--- title: Syz The Moment | Charles-Henry Monchau, CFA, CMT, CAIA description: Chief Investment Officer --- [![Syz Private banking](https://blog.syzgroup.com/hs-fs/hubfs/Logo.png?width=140&name=Logo.png "Syz Private banking")](https://www.syzgroup.com/fr) ## **Thinking** out loud [Subscribe](https://25733253.hs-sites-eu1.com/newsletter-signup?hsLang=en) [![Contact Us](https://hubspot-no-cache-eu1-prod.s3.amazonaws.com/cta/default/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2.png)](https://hubspot-cta-redirect-eu1-prod.s3.amazonaws.com/cta/redirect/25733253/3d762f49-4e71-4f99-97b1-bf6781ef3da2) - [OUR SERVICES](https://www.syzgroup.com/en/private-banking) - [ABOUT SYZ](https://www.syzgroup.com/en/about/welcome-to-syz) - [CAREERS](https://www.syzgroup.com/en/careers) - [PRESS](https://www.syzgroup.com/en/news) - [Blog Homepage](https://blog.syzgroup.com) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [The week in seven charts](https://blog.syzgroup.com/fast-food-for-thoughts/tag/the-week-in-seven-charts) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Fixed Income Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [Equity Weekly](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [CONTACT](https://www.syzgroup.com/en/contact-us/form) - [ENGLISH](https://www.syzgroup.com/) - [FRANÇAIS](https://www.syzgroup.com/fr) - [Slow Food for Thought](https://blog.syzgroup.com/slow-food-for-thought) - [Focus](https://blog.syzgroup.com/slow-food-for-thoughts/tag/focus) - [Asset allocations Insights](https://blog.syzgroup.com/slow-food-for-thoughts/tag/asset-allocation-insights) - [Market Outlook](https://blog.syzgroup.com/slow-food-for-thoughts/tag/market-outlook) - [Swiss Perspectives](https://blog.syzgroup.com/slow-food-for-thoughts/tag/swiss-perspectives) - [Fast Food for Thought](https://blog.syzgroup.com/fast-food-for-thought) - [Flash](https://blog.syzgroup.com/fast-food-for-thoughts/tag/flash) - [Weekly Fixed Income](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-fixed-income) - [The week in seven charts](https://blog.syzgroup.com/slow-food-for-thoughts/tag/the-week-in-seven-charts) - [Global markets outlook](https://blog.syzgroup.com/fast-food-for-thoughts/tag/global-markets-outlook) - [Weekly Equities](https://blog.syzgroup.com/fast-food-for-thought/tag/weekly-equities) - [Syz the moment](https://blog.syzgroup.com/syz-the-moment) - [Crypto corner](https://blog.syzgroup.com/crypto-corner) - [Syz AI Insights](https://blog.syzgroup.com/syz-ai-insights) - [Our Services](https://www.syzgroup.com/en/private-banking) - [About Syz](https://www.syzgroup.com/en/about/welcome-to-syz) - [Careers](https://www.syzgroup.com/en/careers) - [Press](https://www.syzgroup.com/en/news) - [Contact](https://www.syzgroup.com/en/contact-us/form) - [English](https://www.syzgroup.com/) - [Français](https://www.syzgroup.com/fr) ## **Sign-up** for our newsletter This website uses cookies to enhance user navigation and to collect statistical data. 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Bank Syz Ltd. accepts no liability for any loss arising from the use of this document. ## Straight from the Desk # **Syz** the moment Live feeds, charts, breaking stories, all day long. - [All](https://blog.syzgroup.com/syz-the-moment) - [equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) - [United States](https://blog.syzgroup.com/syz-the-moment/tag/united-states) - [Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) - [Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) - [markets](https://blog.syzgroup.com/syz-the-moment/tag/markets) - [Central banks](https://blog.syzgroup.com/syz-the-moment/tag/central-banks) - [bitcoin](https://blog.syzgroup.com/syz-the-moment/tag/bitcoin) - [Fixed Income](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) - [geopolitics](https://blog.syzgroup.com/syz-the-moment/tag/geopolitics) - [AI](https://blog.syzgroup.com/syz-the-moment/tag/ai) - [europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) - [Asia](https://blog.syzgroup.com/syz-the-moment/tag/asia) - [gold](https://blog.syzgroup.com/syz-the-moment/tag/gold) - [Commodities](https://blog.syzgroup.com/syz-the-moment/tag/commodities) - [investing](https://blog.syzgroup.com/syz-the-moment/tag/investing) - [Technology](https://blog.syzgroup.com/syz-the-moment/tag/technology) - [Crypto](https://blog.syzgroup.com/syz-the-moment/tag/crypto) - [technical analysis](https://blog.syzgroup.com/syz-the-moment/tag/technical-analysis) - [nvidia](https://blog.syzgroup.com/syz-the-moment/tag/nvidia) - [oil](https://blog.syzgroup.com/syz-the-moment/tag/oil) - [china](https://blog.syzgroup.com/syz-the-moment/tag/china) - [ETF](https://blog.syzgroup.com/syz-the-moment/tag/etf) - [earnings](https://blog.syzgroup.com/syz-the-moment/tag/earnings) - [Forex](https://blog.syzgroup.com/syz-the-moment/tag/forex) - [energy](https://blog.syzgroup.com/syz-the-moment/tag/energy) - [banking](https://blog.syzgroup.com/syz-the-moment/tag/banking) - [magnificent-7](https://blog.syzgroup.com/syz-the-moment/tag/magnificent-7) - [Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) - [Volatility](https://blog.syzgroup.com/syz-the-moment/tag/volatility) - [Real Estate](https://blog.syzgroup.com/syz-the-moment/tag/real-estate) - [apple](https://blog.syzgroup.com/syz-the-moment/tag/apple) - [emerging-markets](https://blog.syzgroup.com/syz-the-moment/tag/emerging-markets) - [google](https://blog.syzgroup.com/syz-the-moment/tag/google) - [Middle East](https://blog.syzgroup.com/syz-the-moment/tag/middle-east) - [switzerland](https://blog.syzgroup.com/syz-the-moment/tag/switzerland) - [tesla](https://blog.syzgroup.com/syz-the-moment/tag/tesla) - [United Kingdom](https://blog.syzgroup.com/syz-the-moment/tag/united-kingdom) - [amazon](https://blog.syzgroup.com/syz-the-moment/tag/amazon) - [microsoft](https://blog.syzgroup.com/syz-the-moment/tag/microsoft) - [assetmanagement](https://blog.syzgroup.com/syz-the-moment/tag/assetmanagement) - [ethereum](https://blog.syzgroup.com/syz-the-moment/tag/ethereum) - [meta](https://blog.syzgroup.com/syz-the-moment/tag/meta) - [russia](https://blog.syzgroup.com/syz-the-moment/tag/russia) - [Industrial-production](https://blog.syzgroup.com/syz-the-moment/tag/industrial-production) - [Healthcare](https://blog.syzgroup.com/syz-the-moment/tag/healthcare) - [ESG](https://blog.syzgroup.com/syz-the-moment/tag/esg) - [Global Markets Outlook](https://blog.syzgroup.com/syz-the-moment/tag/global-markets-outlook) - [Turkey](https://blog.syzgroup.com/syz-the-moment/tag/turkey) - [inflation](https://blog.syzgroup.com/syz-the-moment/tag/inflation) - [bankruptcy](https://blog.syzgroup.com/syz-the-moment/tag/bankruptcy) - [brics](https://blog.syzgroup.com/syz-the-moment/tag/brics) - [Market Outlook](https://blog.syzgroup.com/syz-the-moment/tag/market-outlook) - [performance](https://blog.syzgroup.com/syz-the-moment/tag/performance) - [africa](https://blog.syzgroup.com/syz-the-moment/tag/africa) - [LLM](https://blog.syzgroup.com/syz-the-moment/tag/llm) - [Global](https://blog.syzgroup.com/syz-the-moment/tag/global) - [Market News](https://blog.syzgroup.com/syz-the-moment/tag/market-news) - [Weekly Equities](https://blog.syzgroup.com/syz-the-moment/tag/weekly-equities) Show more 23 Oct 2026 - - - #### OpenAI has cut its valuation target for its latest funding round after facing resistance on a $1.4tn price tag from some investors, as it pushes to raise $30bn before going public next year. The ChatGPT maker is in the final stages of a deal which is expected to value the company at $1.25tn, according to people with knowledge of the matter. That would be a jump of almost 50 per cent from its current $852bn valuation, but is lower than the price pitched to investors earlier this month, according to people familiar with the matter. The lower valuation target comes as US tech stocks have sold off sharply, due to intensifying concerns about the sustainability of the debt-fuelled AI infrastructure boom. Morgan Stanley and San Francisco-based tech fund Dragoneer had floated OpenAI to the bank’s private wealth clients at a pre-money valuation of $1.4tn, according to documents seen by the FT. The San Francisco-based AI company is raising up to $30 billion at a $1.25 trillion valuation. Investors from the United Arab Emirates are leading the round alongside Coatue, according to people familiar with the deal. OpenAI told investors Thursday that it aims to secure signatures by the end of next week. The final size of the round is still being determined, the people said. The financing is being positioned as an “opportunistic” bridge ahead of a potential IPO, the people said. An OpenAI listing will likely come in 2027, CFO Sarah Friar has told employees. Alongside the new investment, OpenAI is negotiating a commercial deal that would secure more computing capacity from the UAE, according to one person. The arrangement could help OpenAI secure additional computing power as it expands its AI business. Source: CNBC, FT [#Alternatives](https://blog.syzgroup.com/syz-the-moment/tag/alternatives) ![OpenAI has cut its valuation target for its latest funding round after facing resistance on a $1.4tn price tag from some investors, as it pushes to raise $30bn before going public next year.](https://blog.syzgroup.com/hubfs/1792702690902.jpg) ![OpenAI has cut its valuation target for its latest funding round after facing resistance on a $1.4tn price tag from some investors, as it pushes to raise $30bn before going public next year.](https://blog.syzgroup.com/hubfs/1792702690902.jpg) 23 Oct 2026 - - - #### The OAT-BTP spread continues to blow out as France increasingly trades like the European periphery. Meanwhile, European banks (SX7E) remain under heavy selling pressure. Source. TME [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#europe](https://blog.syzgroup.com/syz-the-moment/tag/europe) ![The OAT-BTP spread continues to blow out as France increasingly trades like the European periphery.](https://blog.syzgroup.com/hubfs/1792703081112.jpg) ![The OAT-BTP spread continues to blow out as France increasingly trades like the European periphery.](https://blog.syzgroup.com/hubfs/1792703081112.jpg) 23 Oct 2026 - - - #### China's government has been buying $2.5b/day in equity ETFs since July to try and prop up market after AI slump. What's wild is China typically only sees about $218m/day in ETF flows = the government is 10x the average. It would be like if the US Treasury bought $100b/day in ETFs here. Still, this doesn't seem to be enough to stem China stocks decline... Source: Bloomberg Intelligence, Eric Balchunas [#equities|](https://blog.syzgroup.com/syz-the-moment/tag/equities) [#china](https://blog.syzgroup.com/syz-the-moment/tag/china) ![China's government has been buying $2.5b/day in equity ETFs since July to try and prop up market after AI slump.](https://blog.syzgroup.com/hubfs/1792677570262.jpg) ![China's government has been buying $2.5b/day in equity ETFs since July to try and prop up market after AI slump.](https://blog.syzgroup.com/hubfs/1792677570262.jpg) 23 Oct 2026 - - - #### Apple $AAPL is about to overtake Nvidia $NVDA as the world's most valuable company. Source: Shay Boloor [#equities](https://blog.syzgroup.com/syz-the-moment/tag/equities) ![Apple $AAPL is about to overtake Nvidia $NVDA as the world's most valuable company.](https://blog.syzgroup.com/hubfs/1792733280417.jpg) ![Apple $AAPL is about to overtake Nvidia $NVDA as the world's most valuable company.](https://blog.syzgroup.com/hubfs/1792733280417.jpg) 23 Oct 2026 - - - #### Hedge funds are loading up on shorts. Could they be fueling the next rally? According to Goldman Sachs, short leverage in its prime brokerage book is near the top of its multi-year range. Net trading flows show the heaviest selling since the April lows. The crowd is leaning heavily bearish. And crowded shorts can become rocket fuel. A modest rally can force investors to cover. That buying pushes prices higher, triggering more covering. The feedback loop can turn a rebound into a squeeze—and potentially a melt-up. Positioning alone won’t trigger it. A catalyst still matters. But the more crowded the bearish trade becomes, the more painful an upside surprise could be. Sometimes, the biggest risk to a bearish market is how many investors are already betting on it. Source: Goldman, Kurt S. Altrichter, CRPS® @kurtsaltrichter [#Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) ![Hedge funds are loading up on shorts. Could they be fueling the next rally?](https://blog.syzgroup.com/hubfs/1792732870158.jpg) ![Hedge funds are loading up on shorts. Could they be fueling the next rally?](https://blog.syzgroup.com/hubfs/1792732870158.jpg) 23 Oct 2026 - - - #### The Economist cover remains undefeated. Source: Geiger Capital [#Fixed Income|](https://blog.syzgroup.com/syz-the-moment/tag/fixed-income) [#Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) ![The Economist cover remains undefeated.](https://blog.syzgroup.com/hubfs/1792747574036.jpg) ![The Economist cover remains undefeated.](https://blog.syzgroup.com/hubfs/1792747574036.jpg) 23 Oct 2026 - - - #### The Eurozone flash PMI for October 2026 slowed to a four-month low, driven by rising energy costs and a sharp contraction in France, while Germany showed relative resilience Eurozone S&P Global Manufacturing PMI Oct P: 52.4 (est 52.8; prev 52.9) - Services PMI: 51.7 (est 52.5; prev 53.0) - Composite PMI: 51.9 (est 52.7; prev 53.1) Source: S&P Global [#Macroeconomics](https://blog.syzgroup.com/syz-the-moment/tag/macroeconomics) ![The Eurozone flash PMI for October 2026 slowed to a four-month low, driven by rising energy costs and a sharp contraction in France, while Germany showed relative resilience](https://blog.syzgroup.com/hubfs/1792748431836.jpg) ![The Eurozone flash PMI for October 2026 slowed to a four-month low, driven by rising energy costs and a sharp contraction in France, while Germany showed relative resilience](https://blog.syzgroup.com/hubfs/1792748431836.jpg) 23 Oct 2026 - - - #### Cybersecurity is back in focus following a series of incidents and software warnings affecting banks, cloud providers and public institutions. These developments deserve attention, but context matters: vulnerabilities, confirmed breaches and precautionary shutdowns are different events. Here is what has been happening 👇 1. PHP: Two critical vulnerabilities disclosed; security updates released. 2. Government websites: Selected European public services temporarily taken offline as a precaution. 3. eMudhra: Weak certificate keys identified; browser protections deployed. 4. Railway: Possible exposure of customer credentials and API keys. 5. Zeabur: Breach disclosed, followed by plans to close operations. 6. Onamae Desktop Cloud: Malware discovery prompted shutdowns, with 26,739 servers potentially affected. 7. LiteLLM: A compromised release contained credential-stealing malware; it was removed. 8. OVHcloud CLI: Malicious downloads distributed during a limited window were replaced. 9. GitLab: A critical vulnerability prompted security updates. 10. State Bank of India: An incident involving 3,897 customer records found on the dark web was disclosed. 11. ETS / California: Student information was accessed and copied from a file-transfer system. 12. Bullhorn: A cyber incident disrupted services; recovery has progressed. 13. Palo Alto firewalls: Ransomware operators continued targeting a known vulnerability. 14. AI-assisted intrusions: Reuters reported a campaign involving more than 100 company websites, with the extent of data theft unclear. 15. US banks: Institutions tightened restrictions on third-party AI agents accessing customer accounts. These separate developments highlight the importance of securing shared software, external providers and automated tools. The practical priorities remain straightforward: patch systems promptly, protect credentials, review supplier access and set clear permissions for AI agents. Digital innovation needs sustained investment in digital resilience. Source: Bull Theory [#Food for Thought](https://blog.syzgroup.com/syz-the-moment/tag/food-for-thought) ![Cybersecurity is back in focus following a series of incidents and software warnings affecting banks, cloud providers and public institutions.](https://blog.syzgroup.com/hubfs/1792739844914.jpg) ![Cybersecurity is back in focus following a series of incidents and software warnings affecting banks, cloud providers and public institutions.](https://blog.syzgroup.com/hubfs/1792739844914.jpg) [1](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau/page/1) [2](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau/page/2) [3](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau/page/3) [4](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau/page/4) [5](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau/page/5) [❯](https://blog.syzgroup.com/syz-the-moment/author/charles-henry-monchau/page/2) [❯❯](https://blog.syzgroup.com/syz-the-moment/author/1191?hsLang=en) ## **Thinking** out loud Sign up for our weekly email highlighting the most popular posts. 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