--- title: Wall Street's top banks face share price pressure, revisit crisis lows description: While the AI bubble seems to be deflating for the Magnificant 7, OpenAI's valuation is close to $90 billion! The shares of four of Wall Street's biggest banks are under pressure which is causing concern among investors and the market. 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If you made a mistake, please change here USA Country Switzerland Canada: Other than Ontario, Quebec, Alberta Canada: Ontario, Quebec or Alberta USA Other country Language Language English French German Italian I confirm Legal information This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) ### Wall Street's top banks face share price pressure, revisit crisis lows While the AI bubble seems to be deflating for the Magnificant 7, OpenAI's valuation is close to $90 billion! The shares of four of Wall Street's biggest banks are under pressure which is causing concern among investors and the market. Each week, the Syz investment team takes you through the last seven days in seven charts. [![Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/hubfs/charles-2.jpg)](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) [**Charles-Henry Monchau, CFA, CMT, CAIA**](https://blog.syzgroup.com/fast-food-for-thought/author/charles-henry-monchau) Chief Investment Officer **Monday, 10/30/2023** | - [![Pdf](https://blog.syzgroup.com/hubfs/pdf%20(1).png)](https://blog.syzgroup.com/hubfs/Syz-Feature_WeekIn7Charts_231030.pdf?hsLang=en) - - - - ##### Chart #1 —  ## Valuation of the Magnificent 7  is coming down The Nasdaq 100 is down 11% on its July peak, meaning that the big tech companies are now in correction territory, a 20% drop corresponds to a bear market. As the chart below shows, the average price/earnings (P/E) multiple of the  Magnificent 7 (Tesla, Apple, Amazon, Meta, Microsoft, Alphabet and Nvidia) has fallen significantly. It seems that the artificial intelligence bubble is deflating… ![W7C_231030_i01](https://blog.syzgroup.com/hs-fs/hubfs/W7C_231030_i01.jpg?width=301&height=165&name=W7C_231030_i01.jpg) Source: Bloomberg --- ##### Chart #2 —  ## Earnings season is not going that well According to Factset, while 146 S&P 500 companies have already published their figures for Q3 2023, 80% of them have beaten analysts' earnings expectations and 60% have reported sales above expectations. Pessimism comes more from market reaction. When companies beat analysts' expectations, the median performance (orange bar) is slightly negative. And when companies report results below expectations (white bar), the median performance is clearly negative. The latter is the worst median market reaction in four years. We note that company executives regularly express doubts about the strength of earnings growth in 2024. Indeed, a majority of executives fear a sharp slowdown in global growth next year, with major consequences for their business volumes. ![W7C_231030_i02](https://blog.syzgroup.com/hs-fs/hubfs/W7C_231030_i02.jpg?width=487&height=274&name=W7C_231030_i02.jpg) Source: Bloomberg --- ##### Chart #3 —  ## US banks stocks down sharply The shares of four of Wall Street's biggest banks are currently under severe pressure, with their share prices returning to the lows reached during the banking crisis in March. The declines since the start of the year are now very substantial, fluctuating between -15% and -24%, which is causing great concern among investors and the market as a whole. The reasons cited for this downturn are manifold: deteriorating consumer and corporate prospects, large unrealized losses on bond portfolios held by banks, weak trading activity, and a sharp decline in trading and M&A activity. ![W7C_231030_i03](https://blog.syzgroup.com/hs-fs/hubfs/W7C_231030_i03.jpg?width=358&height=358&name=W7C_231030_i03.jpg) Source: The Coastal Journal --- ##### Chart #4 —  ## OpenAI's valuation is close to $90 billion While ChatGPT is to some extent free to use, the valuation of its parent company OpenAI is far from cheap. The company is currently in talks to sell a portion of its shares on the basis of a valuation of $86 billion, a capitalization three times higher than that prevailing just six months ago (source: Wall Street Journal). This amount would place OpenAI among the world's best-valued technology startups, just behind giants such as ByteDance (owner of TikTok) and SpaceX. To give an order of magnitude, this valuation is equivalent to the market capitalization of 12 of America's biggest consumer brands combined - a theoretical corporate frankenstein including SNAP, The New York Times, Etsy, Domino's and 8 others. ![W7C_231030_i04](https://blog.syzgroup.com/hs-fs/hubfs/W7C_231030_i04.jpg?width=487&height=482&name=W7C_231030_i04.jpg) Source: Chartr --- ##### Chart #5 —  ## Yields on Greek debt are lower than on US debt On Friday October 20, S&P Global Ratings upgraded Greece's debt rating from BB+/B to BBB./A-3, placing it in the "investment grade" category instead of the "speculative grade" category - for the first time since 2010. Whereas Greek debt was once a financial market pariah, a healthier economy and the end of the European Commission's trusteeship justifies Greece's return to the investment grade category. It is worth noting that yields to maturity on Greek 10-year bonds are now well below those of US Treasury yields. At the height of the Greek crisis, Greek yields were 17% higher than US yields... ![W7C_231030_i05](https://blog.syzgroup.com/hs-fs/hubfs/W7C_231030_i05.jpg?width=518&height=372&name=W7C_231030_i05.jpg) Source: Bloomberg --- ##### Chart #6 —  ## Gold expressed in yen is on an exponential trajectory Japan is in some ways a precursor to quantitative easing (QE) and its associated excesses. With the country of the rising sun facing record indebtedness (debt reached 260% of GDP), Japan's central bank practiced what is known as Yield Curve Control YCC (YCC Yield curve control), i.e. buying massive quantities of Japanese debt to keep bond yields as low as possible, and to ensure that borrowing costs were not prohibitive for the Japanese budget. This monetary policy remains in place despite the recent rise in Japanese inflation. As a result, the yen continues to depreciate against other currencies. The Japanese currency is also depreciating in real terms. As the chart below shows, gold expressed in yen is appreciating exponentially. While other major developed countries (USA, Europe) seem to be following in Japan's footsteps, could the precious metal follow a similar trajectory in dollars or euros? ![W7C_231030_i06](https://blog.syzgroup.com/hs-fs/hubfs/W7C_231030_i06.jpg?width=554&height=270&name=W7C_231030_i06.jpg) Source: Bloomberg --- ##### Chart #7 —  ## Bitcoin is up over 100% since the start of the year Fears of World War 3, hopes of SEC approval for a Blackrock spot bitcoin ETF and hedging moves by short sellers have propelled bitcoin well above $30,000. After the crash of 2022, bitcoin has more than doubled this year. It is currently the best-performing asset class in 2023. ![W7C_231030_i07](https://blog.syzgroup.com/hs-fs/hubfs/W7C_231030_i07.jpg?width=407&height=451&name=W7C_231030_i07.jpg) Source: Charlie Bilello --- #### Disclaimer This marketing document has been issued by Bank Syz Ltd. It is not intended for distribution to, publication, provision or use by individuals or legal entities that are citizens of or reside in a state, country or jurisdiction in which applicable laws and regulations prohibit its distribution, publication, provision or use. It is not directed to any person or entity to whom it would be illegal to send such marketing material. This document is intended for informational purposes only and should not be construed as an offer, solicitation or recommendation for the subscription, purchase, sale or safekeeping of any security or financial instrument or for the engagement in any other transaction, as the provision of any investment advice or service, or as a contractual document. Nothing in this document constitutes an investment, legal, tax or accounting advice or a representation that any investment or strategy is suitable or appropriate for an investor's particular and individual circumstances, nor does it constitute a personalized investment advice for any investor. This document reflects the information, opinions and comments of Bank Syz Ltd. as of the date of its publication, which are subject to change without notice. The opinions and comments of the authors in this document reflect their current views and may not coincide with those of other Syz Group entities or third parties, which may have reached different conclusions. The market valuations, terms and calculations contained herein are estimates only. The information provided comes from sources deemed reliable, but Bank Syz Ltd. does not guarantee its completeness, accuracy, reliability and actuality. Past performance gives no indication of nor guarantees current or future results. Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. Read More ## Related Articles [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Bond market vs US Treasury: who will yield?](https://blog.syzgroup.com/fast-food-for-thought/bond-market-vs-us-treasury-who-will-yield?hsLang=en) Nothing seems to curb the 10-year Treasury yield’s rise. Meanwhile, Japan’s currency defense is drying up it’s FX reserves and the S&P 500 is hiding something important. 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Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 07/09/2026 [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thought/tag/the-week-in-seven-charts) #### [Nvidia’s record-breaking day](https://blog.syzgroup.com/fast-food-for-thought/nvidias-record-breaking-day?hsLang=en) Victoria’s Secret is back: a $100,000 investment has quadrupled since the Fashion Show’s return was announced. Each week, the Syz investment team takes you through the last seven days in seven charts. **[Charles-Henry Monchau, CFA, CMT, CAIA](https://blog.syzgroup.com/author/charles-henry-monchau?hsLang=en)** | 31/08/2026 ## Straight from the Desk # Syz the moment Live feeds, charts, breaking stories, all day long. 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