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1. Using AI is Getting Cheaper

Token volumes vs. token spend. "AI Spend FALLS in the latest Ramp AI Index. Price cuts at the frontier, in addition to cheaper and more efficient models at standard and lite levels, are pushing down the cost of using AI. Open source models remain <5% of business spend. This decline in spend is driven almost exclusively by competition between OpenAI + Anthropic."

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2. Why Did META Add $450Billion to Market Cap in September?

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3. Tech is Now 55% of All U.S. Capital Spending

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4. Small Cap Stock Short Interest is Sitting 99th Percentile—This is Not Bubble Stock Market Action

R2K short interest. Short interest (as % of shares outstanding) in the Russell 2000 has risen to the 99.8th percentile.

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5. S&P Returns Modern Day Presidents

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6. China’s Bigger and Better Batteries-FT

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7. Fintechs are Offering Higher Yields on Deposits

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8. Jobs Number by Sector

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9. American Populism Rising

Americans Want Populist Policies That Defy Traditional Political Labels

A new Wall Street Journal survey finds broad support for caps on prescription drug prices and strong border securityBy Aaron Zitner

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10. Guess Who is Not Coming to Dinner-Semafor

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