Private Markets, Angel and Secondary Investing, Sacra

Sacra

Private Markets, Angel and Secondary Investing

Bringing transparency to private markets so investors, founders, and employees can build on conviction. Sacra delivers deeply researched insights on the private companies shaping tomorrow's markets. By surfacing the data, context, and operator perspective that are missing from private markets today, we help secondary buyers and sellers price equity accurately and unlock liquidity for the people building these businesses.

Private Capital Markets

<ul><li>Claude Cowork and Codex have crossed a reliability threshold for single-tool and two-to-three-tool workflows—reaching 85%+ accuracy on QC flagging after rubric-level prompt engineering—but multi-tool chains of four or five systems (Linear, Airtable, Monday, Slack, internal hub) still break in ways that take days to debug, because one hallucination or API failure propagates downstream before any agent catches it.</li><li>We started using them for work, and for personal reasons, in October 2025.</li><li>Initially the success rate—correctly flagged, without false positives or negatives—was around forty percent.</li></ul>

Claude Cowork and Codex have crossed a reliability threshold for single-tool and two-to-three-tool workflows—reaching 85%+ accuracy on QC flagging after rubric-level prompt engineering—but multi-tool chains of four or five systems (Linear, Airtable, Monday, Slack, internal hub) still break in ways that take days to debug, because one hallucination or API failure propagates downstream before any agent catches it.We started using them for work, and for personal reasons, in October 2025.Initially the success rate—correctly flagged, without false positives or negatives—was around forty percent.

Ops Lead At Scale AI On Using Claude Cowork & Codex For QC Automation And multi-tool Debugging At Scale

Research from Quam Securities, Quam Securities

Quam Securities Research

Research from Quam Securities

Quam Securities

Since its inception in 1986, Quam Securities Limited (Quam Securities) has grown to become one of the few mid-tier securities brokerages in Hong Kong with global execution capabilities for both private and institutional clients. It boasts a well-established network in Greater China including Taiwan and in major world markets through the Global Alliance Partners (GAP). Quam Securities is well-positioned not only to harness and drive business within the China Tonghai International Financial Limited but also between China and the world markets.

Macroeconomics

<ul><li>Investors remained cautious amid renewed concerns over higher oil prices and the outlook for global interest rates.</li><li>Tech stocks remained under pressure, with AI-related shares particularly weak following a broader selloff in Asian AI stocks.</li><li>Sentiment toward the sector deteriorated after several major AI firms called for a slowdown in the technology's development, casting doubt on one of the main drivers of this year's market rally.</li></ul>

Investors remained cautious amid renewed concerns over higher oil prices and the outlook for global interest rates.Tech stocks remained under pressure, with AI-related shares particularly weak following a broader selloff in Asian AI stocks.Sentiment toward the sector deteriorated after several major AI firms called for a slowdown in the technology's development, casting doubt on one of the main drivers of this year's market rally.

Head of Research, Krungthai XSpring

Waraporn Wiboonkanarak

Head of Research

A full service Thai brokerage

Krungthai XSpring

Krungthai XSpring is a full service broker. The company provides a wide range of investment services such as Securities Brokerage, Derivative Agent Business, Securities Borrowing and Lending, Securities Trading, Underwriting, Financial Advisory, Wealth Advisory, Private Fund Management and International Markets Securities Trading. 

In terms of credibility, Fitch Ratings has assigned Krunghtai XSpring a long-term rating of AA- and a national short-term rating of F1+ with stable outlook.

Cross Asset Strategy

<ul>
<li>Brent crude oil prices rebounded more than 3% this morning after Saudi Arabia temporarily shut down its East-West oil pipeline following a drone attack.</li>
<li>'AMRO' remains confident in the Thai economy, forecasting GDP growth of 2.4% in 2026-27, supported by policies to accelerate investment in future industries.</li>
<li>The market has raised the probability of a Fed rate hike this week's meeting to 86% (CME FedWatch) after the US core CPI rose 0.3% MoM in August, above the market's expectation for it to remain unchanged from the previous month's 0.2% increase.</li>
</ul>


Brent crude oil prices rebounded more than 3% this morning after Saudi Arabia temporarily shut down its East-West oil pipeline following a drone attack.
'AMRO' remains confident in the Thai economy, forecasting GDP growth of 2.4% in 2026-27, supported by policies to accelerate investment in future industries.
The market has raised the probability of a Fed rate hike this week's meeting to 86% (CME FedWatch) after the US core CPI rose 0.3% MoM in August, above the market's expectation for it to remain unchanged from the previous month's 0.2% increase.


Krungthai XSpring Zoom Eng. September 14, 2026

<ul><li>As overwhelming demand for Anthropic&#39;s Opus 4.6 led to degraded performance and tighter rate limits, developers are migrating back to OpenAI for GPT-5.5—and unlike past cycles, OpenAI is positioned to absorb the surge.</li><li>OpenAI hit $25B in annualized revenue in February 2026, up from $20B at the end of 2025.</li><li>With GPT-5.5 retaking top coding-model benchmarks &amp; developer momentum from Claude Opus 4.6 and Codex growing from 1M weekly users circa March to 4M in April, OpenAI has reclaimed the lead in developer workflows.</li></ul>

As overwhelming demand for Anthropic&#39;s Opus 4.6 led to degraded performance and tighter rate limits, developers are migrating back to OpenAI for GPT-5.5—and unlike past cycles, OpenAI is positioned to absorb the surge.OpenAI hit $25B in annualized revenue in February 2026, up from $20B at the end of 2025.With GPT-5.5 retaking top coding-model benchmarks &amp; developer momentum from Claude Opus 4.6 and Codex growing from 1M weekly users circa March to 4M in April, OpenAI has reclaimed the lead in developer workflows.

Korea/Asia, Events, IPOs, Douglas Research Advisory

Douglas Kim

Korea/Asia, Events, IPOs

Douglas Research Advisory

Equity Bottom-Up

<ul>
<li>Amid continued surging share prices of Samsung Electronics  and SK Hynix, a recent bearish news has impacted the semiconductor sector which includes OpenAI missing its sales and active users targets. </li>
<li>My thoughts on OpenAI missing internal goals on sales and active users is that they could potentially be canary in the coal mine.</li>
<li>The excessive bullishness on Samsung Electronics and SK Hynix could moderate a bit as investors take into consideration potential capex reduction by AI giants such as OpenAI. </li>
</ul>


Amid continued surging share prices of Samsung Electronics  and SK Hynix, a recent bearish news has impacted the semiconductor sector which includes OpenAI missing its sales and active users targets. 
My thoughts on OpenAI missing internal goals on sales and active users is that they could potentially be canary in the coal mine.
The excessive bullishness on Samsung Electronics and SK Hynix could moderate a bit as investors take into consideration potential capex reduction by AI giants such as OpenAI. 


OpenAI Misses Internal Sales and Active Users Goals - Impact on Samsung Electronics and SK Hynix

United States

OpenAI, L.P. operates as a software company. The Company specializes in AI research and deployment that aims to ensure that artificial general intelligence benefits all of humanity. OpenAI serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

OpenAI (2193707D US)

Ops Lead At Scale AI On Using Claude Cowork & Codex For QC Automation And multi-tool Debugging At Scale

Between Claude Cowork and OpenAI's Codex app, which have you actually used or tried? And what else is in your regular workflow—Claude Code, Cursor,...

Sacra

Quam Morning Note (15 Sep)

Investors remained cautious amid renewed concerns over higher oil prices and the outlook for global interest rates. Tech stocks remained under...

Quam Securities

Krungthai XSpring Zoom Eng. September 14, 2026

Brent crude oil prices rebounded more than 3% this morning after Saudi Arabia temporarily shut down its East-West oil pipeline following a drone...

Krungthai XSpring

SOTA Model Nightclub Hype Cycle

TL;DR: As overwhelming demand for Anthropic's Opus 4.6 led to degraded performance and tighter rate limits, developers are migrating back to OpenAI...

Sacra

OpenAI Misses Internal Sales and Active Users Goals - Impact on Samsung Electronics and SK Hynix

Amid continued surging share prices of Samsung Electronics and SK Hynix, a recent bearish news has impacted the semiconductor sector which...

Douglas Kim

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)