Thursday Watch

Around X:

• @Business

• The OpenAI employee who was arrested and charged with allegedly using a hidden recording device in one of the ChatGPT maker’s San Francisco offices had a one-way ticket to Saudi Arabia booked for Oct. 12, according to a court filing.
• While angst around funding AI has been building for months, CoreWeave has drawn outsized attention for being an early entrant in the business that has been heavily reliant on the high-yield debt markets to finance its buildout.
• Anduril is allowing employees to sell shares as part of a tender that stands to value the defense technology startup at roughly $90 billion.
• Russia accused Ukraine of attacking two oil refineries and undermining a proposed energy ceasefire. Ukraine denied the claim.  

• @ZeroHedge

• Trump Admin Looking To Strip Ilhan Omar's Citizenship, Then Deport Her; Passport Seized In Raid.
• Anthropic Says Q3 Revenue Jumped To $16.8 Billion And Turned "Adjusted" Profitable... But Run-Rate Math Shows Growth Hitting The Brakes.
• Report Alleges Houthis Building Advanced Missiles With Help From China.
• *US MULLS EUROPEAN COUNTRIES UNFREEZING SOME RUSSIAN ASSETS: FT.
• Today was the first "-1% SPX / -2% NDX" move since late July. From Goldman's EOD wrap: 
• Congresswoman Warns Incoming Socialists Are "National Security Threat," Wants Their Access To Intel Limited.
• "Witching Hour": Goldman's Flow Desk Sees Technical Tide Turning As Buybacks, Retail And Foreigners All Line Up For Year-End.
• Judge "Highly Likely" To Grant Apple Injunction As OpenAI Fires Back With Its Own Theft Allegations.
• speaking of Alix, they're going to be soooo busy: Paramount CDS just took out Lehman highs. How much of this is cross-collateralized with Ellison and ORCL when it hits?          
• And scene: CRWV CDS closes +135bps, panic selling and "just get the me the fukk out of this" capitulation. Next, CRWV next points up as capital markets access freezes and the Alix Partners of the world start making phone calls.
• "I Come From Your Future": A Frenchman's Warning To All Americans Voting Democrat.
• *WARREN: BOFA SHOULD FACE ASSET CAP, OTHER RESTRICTIONS. for not using bitcoin to engage in money laundering?
• America Looks Richer Than Ever. What Happens When The Fed's Asset Bubble Bursts?      
• Useless Without Transmission: DOE Backs $581 Million TVA Grid Expansion. 
• Hawks Circle As Soaring CPI Lifts The Dollar, Hammers Everything Else... AI Credit Cracks Widen. 

• @CNBC  

• SK Hynix plunges 8% amid Asia tech rout as Fed rate hike fears, AI funding worries mount.   
• Thursday's big stock stories: What’s likely to move the market in the next trading session.
• CNBC Daily Open: A Singapore ship goes down as Hormuz risks rise.  

Night Trading 

• Asian equity indices are -4.5% to -1.5% on average. 
• Asia Ex-Japan Investment Grade CDS Index 72.75 +1.5 basis points. 
• China Sovereign CDS 37.0 +.5 basis point.
• China Iron Ore Spot 90.10 USD/Metric Tonne -.4%. 
• Crude Oil 93.91/bbl. -1.3%. 
• Gold 4,160.90 USD/t oz. +1.24%. 
• Swiss Franc/Offshore Chinese Renminbi Cross 8.08 +.69%.
• Bloomberg Emerging Markets Currency Index 33.61 +.03%.
• Bloomberg Global Risk-On/Risk Off Index 131.2 -2.4%.
• US 10-Year Yield 5.11% -8.0 basis points.
• Japan 30-Year Yield 4.02 -4.0 basis points.
• Volatility Index(VIX) futures 18.4 +1.5%.
• Euro Stoxx 50 futures -.93%. 
• S&P 500 futures -.40%.
• NASDAQ 100 futures -.94%.

Morning Preview Links

BOTTOM LINE: Asian indices are sharply lower, weighed down by technology and metals & mining shares in the region. I expect US stocks to open lower and to maintain losses into the afternoon.  The Portfolio is 25% net long heading into the day.