[JPMorgan: Corporate Financing Surplus Near Historical High, Bitcoin Surpasses Production Cost] According to a report by JPMorgan on September 24 regarding fund flows and liquidity, as reported by Jinse Finance on September 28, the U.S. corporate financing surplus in Q2 2026 is close to 2% of GDP, the highest level during non-crisis periods since 1952. The surplus for non-financial corporations is approximately 1.5%, the highest since 1958. While AI-related capital expenditures remain strong, they are offset by weaknesses in other sectors, resulting in moderate overall capital expenditure growth. Global stock buybacks in 2026 are expected to reach $1.7 trillion (with $1.3 trillion in the U.S.). Bitcoin's price has surpassed the production cost of approximately $85,000 (previously remaining below cost for 280 consecutive days), reducing the risk of forced selling by miners. Due to the shift toward AI, network hash rate and difficulty have decreased by approximately 19% and 15%, respectively, compared to their peak levels in October last year.