Hong Kong’s Financial Services and the Treasury Bureau: Draft ordinance amendment to be submitted within the year, establishing a licensing regime for virtual asset trading and custody services.

DBS Group Chief Investment Officer Hou Wey Fook said that Nvidia’s price-to-earnings (P/E) ratio and projected 70% earnings growth next year indicate that AI-driven tech stocks are still far from forming a bubble. Aggregate data shows Nvidia’s current 12-month forward P/E ratio stands at 17x. Hou compared this to Cisco Systems’ valuation of around 100x before the dot-com bubble burst. He told TV interviews: "If we take Nvidia as the representative company in the AI sector, which currently has a P/E ratio of only in the teens, how can we call this a bubble?" He added that semiconductor and AI investments still have "tailwinds". However, Hou recommended adopting a "barbell strategy" to "control overall portfolio volatility": allocating to tech stocks on the growth end, while pairing with investment-grade fixed-income assets to deliver stable returns, and using hedge funds and gold as intermediate risk-diversification tools.

Per Lookonchain monitoring, early Ethereum participant "0xa2F6" sold 13,330 ETH after six months of inactivity, worth roughly $36.37 million. This crypto OG bought 170,000 ETH at a low price of $0.31 via Ethereum's ICO, with a total cost of just $52,700. The batch of ETH is now valued at approximately $461.4 million.

Ethereum OG "0xa2F6" sold another 13,330 $ETH($36.37M) after 6 months. This OG bought 170,000 $ETH through the ICO at a low price of $0.31 (costing $52.7K, now worth $461.4M).

According to Bitget market data, the Nikkei 225 index closed up 1637.40 points, or 2.40%, at 69946.86 points on Monday, October 5.

Trader 0x914b lost $471K shorting 14,976 $ETH($40.97M) and then flipped to long. He opened a 25x long on 23,734 $ETH($64.3M), with a liquidation price of $2,650.

Morgan Stanley’s chief equity strategist Mike Wilson said in a recent report that U.S. stock indexes remain near record highs, but internal market divergence is stark. Some 51% of Russell 3000 constituents have fallen more than 20% from their June peaks, while the median S&P 500 stock trades 16% below its 52-week high—market breadth has dropped to its lowest level since the dot-com bubble burst. Meanwhile, a roughly 12% divergence gap exists between index prices and market breadth. Wilson identifies U.S. Treasury volatility as the key factor determining how this gap will close. Currently, the 10-year U.S. Treasury yield has climbed to 5.25%, the MOVE index has topped 100, while the VIX remains below 15. If bond volatility stays elevated, the S&P 500 could pull back roughly 6% to around 7,300 over the next month before rebounding by year-end. If bond volatility eases first, a catch-up rally in individual stocks could drive market breadth to align with the index. The report points out that the deterioration in market breadth began mainly after the late-August Jackson Hole symposium, fueled by investors pricing in a more hawkish Federal Reserve policy path rather than rising oil prices. Wilson notes the current weakness is driven primarily by valuation compression, not a collapse in corporate earnings. He advises sticking to large-cap quality stocks with consistently improving earnings revisions at this stage—specifically light-asset companies with high free cash flow yields, low accruals, and high per-employee sales. If the index completes its pullback, there could be opportunities to add higher-risk stocks over the next month.