GFM ORIGINALS
Original Research
Independent reporting and analysis

Shein paid off $3.5 billion in old debts before its IPO.
Christy Ai, Senior Reporter at GFM · 20 min

Alex Karp: Who is flipping the AI switch for the country?
Kevin Guo · 20 min
TOP STORIES
Saudi oil export strategy hits new hurdle as Red Sea insurance costs soar - Reuters
Wall St slips as Middle East escalations lifts oil; Trump-Xi talks in focus - Reuters
At UN, 80 countries demand reopening of Hormuz, condemn Iran, Houthi attacks - Reuters
New York sues Polymarket U.S., two months after filing lawsuit against Kalshi
Insight: US and Iran discuss phased deal to reopen Hormuz and end US blockade, sources say - Reuters
Technology & Capital
Web4 & RWARWA goes behind the scenes on Wall Street
Dr. Dora, Chief Editor of GFM's "Web4 xRWA" column · 20 min
If you hold a stock on the blockchain, who legally recognizes you as a shareholder?
Power shortages are becoming a hidden constraint on U.S. national security.
The Power Rankings of the AI Era: How the New Generation is Rewriting the World's Power Map
A chip's global passport
People & Companies
IPORobots are not yet ready, but the capital market has already begun pricing in their future.
Kevin Guo · 20 min
National valuation of a memory chip
The Real Cost of Huang Renxun and AI
The Coldest Winner on Wall Street
Carlos Domingo: Pulling RWA from the Crypto Narrative Back to the Financial System
The woman behind Musk: Mother, wife, and the underlying character of a tech empire
Two Disruptions by Tech Geeks
Investigations & Society
InvestigationsWho is the biggest winner in the football economy?
Kevin Guo · 15 min
If healthcare becomes a narrative project: The next crisis of trust is already on its way.
The Shared Lies of Chinese LVAD Companies
Who owns your medical records? Global Medical Data Sovereignty Map
Interview with Dr. Chen Jiarui: A Surgeon Decides to Rewrite the Underlying Rules of Global Healthcare - From a Personal Illness to an Institutional Experiment on Healthcare Sovereignty
U.S. Markets
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Turkey says nearly half a million investors affected by funds liquidation
ANKARA, Sept 23 (Reuters) - Turkey's capital markets regulator said on Wednesday that almost half a million investors hold stakes in more than 100 Turkish investment funds worth around $18 billion whi

Brazil central banker says predictable rate moves best response to uncertainty
BRASILIA, Sept 23 (Reuters) - Brazil's central bank monetary policy director Nilton David said on Wednesday that the best response to the current uncertainty was to pursue smooth and predictable inter

Asian Stocks, Bonds to Slide on Inflation Jitters: Markets Wrap
Stocks and bonds in Asia were set to decline Thursday, tracking Wall Street losses as an oil rally and stronger-than-expected US economic data fueled inflation concerns and bets on further interest-ra

Stock futures are flat after soaring Treasury yields trigger a market sell-off: Live updates
Stock futures hovered near the flatline Wednesday night after surging yields in Treasurys sparked a sell-off in the market and traders anticipated rate hikes from the Federal Reserve. S&P 500 futures

India proposes wide-ranging insurance reforms to bring down costs
MUMBAI, Sept 23 (Reuters) - India's insurance regulator proposed overhauling commission rules to cap payouts, link them to product complexity and spread life insurers' commissions beyond a policy's fi

GMF LENS Japan's steep yield curve opens 'reverse carry' trade opportunity, Eastspring says
Sept 22 - A rise in Japanese bond yields is creating a "reverse carry" opportunity for overseas investors as Bank of Japan interest-rate hikes make the traditional yen-funded carry trade less compelli

Indonesia Keeps Key Rate Steady But Vows to Defend Rupiah
Indonesia's central bank kept its interest rate unchanged for a third straight meeting, choosing to rely on currency intervention and other policy tools as higher oil prices and US yields renew pressu



