Fernando Chague

Professor of Finance at FGV São Paulo

[Fernando Chague @ChagueFernando]

Thinking of packing it all in and embarking on a career trading stocks from a commission-free brokerage account? https://t.co/9GIjxUicM5 via @markets

[Fede Sturzenegger @fedesturze]

Me empiezan a enviar los recibos de sueldos actualizados en el formato de la Ley de Modernización Laboral. En este caso el empleador paga 1.200.000, el trabajador recibe 580.000. Transparencia total. Gracias presidente @JMilei. Gracias Congreso de la Nación. VLLC!

[Diego Fonseca @DiegoFonsecaDF]

Qué bestia es Valdano.

Qué habilidad para leer el fútbol dentro y fuera del fútbol.

[Fernando Chague @ChagueFernando]

@chatopalestra hahaha, the Spain player, boa!

[Oficina del Presidente @OPRArgentina]

Clase magistral del Presidente Javier Milei ante alumnos de Macroeconomía Avanzada de la Maestría en Economía de la Universidad de San Andrés.

[Fernando Chague @ChagueFernando]

What is next?

[News from Google @NewsFromGoogle]

The Google Threat Intelligence Group has detected the first known instance of a threat actor using an AI-developed zero-day exploit in the wild. While the attackers planned a wide-scale strike, our proactive counter-discovery may have prevented that from happening. This finding is part of our new report on AI-powered threats.

[Fernando Chague @ChagueFernando]

Embrace for impact...

[Brett Caughran @FundamentEdge]

A big pivot from Ken Griffin on AI:

“Number one is, in the last few months, there has been a step change in the productivity of the AI toolkit. It is profoundly more powerful than it was just nine months ago.

And for us at Citadel, that has allowed us to unleash a much broader array of use cases for AI. And it has been really interesting to watch, to be blunt, work that we would usually do with people with masters and PhDs in finance over the course of weeks or months being done by AI agents over the course of hours or days.

These are not these are not mid-tier white collar jobs. These are like extraordinarily high skilled jobs being, I'm going to pick a word, automated by agentic AI. And I gotta tell you, I went home one Friday actually fairly depressed by this because you could just see how this was going to have such a dramatic impact on society.

When you witness it in your own four walls, when you see work that used to be man years of work being done in days or weeks, it's like, wow, like that's the first time I've seen real impact in our four walls.”

This echoes my own experience with agents and the conversations I am having with students, friends & clients. The toolkit has dramatically transformed and it feels like in finance, for the first time, AI is real.

[The Wall Street Journal @WSJ]

SpaceX is aiming to go public on June 12, setting the stage for what is expected to be the biggest IPO of all time. https://t.co/UwnSgPISqq

[Goshawk Trades @GoshawkTrades]

Jane Street just showed the inside of their AI training data center in Texas.

4,032 GPUs. 56 racks. 8,000 km of fiber. liquid cooling running through every server because air cooling can't handle the heat anymore.

but the part that got me was the origin story.

Ron Minsky, who co-heads their technology group. said their first compute cluster was literally six Dell boxes stacked on top of each other at the end of a desk row. they called it "the hive."

the trading systems sat out in the room with the traders because they wanted to be able to unplug them if something went wrong.

at one point, someone vacuuming the office unplugged a live trading system in the middle of the day.

from six Dell boxes and a vacuum cleaner incident to a liquid-cooled GPU data center processing trades in under 100 nanoseconds.

that's a 20-year arc.

[Bloomberg Opinion @opinion]

Can GameStop afford to buy eBay?

In theory, maybe — but reality is different 🎥

[Jack Clark @jackclarkSF]

I've spent the past few weeks reading 100s of public data sources about AI development. I now believe that recursive self-improvement has a 60% chance of happening by the end of 2028. In other words, AI systems might soon be capable of building themselves.

[Bloomberg @business]

Treasury Secretary Scott Bessent and Federal Reserve Chair Jerome Powell summoned Wall Street leaders to an urgent meeting on concerns that the latest AI model from Anthropic will usher in an era of greater cyber risk https://t.co/uSSHgmG9z9

[Fernando Chague @ChagueFernando]

I miss the days when the millennium bug felt like a major crisis, and outsmarting the Friday the 13th virus was as simple as changing your computer’s clock...

[Anthropic @AnthropicAI]

Introducing Project Glasswing: an urgent initiative to help secure the world’s most critical software.

It’s powered by our newest frontier model, Claude Mythos Preview, which can find software vulnerabilities better than all but the most skilled humans.
https://t.co/NQ7IfEtYk7

[Anthropic @AnthropicAI]

Introducing Project Glasswing: an urgent initiative to help secure the world’s most critical software.

It’s powered by our newest frontier model, Claude Mythos Preview, which can find software vulnerabilities better than all but the most skilled humans.
https://t.co/NQ7IfEtYk7

[Fernando Chague @ChagueFernando]

*** Call for Papers ***

2026 LUBRAFIN FINANCE MEETING - June 24, 25, and 26

***Submission Deadline: January 10, 2026***

Location: Foz do Iguaçu, Brazil

https://t.co/ggjpigVzIC

[Bernardo Guimaraes @BernardoGmrs]

Inspired by the GameStop episode in 2021, Pierluca Pannella and I wrote a model arguing that short selling could give rise to bubbles. The paper has just been published -- coinciding with the latest surge in GameStop share prices. https://t.co/srtN59KaK2

[Ivan Werning @IvanWerning]

Plan Real para Argentina? Locura o REALidad?

Hace mucho que vengo pensando en esto... creo que es algo a considerar con cuidado.

Acá una presentación de Feb 2022 sobre el tema, con mis ideas y dudas en su momento. 1/2
https://t.co/KpZq0RR64E

[Bruno Giovannetti @BrunoGiovannet3]

Call for papers da Lubrafin 2024 em Cabo de Santo Agostinho!
https://t.co/sCHBcCEauN

[NBER @nberpubs]

Brokers learn about informed directional bets by intermediating securities lending agreements and leak that information to their clients, from @fdchag, Bruno Giovannetti, and Bernard Herskovic https://t.co/E4nvX9ZUCM

[Fernando Chague @ChagueFernando]

@Raf3_r1 @el_elvito @FariaLimaElevat É isso aí. Para quem animar, um artigo sobre o assunto:
https://t.co/KBO7nRtRjC

[Bernardo Guimaraes @BernardoGmrs]

Minha coluna na Folha sobre os resultados de day traders, as informações que a B3 disponibiliza sobre isso, e o 7 a 1 da Alemanha contra o Brasil. https://t.co/bbtmNgUAfB