Note: The X account is not owned by the original Enron entity. Users should be aware of the risk.

Bloomberg ETF analyst Eric Balchunas wrote in a recent post that while concerns about the narrow breadth of the U.S. stock market rally have been repeatedly raised, this phenomenon does not necessarily mean investors need to worry. Citing 100 years of market data, he noted that only around 4% of stocks have generated all the net wealth gains in the U.S. stock market, while roughly half of companies have underperformed U.S. Treasuries over the long term, indicating that stock market returns have long been highly concentrated in a small number of firms. Balchunas further pointed out that the large tech companies driving the current U.S. stock rally differ from traditional large enterprises, as they have built massive business empires through extensive mergers and acquisitions. For instance, Microsoft and Google have each acquired roughly 270 companies. Therefore, he argues that investors should not assess their market influence solely based on the name of a single listed company, but should view the "Magnificent Seven" (Mag 7) as a business system composed of hundreds of underlying firms, even jokingly referring to it as "Mag 700". He also noted that if Google’s subsidiary YouTube were to spin off and go public, he estimates it would rank among the top 20 companies by market cap in the S&P 500. The scale and influence of these firms far exceed those of a single corporate entity, which may explain why, even as the current U.S. stock index rally is concentrated in a small number of large tech stocks, there is still broad corporate assets and business support behind it.

According to a report by The Washington Post, the Trump administration is reassessing its timeline for economic pressure on Iran. Since intensified sanctions and port blockades have yet to force Tehran to accept U.S. negotiation terms, Washington is increasingly accepting that the campaign could last for months or even longer, shifting from pursuing short-term results to long-term attrition in its so-called "economic exile campaign" against Iran. U.S. Treasury Secretary Bessent had earlier predicted that Iran Air would be forced to cease international operations by the end of September, a goal that has not been achieved. Although the U.S. blockade has drastically cut Iran’s new crude oil exports, Iran is still selling off previously shipped crude oil inventories. Reuters cited relevant data stating that around 20 million barrels of Iranian crude oil remain outside the blockaded areas; data from Kpler shows that Iran can still export around 250,000 barrels of oil per day overland to foreign markets. In the next phase, the U.S. will continue targeting Iran’s banks, airlines, oil tankers and intermediary networks, and put pressure on foreign financial institutions, warning that transactions with Iran could face secondary sanctions. The U.S. is also trying to restrict Iran’s use of shadow fleets, ship-to-ship transfers and third-country trade to evade sanctions. However, economic pressure has not yet translated into Iranian concessions on core issues such as its nuclear program. Tehran still demands that the U.S. lift port blockades, ease oil sanctions and unfreeze frozen assets. The U.S. government’s current assessment is that as long as it continues to squeeze Iran’s oil revenues and international financial channels, time will gradually work in the U.S.’s favor, but a long-term blockade also entails higher military investment, shipping risks and energy market costs.

Telegram has released version 13.0, bringing interface adjustments, updated connection methods, and optimized video messaging. Despite the update covering multiple functional changes, Telegram has categorized it as "bug fixes and minor improvements", with a detailed update announcement yet to be posted on its official blog. On the wallet front, the former Telegram Wallet service has been renamed Walt, removed from Telegram settings, and is now accessed via the mini-program interface. The update also added support for web proxies, allowing users to establish secure connections through an alternative method; a new pause button has been added during AI bot replies, and users can now report mini-programs that violate platform rules. Other changes include: Android video message resolution upgraded from 384×384 to 480×480 at 30 FPS; the search button removed from the bottom navigation bar; and Liquid Glass visual effects for iOS 27 optimized. Additionally, Telegram is expected to launch a new crypto wallet, Gram Wallet, though the service is not yet open to users. Telegram 13.0 has also raised the minimum supported operating system version to iOS 15, so devices running iOS 13 or iOS 14 will be unable to install the update. The version is now available for download via the Apple App Store, Google Play, and Telegram’s official website.

According to EmberCN’s monitoring, as Bitcoin (BTC) rallied past $83,000, well-known trader AguilaTrades’ short position was just forced to stop loss, incurring an additional loss of roughly $250,000. AguilaTrades had not publicly opened any trading positions for 14 months prior, but has suffered consecutive losses since returning: he opened a long position yesterday, losing around $300,000; he then reversed to a short position, only to be stopped out near the low as BTC rallied, adding another ~$250,000 in losses. It is reported that his $700,000 principal has shrunk to approximately $150,000 in a single day, pushing his total cumulative losses to about $38.16 million.

According to foreign media reports, several of Wall Street’s largest banks are expected to disclose combined third-quarter stock trading revenue of nearly $19 billion when they release their earnings reports next week. However, as capital market activity cools, performance gaps between the banks are gradually emerging, with some institutions outperforming competitors significantly. This marks a sharp contrast to the first half of this year, when nearly all of the U.S.’ five major banks benefited from a trading boom, with their equities and fixed income trading divisions remaining busy. Based on analyst estimates compiled as of Thursday’s New York market close, Goldman Sachs Group, set to release its earnings report next Tuesday, is projected to rank first among major banks with $5.1 billion in Q3 stock trading revenue. Morgan Stanley is expected to follow closely, with stock trading revenue of $4.9 billion; JPMorgan Chase is forecast to generate $4.5 billion; and Bank of America’s stock trading division is projected to deliver $2.6 billion in revenue. (Jinshi)

According to EmberCN’s monitoring, Hyperliquid’s largest long trader currently holds a long position worth approximately $320 million across 10 addresses, with an unrealized profit of around $8.77 million. The position mainly consists of 1,400 BTC and 82,000 ETH, with the average entry price for the BTC long at $75,967 and the average entry price for the ETH long at $2,493. The trader has primarily profited from long positions in BTC and ETH, and has accumulated around $116.7 million in total profits from multiple long trades so far this year.