JPM
JPMorgan Chase & Co.
stock NYSE

SK Hynix and Samsung are helping to show how outdated the focus on the Mag 7 is. Along with MU, this 'Memory Oligopoly' represents several of the companies displacing the 'Mag 7'.
The memory oligopoly along with AVGO and TSM certainly has displaced TSLA, particularly in importance to the global economy. AVGO and TSM both surpassed TSLA in market cap at different points.
Whether or not memory proves to return to cyclicality, the 3 memory giants have now demonstrated their moats and how deeply important they are to almost every supply chain on Earth. Their influence is far beyond that of TSLA and they are part of what is empowering the hyperscalers ability to grow themselves. All 5 companies mentioned are now trillion dollar companies.
LLY also recently entered the Trillion Dollar Club and should be considered as part of any new 'Mag 7' or FAANG before it. A few other top pharma companies using AI to expedite drug development represent an industry ready to be set ablaze by AI.
And, to be honest, there are several other companies that may not yet be trillion dollar market caps but whose influence and growth is such that they should be considered key bellwhethers. The 5 primary WFE companies (ASML; TOELY; LRCX; KLAC; AMAT); ORCL; MRVL; possibly PANW and CRWD; top defense contractors LMT RTX and European Giants all deserve a place in central focus. These companies may be smaller, may be a bit more niche, but they are linchpins in the AI trade and the types of defense tools (cyber and militarily 'physical') that will be required to both fight against AI and leverage AI as a weapon. I also mentioned LLY earlier, it should be noted that they have already become the first pharma company to build and own their own data center to run AI models for drug development; other pharma giants including SNY; JNJ; NVS are following suit. JPM and a few other banks are also appearing to be in the first wave of companies/industries to see job displacement and ROI from AI.
Because of AI the big banks, big pharma, defense contractors, WFE makers along with the memory oligopoly deserve to be as important as the Mag 7. Maybe we need a new 'DOW' like index to represent these giants who represent the state of the AI trade because it is expanding, and it will continue to do so in waves.
Different industries will be affected at different speeds, in different ways. Right now financial companies are seeing the most turmoil as AI is being rolled out, they are at the forefront of AI's ROI story, the financial sector seems to be set to benefit tremendously.
Pharma is the sleeper story - as soon as a drug developed primarily by AI gets FDA approval for the first time the pharma industry will likely start behaving like a growth industry for some time. This is coming sooner rather than later as there are dozens of AI developed drugs in clinical trials, some in Phase III.
TL/DR
I meandered a lot in order to say '*We need to drop the Mag 7 and instead refer to 'The Trillion Dollar Club'* and a separate, larger group of maybe 30ish companies representing the influence of the biggest global megatrends (militarization, AI growth, pharmacological breakthroughs).

It is pretty tough but best fit looks like a bank? GS or JPM:
- First 10 years very promising, accepted by the market into Russell inclusion.
- Years 11-28 marked by periods of extreme volatility, almost went out of existence several times. Known by peers to have a relentless ability for aggressive recovery after totally blowing up.
- Years 29-34 up and to the right, printing consistently, accepted by the market into major index inclusion. Still trades at a slightly lower valuation cause market only 90% trusts it. Quite stable, pays a 1.75% dividend.
- Known throughout its history to impulsively take on major untested/unproven projects. Some print and some are disasters. Hangs on to failing ideas too long.
- Norse pagan tendencies
What stock are you??

That’s not true at my investment bank with offices in Berlin (one of GS/MS/JPM). No masters required for associate promo. You just have a reductive mindset.
Btw the Gaga quote doesn’t apply. This guy’s fund return 400% annualized net of fees through June before it blew up. And not because he got lucky but because he wrote a thesis about how the AI sector would play out and then was proven right. The only fault here was shitty risk management. Doesn’t mean he is a stupid guy who did not deserve to run a fund of that size / caliber

Because Goldman, JPM, BAC, all gave it to him. I'm sure he'll use the language of Long Term Capital Management, run by Nobel-winning profs, who said it was a six-sigma event. I mean, what are the chances that Russian markets could collapse at the same time as the Ruble? Inconceivable!
What are the odds that IGV could rally (the funding source for SMH this year) at the same time semis could crash? He's got a balanced book guys. He is hedged. He won a math prize. Give him 4x margin!

They can only invest into local securities, if you want diversity in your portfolio it's typically a feeder fund, e.g. ATRAM with annual fund management fees and fees for buying and selling it early redemption fees. These are on top of the inherent underlying fund fees, e.g. from BlackRock or JPM AM.
Of course, for those who can afford and know how, they can go offshore. But the majority of Pinoys can't and don't know how. So, they basically force-fed the expensive local UITFs and mutual funds with their mediocre performance.

Dividend stocks: ORI, PFE, JPM, O, STAG

Lol shit already crashed. This was the crash. Korea got fucking liquidated as a country. The bubble burst from over leverage but it’s pretty isolated to just semis and memory and it should stabilize now. JPM said over 90% of deleveraging has happened already a couple days ago

What a great earnings so far, all big banks $JPM $C $BAC $GS $MS $BAC $WFC & many in $XLF gave strong numbers.
Tech earnings strong last few months, including $MU $STX $MSFT $GOOG $NFLX $META earnings numbers strong
All Samsung & $SKHY earnings strong, with AI adoption globally

man i know it's hyperbole. just saying certain people can make such decisions (maybe not alone), to a certain strong effect. Trump, Bessent, Warsh, Blackrock/GS/JPM CEOs can do all kinds of things if they want to silently pivot markets. and they probably do sometimes (after positiong themselves for it ofc)

mostly at the end of the day when they have to settle with JPM

August will be the month I become a 🐻 (JPM won’t let me trade options)

ICYMI: DTCC declared a Market Disruption on June 29 \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1up1nyg/dtcnscc_market_disruption_event_june_29/)\] after Bank of England 🇬🇧 Emergency Borrowing had skyrocketed after GME Swaps expired \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1up7xzh/shorts_forced_to_choose_emergency_central_bank/)\] so shorts chose to hide their shorts by submitting an immense amount of "Erroneous Trades" which caused the DTCC Market Disruption Event. **August 3 (next Monday) is C35 after June 29!**
https://preview.redd.it/bfmeyrr6y6gh1.png?width=955&format=png&auto=webp&s=9392557efd7d753ecd2603303eaafaa583cc115e
This DTCC Market Disruption gets even weirder because the DTCC decided **NOT** to charge fees & interest on whoever owed them money for the Market Disruption Event \[[Me on X](https://x.com/WhatCanIMT/status/2075622799579004971?s=20), [SuperStonk](https://www.reddit.com/r/Superstonk/comments/1usql2z/comment/owq17y7/)\]
[When has Wall St ever passed on an opportunity to slap someone w\/fees & interest?](https://preview.redd.it/yplo03idz6gh1.png?width=931&format=png&auto=webp&s=ac322c30bb843db37aa09af567c46efd6e92bcdb)
Yet, we can figure out that a DTCC Market Disruption is a [BFD](https://en.wiktionary.org/wiki/BFD) because when you search Google for the history of other DTCC market disruptions, we get a very interesting list \[[Me on X](https://x.com/WhatCanIMT/status/2075711208788025753)\] including:
* 2008 Collapse of Lehman Brothers \[[Wiki](https://en.wikipedia.org/wiki/Bankruptcy_of_Lehman_Brothers)\] and the Great Financial Crisis \[[Wiki](https://en.wikipedia.org/wiki/2008_financial_crisis)\]
* Sept 11, 2001 Terrorist Attacks \[[Wiki](https://en.wikipedia.org/wiki/September_11_attacks)\]
* 2021 GameStop Sneeze 🤧
* 2012 "Glitch" by Knight Capital who imploded by losing $440M in 45 minutes (see, e.g., [SuperStonk](https://www.reddit.com/r/Superstonk/comments/1ffadtt/day_3_knight_capital_and_virtu_i_figured_out_why/) and [SuperStonk](https://www.reddit.com/r/Superstonk/comments/r6l6rf/knight_brokerage_is_the_counterparty_that_made/))
https://preview.redd.it/nqlm3lmd07gh1.jpg?width=992&format=pjpg&auto=webp&s=205927a18c4cebb540a4d8b8021dee9a1b4abae2
# June 29 DTCC Market Disruption was HUGE
Quick Recap:
* A (single) participant firm submitted a massive amount of erroneous trades; enough to force the DTCC to declare a Market Disruption Event.
* Instead of pressing the ↩️ UNDO button (like they did when BRKA "glitched" \[1\]), the DTCC **completed settlement** the next day *after* trying all sorts of tricks, getting extensions from the Fed, rolling over the settlement balance, and imposing charges to NSCC Members for the added risk. *The DTCC* [*bent over backwards*](https://dictionary.cambridge.org/us/dictionary/english/bend-over-backwards) *and* [*went the extra mile*](https://www.merriam-webster.com/dictionary/go%20the%20extra%20mile) *to complete settlement for* ***erroneous trades****!*
* Then the DTCC **does not** slap the participant with any fees or charges? 🤨 Despite creating a MASSIVE disruption comparable to 2008 Great Financial Crisis, Sept 11 (2001) Terrorist Attacks, and the 2021 GameStop Sneeze? 🤨
# WHY? 🤔 (Extrapolating...)
* I think the DTCC *had* to complete settlement or else that participant submitting erroneous trades would have immediately failed.
* Which suggests that participant is [Too Big To Fail (TBTF)](https://en.wikipedia.org/wiki/Too_big_to_fail) and worth the extra effort to buy more time (i.e., C35).
* Not slapping the participant with fees then makes sense because they were already close to failure and they're TBTF.
* The people with the power to make this decision must be high up at the DTCC, and a quick look at the [DTCC Board](https://www.dtcc.com/about/leadership/board) shows members with ties to Citadel, Northern Trust, JPM Chase, UBS, Morgan Stanley, Barclays, Goldman Sachs, Bank of America, Nasdaq, and FINRA (amongst others) -- all familiar names here on SuperStonk.
# DTCC Market Disruption C35 Starts Next Week
While this deadline is certain, we have seen many ways they kick cans so don't expect MOASS Monday. **Last settlement day for trades before this deadline is July 31** (a GME Warrants Swaps Expiration \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1o1n9bj/swaps_on_warrants/)\] and when the 🐂💩 IGME Covered Call ETF on GME closes for liquidation \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1uvhmyo/igme_to_close_liquidate_731/)\])which means **July 30 is the last trading day** to ensure trades settle before whatever happens next week.
\[1\] Remember when BRKA glitched down to $185 from $600k on June 3, 2024 \[[SuperStonk](https://www.reddit.com/r/Superstonk/comments/1d77ds5/mods_dont_delete_pls_brka_27_shares_went_through/)\]? So then it was **halted** and **trades reversed** \[[NYT](https://www.nytimes.com/2024/06/03/business/nyse-trading-glitch-berkshire-hathaway.html)\]
https://preview.redd.it/97lgzehg47gh1.png?width=1412&format=png&auto=webp&s=0b15c9e5e3e8bbbde8aafdd1788fd75d15143601
As it turns out, BRKA glitched on 6/3/2024 C35 after some pretty interesting events including DTCC showing quadrillions in derivatives, huge CAT Errors spikes (very high for that time though we've now seen bigger since), and CHX volume *the day after* [*Roaring Kitty returned with a YOLO update*](https://www.reddit.com/r/Superstonk/comments/1d6r5vp/gme_yolo_update_june_2_2024/) \[[Me on X](https://x.com/WhatCanIMT/status/1998905456912454047), [SuperStonk comment](https://www.reddit.com/r/Superstonk/comments/1pkvv3h/comment/ntob8sc/)\]
https://preview.redd.it/wlkndny677gh1.png?width=586&format=png&auto=webp&s=126f46471be3f53e94f9d670c723a573d64f44d8
With BRKA having gone FREE TO BORROW exactly T+3 before the "glitch" \[[SuperStonk comment](https://www.reddit.com/r/Superstonk/comments/1odpb4j/comment/nl19j9l/)\]

JPM said 780 at 750, fuck dem back

Remember when JPM said the “buy signal is flashing on equities” yesterday? 🤡

Looking at some JPM 355/360 Calls about 2 wks - 1 month out. The drop this monring makes them look tasty.

the GS & JPM downdrafts are from capital markets bearishness imo, i.e. fewer bond & equity issuances as ai sentiment cools off
idk

JPMorgan warns next round of selling will hit indexes beyond just single stocks:
"Focus remains firmly on the AI/Tech/MOMO unwind. Key concerns include competitive threats from China — open-source models and DUV production, even as China SPEs are down again today — as well as circular financing and the role of leverage. The widening in NVDA CDS, as the receiver of capex with rising FCF, is more concerning than the move in hyperscalers’ CDS.
We maintain factor hedges because crowding risk has not fully cleared on our books. It is worth considering whether another leg lower from here could come with a more pronounced pickup in index correlation."
- JPM Market Intel

JPM dumping not a good sign for later today

JPM dumping?! Rate hikes a coming

🥲💄🤡
*JPM saying the Korea crash is almost over. They also said it was "almost over" 2000 Kospi points higher* – via 0️⃣🌱🌱🌱