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China is effectively flooding the US market with open‑source AI models that are close enough to state‑of‑the‑art and essentially free. No one is going to turn down the opportunity to cut an AI spend from 100 million to 10 million, even if the model isn’t perfect. In that environment, Anthropic and OpenAI cannot easily justify their pricing or their valuations, which helps explain why IPO plans have suddenly stalled. The real bubble in AI is in the pricing of AI. DeepSeek’s funding is directly backed by the Chinese government, and the strategic risk is clear: Chinese models may keep getting better, faster, cheaper – and remain open‑source – while US models are export‑controlled, expensive, and closed. A year ago, almost nobody would have believed that Chinese AI systems could be broadly comparable to US models at roughly 10% of the cost, yet that’s exactly the world we’re moving into Markets : DOW at record high to close H1 2026, NIKKEI had its sharpest quarterly advance since 1965 (up 38% !), while KOSPI is up 70% driven by chipmakers, JPY to a 40year low (BoJ fail !, and againJPN authorities 'stand ready to intervene' apparently, USDollar rallies strongly, #MSTR Strategy abandons ‘Never Sell Bitcoin’ mantra in bid to outlast Crypto winter Coinbase switched to open-weight Chinese models from Zhipu and DeepSeek, and shaved nearly 50% off the company's internal AI spending !!.. China factory activity grows faster than expected in June on tech export demand Iran reiterated plans to maintain control over shipping through the Strait of Hormuz, a sign it has no intention of returning to the status quo before expected negotiations. Tehran will send a delegation to Doha but said no direct talks with US officials are planned China Matches Anthropic in AI Cybersecurity Race — The AI Chronicle Coinbase's CEO pitches Chinese open weight AI models as solution to rising bills - Cryptopolitan >>> the moment cost start to matter and China 'wins' over U.S on AI ? The numbers are absolutely ridiculous: Running the same enterprise workload through Anthropic's Claude costs $4,811. Running it through Zhipu's GLM 5.2 costs $544. That's a 9x price difference for equivalent output Chinese AI Models 2026: 90% Cheaper Than GPT-5 Yet Matching Performance – Full Breakdown | AICost Blog China factory activity grows faster than expected in June on tech export demand Oil stocks in US Strategic Petroleum Reserve fall by 5.5 million to lowest level since 1983 | Reuters Michael Saylor Breaks ‘Never Sell’ Vow: Why and How Will Strategy Offload Bitcoin? Supreme Court lets Trump fire FTC member, boosts presidential power Brexit After a Decade: What Changed for the UK Economy and Europe? | LinkedIn History will judge Brexit not by the arguments made in 2016, but by the outcomes delivered for the decades to come. Swiss Federal Railways tests solar panels — early success shines Why the AI boom could keep interest rates higher for longer – The Armchair Trader Ukraine war latest: Russian attacks kill 15, injure 118 across Ukraine, as casualties rise from morning strike on Dnipro Anton Gerashchenko on X: "Over the past few days, a lot of important things have happened. In recent days, my attention has been focused on Lukashenko and the activity within the Russian-Belarusian-Chinese triangle. For the first time after the meeting between Putin and Lukashenko at Valdai, there was https://t.co/SXkPXDFxIv" / X 16 June 2026 | Minutes of the Monetary Policy Board Meeting | RBA Barclays buys UK headquarters for £750m in Canary Wharf boost

China’s AI strategy could be to undercut OpenAI and Anthropic by releasing highly capable foundation models for free, driving the marginal cost of advanced AI intelligence toward zero. With abundant, low‑cost electricity, China could then “export compute” at scale, much as it once did with manufactured goods. The main bottleneck today is access to cutting‑edge chips, but if domestic players like Huawei close that gap, we may enter a world where, instead of paying Western incumbents hundreds of billions for AI services, users access comparable intelligence at negligible cost. In your view, what are the economic and geopolitical consequences of such a shift — and would it be ultimately beneficial or harmful?... Markets : ..Excessive AI spending risks global financial consequences, BIS warns, US equity futures rose after the US and Iran agreed to halt attacks on each other before peace talks resume in Doha this week. The move signals de-escalation after days of tit-for-tat strikes that tested a fragile truce. Oil pared gain, USD still looks good to ok, but watch out IMM positioning (not that it is all that counts) + quarter-end flows U.S administration is working to unwind decades of sanctions on Iran as part of a deal to end the war and open the Strait of Hormuz. The US has authorized the sale of Iranian oil and fuels and pledged to unlock billions in frozen funds, with a 14-point memorandum of understanding including the removal of all US sanctions on Iran on "an agreed upon schedule". Putin says Russia will press on with front-line campaign regardless of Ukraine proposals, and Putin details Russia’s fuel shortages after Ukrainian drone strikes Japan targets more than doubling real growth to over 1% in economic blueprint BIS Warns AI Debt Bubble Could Spark Global Financial Crisis Ole S Hansen on X: "COT on #forex shows a post-FOMC jump in the IMM $USD long to a seven-year high: Dollar buying resumed in the week to 23 June, with the greenback gaining 1.5% following the Fed's hawkish shift and political turmoil in the UK that triggered sterling selling. The aggregate IMM net https://t.co/8v5NIcvt9z" / X OpenAI Eyes 2027 IPO Delay As Washington Clears Anthropic's Mythos Precious Metals Poised for a Reversal? Crude Oil At Key Support While Cocoa Extends Its Bull Market US says it has agreed to 'stand down' after exchange of strikes with Iran New Meta Prediction Market to Challenge Polymarket and Kalshi MAKE IT STOP !!!! meta has created enough problems around the world, without having to make more folks loose money now, a reminder that 85% of users LOSE money on prediction markets platforms, and that 3/4 of payouts go to the 2% of users.. AIs next phase From memory winners to efficiency enablers | Saxo Bank Switzerland Key points: Memory remains a critical AI bottleneck, but the trade is no longer one-way. AI demand continues to support memory suppliers, but higher memory and storage costs are starting to affect customers across the value chain — from consumer devices to hyperscaler capex. The “AI tax” is becoming visible in consumer technology. Recent price increases from Apple, Xbox, Sony and Nintendo show that the memory squeeze is moving beyond semiconductor earnings into hardware pricing, affordability and upgrade cycles. The next phase of AI may favour efficiency over pure capacity. As AI becomes more expensive to build and run, market focus is likely to shift toward companies and technologies that reduce inference costs, improve data movement, lower power and cooling needs, optimise software usage, and enable more on-device AI European aluminium producers press Brussels to close Russian import loophole China widens Japan export curbs, targeting drone makers, nuclear firms and defense institutes Japan targets more than doubling real growth to over 1% in economic blueprint | Reuters Putin says Russia will press on with front-line campaign regardless of Ukraine proposals Apple may soon extend price hike to iPhones, warn experts - Technology News | The Financial Express

Iran updates : Key parts of the oil market are suddenly awash in supply, as a stream of cargoes out of the Strait of Hormuz accelerates after the US-Iran agreement to open the waterway. Even before the deal, a combination of strategic inventory releases, a collapse in demand from top buyer China, and a substantial number of tankers sneaking “dark” out of the Persian Gulf had contributed to a small oversupply in some key markets, traders say Markets : MICRON smashed earnings and lifted overnight futures, ''rate hikes needed every few months, hawkish BOJ board member says'' (JPY stays weak though..), crude back to pre war levels almost, FED's preferred inflation gauge to accelerate in May, Junk bonds are flashing a warning signal (thread-chart), USD looks set to stay firm although beware month-quarter-end rebalancing flows now, real rates doing the damage for PM's at the moment, and supporting USdollar (deflationary vibes came from hawkish FED and lower oil..) There is every indication the war has reached a major turning point in Ukraine’s favor. Drone attacks have wiped out 50% oil supplies in Moscow, Russians are abandoning Crimea, Ukraine forces are pushing back Russian troops in eastern Ukraine, Russia economy collapsing (as per few various sources) "In Albania, the situation has completely spiraled out of control. The Albanian people are calling on all celebrities to speak out publicly about them. Amplify our voice to the world. We will not accept the occupation of our land by the United States and Israel." July 1, 2026, is not just another date on the calendar for the cryptocurrency sector in Europe: it marks the definitive end of the longest period of regulatory adaptation this market has ever experienced #BTC Brexit : ''the biggest mistake wasn’t Brexit, it was the referendum'' / Thread (indeed.. said it time and time again back then, a referendum is a consultation on what the folks think, not law..quite why Cameron made it law is beyond.... >>> 10 years on, the UK is still counting the cost of Brexit. Economists agree the economy is 4–6% smaller (some say up to 8%) than if we’d stayed due to trade barriers, lower investment and missed opportunities. Exports to the EU down, food/agriculture hammered, business investment lagging. The bill keeps growing. The regret is growing too. UK Stock Market News: easyJet, Serco, Moonpig Scott Bessent outlines 5 principles for Trump economic statecraft plan | Fox Business Micron (MU) earnings report Q3 2026 US-Iran War Live Updates Today: Pezeshkian Says Iran Now Recognised As 'Powerful, Dignified' Nation - News18 Putin's system is in a state of slow implosion - Archynewsy Ukraine to conduct preemptive attacks on facilities Russia uses for war, Zelenskiy says - AOL Federal Reserve stress test: U.S. banks can withstand $708B in losses The Fed's Preferred Inflation Gauge Reports on Thursday. It Could Send Stocks Lower. | The Motley Fool Elliott Wave International on X: "Junk bonds are flashing a warning signal. While the S&P 500 pushes toward new highs, CCC-rated junk bond spreads are moving in the opposite direction. When the trend between the two sectors diverge, it is almost always meaningful. This is just one of several warning signs https://t.co/yoH0hq5QsA" / X JPY EXCLUSIVE: Japan's government blueprint nudges BOJ to fuel demand, clouding rates path | Reuters Rate hikes needed every few months, hawkish BOJ board member says - The Japan Times Albania protests sparked by Jared Kushner-backed luxury resort plans snowball into anti-corruption movement - CBS News No fuel for sale as Ukraine's blockade of Russian-occupied Crimea takes effect MiCA comes into force in July: key implications for the sector Pretty bad outcome for crypto lovers Binance Withdraws Licensing Applications from Greece, Eyes France Amid Regulatory Hurdles Ed Miliband derailed plan to use North Sea oil to fund defence Better late than never.. The £5m question: Farage, Harborne, crypto policy and a timeline that raises very serious questions Liz Webster on X: "‼️ @hugorifkind says the biggest mistake wasn’t Brexit, it was the referendum. That rigid “will of the people” trap has delivered a decade of damage: lagging growth, weaker pound, falling exports, and lost opportunities. Electoral mandates shouldn’t be suicide pacts. Brexit https://t.co/K01L14Tvg7" / X

MANAGEMENT TEAM Elke Balters Compliance Officer Qualified Lawyer Read More ProCloud AG Information Technology Provider Cloud Services and Cyber Security Read More SwissComply Compliance ICS Specialising in Finma Compliance Read More Alison Lazerwitz Non Executive Director Legal & strategy advisor Read More Stephan Collet Chief Executive Officer Expert in global macro and derivative products Read More Richard-Mark Dodds CIO & Chairman Detailed knowledge of fund management portfolio construction, accounting and treasury operations management. Read More

Asset Management Using our unique relative value based Investment Matrix we build portfolios with superior analytical metrics, compared to mainstream equity indices. We currently have two different Portfolio offerings; firstly our classical Long only Global Equity model (suitable for all investors), and a Multi-Asset Class model, designed to generate additional alpha (suitable for Professional and Institutional clients only). We deliver discretionary portfolio management through individually segregated accounts held in your name. This flexible mandate empowers you to complement our core PVM Investment Matrix Portfolio by actively incorporating listed securities of your own selection. PVM Global Equity Long Strategy Type Long Only Global Equity Suitable for All Investors Focus Absolute return/low risk Minimum Investment 150k CHF 2025 Performance 2026 Performance (31. May) +21% +5.1% Performance over 10 years +102% More PVM Global Multi-Asset Strategy Type Multi-Asset Class Suitable for Qualified Investors Focus Absolute return Minimum Investment 250k CHF 2025 Performance 2026 Performance (31. May) + 26% +3.6% Performance over 10 years +170% More Our Investment Philosophy Investment Matrix Fundamental Design In 2015 we developed our dynamic Investment Matrix consisting of many fundamental variables, designed to identify value opportunities within Global Equities. Our Investment Matrix is constructed to identify and establish sustainable value. There are many reasons why that value may also not be sustainable, such as changing consumer sentiment or spending more on share buybacks than current cashflow permits, the PVM Investment Matrix reacts to these changes. Algorithmic Processes Systematic Throughout We utilise proprietary algorithmic screening, with a high degree of automation, to analyse the global equity universe, monitor our Clients' Portfolios, and identify new opportunities. Furthermore, we use algorithmic execution tools when buying and selling our clients' portfolios, where appropriate. Qualitative Rationale Deeper Understanding Driven by deep analysis of balance sheets and employing further levels of qualitative analysis, results in a thorough understanding of the companies we invest in. We consider factors, such as; the mix of Goodwill and Intangibles to Net Equity, tracking deviations from recognized Accounting Standards and taking a broader view of the global economic landscape. Robust Returns, less Risk Better Together The combination of quantitative systematic analysis, overlaid with qualitative reviews and active management within clearly defined parameters, results in an investment model which is both robust and not easy to replicate. Stable returns are achieved by taking less investment risk, at higher valuations. Investment Process We believe that an uncompromising investment process is a key component in delivering consistent returns.