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Chipmaker valuations are now higher than they were at the peak of the dot-com bubble. AI may be revolutionary, but the price you pay still matters (chart available on request) Prices for credit default swaps for corporate debt tied to Oracle, SpaceX, Alphabet, Amazon, Meta, Broadcom and Nividia have risen to record highs in recent days according to LSEG data (FT) Iran updates : The U.S.-Iran war-cease-fire-MoU-war-again-de-facto-ceasefire has gone on now for 150 days...Brent fell below $88 after Donald Trump said US and Iran are engaged in talks, Markets : Big Tech credit risk gauges climb as AI investment costs surge (chips & KOSPI sharply down overnight again, Nvidia has signed leases worth up to $50B for a massive Texas data centre, a previously undisclosed commitment, #US IMM Speculators are now the most bullish on the U.S. Dollar in more than a decade >>> momentum change, CTA's turning sellers!, QQQ struggling, chips rout could well continue (see valuations levels..), KOSPI giving back its crazy up moves from Q2 (what else..), watch yields after Warsh in his 2nd FOMC meeting, long-end7duration/credit etc.. GOLD : BoA's fund manager survey : for the first time in years, fund managers see Gold as undervalued, Most institutional investors still do not hold a strategic long-term allocation to gold.. (chart available on request) The 30-Year US Treasury Yield ended last week at 5.17%, its highest weekly close since July 2007, on to Mr Warsh tomorrow to try to convince the market that 'inflation is low'.. Big Tech credit risk gauges climb as AI investment costs surge Nvidia behind $50B lease on Texas data centre that will use its chips: FT Taiwan Detains Nvidia Employee in Chip Trafficking Probe | Hyperdash News The Next Fed Rate Hike May Be Coming Soon | Seeking Alpha Kevin Warsh’s First Two Months as Fed Chair: What He Changed, and What Could Happen Next - WSJ Trump uses GM stage to launch midterms attack on Democrats | Reuters Wie viele entlässt UBS in nächster Welle? – Inside Paradeplatz Barchart on X: "Tesla $TSLA falls to its most oversold level since March 2025 📉 📉 https://t.co/TyujjSxMct" / X Barchart on X: "CTAs will dump stocks in EVERY SINGLE SCENARIO over the next week 📉 📉 https://t.co/3OGJwHR9t3" / X Barchart on X: "Speculators are now the most bullish on the U.S. Dollar in more than a decade 📈 💵 🤑 https://t.co/jrZG2bryru" / X Gold Outlook: A healthy reset provides a constructive backdrop – The Armchair Trader

Horrific wild fires in France, Spain, Portugal, UK, Sicily and Canada Last Thursday recorded the most commercial flights 𝐞𝐯𝐞𝐫 in one day 153,359 worldwide over 24hrs on Flightradar24, the world's largest public flight-tracking network..... Iran updates : a pause in US-Iran fighting cut the geopolitical risk premium, with Brent sliding around 4-5% towards $92 a barrel as Iran signalled it would halt attacks provided Washington did the same, though the Strait of Hormuz remained contested and Houthi strikes on Saudi installations continued Markets : a lot going this week, possibly a KEY week ahead - major test for markets and sentiment for Q3 (thread), FOMC on Wed (most likely unchanged, about 10bps priced in for a hike), big Techs reporting (MSFT, META, AMZN and APPLE), UST yields a tad softer again going into month-end with 10's 4.63%, SMI also testing new highs, Chinese chipmaker CXMT jumps over 470% in market debut, UBS 'USDCHF' scandal about to get bigger, SpaceX unloved, Nvidia is in talks with OpenAI to guarantee $250 billion in financing for a data center in Ohio (private eq tapped out?) Bonds have been in a 6-year long bear market, with long-term treasuries seeing capital losses of -50% off the peak. Even after factoring in interest received and reinvested (but also adjusting for CPI), those who invested in TLT 20 years ago would be flat-to-negative on their investment. UBS Dollar scandal much larger than expected, the cat is out of the bag! UBS-Dollar-Skandal viel grösser als vermutet – Inside Paradeplatz always trying to keep things under the hood...maybe not this time Nic on X: "This week is the most important for markets this year. Here's what's coming & why they matter: Tuesday: - Microsoft earnings: Azure growth + FY2027 capex. If capex exceeds $200B, expect a selloff - just like Alphabet. - Meta earnings: After Zuckerberg said AI agents are" / X The Kobeissi Letter on X: "BREAKING: Nvidia is in talks with OpenAI to guarantee $250 billion in financing for a data center in Ohio. Details include: 1. The guarantees from Nvidia would help OpenAI lease a 10GW project that SoftBank is developing in Ohio 2. In total, the project could cost more than" / X Probably a sign private equity is at least partly tapped out, NVDA has to fund their own bubble.. Morgan Stanley Flags SpaceX Valuation Gap | SPCX - TheStreet HSBC starts SpaceX stock at hold with $115 price target - TheStreet Chinese chipmaker CXMT jumps over 470% in market debut Indonesia bank chief quits, adding uncertainty to struggling economy Singapore tightens monetary policy in surprise move as rising oil prices rekindle inflation risk Kazakhstan Oil Output Falls 21% as CPC Halt More Than Halves Tengiz Production - The Times Of Central Asia Swiss petition calls for six months’ maternity leave - SWI swissinfo.ch Andy Burnham warns NHS will collapse without social care reforms Andy Burnham suggests stricter benefit conditions to cut welfare bill | The Independent Shocking, horrific wild fires Bordeaux Airport evacuates hotel zone as fires move close - Live UK preparing for wildfires similar to France and Spain, minister says US Republicans accuse Canada of wildfire inaction Southern Europe wildfires kill 3 firefighters, force thousands to flee Scotland, Spain and Canada grapple with wildfires | Reuters

The yield on the 30-year Treasury is 5.18%, its highest since April 2006. At that time, the U.S. national debt was $8.35 trillion. Now it’s $39.6 trillion, almost five times as large. The U.S. can’t afford these rates, let alone the much higher rates we'll soon be forced to pay Iran updates : Saudis must recognise Israel for nuclear deal, Trump told Axios he is considering a “massive attack” on Iran and later said the US would use frozen Iranian assets to compensate for any future damage to ships or cargo caused by strikes. Tehran rejected a new US-backed ceasefire proposal, the NYT reported. Brent traded above $100, taking its weekly gain to 14%, Iran sent IRGC commanders, military advisers and missile- and drone-related equipment to Yemen this month, according to four sources, in a move that suggests Tehran is seeking to strengthen the Houthis’ ability to threaten Red Sea shipping Markets : US initial jobless claims just came in at the lowest level since 1969 (187K), remember when the UST 10y yield was below 4% at the start of the Iran war? good times...., META borrowing costs (and everyone else..), TSLA, IBM, MAG7 beginning to crack - charts (Thread), REALLY KEY Moment ahead of earnigns next week : S&P 500 and Nasdaq 100 are testing key levels. Microsoft appears to be resuming downtrend, Tesla has broken sharply lower, Nvidia at risk of turning bearish, Apple still holding its uptrend, not only to they blow their cash, incr risk with HUGE CapEx, Google owns $95bn in SpaceX shares, about5% of the company, WHY?... they no doubt planning / want to build data center on Mars ?.. mindboggloing (just supporting artificially this huge bubbly markets IMHO...) >>> TLT is only 3% away from its lowest price in history!!...in FX land CHF softer (USDCHF mainly, and GBPCHF slowly slowly..), El Nino, tariffs and higher crude prices for longer will not help the FED and other CB's, UST 10's 4.7% (alarm bells when we reach 5%, and TECHS valuations to be reassessed ! ), 10's US/ 4.7% - U.S nightmare, higher JGB yield sand weaker JPY is the other nightmare for Japan.. >>> Markets are now pricing in 2 rate hikes this year. Since the Fed's June meeting, interest rate expectations have skyrocketed The US will impose tariffs of between 10% and 12.5% on imports from most major trading partners after finding about 60 economies harmed American workers by failing to prevent forced labor. Donald Trump’s earlier levies were struck down by the Supreme Court. Duties on items from the EU and the UK won’t exceed 10% and products from Switzerland, Japan and South Korea will be broadly capped at 12.5%. Fuel, foods and fertilizers are among imports that will be exempt ECB left rates unchanged as energy prices add to inflation uncertainty Magnificent 7 Cracks Begin to Show as Markets Test Key Support ECB leaves rates unchanged as energy prices add to inflation uncertainty Barchart on X: "JUST IN 🚨: Japan's 2-Year Yield hits highest level in more than 30 years https://t.co/uozkYuFrig" / X Barchart on X: "BREAKING 🚨: France France's 10-Year Yield hits highest level since the Global Financial Crisis 🤯 👀 https://t.co/8u568G3BIa" / X Barchart on X: "S&P 500 $SPY closes below its 50-day moving average by the largest margin since April 🚨 🚨 https://t.co/J5qSi73l6E" / X Barchart on X: "Imagine buying an Alphabet $GOOGL 100-year bond and watching the value plunge 📉 📉 https://t.co/uYkjKzVDLI" / X Historic Yen Slide Poses New Risk to Japan Stocks’ Bull Run - Bloomberg ...Japanese Finance Minister Satsuki Katayama says authorities will take bold steps to counter moves in the currency market decisively as needed, heard this one before.. US warns against excessive yen volatility, calls for BOJ rate hikes | Reuters Defense boom lifts Indra, Thales and Dassault stocks amid strong earnings U.S. jobless claims drop to 187,000, lowest level of 2026 Kazakhstan slows oil output after drone strikes on export port | Reuters Meta faces higher borrowing costs in latest $12bn data centre financing Tesla stock tumbles 10% after profit miss; full-year capex spend of $25 billion confirmed slowing heading back to earth ! Starship Flight 13 delayed again—why did Space X scrub the launch? New launch date and other details Tesla stock suffers double-digit drop on carmaker’s worst day in years | Tesla | The Guardian Signs of El Niño are already appearing in the Atlantic Ocean. Tropical Storm Bertha is more proo Volkswagen profit falls, revises down full-year revenue outlook

Pure Value Metrics AG is a Global Asset Manager based in Pfäffikon, Switzerland. We also provide Multi-Family Office Services specializing in Trusts for International investors Pure Value Metrics Switzerland For Swiss and International Clients, we provide comprehensive tailored asset management and innovative multi-family office services, including trusts. We facilitate multi-generational capital appreciation solutions. Unique Relative Value investing supported by detailed balance sheet analysis PVM is a Swiss based asset manager for Global Markets, with a unique Investment Matrix dynamic portfolio selection process, which involves targeting single value stocks and then taking a deep dive into their balance sheets for financial robustness and then assessing their relative value both against their competitors and themselves, to determine the investment entry and exit point. Latest Monthly Client Report PVM BITs BLOG Our daily round-up of Global Macro Market Trends and insightful news topics are offered with a free subscription Subscribe Blog FOMC (10bps priced in), BIG week ahead, MSFT, META, AMZN, APPLE / CXMT / UBS $ scandal / Crude down 5% Brent tops $100 / Tech side : MAG7 beginning to crack / GOOG & SpaceX, why? / #TLT price ! - yields UP NASDAQ <50dma / 12th night of bombing, Brent $96, 6week highs / JGB's, UST's / GOOG's cashflows! / Rhein water levels Media Apperances Please reach out to discuss your requirements Contact us / Visit our office

Frequently Asked Questions Frequently asked questions General Can I have both an Asset Management and Trading account Yes, we can manage a portion of your wealth through our discretionary mandate, leaving you free to make your own investment decisions on your separate Private Banking Trading Account. If I opt for an Asset Management account is it part of a fund? Typically we offer individual managed accounts, where you are free to customise your portfolio through individual Instruments, Sectors, Industries and / or Regions restrictions. You may also specify your preferred FX hedge ratio's. Depending on the size of the investment a fund structure is possible. Is there a minimun investment amount? Yes - typically we do not accept portfolios smaller than 150k CHF; however depending on your personal circumstances we would always encourage discussion. Are there restrictions for Funding and Withdrawals? You can only make 1st party payments i.e. funds must be sent from and returned to the same account either in your name or your company. Who is my Custodian Bank? We offer a choice of custodians, presently either Saxo Bank (Switzerland) Ltd or UBS AG. However, depending upon your personal circumstances and trading requirements we can work with you to facilitate alternative venues. What about Counterparty Risk? Saxo Bank (Switzerland) Ltd and UBS AG are regulated by FINMA and a member of the CHF 100,000 cash deposit guarantee for private individuals the same threshold applies to joint accounts where applicable. www.esisuisse.ch Why do I need to sign a Limited Power of Attorney (LPoA) with PVM In order to be incorporated within PVMs structure it is necessary to sign an LPoA; this enables us to provide our discretionary mandates and private banking trading account services.

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