Optical Interconnect Research

First Light

Sunday, October 25, 2026 · AM

Hong Kong

  1. 1

    China Stocks Shed $3.5 Trillion as Earnings Misses Deepen Bear Market Selloff

    HIGH IMPACT · BigGo Finance / Japan Times / NDTV Profit · 2026-10-25 02:55 UTC

    China equities have entered bear market territory, shedding approximately $3.5 trillion in market cap as corporate earnings misses compound macro concerns including near-zero retail sales growth and a shrinking GDP-share relative to the US (now 67% vs 77% in 2021). AI optimism that drove the post-DeepSeek re-rating has faded, with growth concerns now dominant. Hong Kong stocks fell 4.52% in the worst week of October, reflecting the same pressure through the dual-listed channel. Sinking profitability is trapping investors in positions where low valuations are insufficient to offset deteriorating fundamentals.

    Why it matters: This is a direct consensus-reset event: the September stimulus re-rating thesis is now materially challenged, forcing a reassessment of China allocation across EM and global EM indices. Hong Kong-listed equities face continued selling pressure and the bear market read-through extends to global luxury, commodities, and EM credit assumptions.

  2. 2

    Shanghai Composite Adds 15% Single-Stock Weight Cap Effective October 26

    MEDIUM IMPACT · BigGo Finance · 2026-10-25 02:55 UTC

    China's Shanghai Composite and three other major indexes revise methodology effective October 26, introducing a 15% single-constituent weight cap. The change mechanically forces rebalancing flows out of the heaviest-weighted constituents — likely large state-owned financials and energy names — and redistributes exposure across the index. This is an index-engineering event occurring simultaneously with the broader bear market selloff, amplifying near-term flow volatility. Passive trackers and ETFs benchmarked to these indexes will need to rebalance, creating identifiable forced sellers and buyers.

    Why it matters: The cap change is an actionable flow event: investors with benchmarked exposure must model rebalancing trades by close of October 25; the timing during a bear market selloff could amplify downside for capped names and create relative value dislocations in mid-cap China A-shares.

  3. 3

    HKEX Announces T+1 Settlement Transition for Hong Kong Cash Market

    MEDIUM IMPACT · HKEX · 2026-10-25 10:43 UTC

    HKEX has released formal guidance on moving the Hong Kong cash equity market to T+1 settlement, aligning with the global shift already completed by US markets and under consideration across Asia. The change compresses the settlement window, reducing counterparty risk and margin requirements but demanding significant operational upgrades from brokers, custodians, and international investors managing cross-timezone workflows. No implementation date is specified in the snippet but the formal release signals regulatory commitment. Foreign institutional investors with HK equity exposure face operational cost and workflow changes.

    Why it matters: T+1 settlement is a structural market microstructure change that alters collateral and liquidity management assumptions for all participants in HK equities; international asset managers benchmarked to MSCI HK/EM must model increased intraday liquidity demands and potential early-stage dislocation costs.

  4. 4

    Hong Kong Treasury Chief Signals Push to Expand Yuan's Role in Regional Trade

    MEDIUM IMPACT · South China Morning Post · 2026-10-25 10:44 UTC

    Hong Kong's Financial Secretary or treasury chief publicly stated the city is seeking a larger role for the yuan (RMB) in regional trade settlement, reinforcing HK's positioning as the premier offshore RMB hub. The statement comes amid CNH volatility and a China equity bear market, suggesting Beijing and Hong Kong authorities are leaning into RMB internationalization as a strategic counter to US dollar dominance and as a capital flow management tool. No specific policy instrument was announced but the directional signal adds to existing HK stablecoin and digital yuan pilot frameworks.

    Why it matters: Incremental RMB internationalization via Hong Kong affects USD/CNH carry dynamics and is a building block for the HK stablecoin regulatory push; investors in HK-listed RMB-denominated bonds, dim sum bond funds, and offshore RMB deposits should mark up the probability of further policy support for the channel.

  5. 5

    China Urges US to Halt Proposed Expansion of Outbound Investment Curbs

    HIGH IMPACT · Nikkei Asia · 2026-10-24 23:16 UTC

    Beijing formally urged Washington to stop the proposed expansion of US outbound investment restrictions targeting China, per Nikkei Asia. This follows existing rules covering semis, AI, and quantum; the proposed expansion would extend curbs to additional sectors. China's public objection signals the rules are advancing through the US regulatory process and have not been abandoned. The protest itself is a negative signal — it suggests the expansion is live and Beijing sees it as sufficiently material to escalate diplomatically.

    Why it matters: An expansion of US outbound investment controls would directly restrict US PE/VC and corporate capital flows into Chinese AI, biotech, and advanced manufacturing — sectors where HK-listed Chinese tech and healthcare companies are key beneficiaries; investors must reprice the probability of reduced US capital availability for these names.

Japan

  1. 1

    Japan Inflation Accelerates, Yen Gains; BOJ Rate Decision Imminent

    HIGH IMPACT · Qatar Tribune / The Business Times / www.equiti.com · 2026-10-24 23:49 UTC

    Japan's inflation data accelerated, prompting renewed yen strength with USD/JPY trading around 156 and analysts flagging a potential retest of the 152 September low. The yen also gained on a weekly basis amid a global AI-driven risk-asset selloff. Multiple sources flag the BOJ meeting as a key event for the coming week, alongside the Fed and ECB decisions. Market positioning reflects growing conviction that accelerating CPI clears the bar for a BOJ hike or at minimum a hawkish hold.

    Why it matters: Accelerating Japan inflation materially raises the probability of a BOJ rate hike, the single most important input for yen carry trade unwind dynamics — a scenario with direct cross-asset implications for global risk positioning, US tech multiples, and EM carry trades. Investors must reassess USD/JPY shorts/longs and hedge exposure ahead of the decision.

  2. 2

    US Fed Hawkish Pause Expected; Week Ahead Stacked With G7 Policy Risk

    HIGH IMPACT · The Business Times · 2026-10-25 04:41 UTC

    The coming week features simultaneous Fed, ECB, and BOJ rate decisions alongside US GDP, core PCE, US earnings from Google, Microsoft, and Amazon, and the UK budget. Consensus leans toward a hawkish Fed pause, with the ECB also on hold and the BOJ the wildcard given the accelerating inflation print. This cluster of policy events creates an unusually high cross-asset volatility environment for Japanese equities and JPY. The Business Times flags the Fed as leading the G7 trio in hawkish posture.

    Why it matters: A simultaneously hawkish Fed and potentially hiking BOJ compresses the US-Japan rate differential — the key structural driver of yen carry and Nikkei foreign-investor positioning — and investors should be actively reassessing Japan equity hedging ratios and duration exposure heading into this decision window.

  3. 3

    China Stocks Shed $3.5 Trillion as Earnings Misses Deepen Selloff

    HIGH IMPACT · The Japan Times / BigGo Finance · 2026-10-25 01:08 UTC

    Chinese equities suffered a $3.5 trillion market cap loss as corporate earnings misses compounded the existing selloff, with sinking profits turning the rout into a liquidity trap for investors. The scale of the drawdown signals a deterioration in earnings fundamentals beyond the initial sentiment-driven correction. This comes as a cross-read for Japan, where Chinese demand is a key input for materials, autos, and luxury goods exporters listed on the TSE.

    Why it matters: A $3.5 trillion China equity rout driven by earnings misses — not just sentiment — shifts the base case on China demand recovery, which is a direct earnings driver for Japanese exporters in autos (Toyota, Honda), industrials, and consumer discretionary; investors should revisit China-exposed TSE names' consensus revenue assumptions.

  4. 4

    Four Major Japanese Brewers Under JFTC Cartel Probe for Price-Fixing

    MEDIUM IMPACT · Latest articles - The Japan Times · 2026-10-25 02:24 UTC

    Japan's Fair Trade Commission (JFTC) is investigating Asahi, Kirin, Suntory, and Sapporo for a suspected cartel related to shipping prices. Notably, all four brewers held beer prices steady following the 2023 liquor tax cut, suggesting coordinated behavior rather than competitive pass-through. This is a meaningful regulatory action against four of Japan's largest consumer staples companies simultaneously, with potential fine and reputational risk implications.

    Why it matters: A simultaneous JFTC cartel probe against all four major brewers creates material downside risk to their operating cost and legal liability assumptions; for investors holding Japanese consumer staples, this is a sector-level event that could reprice regulatory risk premia across TSE-listed food and beverage names.

  5. 5

    Japan Backs 700 MHz Rakuten-AST SpaceMobile Network to Rival SpaceX

    MEDIUM IMPACT · Stocktwits · 2026-10-24 23:28 UTC

    Japan's government has backed a 700 MHz spectrum allocation for a Rakuten-AST SpaceMobile (ASTS) satellite network, directly positioning it as a domestic competitor to Starlink/SpaceX. ASTS shares turned positive after a two-month slide on the news. The 700 MHz band is favorable for satellite-to-device penetration, giving the Rakuten-ASTS network a technical edge in rural and maritime coverage. This represents a meaningful government endorsement that de-risks ASTS's Japan revenue pathway.

    Why it matters: Japanese government spectrum backing materially improves ASTS's regulatory and commercial probability in one of the world's highest ARPU telecom markets, and strengthens Rakuten Mobile's long-term competitive position against NTT and SoftBank — a cross-read for global satellite-to-device investment theses and Rakuten's enterprise valuation.

Korea

  1. 1

    Goldman Sachs cuts 12-month KOSPI target 25% to 9,000 as AI trade unravels

    HIGH IMPACT · Bloomberg.com / Business Times / Seoul Economic Daily · 2026-10-25 07:44 UTC

    Goldman Sachs slashed its 12-month KOSPI target from 12,000 to 9,000, a 25% reduction, citing the unwinding of the AI momentum trade as the primary driver. The cut follows a period in which Korea's top-10 conglomerates shed approximately 1,101 trillion won (~$830 billion) in aggregate market cap, with SK Group alone down ~30%. Samsung Electronics and SK Hynix's combined KOSPI weight has fallen below 50% as non-chip rotation failed to materialize, deepening a liquidity gap. Goldman simultaneously flagged the selloff as representing 'excessive pessimism,' implying a contrarian value case is forming, but consensus has not yet shifted to buy.

    Why it matters: A 25% target cut from Goldman is a benchmark-reset event that will force institutional mandates benchmarked to KOSPI to reassess position sizing; the framing of Korea as the 'purest AI trade' means any further deterioration in global AI capex sentiment directly transmits to Korean equities and, via HBM/DRAM pricing, to US semiconductor multiples.

  2. 2

    Korea Q2 current account surplus hits $116.6B, surpassing Germany and Japan combined

    HIGH IMPACT · Korea Times / Korea Herald / BigGo Finance · 2026-10-25 06:37 UTC

    South Korea's Q2 2026 current account surplus reached $116.6 billion, exceeding the combined surpluses of Germany and Japan for the first time ever, driven overwhelmingly by a semiconductor export boom. The IMF characterized it as the largest current account increase in the world this year. President Lee cited the record surplus as evidence of Korea emerging as a global economic leader, though the divergence between the external surplus and the KOSPI's sharp decline highlights a structural disconnect: semiconductor export revenues are not translating into broad equity gains or domestic income growth. Temporary employment also hit a 31-year Q3 low, underscoring uneven domestic conditions.

    Why it matters: A record surplus of this magnitude will intensify KRW appreciation pressure and raises the probability of US trade scrutiny of Korea's export model; the chip-export concentration simultaneously confirms HBM/DRAM demand remains robust at the macro level, creating a cross-read tension with the KOSPI selloff that investors need to reconcile.

  3. 3

    Samsung, SK Hynix post 180 trillion won combined profit; market remains unimpressed

    HIGH IMPACT · 조선일보 / BigGo Finance / Chosunbiz · 2026-10-25 09:21 UTC

    Samsung Electronics and SK Hynix reported a combined approximately 180 trillion won in profit, yet the KOSPI failed to rally, with Samsung and SK Hynix leveraged ETFs drawing record retail inflows of 80 trillion won as institutional and foreign sellers dominated. The Samsung/SK Hynix weight in the KOSPI has fallen below 50% as rotation into non-chip sectors did not materialize. Retail investors are resuming purchases of leveraged single-stock products on the dip, while investor deposits have fallen 51 trillion won, narrowing the marginal buying power available. The divergence between fundamental earnings delivery and market reaction is the central puzzle flagged across multiple local sources.

    Why it matters: Strong HBM/DRAM earnings that fail to lift the index signal the selloff is driven by AI-trade positioning unwind and foreign outflows rather than fundamental deterioration — a distinction that matters for timing a re-entry and for cross-reading global memory pricing into US semis and AI infrastructure names.

  4. 4

    AI investment shifts from chips to software, exposing Korea's lack of software alternatives

    MEDIUM IMPACT · KED Global / Korea Times News · 2026-10-25 12:50 UTC

    Korea Economic Daily reports that global AI capital allocation is rotating from hardware/chips toward software and applications, a shift that structurally disadvantages Korea's equity market which has almost no investable large-cap software or AI platform names. Separately, a Rockbridge Network Korea report reveals that 49.3% of the 1,845 Korean AI models published on Hugging Face in Jan–Aug 2026 were built on Chinese foundation models, versus only 35.9% on US models, raising concerns about technological dependency on China. The combination of a chip-centric export structure and reliance on Chinese AI foundations leaves Korea exposed on both the hardware cycle's downswing and the software cycle's upswing. This compounds the Goldman target cut rationale.

    Why it matters: If AI capex continues rotating to software, Korea's index has no offsetting beneficiaries — unlike the US or China — meaning the KOSPI discount to fundamentals could persist structurally rather than mean-revert; the Chinese foundation-model dependency also creates a latent US export-control / sanctions risk vector investors should price.

  5. 5

    Korea expands KOFR benchmark to corporate loans; Koribor phase-out set for April 2027

    MEDIUM IMPACT · BigGo Finance · 2026-10-25 05:55 UTC

    South Korea is expanding the KOFR (Korea Overnight Financing Rate) risk-free rate to corporate lending, with Korea Development Bank and Industrial Bank of Korea committing an initial 1 trillion won in KOFR-linked loans. New Koribor-based loan origination will halt in April 2027, marking the completion of Korea's LIBOR-transition equivalent. The move restructures the pricing benchmark for a significant portion of Korea's corporate credit market and will affect floating-rate loan spreads across KDB and IBK's balance sheets. The transition timing overlaps with a period of elevated household loan growth — major bank household loans surged 2.6 trillion won recently — adding complexity to credit risk management.

    Why it matters: The Koribor-to-KOFR transition is a structural re-pricing event for Korean corporate credit; investors in Korean bank bonds, corporate floating-rate debt, or KRW rate derivatives need to reassess benchmark sensitivity and potential basis risk as the switchover date approaches.

India

  1. 1

    FPI Equity Outflows Hit ₹48,056 Crore in October Amid Crude Surge

    HIGH IMPACT · Markets-Economic Times · 2026-10-25 06:33 UTC

    Foreign portfolio investors have pulled ₹48,056 crore (approx. $5.8bn) from Indian equities month-to-date in October, with total debt+equity outflows reaching ₹53,337 crore, driven by elevated crude oil prices tied to the West Asia conflict. The selling erased roughly ₹21 lakh crore in investor market cap over four sessions, with Sensex down 2.15% and Nifty 50 down 2.36% on the week. Bank Nifty underperformed, falling 2.79% and breaching the 55,000 level. There were only two days of net FPI buying during the month, indicating the outflow is broad-based rather than episodic.

    Why it matters: The scale and persistence of FPI outflows — among the largest monthly figures in 2026 — forces a reassessment of the consensus 'India as safe EM haven' thesis; sustained crude-driven inflation pressure simultaneously constrains RBI's ability to ease, compressing the rate-cut catalyst that underpins Indian equity re-rating.

  2. 2

    India 10-Year Bond Yields Surge 28 bps in October to 7.47%, Lifting Fiscal Interest Burden

    HIGH IMPACT · business-standard.com · 2026-10-25 10:23 UTC

    The yield on India's benchmark 10-year government bond rose to 7.474% on October 23 from 7.193% on October 6, a ~28bp move in under three weeks — one of the sharpest monthly selloffs of 2026. The trigger is a combination of elevated global crude prices (geopolitical risk premium), sustained FPI outflows from debt, and repricing of RBI rate-cut expectations. The move will mechanically raise the government's interest servicing costs on new issuance and rollover, adding to fiscal pressure ahead of the H2 borrowing calendar. The rupee simultaneously faces headwinds from dollar demand and capital outflows.

    Why it matters: A 28bp yield spike in three weeks tightens financial conditions independently of any RBI action, pressuring rate-sensitive sectors (NBFCs, real estate, capex-heavy industrials) and widening the fiscal deficit assumption if sustained; it also signals the market is no longer pricing imminent RBI easing, which was a core bull thesis for Indian equities and bonds.

  3. 3

    Jio Platforms IPO Subscribed 22x, Lists October 28 at Implied ₹1.47 Lakh Crore Market Cap

    HIGH IMPACT · Markets-Economic Times · 2026-10-25 04:40 UTC

    Jio Platforms' ₹30,213-crore IPO closed subscribed 22.19 times, generating bids worth over ₹7.4 lakh crore — described as India's most subscribed offering on record. The grey market premium of ₹247-250 per share implies a listing price around ₹1,369, a ~22% gain over the upper band, suggesting an implied market capitalisation of approximately ₹1.47 lakh crore at listing on October 28. QIB demand was the dominant driver. Allotment finalises October 26 with demat credits on October 27.

    Why it matters: The Jio listing is a structural IPO market event: at this implied cap it immediately enters the top tier of BSE/NSE index constituents, triggering mandatory passive index fund buying and reshaping telecom/digital sector weightings in India EM benchmarks — a direct flow catalyst for index-tracking allocators.

  4. 4

    Kotak Mahindra Bank Q2 Profit Rises 29% YoY; NIM Compression from FCNR(B) Funding Flagged

    MEDIUM IMPACT · mint - markets · 2026-10-25 13:34 UTC

    Kotak Mahindra Bank reported standalone Q2FY27 net profit of ₹5,645 crore (consolidated), up 26% year-on-year, with standalone profit growth of 29%. Net interest income grew 16%, but net interest margins narrowed due to FCNR(B) deposit funding costs — a signal that the FCNR inflow cycle is now a P&L headwind. Brokerages maintained Buy ratings, flagging margin recovery as a Q3/Q4 catalyst contingent on deposit cost normalization. The result is in focus for Monday's open given the broader Bank Nifty weakness.

    Why it matters: FCNR(B)-driven NIM compression at Kotak is a cross-read for the broader private banking sector margin trajectory; if FCNR costs persist alongside elevated bond yields, consensus FY27 NIM and ROE estimates for Indian private banks may need downward revision — directly relevant to the largest weight in Bank Nifty.

  5. 5

    KEC International Wins ₹2,872 Crore PGCIL Order; YTD Intake Crosses ₹13,500 Crore Record

    MEDIUM IMPACT · mint - markets · 2026-10-25 13:34 UTC

    KEC International secured a ₹2,872 crore turnkey order from Power Grid Corporation of India for 765 kV transmission lines associated with evacuating 8.5 GW of renewable energy capacity in Gujarat. This takes KEC's year-to-date domestic T&D order intake above ₹13,500 crore, a record for the segment. The order is directly linked to India's renewable energy evacuation infrastructure buildout, confirming continued government capex commitment to the grid despite broader fiscal pressures. India's private capex pipeline separately surged 39% YoY to ₹99.7 lakh crore as of September 2026, with electricity and manufacturing the dominant components.

    Why it matters: The PGCIL award confirms the power transmission capex cycle remains intact and accelerating, supporting the bull thesis for T&D EPC players (KEC, Kalpataru, Sterlite Power adjacents); the record YTD intake also de-risks KEC's FY27 revenue visibility at a time when broader industrial order flows are being scrutinized for slowdown signals.

Asia Tech

  1. 1

    Samsung, SK Hynix Post Combined 180 Trillion Won Q3 Profit; Market Unimpressed

    HIGH IMPACT · 조선일보 · 2026-10-25 09:21 UTC

    Samsung Electronics and SK Hynix together reported approximately 180 trillion won (~$139 billion) in combined Q3 2026 profit, driven by AI chip demand, yet equity markets responded negatively. The muted market reaction signals investor concern that current profitability may already be priced in, or that forward guidance disappointed relative to buy-side expectations. This dynamic is critical context for positioning in Korean memory names ahead of any additional earnings details. The divergence between record profits and weak share price response suggests the market is focused on whether AI chip revenue mix and HBM pricing can sustain the cycle into 2027-28.

    Why it matters: A record-profit / weak-stock reaction is a classic late-cycle signal; investors should reassess whether consensus HBM ASP and volume assumptions are already embedded in multiples, and watch for any guidance revision on DRAM/NAND commodity segments as a swing factor for the broader AI infrastructure investment thesis.

  2. 2

    Nomura Forecasts Memory Chip Shortage Through 2028; HBM Risks Persist Beyond That

    HIGH IMPACT · TOKENPOST · 2026-10-25 07:42 UTC

    Nomura Securities published a note projecting a memory chip shortage extending through 2028, while a separate analysis flags that HBM supply risks could persist even beyond that horizon. A concurrent report notes Nvidia may not face meaningful chip competition until 2028, reinforcing the extended duration of SK Hynix's and Samsung's HBM pricing power. These forecasts, if accurate, push out the peak-cycle risk for memory bulls and support sustained capex from hyperscalers. The Korea Times also reported Korea's Q2 current account surplus topped Germany and Japan combined, directly attributable to the chip export boom, underscoring macro-level dependence on the cycle.

    Why it matters: Nomura's 2028 shortage call is a direct upward revision to the duration assumption underpinning long positions in SK Hynix, Samsung, and related HBM supply chain names; cross-read is positive for US AI infrastructure capex multiples and bearish for any short thesis predicated on a near-term memory downcycle.

  3. 3

    AI Spending Rotation to Software Exposes Korea's Chip-Only Tech Ecosystem

    MEDIUM IMPACT · KED Global · 2026-10-25 12:50 UTC

    KED Global reports that as global AI investment increasingly rotates from hardware/chips toward software and application layers, Korea's tech sector faces structural risk due to its near-total dependence on semiconductor revenue with minimal software or platform alternatives. Nearly half of new Korean AI services are being built on Chinese foundation models (Korea Times), further highlighting the absence of domestic large-language-model infrastructure. This dual vulnerability — hardware commoditization risk and reliance on foreign AI stacks — creates a medium-term overhang on Korea's tech equity story beyond the current HBM supercycle. There is no near-term Naver or Kakao AI platform of sufficient scale to absorb the rotation.

    Why it matters: Investors long Korea tech via the AI-chip thesis should model a scenario where software-layer value capture accrues outside Korea; this story is a structural bear case for KOSPI tech multiples in a post-HBM-peak environment and is a cross-read for any EM tech allocation benchmarked to Korea semis.

  4. 4

    SoftBank's Son Masayoshi Commits $50 Billion Tech Investment in Malaysia

    MEDIUM IMPACT · Bloomberg.com · 2026-10-25 07:42 UTC

    SoftBank Group CEO Masayoshi Son announced plans for a $50 billion technology investment in Malaysia, confirmed by the Malaysian Prime Minister. The commitment is one of Son's largest single-country pledges and likely encompasses AI data center infrastructure, semiconductor supply chain, and digital economy initiatives. This follows SoftBank's broader AI infrastructure push — including its $100 billion US Stargate pledge — and indicates Son is deploying Vision Fund-adjacent capital aggressively across Southeast Asia. The scale of the Malaysia commitment could attract co-investors and reshape regional data center and cloud capex flows.

    Why it matters: A $50 billion anchor investment from SoftBank materially shifts Southeast Asia's AI infrastructure buildout trajectory and has positive cross-reads for regional data center REITs, power infrastructure, and semiconductor supply chain companies with Malaysian operations; it also signals SoftBank's continued appetite for large-scale AI bets, relevant to SFTBY valuation.

  5. 5

    Seoul Government Likely to Delay Crypto Capital Gains Tax Again to Protect Young Voter Base

    MEDIUM IMPACT · KED Global · 2026-10-25 09:16 UTC

    KED Global reports the South Korean government is again expected to postpone implementation of its cryptocurrency capital gains tax, driven by political sensitivity around young retail investors who are disproportionately active in crypto markets. This would mark a repeated deferral of a tax regime that has been pending for several years. The delay effectively extends the favorable trading environment for Korean retail crypto participants, who represent a significant share of global altcoin and Bitcoin volumes on domestic exchanges like Upbit and Bithumb. The move reflects the outsized political influence of Korea's crypto retail base and the government's unwillingness to trigger outflows ahead of electoral cycles.

    Why it matters: Continued Korean crypto tax deferral sustains elevated domestic retail trading volumes and is a positive read-through for Korean exchange operators and crypto-adjacent fintech; it also reinforces Asia's pattern of regulatory accommodation for retail crypto, relevant to the global stablecoin/crypto regulatory convergence thesis and positioning in crypto-adjacent equities.

Archive