Market Trend & Conversion Overview - Manhattan sees a trend of converting 12.4 million square feet of old offices into housing, equivalent to about four Empire State buildings [2] - New York's office supply has already dropped nearly 2% since 2023, with a potential further decrease of 7% if all proposed projects are realized [3] - This additional 7% represents more than 21 million square feet of office space [4] Location & Driving Factors - Half of the office conversions are happening in Midtown Manhattan [2] - High interest rates and remote work have dragged down Midtown office values, making conversions attractive [2] - Before the pandemic, conversions were primarily downtown due to cheaper buildings and zoning incentives [2] Financials & Incentives - Similar office conversion units in the area project monthly rents ranging from $4,000 for a studio to $20,000 for a 3-bedroom [1] - New York offers tax breaks like 467 million for up to 35 years as incentives for conversions [4] Challenges & Considerations - Building interiors need redesign, including wall removal, window replacement, and plumbing relaying, making conversions complex and costly [5] - Not every building is suitable for conversion into apartments [4]

Revenue Generation Strategies in Collegiate Sports - Universities are exploring creative revenue streams for sports programs, such as Penn State's $10,000 tunnel club access [1] - Power four conferences universities, including the Big 10 and SEC, are paying players up to 205 million or 20.5% this year [3] - The University of Michigan generated revenue by hosting a concert that sold 115,000 tickets [4] Impact of Revenue Sharing with Student Athletes - Colleges are now sharing revenue with student athletes due to federal settlements regarding name, image, and likeness [2][3] - Universities are seeking ways to generate revenue to compensate players [3] - Ohio State's sponsorship deals brought in $44 million in gross revenue last year and are expected to increase this year, with total sales reaching $260 million [5] Sponsorship and Advertising - Ohio State announced a multi-year sponsorship deal with Andril, a defense contractor [6] - Some athletic directors are advocating for branded ads on player jerseys, which is currently banned by the NCAA [7] Potential Concerns and Future Trends - Critics worry that the focus on revenue generation may detract from the core educational missions of colleges [7] - Expect to see more stadiums selling alcohol, premium tickets, and exclusive member experiences [7]

Geopolitical & Economic Landscape - US and China lack experience living together, increasing global risk [1] - The current era is marked by the rise of transformational technologies like AI, comparable to the advent of electricity [1] Impact of AI and Technology - AI will transform all aspects of society, creating new winners and losers [2] - Countries hosting high-tech digital industries, like the United States and to a lesser extent Europe, are positioned to be winners [2] - Countries with natural resources, specifically rare earths, are also likely to be winners [2] Global Disparities - Isolated and lost countries, potentially including most of Africa and the developing world, are likely to be the losers [2]

ETF Market Trends & Flows - 全球 ETF 行业资产超过 8 万亿美元 [1] - ETF 市场整体处于历史高位，单周流入 71.1 亿美元 [3] - 美国股票和黄金、比特币等避险资产同时受到追捧 [4] - 小型股 ETF (IWM) 资金流动不稳定，进出频繁 [5] - iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 资产接近 1000 亿美元，预计将成为历史上最快达到 1000 亿美元的 ETF [6] - ETF 发行数量激增，2025 年迄今已发行近 800 只新基金，预计全年可能突破 1000 只 [31] - 杠杆 ETF 平均首日换手率接近 30%，市场投机情绪高涨 [32] ETF Innovation & Competition - SEC 批准共同基金发行 ETF 份额，Dimensional 率先获得批准 [2][33] - 约 80 家资产管理公司已申请发行 ETF 份额，数量远超比特币 ETF 的申请 [36] - 共同基金增加 ETF 份额旨在提高税务效率，但运营方面面临挑战，例如平台是否同时支持共同基金份额和 ETF 份额 [35][39][40] - Lazard 在澳大利亚市场已提供共同基金的 ETF 份额 [28] Thematic ETF Analysis - 基础设施 ETF 成为市场关注焦点，PAVE 过去五年年化增长率达 26% [15][16] - Lazard 推出新的基础设施 ETF，专注于与通胀调整相关的收入流 [11][12] - Buzz ETF (BUZZ) 追踪社交媒体和新闻文章中积极讨论的股票，今年上涨 50% [45][47] - Buzz ETF 每月重新平衡，选取市值 50 亿美元以上、积极情绪最高的 75 只股票，并根据情绪加权，单只股票权重上限为 3% [50][55][61] International Market - 日本可能迎来首位女首相，市场预期将推行财政刺激政策，日股上涨，日元下跌 [1][13] - Lazard 认为日本市场存在不确定性，建议积极管理 [14]

President Donald Trump wants to deploy National Guard troops to the Chicago area. Illinois is suing to stop that. There have been consistent anti-ICE protests in Chicago since at least June, when the Trump administration’s enforcement activities ramped up. In recent weeks the protests have focused on the Broadview ICE facility in suburban Chicago, which have led to dozens of reported arrests amid sporadic acts of violence and alleged obstruction. -------- More on Bloomberg Television and Markets Like this v ...

[Music] Concerns are mounting over the US labor market after August jobs report revealed stark weakness with non-farm payrolls rising by just 22,000 far below the anticipated 75,000 and the unemployment rate remaining at 4.3% unchanged from the previous month. This tepid growth could mean a potential stall, raising fears of a recessionary pressures signaled by cooling hiring and rising layoffs, which hit their highest level since 2020. Investors were eyeing September's data for signs of a rebound or a deepe ...

A federal judge in Portland, Oregon, blocked President Donald Trump for now from sending any National Guard troops to the city during protests against his immigration crackdown, after the state accused the government of trying to circumvent a narrower order issued a day earlier. -------- More on Bloomberg Television and Markets Like this video? Subscribe and turn on notifications so you don't miss any videos from Bloomberg Markets & Finance: https://tinyurl.com/ysu5b8a9 Visit http://www.bloomberg.com for bu ...

US farmers are on track for a record corn and soybean harvest. However, the current export outlook for the two products could not be more opposite. As of the most recent world agriculture supply and demand estimates from USDA, the United States is expected to export a record 2.975% billion bushels of corn, up a modest 5.1% from a year ago, but a staggering 32.5% above the prior 10-year average. Soybeans, on the other hand, are expected to see exports drop to 1.685% billion bushels, a 10.1% slide from last y ...

Government Shutdown & Congressional Stalemate - The US government is in its sixth day of a shutdown, with the Senate preparing to vote on stopgap measures expected to fail again [1][2] - A key point of contention is the disagreement over extending Obamacare subsidies, with Republicans reluctant to do so [14][17][18] - The House of Representatives is in recess for another week, awaiting Senate action on the shutdown [1][8] - There is potential for mass firings of federal workers if the shutdown continues, though this may require significant paperwork [12][13] - A possible resolution involves enticing some Democrats to vote for a stopgap bill by pairing the defense bill with a labor, health, and human services bill [13][14] - The economic impact of the shutdown is estimated at $400 million per day [31] Market & Business News - The S&P 500 is holding close to a record, up 04% [2][3] - Advanced Micro Devices (AMD) shares are soaring, up 26%, after signing a deal with OpenAI for AI infrastructure, potentially generating tens of billions of dollars in new revenue [3][4] - Fifth Third has agreed to buy Comerica for $10 billion in stock, marking the largest bank deal this year [4] - Gold is surging $68 an ounce, up 18%, and West Texas Crude is up 13% to $6164 a barrel [3] International Affairs - Peace talks are beginning in Cairo over a possible cease-fire in Gaza [2] - The US President is pressuring Hamas to release hostages, with a potential deal involving the release of Palestinian prisoners [83][86] - Tariffs on medium and heavy-duty trucks coming into the United States from other nations will be set at a rate of 25%, beginning November 1 [87]

AI Competition & Strategy - The US aims to win the AI race against China, recognizing its economic and national security implications [11][12][13] - A key strategy involves being pro-innovation, pro-infrastructure, pro-energy, and pro-export to ensure American technology dominance [12] - Global market share of the American technology stack is a critical metric for measuring success in the AI race [15][16] - The US should aim for the largest ecosystem of users on the American technology stack [17][18] Chip Export Policy - There are arguments for and against exporting AI chips to China; not selling any chips could accelerate China's independence from American technology [21][22] - Selling deprecated or less advanced American chips to China could be a viable strategy [22] Infrastructure & Energy - Scaling up power availability is crucial for AI companies [7] - Supporting energy production, including oil, gas, and nuclear, is essential for the AI boom [8] Talent & Collaboration - The US needs to be open to working with global AI talent, including talent from China [26] - Nvidia and its CEO Jensen Huang are considered strategic assets for the US in the AI race [28]