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The Chinese AI startup tapped a young venture capital partner as its first chief financial officer, signaling a shift from scrappy research lab to IPO-ready enterprise DeepSeek, the Chinese AI company that rattled Silicon …

The Chinese AI startup tapped a young venture capital partner as its first chief financial officer, signaling a shift from scrappy research lab to IPO-ready enterprise DeepSeek, the Chinese AI company that rattled Silicon Valley earlier this year with its low-cost large language models, is getting serious about going public. The Hangzhou-based startup is appointing Yan Wentao, a partner at GL Ventures, as its first-ever chief financial officer. The CFO hire comes shortly after DeepSeek brought on CITIC Securities, one of China’s largest investment banks, to handle pre-listing preparations for a potential IPO on Shanghai’s STAR Market. The company is targeting 2026 to start the listing process, with a 2027 listing as the goal. Gloria Your portfolio shows you what you own. Gloria Finance shows you what's worth looking at next. Discover ideas → From research lab to corporate machine Yan Wentao, born in 1991, is young for a CFO role at a company of this magnitude. Founder Liang Wenfeng has reportedly favored modernizing the company’s corporate functions, and bringing in a venture capital dealmaker rather than a graying finance veteran fits that philosophy. Advertisement At GL Ventures, Yan built experience in managing investor relationships, structuring deals, and navigating the mechanics of getting a company from private to public. His mandate at DeepSeek will reportedly include investor relations and financial controls. Founded by Liang Wenfeng, who also runs the quantitative hedge fund High-Flyer, DeepSeek initially operated as a privately funded research operation. That’s changing fast. The company completed a funding round in June 2026, raising approximately 50 billion RMB, roughly $7 billion, at a valuation near 52 billion RMB. Strategic backers including Tencent and JD.com participated. The company is now reportedly eyeing a follow-on round that would value it at approximately 500 billion RMB, a nearly tenfold jump. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The revenue picture DeepSeek is reportedly nearing $500 million in annual revenue, a number that, if accurate, would represent a remarkable commercial ramp for a company that was primarily known for open-source model releases just 18 months ago. Shanghai’s STAR Market was specifically designed to attract high-growth technology companies. A company approaching half a billion dollars in yearly revenue has a much easier story to tell regulators and institutional investors than one running purely on hype. What this means for the AI landscape DeepSeek became a global talking point in January 2025 when its R1 model demonstrated performance competitive with much more expensive Western alternatives, briefly wiping hundreds of billions of dollars off US tech stocks. A successful public listing would cement its position as a legitimate competitor to OpenAI, Anthropic, and Google DeepMind. A 2027 target gives DeepSeek roughly 18 months to continue scaling revenue, complete its follow-on funding round, and build the kind of corporate governance infrastructure that public market investors expect. The company is also pursuing founder control through non-voting shares acquired in prior funding rounds. A 500 billion RMB target valuation on a follow-on round would place DeepSeek among the most valuable private AI companies globally. If the IPO prices anywhere near that range, public market investors will demand a very clear path to profitability. Yan Wentao’s mandate as CFO will include building the investor relations and financial controls needed to support that case.

Fed Decisions from July to October Federal Reserve Chair Kevin Warsh has committed to a significant policy overhaul aimed at curbing inflation, a promise he made upon taking office. Since then, Warsh has implemented …

Fed Decisions from July to October Federal Reserve Chair Kevin Warsh has committed to a significant policy overhaul aimed at curbing inflation, a promise he made upon taking office. Since then, Warsh has implemented steps consistent with this goal, focusing on maintaining price stability, which he has described as the Fed’s “firm, fixed target.” Despite these efforts, U.S. inflation metrics such as the Personal Consumption Expenditures (PCE) and the Consumer Price Index (CPI) remain above the Fed’s 2% target, at 3.7% and 3.4% year-over-year respectively. The federal funds rate has been held steady since December 2025, but Warsh’s rhetoric suggests a tighter monetary policy stance could be forthcoming. Advertisement Key Takeaways Warsh’s pledge to overhaul policies to tackle inflation appears consistent with a potential shift in market expectations towards rate cuts. Current market pricing suggests participants view a reduction in the likelihood of further rate hikes, reflecting Warsh’s anti-inflation stance. Market behavior supports the expectation that any moderation in inflation could lead to policy adjustments by the Fed. What to Watch Markets are closely monitoring upcoming Federal Open Market Committee (FOMC) meetings for indications of potential rate cuts. Key indicators include inflation metrics approaching the Fed’s target and any public statements from Warsh or other Fed officials suggesting readiness to adjust rates if inflation moderates. Additionally, changes in the FOMC dot plot during the September 2026 meeting could provide further insight into the Fed’s future policy direction. Ongoing economic data releases will likely influence market expectations and pricing of future rate decisions. Get live prediction-market analysis, powered by Vera. Sign up for Vera.

Semiconductor stocks went from Wall Street's favorite AI bet to a source of whiplash, with massive sell-offs, valuation anxiety, and a growing case for sector rotation into software. For much of the AI boom, …

Semiconductor stocks went from Wall Street's favorite AI bet to a source of whiplash, with massive sell-offs, valuation anxiety, and a growing case for sector rotation into software. For much of the AI boom, the playbook was simple: buy chips, make money. Semiconductors were the shovels in the AI gold rush, and investors treated them accordingly. That trade has now flipped on its head. The unraveling The cracks started showing in June, when the Nasdaq dropped more than 4% in a single session. That day was particularly unkind to semiconductor names. Micron, Intel, Super Micro, and Sandisk each cratered more than 11%. Gloria Flexible superpowers for every investor — best-in-class data, algorithms, and AI-powered research, together in Gloria Finance. Research smarter → July made June look like a warmup. The Philadelphia Semiconductor Index logged its worst week in over a year, and the broader semiconductor-versus-software ratio posted one of its ugliest monthly performances in over two decades. Advertisement Then came September 14, when a group of prominent AI industry leaders publicly called for a slowdown in AI model development, citing safety risks. The market’s response was swift and predictable: Intel, Micron, and AMD all dropped between 5% and 8% on the day. Strong earnings, weak sentiment What makes this sell-off particularly disorienting is that it hasn’t been driven by collapsing fundamentals. Micron, for instance, continued to post exceptional earnings growth through mid-2026. Demand for high-bandwidth memory and AI accelerators hasn’t evaporated. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. The problem is valuation. Chip stocks had been priced for perfection, and when investors started questioning whether hyperscaler capital expenditures on AI infrastructure would continue at the same breakneck pace, the premium embedded in semiconductor names started to look more like a liability than a cushion. Rising interest rates added another layer of pressure. Higher rates make future earnings less valuable in today’s dollars, which is particularly painful for growth stocks trading at elevated multiples. August’s dead cat bounce, or real recovery? After the bloodbath of June and July, August delivered a sharp snapback. Semiconductor stocks posted their best August in over 20 years, a recovery that briefly restored confidence in the AI hardware thesis. The September sell-off that followed suggests the August rally was more of a pause than a pivot. The rotation question The nearly 20% collapse in the SOXX/IGV ratio during July was one of the clearest signals yet that the market is reconsidering whether hardware deserves its premium over software. If hyperscaler spending does moderate, or if AI safety concerns lead to regulatory constraints on development pace, software companies with recurring revenue models could offer a more stable way to play the AI theme.

Bitcoin Jumps As CLARITY Act Odds Surge In Prediction Markets Bitcoin is sharply higher, ignoring the meltdown in gold and other dollar-sensitive assets, on a surge in prediction market optimism that Washington may finally …

Bitcoin Jumps As CLARITY Act Odds Surge In Prediction Markets Bitcoin is sharply higher, ignoring the meltdown in gold and other dollar-sensitive assets, on a surge in prediction market optimism that Washington may finally pass a crypto market structure bil… Bitcoin Jumps As CLARITY Act Odds Surge In Prediction Markets Bitcoin is sharply higher, ignoring the meltdown in gold and other dollar-sensitive assets, on a surge in prediction market optimism tha…

The cryptocurrency sector has for years called for regulatory clarity around digital asset markets in the U.S. The resulting piece of legislation, the Clarity Act, however, has morphed into something more than just a …

The cryptocurrency sector has for years called for regulatory clarity around digital asset markets in the U.S. The resulting piece of legislation, the Clarity Act, however, has morphed into something more than just a crypto market structure bill. Over success… The cryptocurrency sector has for years called for regulatory clarity around digital asset markets in the U.S.The resulting piece of legislation, the Clarity Act, however, has morphed into something …

Crude oil all time high predictions A drone attack on Saudi Arabia’s East-West pipeline has raised concerns about a significant reduction in global oil supply. The pipeline, a crucial conduit from the Gulf coast …

Crude oil all time high predictions A drone attack on Saudi Arabia’s East-West pipeline has raised concerns about a significant reduction in global oil supply. The pipeline, a crucial conduit from the Gulf coast to the Red Sea, was shut down as a precaution while damage assessments are underway. This pipeline typically carries around 4 to 5 million barrels per day, accounting for approximately 4% to 5% of the global oil supply. The potential disruption has triggered market speculation about tightness in crude supply, potentially affecting short-term oil prices and volatility. Advertisement Key Takeaways The drone attack appears to indicate a potential reduction in global oil supply, affecting crude oil market dynamics. Market pricing suggests participants are adjusting expectations for a possible increase in oil prices due to supply concerns. The probability of crude oil reaching a new all-time high by December 31 has risen, now priced at 16% YES. What to Watch Observers will be keenly watching the damage assessment reports from Saudi authorities and the timeline for restoring pipeline operations. Additionally, statements or actions from key figures such as OPEC’s Secretary General, Mohammad Sanusi Barkindo, and Saudi Arabia’s Energy Minister, Abdulaziz bin Salman Al Saud, could further influence market sentiment. Markets will also monitor geopolitical developments in the Middle East which could affect oil supply stability. Get live prediction-market analysis, powered by Vera. Sign up for Vera.

The crypto-native prediction market is closing ground on its regulated rival in one of America's most popular betting categories. Polymarket has clawed its way to 43.8% of Kalshi’s football trading volume, a notable benchmark …

The crypto-native prediction market is closing ground on its regulated rival in one of America's most popular betting categories. Polymarket has clawed its way to 43.8% of Kalshi’s football trading volume, a notable benchmark for a platform that only recently entered the US sports prediction market. The number is striking because of how quickly it materialized. Polymarket’s US arm launched in late 2025, meaning it took roughly a matter of months to reach nearly half the football volume of a competitor that had a significant head start. Gloria See what insiders and Congress are actually buying. Gloria Finance surfaces the moves worth a second look. Follow the money → The volume gap is real, but it’s narrowing In a recent 30-day window, combined sports volume across Polymarket and Kalshi hit approximately $9.33B. Kalshi accounted for about $6.03B of that total, while Polymarket handled roughly $3.30B. Advertisement But football tells a more nuanced story. Kalshi processed over $983M in NFL contracts during Week 1 of the 2026 season alone, which ran from September 7-13. Polymarket’s NFL figures for that same stretch came in at about $27.6M. How Kalshi built its lead Kalshi moved into sports event contracts around early 2025 and rapidly became the default venue for regulated prediction market activity in the US. It developed combo products that let traders bundle multiple outcomes together, and integrated more effectively with traditional financial infrastructure. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Kalshi hit a record single-day volume of $2.29B in early September 2026, driven primarily by sports markets. Polymarket’s playbook: go global, then come home Polymarket’s international platform remains the larger liquidity venue, built on crypto rails that made it accessible to traders worldwide before US regulatory doors opened. When Polymarket launched its US arm in late 2025, it could port some of that momentum stateside. The 2026 World Cup, which generated billions in trading across both platforms, was a natural catalyst. International football is Polymarket’s home turf in a way it isn’t for Kalshi, and the event likely helped the platform build habits among US-based traders who stuck around for NFL and college football season.

Evercore ISI says HPE's AI-fueled run has pushed shares to fair value with fewer catalysts ahead Hewlett Packard Enterprise shed nearly 11% on September 14, closing at $55.41, after Evercore ISI pulled its bullish …

Evercore ISI says HPE's AI-fueled run has pushed shares to fair value with fewer catalysts ahead Hewlett Packard Enterprise shed nearly 11% on September 14, closing at $55.41, after Evercore ISI pulled its bullish rating on the stock. Analyst Amit Daryanani moved HPE from “Outperform” to “In Line,” a Wall Street euphemism for “the easy money has been made.” The timing stings. HPE had been one of the year’s best performers, climbing roughly 159% year-to-date through September 11 on the back of surging demand for AI-optimized servers and a Juniper Networks acquisition that actually went well. Now a single downgrade wiped out $6.68 per share in a single session. Gloria Close the app — Gloria Finance keeps watching. Set a monitor and hear back only when something material changes. Set a monitor → A valuation problem, not a business problem Daryanani kept his $65 price target intact, which tells you something important. Evercore isn’t arguing that HPE’s business is broken. It’s arguing that the stock got ahead of itself. The math backs that up. HPE was trading at roughly 13 times fiscal 2027 earnings before the drop. Its five-year average multiple sits around 8 times. That’s a 60% premium to historical norms, which is a lot to pay even for a company riding the AI infrastructure wave. Advertisement HPE’s most recent quarterly results were genuinely strong. Revenue hit $12.21 billion for the July quarter, a 33.7% jump year-over-year. Management raised full-year guidance. With fewer obvious catalysts on the horizon, the risk-reward math tilted enough to pull the buy rating. AI, tech, and the markets they move—in one daily briefing. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Broader AI hardware sell-off adds pressure HPE didn’t fall in isolation. The downgrade landed on a day when AI hardware stocks broadly took a beating, with names like Intel, AMD, and Marvell all facing selling pressure. Two pieces of industry news contributed to the mood shift. Anthropic CEO Dario Amodei made comments suggesting a slowdown in the pace of AI model development. Separately, OpenAI confirmed that an IPO would not happen in 2026. What HPE bulls still have going for them The Juniper Networks acquisition gave HPE a credible networking business to complement its server and storage operations. Enterprise customers increasingly want to buy compute and networking from the same vendor, and HPE can now offer that full stack. Revenue growth of nearly 34% is remarkable for a company that spent years as a slow-growth hardware vendor, and the raised guidance suggests management sees continued demand through the rest of the fiscal year. At $55.41, the stock sits about 15% below Evercore’s maintained $65 price target.

A massive wall of call-heavy options expires September 25, signaling that traders are betting on higher prices ahead. There is roughly $16.6 billion worth of Bitcoin and Ethereum options sitting on Deribit’s books, all …

A massive wall of call-heavy options expires September 25, signaling that traders are betting on higher prices ahead. There is roughly $16.6 billion worth of Bitcoin and Ethereum options sitting on Deribit’s books, all scheduled to expire on September 25, 2026. Bitcoin options account for the bulk of that figure at approximately $14.63 billion, with Ethereum options adding another $1.93 billion. The call-heavy tilt that defines this expiry Options come in two flavors: calls, which profit when prices rise, and puts, which profit when prices fall. For Bitcoin, the put/call open interest ratio sits at 0.52. For Ethereum, it is 0.57. Both numbers below 1.0 mean there are roughly twice as many call contracts outstanding as put contracts. Gloria Close the app — Gloria Finance keeps watching. Set a monitor and hear back only when something material changes. Set a monitor → Advertisement With Bitcoin trading near $78,000 as of September 14, the concentration of call positions at higher strike prices suggests many traders are positioned for a move beyond current levels before the September 25 settlement. The estimated max-pain level for the expiry sits between $72,000 and $75,000, meaning the price at which the largest number of open contracts expire worthless is meaningfully below the current spot price. Why max pain matters and why traders ignore it anyway Max pain is a concept borrowed from traditional options markets. The theory holds that, heading into expiry, prices tend to gravitate toward the level where options sellers face the smallest total payout. For this September 25 expiry, that level is in the $72,000 to $75,000 range for Bitcoin, while the current spot price near $78,000 sits above that zone. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Deribit’s dominance and what that concentration means Deribit processes the overwhelming majority of Bitcoin and Ethereum options volume globally. As September 25 approaches, the hedging activity of large market makers on Deribit will have an outsized effect on spot prices. When call options move into the money and market makers need to delta-hedge their books, they buy the underlying asset, which can amplify upward price moves. When puts move into the money, the hedging flows go the other way. Ethereum’s $1.93 billion slice of that total carries a put/call ratio of 0.57, mirroring the bullish bias seen in Bitcoin. For traders watching the September 25 date, the key variables to track are any shift in the put/call ratio in the days ahead, movement in implied volatility as the expiry approaches, and whether Bitcoin holds above the $75,000 max pain zone. A sustained break below that level would flip the hedging math for a market that has positioned itself with calls dominant at a 0.52 to 0.57 put/call ratio.

Football season kicks off a trading frenzy, with Polymarket's NFL contracts surging thousands of percent week-over-week Trading on Polymarket’s NFL contracts jumped approximately 4,399% week-over-week during the period of September 7-13, 2026, reaching $27.62 …

Football season kicks off a trading frenzy, with Polymarket's NFL contracts surging thousands of percent week-over-week Trading on Polymarket’s NFL contracts jumped approximately 4,399% week-over-week during the period of September 7-13, 2026, reaching $27.62 million on its Global platform. The US arm of the platform posted a 1,760% week-over-week gain to $23.20 million over the same stretch. What the numbers actually look like Polymarket Global’s total sports trading volume rose roughly 104.7% in a single weekly snapshot, landing at around $499 million. When including Kalshi, Polymarket’s main US-based rival, the combined sports prediction market hit approximately $14.1 billion in volume during one week in September 2026. Gloria Stocks in one app, crypto in another, wallets everywhere? Gloria Finance brings your whole portfolio into one view. See it all together → Kalshi posted around $983 million in NFL volume in Week 1 of the 2026 NFL season alone. Within months of launching its US operations in late 2025, Polymarket captured roughly 43.8% of Kalshi’s football trading volume. Advertisement College football volume climbed into the hundreds of millions in early September 2026. Temporary outages on Polymarket’s platform during peak trading periods did dent its share somewhat. Why this is happening now Polymarket had already been building momentum through the 2026 World Cup, which served as a proving ground before the NFL season. Polymarket’s ability to operate in the US market at all is relatively recent, with its CFTC-regulated US arm established in late 2025. The news moving money, markets, and the world—before your day starts. Daily. Free. Join 34,000+ readers across crypto, finance, and policy. Email address Subscribe free We respect your privacy. Unsubscribe anytime. Prediction markets operate differently from traditional sports betting. Rather than setting odds against a house, traders buy and sell contracts tied to specific outcomes, with prices reflecting the collective probability the market assigns to each result. What this means going forward Polymarket’s US expansion capturing 43.8% of Kalshi’s volume within months of launching is notable, but Kalshi has regulatory relationships and infrastructure built over a longer runway. At $14.1 billion in combined weekly volume, the liquidity argument for prediction markets as useful information aggregation tools carries weight it previously lacked when these platforms were smaller. Polymarket’s outages during peak periods represent an immediate operational concern, as a platform that goes down when high-volume trading occurs loses both uptime and competitive ground in a two-platform market.