and 项飙 (Xiang Biao), who offer relief from the anxiety and involution era!

Limited seats available, first come first served. Let us gather for a sustainable future! [Click to register]

Market

October 14 US stock market close: All three major indices closed lower, memory chip stocks under pressure.

Top 20 by trading volume on October 14: Micron Technology Inc (NASDAQ: MU) fell over 3% as the market worried the memory chip price upcycle has peaked.

Popular Chinese concept stocks on October 14 closed mixed, with Li Auto Inc (NASDAQ: LI) up over 3% while WeRide Inc (NASDAQ: WRD) dropped more than 5%.

European stocks turned negative in late trading, with tech stocks dragged down by AI trading concerns.

Macro

US small business optimism fell to a three-month low, with business expectations and expansion willingness weakening.

Trump: May require Turkey to join operations against Houthi armed forces.

Three major US banks posted record third-quarter net interest income again, totaling $56.5 billion.

A natural gas leak occurred in the City of London, with approximately 4,700 people evacuated.

Iran demands the UK provide evidence regarding the Fairford incident, threatening to reconsider bilateral relations.

US and Israeli leaders reportedly discussed restarting military operations against Iran.

Companies

An office was implanted with a "sophisticated recording device," and a Saudi national employee of OpenAI was arrested.

Bank of America Corp (NYSE: BAC) is suspected of money laundering violations and was fined $1.2 billion, with shares falling over 2% after hours.

NVIDIA Corp (NASDAQ: NVDA) plans to invest an additional $2 billion in Europe, and Jensen Huang called for accelerating AI deployment.

Qualcomm Inc (NASDAQ: QCOM): A jury found that Arm violated its licensing agreement.

JPMorgan Chase & Co (NYSE: JPM) banned external AI agents such as Muse and Instinct from directly accessing accounts.

Goldman Sachs Group Inc (NYSE: GS) CEO dismissed talk of senior management changes as "noise," saying there is no timeline for succession.

Citigroup Inc (NYSE: C) fixed income trading business posted its best same-period performance in at least a decade, but a cautious outlook dragged down the stock price.

JPMorgan Chase & Co (NYSE: JPM) issued $7 billion in bonds, kicking off a post-earnings financing wave among major Wall Street banks.

Apple Inc (NASDAQ: AAPL) unveiled its smart home lineup, with core product HomeView challenging Amazon and Google.

Commentary

Bank of England Governor Bailey warned that the longer the energy shock persists, the harder it will be to resist inflation pressure.

US stock market: The S&P 500 was essentially flat, with chip stocks extending losses and dragging down the tech sector.

October 14 foreign market headlines: NVIDIA Corp (NASDAQ: NVDA) added $2 billion in European investment, Micron Technology Inc (NASDAQ: MU) and SK Hynix Inc (KRX: 000660) shares fell sharply, and Bank of America Corp (NYSE: BAC) was fined $1.2 billion over suspected money laundering violations.

Crude oil: The futures rally paused as traders took profits, while supply risks in the Middle East and Russia remain.

US Central Command: The Strait of Hormuz is controlled by US forces and regional partners.

Richmond Fed President: It is reasonable to take action to address persistent inflation.

US Treasury market: Long-end bonds led gains, while dovish remarks from the New York Fed president supported the short end.

Fed's Williams: May not need to raise rates in 2027, differing from traders' views.

US Treasury futures negative convexity rose to a nearly 20-year high, and the creator of the MOVE index warned of a "nightmare scenario."

Rosenberg: US stocks look increasingly like a bubble, with multiple indicators at extremes unseen in his 40-year career.

Iran's Revolutionary Guard Navy commander: Waiting for US warships to approach and will sink them.

Dell CEO: AI needs safeguards and controls, and the government should play a role.

Wall Street stock business rarely outperformed fixed income, as rising rates hit bond trading.

New York foreign exchange market: The dollar retreated from a three-month high as oil prices and US Treasury yields fell.

New York Fed President expects no rate hike next year, saying inflation is expected to slow significantly.

Bridgewater founder says the US Treasury bear market is far from over, with demand from some traditional buyers weakening.

European bond market: German government bonds rose slightly, supported by falling oil prices.

Goldman Sachs Group Inc (NYSE: GS) prime brokerage business is thriving, while stock trading takes a back seat.

Bank of America Corp (NYSE: BAC) survey: Fund managers would only abandon stocks for bonds if the 10-year US Treasury yield rises to 5.9%.

Investors worried about an AI bubble should be wary of this one risk.