THE HALF-BLOOD BOY WHO FELL FOR A PURE-BLOOD GIRL**PartThree** #Malfoy

✨🇨🇳China-made rideable robot dog.

🚨BREAKING: OPENAI CEO SAM ALTMAN SAYS AI IS FINDING "HARDWARE-LEVEL, INSANE" BUGS AND HE NO LONGER THINKS WE CAN PATCH THEM ALL. The NSA, the FBI, the UK government, and OpenAI itself are racing to contain the fallout from this week's AI-found flaw. Here's what's happening: → BEYOND HACKERS: Altman says models now find bugs "outside of the normal threat model of what we think a hacker can do." → IT ALREADY HAPPENED: This week PHP2Shell went public, an AI-found flaw rated 9.2/10 for severity in PHP, the code behind about 70% of the world's websites. → SOME CAN'T BE PATCHED: The UK's cyber agency says the fix won't work on some older systems, so they have to be replaced. → THE WEB IS EXPOSED: Websites worldwide were hit by millions of attempts to exploit it, and the UK took 32 government services offline. → PATCH OR GO OFFLINE: The NSA told organisations to patch PHP now, and OpenAI is POURING $1 billion into helping defenders use its AI security tools. Think about this. We've been trusting software updates to keep the internet safe. And now the man building the AI that finds the bugs says we can't patch them all. This could become one of the biggest security challenges of the AI era.

What's going on in Indonesia re MSCI? The simple summary is this: Locals cornered and wash traded a bunch of stocks up, artificially boosting market cap & liquidity with the goal of achieving index inclusion & unloading into passive buying. In other words, they tried to game MSCI. This went on for years and was succeeding, but it eventually reached utterly egregious levels where almost half the market cap was "saham gorengan" (deep fried shares), and some of the said stocks were trading at P/E ratios of 500x. Retail investors also jumped in, as did local institutions who feared underperforming the local market cap weighted index (JCI). The market distortions eventually became so blatantly obvious that even blundering MSCI eventually realized they were being gamed, but their blunt processes were not equipped to differentiate between "real" and "fake" prices (pro tip MSCI, real stocks trade at 5-10x PEs and fake ones >100x). MSCI decided if their systems can't differentiate between the two, the easiest and most bureaucratic option was to just boot Indonesia out of the indices. The lack of appropriate domestic market supervision & safeguards against market manipulation can be criticized. However, OJK (the local regulator) has already been taking action. The prices of many saham gorengan have already fallen 80% since MSCI announced earlier this year it was freezing new inclusions and considering downgrading Indonesia to FM (frontier). However, manipulation is not always that easy to clamp down on, some of the activity has moved to offshore vehicles, Indo retail and local benchmark hugging institutions also participated, and, it must be said, some of the players are politically connected, putting OJK in a difficult position. But they have been moving in the right direction & progress has been made. That is what makes MSCI's most recent escalation of threatening to kick Indonesia not just out of EM into FM, but excluding it from FM as well, a little puzzling and draconian. MSCI's behaviour is in a way not that surprising though, as like rating agencies, it is bureaucratic and usually behind the curve. They kicked Nigeria out of the frontier index for instance after years of currency convertibility problems (during which it should have been excluded), but they did so right at the point when a new government had been elected and had just floated the currency. My take is that while Indonesian conduct bears a meaningful portion of the blame, so does MSCI/passive. With passive growing to become such a large force in financial markets, it was only a matter of time before it was gamed, and what we are also seeing here is some of the stuctural problems/limitations of passive investing. Passive works best when its a small part of the market that can free ride reasonably efficient markets driven by active investors. However, when passive grows to become sufficiently large it can become distortionary, and capable of driving major market inefficiency and being gamed/arbbed. Recent developments potentially provide a substantial buying opportunity for long term benchmark unaware investors, though it will require a long term focus and volatility tolerance to benefit from. Exclusion from major indices will structurally raise the Indonesian cost of equity and result in a potentially durable valuation discount. Long term investors can benefit from that in the form of higher returns priced into stocks, but that doesn't mean a fast (or even any) recovery in valuations will necessarily occur (though it could). There is still 8mths until MSCI's final decision so the market may be oversold short term (active might not dump until its actually excluded from indices), but there could also be a wall of forced selling coming mid next year. Indonesia has other problems to be sure (governance under Prabowo), but that is not the proximate cause of the recent sell-off - it is purely fears of downgrade triggering passive and offshore active outflows (if Indonesia is small, off benchmark, and not a good news story, many active instos won't bother with it), and investors are thus front running those anticipated outflows. I for one am a buyer.

Chinese Gen Z vlogger builds a rideable 'Green Goblin' hoverboard #CoolChina

#IDNWatch🇮🇩: Citing lack of reform, MSCI announced its intention to downgrade Indonesia's status from "emerging" to "standalone". As a result, the JKSE finished down 11.6%, the largest single-day drop since 1998. PRABOWO'S OVERSTUFFED CABINET = 118 MINISTERS = BAD GOVERNANCE.

Bro talks the talk and walks the walk

. The Philippines’ Silicon Valley is taking shape: One of the largest planned advanced manufacturing infrastructure projects in Asia This could be the country’s biggest industrial leap yet In New Clark City (Tarlac), the Bases Conversion and Development Authority (BCDA) is advancing a 1,620-hectare advanced manufacturing and semiconductor hub under the US-led Pax Silica initiative. Key figures (BCDA projections) - Initial investment target: $10 billion - Full development potential: $40–70 billion * Land remains under Philippine/BCDA ownership, foreign investors can lease for up to 99 years (under the amended Investors’ Lease Act) - Expected jobs: 130,000–190,000 direct + up to 800,000 indirect * Export potential at full buildout: up to $200 billion The first phase (500 hectares) is targeted within 3–5 years, with broader development spanning roughly 30 years. The focus is semiconductor design, fabrication, advanced packaging, critical mineral processing, and related AI-supporting industries, not a pure data-center complex. Land stays under Philippine jurisdiction. Investors get long-term leases rather than ownership. Whether this becomes the Philippines’ largest industrial breakthrough depends on actual firm commitments materializing beyond the current projections. Source: BCDA, Philstar