The White House Accord on Superintelligence turns six frontier companies’ voluntary pledge into board-level governance via internal controls, external audits and independent oversight, with FTC and SEC enforcement behind public commitments.It opens a market for professional auditors and compliance infrastructure, while open-weight models shift security spending toward cyber defense, compute and electricity; the next 12-18 months may test GPU-access policy.

李翔 × 李丰

中美元首会谈将贸易竞争措施暂缓安排延至次年1月10日，覆盖黑五至元旦购物季，细则待后续机制明确。AI叙事转向安全与可控性，云端模型或先服务高付费编程；中国资金转向固收，而数据中心高融资成本与延期交付仍是美国金融风险线索。

Avi Felman × Jonah Van Bourg

Avi’s GP dispute alleges holders publicly promised to hold while selling concealed inventory, making on-chain wallet behavior the key test of verifiable trust.Both hosts contrast meme-coin speculation with positive-sum crypto built on “good product, good revenues, good team,” citing Avi’s ZRO-versus-ETH trade and Robinhood’s perpetuals rollout through Bitstamp.They frame five-year mega trends, retail investors’ tolerance for volatility and AI-driven concentration as the durable signals, while leaving the best expression—broad exposure or concentrated winners—unresolved.

Kevin × Yan × Jose × Jason × Ceteris

Crypto returns concentrated in stores of value and revenue-producing protocols including Zcash, Ethena, LIT and HYPE, while ETH and SOL lagged.Zcash’s constrained mining supply and Bitcoin-relative reflexivity supported upside, but its store-of-value trade remains vulnerable to an 80% drawdown.HYPE’s buybacks, RWAs, HyperEVM and new products offer catalysts, alongside onchain options and tokenized equities, amid liquidity, protocol and macro risks.

Jordi Visser

Jordi Visser sees a “bear market happening inside a bull market”: Magnificent 7 stocks make highs while IWM/QQQ and rate-sensitive sectors trade at bear-market levels.Quiet credit spreads, jobless claims and earnings up 17% challenge the rate-doom trade, while Meta’s Muse makes consumer agents a 12-month catalyst whose hype could fuel multiple compression over the next 3 months.

Phil Rosen × Warren Pies

Warren Pies has flipped back to overweight equities, targeting an S&P 500 at 8,000 within the next few months as he sees a 1997-style Fed pause.Semiconductors remain the trade’s critical signal, with nearly 20% of market cap and a 90% performance spread between semi-up and semi-down days.GPU scarcity, rising B200 rental rates, and optimistic lab ARR support the AI bull case, while a renewed hiking cycle, venture-funding shock, or bipartisan data-center backlash could break it.

Avi Felman × Jonah Van Bourg

Avi frames ten-year yields above 5% as distrust in the Fed, supporting his long-and-strong stance on Bitcoin, Intel, and Nasdaq.AI-driven copper demand may push copper toward $8, while lab-grown diamonds at $6 per carat expose monopoly economics.Cheaper AI could expand usage and GDP, but rising yields pressure real estate as Jonah watches early-to-mid-2027 for capitulation.

Jordi Visser

Crypto has broken out: Visser’s 46-name index rose 32% YTD, with 43 names above their 50-day and Bitcoin implying 15% upside.He argues AI agents, not humans, will generate on-chain flows as stocks absorbed 5.02% 10-year yields, $110 Brent and a hawkish Fed.Tokenization arrives with 23-hour weekday trading December 6 and a five-year exemption, while Clarity Act remains stalled.

Mr. Z × AI 產業挖掘機

标普500成分股EPS约30%的增长支撑美股创新高，但日韩港股仍受成交量塌缩和资金通道关闭拖累。前沿模型凭借最佳模型与产品维持议价权，OpenAI关闭200美元套餐；推理margin约80%，开源部署强化云的经济性。FOMC落地后的反弹窗口或在九月下旬至十月，但Anthropic十月底IPO、通胀、欧债与AI capex争夺资金仍需监测。

Shanghao Jin

联储周三加息概率已升至94%，Jin称其是面对供应冲击的“credibility hike”，而非通胀失控；市场却已定价3.5至4次，远超Fed dot约一次。工资增速3.1%、consumer credit仅2.6%未显示螺旋，估值和credit spread也未现恐慌；加息若仅符合预期，市场仍偏谨慎乐观，但供应冲击与AI监管是风险。