Goldman Sachs vs HSBC

10-Year Treasury Yield Breakout Above 5% Could Pressure Stocks and AI Trade

Ruchir Sharma, founder and CIO of Breakout Capital, warned that a decisive break above 5% on the 10-year Treasury yield could spell trouble for equity markets, particularly the artificial intelligence trade. The 10-year yield touched 5% this week, reaching a 19-year high, before pulling back to 4.94%. Sharma notes that above 5.25%, equity prices historically decline, as the equity-bond correlation turns positive. Higher yields increase the discount rate on future profits, reducing stock values. The Fed raised rates by 25 basis points to 3.75%-4% and signaled further hikes, with inflation above target until 2029. Mega-cap AI companies are increasingly tapping bond markets for infrastructure spending, and Goldman Sachs notes higher capital costs reduce the value of their future cash flows.

• The 10-year Treasury yield touched 5% earlier this week, a 19-year high, before pulling back to 4.94%.
• Breakout Capital's Ruchir Sharma warns that a decisive break above 5% could pressure stocks and the AI trade.
• The Federal Reserve raised the federal funds rate by 25 basis points to 3.75%-4% on Wednesday.

Nvidia CEO predicts 70% revenue growth amid AI infrastructure surge

At the Goldman Sachs Communacopia + Technology conference, Nvidia CEO Jensen Huang reiterated his forecast of 70% year-over-year revenue growth for the next fiscal year, driven by soaring demand for AI infrastructure. Huang emphasized that Nvidia's products are no longer simple chips but massive computing systems costing up to $8.5 million, with thousands shipped. He cited 27% month-over-month growth for the GB200 NVL72 system, combining Grace CPUs and Blackwell GPUs. Huang also addressed concerns about competition from hyperscalers and AI labs building their own chips, as well as startups like Cerebras and Etched, asserting Nvidia's foundational role across the AI ecosystem. He dismissed criticisms of 'circular' investments, claiming $100 billion in verified contracts from AI companies. The company expects to end the current fiscal year at around $400 billion in revenue, with 70% growth implying approximately $680 billion next year.

• Nvidia CEO Jensen Huang reiterated 70% year-over-year revenue growth guidance for next fiscal year.
• Nvidia expects around $400 billion revenue this fiscal year, implying ~$680 billion next year.
• The GB200 NVL72 system, combining 36 Grace CPUs and 72 Blackwell GPUs, saw 27% month-over-month sales growth.

Goldman Sachs Opens New Engineering Office in Bellevue, Wash.

Goldman Sachs announced the opening of a new engineering office in Bellevue, Washington, as part of its ongoing expansion of engineering capabilities.

6-K Financial Filing Analysis for HSBC (2026-09-17)

On September 17, 2026, HSBC Holdings plc announced the purchase and planned cancellation of 817,400 ordinary shares as part of its multi-billion share buy-back program initiated on August 5, 2026. Executed through BNP Paribas Financial Markets SNC, the transactions comprised 505,000 shares repurchased across UK trading venues at a volume weighted average price of £15.1862 and 312,400 shares on the Hong Kong Stock Exchange at a volume weighted average price of HK$159.0793. Since launching the buyback tranche on August 5, 2026, HSBC has repurchased a cumulative 36,208,497 ordinary shares for an aggregate consideration of approximately US$745.9 million. Following the cancellation of UK-purchased shares and 4,011,200 previously repurchased Hong Kong shares, HSBC's issued ordinary share capital with voting rights stands at 17,149,199,100 shares, reflecting continuous capital return to shareholders.

• HSBC repurchased 505,000 shares across UK venues at a VWAP of £15.1862 and 312,400 shares on the Hong Kong Stock Exchange at a VWAP of HK$159.0793 on September 17, 2026.
• Cumulative repurchases under the August 5, 2026 program reached 36,208,497 ordinary shares for an aggregate total consideration of approximately US$745.9 million.
• Total issued ordinary share capital and voting rights were adjusted to 17,149,199,100 ordinary shares following the cancellation of UK purchases and 4,011,200 previously repurchased Hong Kong shares.

6-K Financial Filing Analysis for HSBC (2026-09-18)

On September 18, 2026, HSBC Holdings plc disclosed the execution of daily share repurchases for cancellation under its buy-back program initiated on August 5, 2026. The company acquired 3,000,000 ordinary shares on UK trading venues at a volume-weighted average price (VWAP) of £15.1716, alongside 400,400 ordinary shares on the Hong Kong Stock Exchange at a VWAP of HK$162.4208, executed via BNP Paribas Financial Markets SNC. Following the UK cancellations, HSBC's issued ordinary share capital stood at 17,146,199,100 voting rights, with cumulative buy-back volume reaching 39,608,897 shares for an aggregate consideration of approximately $815.0 million.

• Repurchased 3,000,000 ordinary shares across UK venues at a VWAP of £15.1716 and 400,400 shares on the Hong Kong Stock Exchange at a VWAP of HK$162.4208 on September 18, 2026.
• Brought total repurchases under the August 5, 2026 program to 39,608,897 shares for approximately $815.0 million in total consideration.
• Updated total issued share capital and voting rights to 17,146,199,100 ordinary shares following the cancellation of the UK-purchased shares.

6-K Financial Filing Analysis for HSBC (2026-09-15)

HSBC Holdings plc disclosed the repurchase and planned cancellation of 4,256,883 ordinary shares on September 15, 2026, executed via BNP Paribas Financial Markets SNC under its buy-back program initiated on August 5, 2026. The transactions comprised 3,676,883 shares repurchased across UK venues at a volume weighted average price of £15.1643 and 580,000 shares on the Hong Kong Stock Exchange at a volume weighted average price of HK$160.9470. Following the UK cancellations, HSBC's issued ordinary share capital with voting rights stands at 17,155,015,300, bringing cumulative repurchases under this program to approximately 33.79 million shares for roughly US$696.6 million.

• Repurchased 3,676,883 shares on UK venues at a VWAP of £15.1643 and 580,000 shares on the Hong Kong Stock Exchange at a VWAP of HK$160.9470 on September 15, 2026.
• Brought cumulative repurchases under the August 5, 2026 buy-back program to 33,788,697 ordinary shares for approximately US$696.6 million in total consideration.
• Updated issued share capital and total voting rights to 17,155,015,300 ordinary shares (excluding pending Hong Kong share cancellations).