This report covers the significant drawdown in momentum factors, the upcoming global release of OpenAI's GPT-5.6, and the transition of global equity markets toward earnings-driven growth.
Key Takeaways
- 1.High Beta Momentum (Momo) factor experienced a 20% selloff over 5 days, exceeding expectations but resetting positioning.
- 2.OpenAI is launching its advanced GPT-5.6 model globally, while China reportedly considers tightening controls on overseas access to domestic models.
- 3.Global equities show narrow leadership driven by AI infrastructure spending; markets are shifting from valuation-led to earnings-led growth.
Table of Contents
- Momo Selloff as Large as COVID Reopening but Positioning Still High
- OpenAI to Release New Model Tomorrow
- A Macro Guide to the Micro World
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Authors
Nelson Armbrust
Securities
GSPRHIMOS&P 500
Themes
AI Infrastructure CapexEarnings-led Market Transition
Regions
EuropeAsia PacificUnited StatesChina