QQQ: 60-day return history, mean=0.0008, std=0.0101.

Question:
Asset: QQQ
Daily returns (past 60 days): mean=0.0008, std=0.0101, min=-0.0353, max=0.0219
Market regime: sideways
Recent filing/news:
[SEC 10-Q CVX 2025-11-06] cvx-20250930 0000093410 12/31 2025 Q3 false xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:state cvx:tribe cvx:parish 0000093410 2025-01-01 2025-09-30 0000093410 2025-09-30 0000093410 2025-07-01 2025-09-30 0000093410 2024-07-01 2024-09-30 0000093410 2024-01-01 2024-09-30 0000093410 2024-12-31 0000093410 2023-12-31 0000093410 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-06-30 0000093410 us-gaap:RetainedEarningsMember 2024-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-06-30 0000093410 us-gaap:ParentMember 2024-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-06-30 0000093410 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-07-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 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us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-01-01 2025-09-30 0000093410 us-gaap:ParentMember 2025-01-01 2025-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-09-30 0000093410 us-gaap:RetainedEarningsMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-09-30 0000093410 [...TRUNCATED...] 160; $154.38 16,620,000   (1) Includes common shares repurchased from participants in the company’s executive compensation plans for personal income tax withholdings. (2) Refer to “Liquidity and Capital Resources” for additional information regarding the company’s authorized stock repurchase program. Item 5. Other Information Rule 10b5-1 Plan Elections During the three months ended September 30, 2025, none of our directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408 of Regulation S-K. 47 Table of Contents Item 6. Exhibits Exhibit Index Exhibit Number Description 4.1 Fourth Supplemental Indenture, dated as of August 13, 2025, among Chevron U.S.A. Inc., Chevron Corporation, as guarantor, and Deutsche Bank Trust Company Americas, as trustee, filed as Exhibit 4. 2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 4.2 Forms of 3.950% Notes Due 2027, 4.050% Notes Due 2028, Floating Rate Notes Due 2028-B, 4.300% Notes Due 2030, Floating Rate Notes due 2030, 4.500% Notes Due 2032 and 4.850% Notes Due 2035, contained in Exhibit 4.2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 10.1+* Aircraft Time-Sharing Agreement, dated as of February 24, 2015, between Hess Corporation and John B. Hess. 10.2* Transition Services Agreement, dated as of July 14, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.3* Amendment One to Transition Services Agreement, dated as of August 27, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.4* Membership Interest Purchase Agreement, dated as of September 10, 2025, between Hess Corporation and JBH Ventures, LLC . 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer 32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer 32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer 101* Interactive data files (formatted as Inline XBRL) 104* Cover Page Interactive Data File (contained in Exhibit 101) ____________________________________________ + Indicates a management contract or compensatory plan or arrangement. *    Filed herewith. **     Furnished herewith. 48 Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   C HEVRON C ORPORATION (R EGISTRANT ) / S /   A LANA K. K NOWLES Alana K. Knowles, Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) Date: November 6, 2025 49

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for QQQ. Express as a decimal (e.g., -0.02).

Answer: -0.0189

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0189 (i.e., on a bad day with 5% probability, the loss exceeds 1.89%). CVaR(95%) = -0.0255.


BTC-USD: 60-day return history, mean=0.0025, std=0.0168.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=0.0025, std=0.0168, min=-0.0393, max=0.0455
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for BTC-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0208

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0208 (i.e., on a bad day with 5% probability, the loss exceeds 2.08%). CVaR(95%) = -0.0316.


IEF: 60-day return history, mean=0.0000, std=0.0037.

Question:
Asset: IEF
Daily returns (past 60 days): mean=0.0000, std=0.0037, min=-0.0080, max=0.0074
Market regime: bull

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for IEF. Express as a decimal (e.g., -0.02).

Answer: -0.0067

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0067 (i.e., on a bad day with 5% probability, the loss exceeds 0.67%). CVaR(95%) = -0.0076.


PDBC: 60-day return history, mean=0.0003, std=0.0096.

Question:
Asset: PDBC
Daily returns (past 60 days): mean=0.0003, std=0.0096, min=-0.0309, max=0.0278
Market regime: bull

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for PDBC. Express as a decimal (e.g., -0.02).

Answer: -0.0100

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0100 (i.e., on a bad day with 5% probability, the loss exceeds 1.00%). CVaR(95%) = -0.0240.


SGOV: 60-day return history, mean=0.0002, std=0.0001.

Question:
Asset: SGOV
Daily returns (past 60 days): mean=0.0002, std=0.0001, min=-0.0001, max=0.0005
Market regime: bull

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for SGOV. Express as a decimal (e.g., -0.02).

Answer: 0.0000

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = 0.0000 (i.e., on a bad day with 5% probability, the loss exceeds 0.00%). CVaR(95%) = -0.0000.


DOT-USD: 60-day return history, mean=-0.0081, std=0.0493.

Question:
Asset: DOT-USD
Daily returns (past 60 days): mean=-0.0081, std=0.0493, min=-0.1354, max=0.2170
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for DOT-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0675

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0675 (i.e., on a bad day with 5% probability, the loss exceeds 6.75%). CVaR(95%) = -0.0970.


VEA: 60-day return history, mean=-0.0010, std=0.0071.

Question:
Asset: VEA
Daily returns (past 60 days): mean=-0.0010, std=0.0071, min=-0.0251, max=0.0150
Market regime: sideways
Recent filing/news:
[SEC 10-Q WMT 2024-12-06] wmt-20241031 0000104169 1/31 2025 Q3 false 451 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure iso4217:JPY wmt:state wmt:county wmt:defendant wmt:case wmt:classAction wmt:securitiesClassAction wmt:shareholder wmt:derivativeAction wmt:pharmacist wmt:segment 0000104169 2024-02-01 2024-10-31 0000104169 wmt:CommonStockparvalue0.10pershareMember 2024-02-01 2024-10-31 0000104169 wmt:A2.550NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1050NotesDue2026Member 2024-02-01 2024-10-31 0000104169 wmt:A1500NotesDue2028Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2029Member 2024-02-01 2024-10-31 0000104169 wmt:A5750NotesDue2030Member 2024-02-01 2024-10-31 0000104169 wmt:A1800NotesDue2031Member 2024-02-01 2024-10-31 0000104169 wmt:A5625NotesDue2034Member 2024-02-01 2024-10-31 0000104169 wmt:A5250NotesDue2035Member 2024-02-01 2024-10-31 0000104169 wmt:A4875NotesDue2039Member 2024-02-01 2024-10-31 0000104169 2024-12-04 0000104169 2024-08-01 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us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-08-01 2023-10-31 0000104169 us-gaap:Com [...TRUNCATED...] assumptions not being realized or other factors, the actual results relating to the subject matter of any forward-looking statement in this Quarterly Report on Form 10-Q may differ materially from the anticipated results expressed or implied in that forward-looking statement. The forward-looking statements included in this Quarterly Report on Form 10-Q are made only as of the date of this report, and Walmart undertakes no obligation to update any such statements to reflect subsequent events or circumstances. 35 Table of Contents Item 6. Exhibits The following documents are filed as an exhibit to this Quarterly Report on Form 10-Q: Exhibit 3.1(a) Restated Certificate of Incorporation of the Company dated February 1, 2018 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 1, 2018 Exhibit 3.1(b) Certificate of Amendment to the Restated Certificate of Incorporation of the Company, effective February 23, 2024 is incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on February 23, 2024 Exhibit 3.2 Amended and Restated Bylaws of the Company dated November 10, 2022 are incorporated herein by reference to Exhibit 3.1 to the Report on Form 8-K filed by the Company on November 16, 2022 Exhibit 31.1* Chief Executive Officer Section 302 Certification Exhibit 31.2* Chief Financial Officer Section 302 Certification Exhibit 32.1** Chief Executive Officer Section 906 Certification Exhibit 32.2** Chief Financial Officer Section 906 Certification Exhibit 99.1* Opioids-Related Litigation Case Citations and Currently Scheduled Trial Dates Exhibit 101.INS* Inline XBRL Instance Document Exhibit 101.SCH* Inline XBRL Taxonomy Extension Schema Document Exhibit 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document Exhibit 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document Exhibit 101.LAB* Inline XBRL Taxonomy Extension Label Linkbase Document Exhibit 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document Exhibit 104 The cover page from the Company's Quarterly Report on Form 10-Q for the quarter ended October 31, 2024, formatted in Inline XBRL (included in Exhibit 101) * Filed herewith as an Exhibit. ** Furnished herewith as an Exhibit. 36 Table of Contents SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   WALMART INC. Date: December 6, 2024 By: /s/ C. Douglas McMillon C. Douglas McMillon President and Chief Executive Officer (Principal Executive Officer) Date: December 6, 2024 By: /s/ John David Rainey John David Rainey Executive Vice President and Chief Financial Officer (Principal Financial Officer) Date: December 6, 2024 By: /s/ David M. Chojnowski David M. Chojnowski Senior Vice President and Controller (Principal Accounting Officer) 37

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for VEA. Express as a decimal (e.g., -0.02).

Answer: -0.0133

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0133 (i.e., on a bad day with 5% probability, the loss exceeds 1.33%). CVaR(95%) = -0.0186.


VNQ: 60-day return history, mean=-0.0003, std=0.0079.

Question:
Asset: VNQ
Daily returns (past 60 days): mean=-0.0003, std=0.0079, min=-0.0258, max=0.0162
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for VNQ. Express as a decimal (e.g., -0.02).

Answer: -0.0123

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0123 (i.e., on a bad day with 5% probability, the loss exceeds 1.23%). CVaR(95%) = -0.0194.


CSHI: 60-day return history, mean=0.0002, std=0.0006.

Question:
Asset: CSHI
Daily returns (past 60 days): mean=0.0002, std=0.0006, min=-0.0012, max=0.0020
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for CSHI. Express as a decimal (e.g., -0.02).

Answer: -0.0006

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0006 (i.e., on a bad day with 5% probability, the loss exceeds 0.06%). CVaR(95%) = -0.0008.


IWM: 60-day return history, mean=0.0008, std=0.0123.

Question:
Asset: IWM
Daily returns (past 60 days): mean=0.0008, std=0.0123, min=-0.0304, max=0.0349
Market regime: sideways
Recent filing/news:
[SEC 10-Q CVX 2025-11-06] cvx-20250930 0000093410 12/31 2025 Q3 false xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:state cvx:tribe cvx:parish 0000093410 2025-01-01 2025-09-30 0000093410 2025-09-30 0000093410 2025-07-01 2025-09-30 0000093410 2024-07-01 2024-09-30 0000093410 2024-01-01 2024-09-30 0000093410 2024-12-31 0000093410 2023-12-31 0000093410 2024-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-06-30 0000093410 us-gaap:RetainedEarningsMember 2024-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-06-30 0000093410 us-gaap:ParentMember 2024-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-06-30 0000093410 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-07-01 2024-09-30 0000093410 us-gaap:ParentMember 2024-07-01 2024-09-30 0000093410 us-gaap:RetainedEarningsMember 2024-07-01 2024-09-30 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us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-07-01 2025-09-30 0000093410 us-gaap:ParentMember 2025-07-01 2025-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-07-01 2025-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-07-01 2025-09-30 0000093410 us-gaap:RetainedEarningsMember 2025-07-01 2025-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-01 2025-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-09-30 0000093410 us-gaap:RetainedEarningsMember 2025-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-09-30 0000093410 us-gaap:ParentMember 2025-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-09-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 0000093410 us-gaap:RetainedEarningsMember 2023-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000093410 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us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-01-01 2025-09-30 0000093410 us-gaap:ParentMember 2025-01-01 2025-09-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-09-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-09-30 0000093410 us-gaap:RetainedEarningsMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-01-01 2024-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-01-01 2025-09-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-09-30 0000093410 [...TRUNCATED...] 160; $154.38 16,620,000   (1) Includes common shares repurchased from participants in the company’s executive compensation plans for personal income tax withholdings. (2) Refer to “Liquidity and Capital Resources” for additional information regarding the company’s authorized stock repurchase program. Item 5. Other Information Rule 10b5-1 Plan Elections During the three months ended September 30, 2025, none of our directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408 of Regulation S-K. 47 Table of Contents Item 6. Exhibits Exhibit Index Exhibit Number Description 4.1 Fourth Supplemental Indenture, dated as of August 13, 2025, among Chevron U.S.A. Inc., Chevron Corporation, as guarantor, and Deutsche Bank Trust Company Americas, as trustee, filed as Exhibit 4. 2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 4.2 Forms of 3.950% Notes Due 2027, 4.050% Notes Due 2028, Floating Rate Notes Due 2028-B, 4.300% Notes Due 2030, Floating Rate Notes due 2030, 4.500% Notes Due 2032 and 4.850% Notes Due 2035, contained in Exhibit 4.2 to Chevron Corporation’s Current Report on Form 8-K filed August 13, 2025, and incorporated herein by reference . 10.1+* Aircraft Time-Sharing Agreement, dated as of February 24, 2015, between Hess Corporation and John B. Hess. 10.2* Transition Services Agreement, dated as of July 14, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.3* Amendment One to Transition Services Agreement, dated as of August 27, 2025, between Chevron U.S.A. Inc. and HFO Holdings LLC . 10.4* Membership Interest Purchase Agreement, dated as of September 10, 2025, between Hess Corporation and JBH Ventures, LLC . 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer 32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer 32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer 101* Interactive data files (formatted as Inline XBRL) 104* Cover Page Interactive Data File (contained in Exhibit 101) ____________________________________________ + Indicates a management contract or compensatory plan or arrangement. *    Filed herewith. **     Furnished herewith. 48 Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   C HEVRON C ORPORATION (R EGISTRANT ) / S /   A LANA K. K NOWLES Alana K. Knowles, Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) Date: November 6, 2025 49

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for IWM. Express as a decimal (e.g., -0.02).

Answer: -0.0180

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0180 (i.e., on a bad day with 5% probability, the loss exceeds 1.80%). CVaR(95%) = -0.0267.


BTC-USD: 60-day return history, mean=-0.0021, std=0.0319.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=-0.0021, std=0.0319, min=-0.0868, max=0.0955
Market regime: bear
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for BTC-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0511

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0511 (i.e., on a bad day with 5% probability, the loss exceeds 5.11%). CVaR(95%) = -0.0715.


LINK-USD: 60-day return history, mean=0.0010, std=0.0477.

Question:
Asset: LINK-USD
Daily returns (past 60 days): mean=0.0010, std=0.0477, min=-0.0939, max=0.1341
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for LINK-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0694

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0694 (i.e., on a bad day with 5% probability, the loss exceeds 6.94%). CVaR(95%) = -0.0836.


IVV: 60-day return history, mean=0.0014, std=0.0067.

Question:
Asset: IVV
Daily returns (past 60 days): mean=0.0014, std=0.0067, min=-0.0168, max=0.0203
Market regime: bull
Recent filing/news:
[SEC 10-Q CVX 2025-08-07] cvx-20250630 0000093410 12/31 2025 Q2 false xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure cvx:segment cvx:lawsuit cvx:state cvx:tribe cvx:parish 0000093410 2025-01-01 2025-06-30 0000093410 2025-06-30 0000093410 2025-04-01 2025-06-30 0000093410 2024-04-01 2024-06-30 0000093410 2024-01-01 2024-06-30 0000093410 2024-12-31 0000093410 2023-12-31 0000093410 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-03-31 0000093410 us-gaap:RetainedEarningsMember 2024-03-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-03-31 0000093410 us-gaap:TreasuryStockCommonMember 2024-03-31 0000093410 us-gaap:ParentMember 2024-03-31 0000093410 us-gaap:NoncontrollingInterestMember 2024-03-31 0000093410 2024-03-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-04-01 2024-06-30 0000093410 us-gaap:ParentMember 2024-04-01 2024-06-30 0000093410 us-gaap:RetainedEarningsMember 2024-04-01 2024-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-04-01 2024-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-04-01 2024-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-04-01 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-06-30 0000093410 us-gaap:RetainedEarningsMember 2024-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-06-30 0000093410 us-gaap:ParentMember 2024-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-03-31 0000093410 us-gaap:RetainedEarningsMember 2025-03-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-03-31 0000093410 us-gaap:TreasuryStockCommonMember 2025-03-31 0000093410 us-gaap:ParentMember 2025-03-31 0000093410 us-gaap:NoncontrollingInterestMember 2025-03-31 0000093410 2025-03-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-04-01 2025-06-30 0000093410 us-gaap:ParentMember 2025-04-01 2025-06-30 0000093410 us-gaap:RetainedEarningsMember 2025-04-01 2025-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-04-01 2025-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-04-01 2025-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-04-01 2025-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-06-30 0000093410 us-gaap:RetainedEarningsMember 2025-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-06-30 0000093410 us-gaap:ParentMember 2025-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2023-12-31 0000093410 us-gaap:RetainedEarningsMember 2023-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2023-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2023-12-31 0000093410 us-gaap:ParentMember 2023-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2023-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-01-01 2024-06-30 0000093410 us-gaap:ParentMember 2024-01-01 2024-06-30 0000093410 us-gaap:RetainedEarningsMember 2024-01-01 2024-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2024-01-01 2024-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-01 2024-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2024-01-01 2024-06-30 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2024-12-31 0000093410 us-gaap:RetainedEarningsMember 2024-12-31 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-12-31 0000093410 us-gaap:TreasuryStockCommonMember 2024-12-31 0000093410 us-gaap:ParentMember 2024-12-31 0000093410 us-gaap:NoncontrollingInterestMember 2024-12-31 0000093410 us-gaap:CommonStockIncludingAdditionalPaidInCapitalMember 2025-01-01 2025-06-30 0000093410 us-gaap:ParentMember 2025-01-01 2025-06-30 0000093410 us-gaap:RetainedEarningsMember 2025-01-01 2025-06-30 0000093410 us-gaap:NoncontrollingInterestMember 2025-01-01 2025-06-30 0000093410 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-01 2025-06-30 0000093410 us-gaap:TreasuryStockCommonMember 2025-01-01 2025-06-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2023-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2023-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2023-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-01-01 2024-06-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-01-01 2024-06-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-01-01 2024-06-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-01-01 2024-06-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-06-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-06-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-06-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-06-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2024-12-31 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2024-12-31 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2024-12-31 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2024-12-31 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-01-01 2025-06-30 0000093410 us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember 2025-01-01 2025-06-30 0000093410 us-gaap:AccumulatedGainLossNetCashFlowHedgeParentMember 2025-01-01 2025-06-30 0000093410 us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember 2025-01-01 2025-06-30 0000093410 us-gaap:AccumulatedTranslationAdjustmentMember 2025-06-30 0000093410 [...TRUNCATED...] iculties in integrating Hess may result in a failure to realize anticipated synergies in the expected timeframe, in operational challenges, and in the diversion of management’s attention from ongoing business concerns as well as in unforeseen expenses associated with the acquisition, which may have an adverse impact on the company’s financial results. Item 2. Unregistered Sales of Equity Securities and Use of Proceeds CHEVRON CORPORATION ISSUER PURCHASES OF EQUITY SECURITIES   Period Total Number of Shares Purchased (1,2) Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Program Approximate Dollar Value of Shares that May Yet Be Purchased Under the 2023 Program (2) (Billions of dollars) April 1 - April 30, 2025 11,783,184  $140.41 11,769,564  $43.0 May 1 - May 31, 2025 6,837,101  $137.88 6,836,812  $42.1 June 1 - June 30, 2025 635  $144.01 —  $42.1 Total 18,620,920   $139.48 18,606,376   (1) Includes common shares repurchased from participants in the company’s executive compensation plans for personal income tax withholdings. (2) Refer to “Liquidity and Capital Resources” for additional information regarding the company’s authorized stock repurchase program. 44 Table of Contents Item 5. Other Information Rule 10b5-1 Plan Elections During the three months ended June 30, 2025, none of our directors or executive officers adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, as such terms are defined in Item 408 of Regulation S-K. Item 6. Exhibits Exhibit Index Exhibit Number Description 3.1 Restated Certificate of Incorporation of Chevron Corporation, dated May 28, 2025, filed as Exhibit 3.1 to Chevron Corporation’s Current Report on Form 8-K filed May 30, 2025, and incorporated herein by reference. 31.1* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Executive Officer 31.2* Rule 13a-14(a)/15d-14(a) Certification by the company’s Chief Financial Officer 32.1** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Executive Officer 32.2** Rule 13a-14(b)/15d-14(b) Certification by the company’s Chief Financial Officer 101* Interactive data files (formatted as Inline XBRL) 104* Cover Page Interactive Data File (contained in Exhibit 101) ____________________________________________ *    Filed herewith. **     Furnished herewith. 45 Table of Contents SIGNATURE Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.   C HEVRON C ORPORATION (R EGISTRANT ) / S /   A LANA K. K NOWLES Alana K. Knowles, Vice President and Controller (Principal Accounting Officer and Duly Authorized Officer) Date: August 7, 2025 46

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for IVV. Express as a decimal (e.g., -0.02).

Answer: -0.0085

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0085 (i.e., on a bad day with 5% probability, the loss exceeds 0.85%). CVaR(95%) = -0.0147.


BTC-USD: 60-day return history, mean=-0.0037, std=0.0221.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=-0.0037, std=0.0221, min=-0.0698, max=0.0403
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for BTC-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0382

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0382 (i.e., on a bad day with 5% probability, the loss exceeds 3.82%). CVaR(95%) = -0.0565.


VTI: 60-day return history, mean=0.0014, std=0.0065.

Question:
Asset: VTI
Daily returns (past 60 days): mean=0.0014, std=0.0065, min=-0.0167, max=0.0172
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-02] ["Citi Initiates Lumentum With Buy Rating On AI Data Center Growth Citigroup initiated coverage of Lumentum with a buy rating on AI data center growth. Lumentum stock has surged 55% in 2025.", "Big Tech\u2019s Market Dominance Stirs Debate on Concentration Risks (Bloomberg) \u2014 The unprecedented level of concentration in a handful of tech stocks provokes strong feelings on Wall Street. Some investors fear the top-heaviness means the bull run is on quicksand, and will sink the minute an AI-frenzy-fueled Nvidia Corp. (NVDA) or Microsoft Corp. (MSFT) stumbles. The dominance also leads to portfolio risks, with diversification suffering. For others, the worries are overblown, gains have historically been powered by a small group of megacaps, and this is simply tech\u2019s latest time to shine. Most Read from Bloomberg Sydney\u2019s New Airport Will Take Travelers Into the Wild One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Amtrak Debuts New High-Speed Acela Trains After Years of Delays Trump Signs Order to \u2018Make Federal Architecture Beautiful Again\u2019 Parents Mobilize to Protect School Commutes Amid Trump Deployment in DC The debate is becoming more urgent as Nividia, Microsoft (MSFT), Apple Inc. (AAPL), Alphabet Inc. (GOOG, GOOGL), Amazon.com Inc. and Meta Platforms Inc. (META) account for more than 30% of the benchmark index, more than three times their weighting from a decade ago. Gains for Nividia, Microsoft and Meta alone account for about 270 points of the S&P 500\u2019s (^GSPC) 579-point advance in 2025, or nearly half of this year\u2019s 9.8% rally. For Scott Chronert, Citi Research\u2019s managing director, the concentration is a badge of honor, well-deserved for a group that continues to deliver unparalleled growth in sales and earnings. The five biggest \u2014 Nvidia, Microsoft, Apple, Alphabet and Amazon \u2014 increased profits by 26% in the second quarter, compared with estimates for 15%, according to data compiled by Bloomberg Intelligence. The S&P 500 as a whole saw earnings rise by 11% from a year ago. The biggest tech companies have \u201cearned\u201d their weightings as a function of growth metrics, Chronert said. To him, valuations aren\u2019t stretched based on the profit forecasts that they have consistently been able to meet. On a price/earnings to growth basis, no cause for alarm exists, he said. \u201cThe PEG ratio for the Mag 7 is not materially different than for the rest of the market,\u201d Chronert said. Valuation isn\u2019t an issue, he adds, \u201cso long as earnings growth expectations are met or beat\u201d \u2014 a bar he conceded could be getting harder to surpass as targets swell. Still, there are reasons why the tech megacap domination is likely to persist without incident. They generate vast amount of cash in good economic times and bad, making them growth and defensive plays at the same time. They also stand to get outsize benefits from recent Trump administration policy changes,

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for VTI. Express as a decimal (e.g., -0.02).

Answer: -0.0079

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0079 (i.e., on a bad day with 5% probability, the loss exceeds 0.79%). CVaR(95%) = -0.0123.


XLY: 60-day return history, mean=0.0018, std=0.0097.

Question:
Asset: XLY
Daily returns (past 60 days): mean=0.0018, std=0.0097, min=-0.0244, max=0.0299
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for XLY. Express as a decimal (e.g., -0.02).

Answer: -0.0129

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0129 (i.e., on a bad day with 5% probability, the loss exceeds 1.29%). CVaR(95%) = -0.0185.


USMV: 60-day return history, mean=-0.0000, std=0.0091.

Question:
Asset: USMV
Daily returns (past 60 days): mean=-0.0000, std=0.0091, min=-0.0253, max=0.0221
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-20] ["Alibaba\u2019s (BABA) New Qwen3 AI Models Now Compatible With Apple Devices Alibaba Group Holding Limited (NYSE:BABA) is one of the 10 AI Stocks Getting Wall Street\u2019s Attention. On June 17, South China Morning Post reported that the company updated its Qwen3 family of artificial intelligence (AI) models that could signal the potential roll-out in China of machine-learning technology on a range of Apple devices, including iPhones, iPads, and MacBooks. Alibaba announced the launch of new Qwen3 artificial intelligence models for Apple\u2019s MLX architecture, announcing in a post on Wechat that the models will be able to run on a range of Apple devices, including iPhone, iPad, MacBook, and Mac. A busy sidewalk filled with people using Apple devices like iPhones, iPads and Apple Watches. The MLX framework is designed to be user-friendly and efficient in training and deploying AI models on Apple\u2019s silicon hardware. Through this development, Apple is aiming to expand the availability of its Apple Intelligence suite to China. Alibaba Group Holding Limited (NYSE:BABA) is an internet giant that offers e-commerce services in China and internationally. While we acknowledge the potential of BABA as an investment, we believe certain AI stocks offer greater upside potential and carry less downside risk. If you\u2019re looking for an extremely undervalued AI stock that also stands to benefit significantly from Trump-era tariffs and the onshoring trend, see our free report on the best short-term AI stock. READ NEXT: 10 AI Stocks on Wall Street\u2019s Radar and 15 AI Stocks Making Waves on Wall Street. Disclosure: None.", "Trump Hints He\u2019ll Hold Off Iran Strike, Give Diplomacy Time (Bloomberg) -- US President Donald Trump signaled he would give diplomacy a chance before deciding whether to strike Iran, dialing back on recent comments that suggested military action could be imminent. Most Read from Bloomberg Security Concerns Hit Some of the World\u2019s \u2018Most Livable Cities\u2019 One Architect\u2019s Quest to Save Mumbai\u2019s Heritage From Disappearing JFK AirTrain Cuts Fares 50% This Summer to Lure Riders Off Roads NYC Congestion Toll Cuts Manhattan Gridlock by 25%, RPA Reports Taser-Maker Axon Triggers a NIMBY Backlash in its Hometown \u201cBased on the fact that there\u2019s a substantial chance of negotiations that may or may not take place with Iran in the near future, I will make my decision whether or not to go within the next two weeks,\u201d Trump said in a dictated message, according to White House spokeswoman Karoline Leavitt. Subscribe to the Bloomberg Daybreak Podcast on Apple, Spotify and other Podcast Platforms. Iran maintained Friday it won\u2019t negotiate with the US while an Israeli assault continues. The only way to end the imposed war is to \u201cunconditionally stop\u201d the enemy\u2019s aggression, Iranian President Masoud Pezeshkian said Friday in a post on X. Oil prices fell following a report from Reuters that Ir

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for USMV. Express as a decimal (e.g., -0.02).

Answer: -0.0133

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0133 (i.e., on a bad day with 5% probability, the loss exceeds 1.33%). CVaR(95%) = -0.0200.


AVAX-USD: 60-day return history, mean=-0.0055, std=0.0412.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=-0.0055, std=0.0412, min=-0.1171, max=0.0995
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for AVAX-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0654

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0654 (i.e., on a bad day with 5% probability, the loss exceeds 6.54%). CVaR(95%) = -0.0901.


ITB: 59-day return history, mean=-0.0033, std=0.0164.

Question:
Asset: ITB
Daily returns (past 59 days): mean=-0.0033, std=0.0164, min=-0.0409, max=0.0472
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for ITB. Express as a decimal (e.g., -0.02).

Answer: -0.0260

Explanation: Historical simulation VaR at 95%: sort the 59 daily returns and take the 5th percentile. VaR(95%) = -0.0260 (i.e., on a bad day with 5% probability, the loss exceeds 2.60%). CVaR(95%) = -0.0327.


EFA: 60-day return history, mean=0.0021, std=0.0074.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0021, std=0.0074, min=-0.0129, max=0.0205
Market regime: bull
Recent filing/news:
[Kaggle 2025-07-11] ["As X loses its CEO, daily usage is down and competition is growing With the departure of X CEO Linda Yaccarino, which was announced Wednesday, the company that defined text-first social networking faces renewed competition. Year-over-year, the Elon Musk-owned social network has seen its daily active user base decline by roughly 10% as of the second quarter of 2025, according to new data provided by app intelligence firm Sensor Tower. While X\u2019s user base is still 65% larger than Meta\u2019s Threads and 10 times larger than its next-biggest rival, Bluesky, X\u2019s lasting victory in this space is not guaranteed. On mobile devices, there\u2019s already some indication that Threads is catching up. New data from market intelligence provider Similarweb released this week indicates Threads is nearing X\u2019s daily app users on mobile. In June 2025, Threads\u2019 mobile app for iOS and Android saw 115.1 million daily active users, representing 127.8% year-over-year growth; X reached 132 million daily actives, as its year-over-year growth declined by 15.2%. Overall, X is still larger than Threads thanks to its more prominent web presence. X also has other advantages, which could make for an interesting fight between the tech giants. On X, user engagement and loyalty remain strong, despite the increased competition from Meta as well as open source social networking movements like Bluesky and Mastodon, and other startups. According to Sensor Tower\u2019s data, X users spent an average of 31 minutes per day on the platform in the second quarter of 2025, which was nearly quadruple that of Threads, at 8 minutes per day. Plus, nearly half (48%) of X\u2019s global monthly app users in the quarter interacted with the platform on a daily basis, compared with 33% for Threads, the firm said. But Threads can\u2019t be counted out yet, simply because X is larger. Though Threads may have fewer daily active users than X, it\u2019s been seeing stronger growth. Over the past year, Threads\u2019 global app daily active users were up 160% year-over-year, the Sensor Tower\u2019s data shows, driven in part by the rollout of new features and functions, as well as by its ties to Meta\u2019s other apps, like Facebook and Instagram, which serve as funnels. Threads is also laser-focused on growing its ads ecosystem, which is the app\u2019s only means of monetization for the time being. In April, Meta opened up Threads ads to its global advertisers, and the following month announced tests for video ads, as well. The app has the advantage of being a part of Meta\u2019s larger ads business, where its tools are already familiar to marketers and where it has the ability to tap into Meta\u2019s nearly two decades of experience in maximizing ad revenues. Under Yaccarino, X\u2019s ad ecosystem recovered, but it\u2019s been a volatile ride. Advertisers in the media and entertainment, shopping, and gaming verticals through 2025 year-to-date represent 25%, 22%, and 7% of total U.S.

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for EFA. Express as a decimal (e.g., -0.02).

Answer: -0.0109

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0109 (i.e., on a bad day with 5% probability, the loss exceeds 1.09%). CVaR(95%) = -0.0123.


USMV: 60-day return history, mean=0.0001, std=0.0055.

Question:
Asset: USMV
Daily returns (past 60 days): mean=0.0001, std=0.0055, min=-0.0127, max=0.0124
Market regime: sideways
Recent filing/news:
[SEC 10-Q NVDA 2025-11-19] nvda-20251026 0001045810 1/25 2026 Q3 FALSE 478 469 278 xbrli:shares iso4217:USD iso4217:USD xbrli:shares xbrli:pure nvda:investment nvda:segment 0001045810 2025-01-27 2025-10-26 0001045810 2025-11-14 0001045810 2025-07-28 2025-10-26 0001045810 2024-07-29 2024-10-27 0001045810 2024-01-29 2024-10-27 0001045810 2025-10-26 0001045810 2025-01-26 0001045810 us-gaap:CommonStockMember 2025-07-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-27 0001045810 2025-07-27 0001045810 us-gaap:RetainedEarningsMember 2025-07-28 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-07-28 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-07-28 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-10-26 0001045810 us-gaap:RetainedEarningsMember 2025-10-26 0001045810 us-gaap:CommonStockMember 2024-07-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-28 0001045810 2024-07-28 0001045810 us-gaap:RetainedEarningsMember 2024-07-29 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-07-29 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-07-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-10-27 0001045810 us-gaap:RetainedEarningsMember 2024-10-27 0001045810 2024-10-27 0001045810 us-gaap:CommonStockMember 2025-01-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-01-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-26 0001045810 us-gaap:RetainedEarningsMember 2025-01-26 0001045810 us-gaap:RetainedEarningsMember 2025-01-27 2025-10-26 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2025-01-27 2025-10-26 0001045810 us-gaap:CommonStockMember 2025-01-27 2025-10-26 0001045810 us-gaap:AdditionalPaidInCapitalMember 2025-01-27 2025-10-26 0001045810 us-gaap:CommonStockMember 2024-01-28 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-28 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-28 0001045810 2024-01-28 0001045810 us-gaap:RetainedEarningsMember 2024-01-29 2024-10-27 0001045810 us-gaap:AccumulatedOtherComprehensiveIncomeMember 2024-01-29 2024-10-27 0001045810 us-gaap:CommonStockMember 2024-01-29 2024-10-27 0001045810 us-gaap:AdditionalPaidInCapitalMember 2024-01-29 2024-10-27 0001045810 us-gaap:CostOfSalesMember 2025-07-28 2025-10-26 0001045810 us-gaap:CostOfSalesMember 2024-07-29 2024-10-27 0001045810 us-gaap:CostOfSalesMember 2025-01-27 2025-10-26 0001045810 us-gaap:CostOfSalesMember 2024-01-29 2024-10-27 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2025-07-28 2025-10-26 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2024-07-29 2024-10-27 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2025-01-27 2025-10-26 0001045810 us-gaap:ResearchAndDevelopmentExpenseMember 2024-01-29 2024-10-27 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-07-28 2025-10-26 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-07-29 2024-10-27 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2025-01-27 2025-10-26 0001045810 us-gaap:SellingGeneralAndAdministrativeExpensesMember 2024-01-29 2024-10-27 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-01-26 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-01-27 2025-10-26 0001045810 nvda:RSUsPSUsandMarketbasedPSUsMember 2025-10-26 0001045810 us-gaap:EmployeeStockMember 2025-01-27 2025-10-26 0001045810 us-gaap:USTreasurySecuritiesMember 2025-10-26 0001045810 us-gaap:CorporateDebtSecuritiesMember 2025-10-26 0001045810 us-gaap:MoneyMarketFundsMember 2025-10-26 0001045810 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-10-26 0001045810 us-gaap:CertificatesOfDepositMember 2025-10-26 0001045810 us-gaap:ForeignGovernmentDebtMember 2025-10-26 0001045810 nvda:MarketableSecuritiesWithFairValueAdjustmentsRecordedInOtherComprehensiveIncomeMember 2025-10-26 0001045810 nvda:PubliclyHeldEquitySecuritiesMember 2025-10-26 0001045810 2025-01-27 2025-04-27 0001045810 us-gaap:CorporateDebtSecuritiesMember 2025-01-26 0001045810 us-gaap:USTreasurySecuritiesMember 2025-01-26 0001045810 us-gaap:MoneyMarketFundsMember 2025-01-26 0001045810 us-gaap:USGovernmentAgenciesDebtSecuritiesMember 2025-01-26 0001045810 us-gaap:ForeignGovernmentDebtMember 2025-01-26 0001045810 us-gaap:CertificatesOfDepositMember 2025-01-26 0001045810 nvda:MarketableSecuritiesWithFairValueAdjustmentsRecordedInOtherComprehensiveIncomeMember 2025-01-26 0001045810 nvda:PubliclyHeldEquitySecuritiesMember 2025-01-26 0001045810 nvda:IntangibleAssetsArisingFromBusinessCombinationMember 2025-10-26 0001045810 nvda:IntangibleAssetsArisingFromBusinessCombinationMember 2025-01-26 0001045810 nvda:PatentsAndLicensedTechnologyMember 2025-10-26 0001045810 nvda:PatentsAndLicensedTechnologyMember 2025-01-26 0001045810 nvda:CustomerOneMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:CustomerTwoMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:CustomerThreeMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:CustomerFourMember us-gaap:CustomerConcentrationRiskMember us-gaap:AccountsReceivableMember 2025-01-27 2025-10-26 0001045810 nvda:Cust [...TRUNCATED...] President, Operations Adoption 9/9/2025 309,840 12/31/2026 Donald Robertson Vice President and Chief Accounting Officer Adoption 9/18/2025 138,042 * 12/31/2026 Ajay Puri Executive Vice President, Worldwide Field Operations Adoption 9/19/2025 1,000,000 6/24/2026 * Includes 38,042 shares from future vests of equity awards, and the actual number of shares to be sold will be net of shares withheld by the Company for taxes. 42 Item 6. Exhibits Exhibit No.  Exhibit Description 31.1* Certification of Chief Executive Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 31.2* Certification of Chief Financial Officer as required by Rule 13a-14(a) of the Securities Exchange Act of 1934 32.1#* Certification of Chief Executive Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 32.2#* Certification of Chief Financial Officer as required by Rule 13a-14(b) of the Securities Exchange Act of 1934 101.INS* Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. 101.SCH* Inline XBRL Taxonomy Extension Schema Document 101.CAL* Inline XBRL Taxonomy Extension Calculation Linkbase Document 101.DEF* Inline XBRL Taxonomy Extension Definition Linkbase Document 101.LAB* Inline XBRL Taxonomy Extension Labels Linkbase Document 101.PRE* Inline XBRL Taxonomy Extension Presentation Linkbase Document 104 Cover Page Interactive Data File - the cover page interactive data file does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. * Filed herewith. # In accordance with Item 601(b)(32)(ii) of Regulation S-K and SEC Release Nos. 33-8238 and 34-47986, Final Rule: Management's Reports on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports, the certifications furnished in Exhibits 32.1 and 32.2 hereto are deemed to accompany this Quarterly Report on Form 10-Q and will not be deemed “filed” for purpose of Section 18 of the Exchange Act. Such certifications will not be deemed to be incorporated by reference into any filing under the Securities Act or the Exchange Act, except to the extent that the registrant specifically incorporates it by reference. Copies of above exhibits not contained herein are available to any shareholder upon written request to: Investor Relations: NVIDIA Corporation, 2788 San Tomas Expressway, Santa Clara, CA 95051. 43 Signature Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized. Date: November 19, 2025   NVIDIA Corporation  By:    /s/ Colette M. Kress   Colette M. Kress   Executive Vice President and Chief Financial Officer (Duly Authorized Officer and Principal Financial Officer) 44

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for USMV. Express as a decimal (e.g., -0.02).

Answer: -0.0082

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0082 (i.e., on a bad day with 5% probability, the loss exceeds 0.82%). CVaR(95%) = -0.0106.


IGOV: 60-day return history, mean=0.0011, std=0.0067.

Question:
Asset: IGOV
Daily returns (past 60 days): mean=0.0011, std=0.0067, min=-0.0138, max=0.0139
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for IGOV. Express as a decimal (e.g., -0.02).

Answer: -0.0096

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0096 (i.e., on a bad day with 5% probability, the loss exceeds 0.96%). CVaR(95%) = -0.0125.


IAU: 60-day return history, mean=0.0004, std=0.0099.

Question:
Asset: IAU
Daily returns (past 60 days): mean=0.0004, std=0.0099, min=-0.0183, max=0.0238
Market regime: bull

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for IAU. Express as a decimal (e.g., -0.02).

Answer: -0.0156

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0156 (i.e., on a bad day with 5% probability, the loss exceeds 1.56%). CVaR(95%) = -0.0174.


CPER: 60-day return history, mean=-0.0001, std=0.0191.

Question:
Asset: CPER
Daily returns (past 60 days): mean=-0.0001, std=0.0191, min=-0.0392, max=0.0357
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for CPER. Express as a decimal (e.g., -0.02).

Answer: -0.0361

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0361 (i.e., on a bad day with 5% probability, the loss exceeds 3.61%). CVaR(95%) = -0.0392.


BTC-USD: 60-day return history, mean=0.0043, std=0.0255.

Question:
Asset: BTC-USD
Daily returns (past 60 days): mean=0.0043, std=0.0255, min=-0.0634, max=0.0826
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for BTC-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0326

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0326 (i.e., on a bad day with 5% probability, the loss exceeds 3.26%). CVaR(95%) = -0.0455.


VLUE: 60-day return history, mean=-0.0013, std=0.0134.

Question:
Asset: VLUE
Daily returns (past 60 days): mean=-0.0013, std=0.0134, min=-0.0356, max=0.0296
Market regime: bear
Recent filing/news:
[Kaggle 2025-04-28] Earnings Preview: Axsome Therapeutics (AXSM) Q1 Earnings Expected to Decline The market expects Axsome Therapeutics (AXSM) to deliver a year-over-year decline in earnings on higher revenues when it reports results for the quarter ended March 2025. This widely-known consensus outlook is important in assessing the company's earnings picture, but a powerful factor that might influence its near-term stock price is how the actual results compare to these estimates. The earnings report, which is expected to be released on May 5, 2025, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower. While management's discussion of business conditions on the earnings call will mostly determine the sustainability of the immediate price change and future earnings expectations, it's worth having a handicapping insight into the odds of a positive EPS surprise. This biopharmaceutical company is expected to post quarterly loss of $1.26 per share in its upcoming report, which represents a year-over-year change of -15.6%. Revenues are expected to be $119.49 million, up 59.3% from the year-ago quarter. The consensus EPS estimate for the quarter has been revised 2.36% higher over the last 30 days to the current level. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period. Investors should keep in mind that an aggregate change may not always reflect the direction of estimate revisions by each of the covering analysts. Estimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction). The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier. Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only. A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP. Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earn

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for VLUE. Express as a decimal (e.g., -0.02).

Answer: -0.0227

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0227 (i.e., on a bad day with 5% probability, the loss exceeds 2.27%). CVaR(95%) = -0.0356.


EFA: 60-day return history, mean=0.0008, std=0.0077.

Question:
Asset: EFA
Daily returns (past 60 days): mean=0.0008, std=0.0077, min=-0.0162, max=0.0246
Market regime: bull
Recent filing/news:
[Kaggle 2025-08-21] ["Fox Launches Fox One Streaming Service Fox (FOX, FOXA) said Thursday it has launched Fox One, a new streaming service that offers the compa", "Nasdaq, S&P 500 close lower with tech stocks leading the sell-off The Nasdaq Composite (^IXIC) closed about 142 points lower on Wednesday, as Big Tech names like Apple (AAPL), Micron (MU), and Intel (INTC) weighed on the index. The S&P 500 (^GSPC) also closed in the red, while the Dow Jones Industrial Average (^DJI) posted a slight gain. Yahoo Finance Markets and Data Editor Jared Blikre recaps the action at the close. To watch more expert insights and analysis on the latest market action, check out more Market Domination Overtime.", "Sector Update: Tech Stocks Decline Late Afternoon Tech stocks fell late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) shedding", "Heard on the Street Wednesday Recap: AI Trade Down Technology stocks sell off again. Two days don't make a trend, but investors seem to have second thoughts on the market's AI-fueled upswing. All eight tech companies with market values over $1 trillion closed another day in the red.", "GM Raided Silicon Valley to Build Its New AI Team. Here\u2019s What It\u2019s Doing. So far the team includes hires from Google, Meta, AWS and even a Pixar vet who is helping GM develop new factory \u2018cobots.\u2019", "AI Fatigue Hits Tech Biggies: Inverse ETFs in Focus Short sellers are wagering against top AI stocks currently, which has earned them billions. On Wednesday, the Nasdaq Composite fell 0.7%, capping a two-day decline of 1.5% as concerns about the sustainability of the AI boom made the rounds. According to data from S3 Partners, short sellers amassed $5.6 billion on wagers against AI-linked companies in just two trading sessions. Among the Magnificent Seven, Meta META has been the hardest hit, down 4% over the past five sessions. NVIDIA NVDA slipped 3.8%, while Microsoft MSFT and Apple AAPL fell nearly 3% each. Alphabet GOOG also fell about 1%. Short bets against these five giants alone led to $2.8 billion in profits for investors over the past two days. Beyond Big Tech, losses were steeper. Advanced Micro Devices AMD slid more than 10% in the last week, while Broadcom AVGO and Micron MU each fell over 5%. AI data center operator CoreWeave CRWV \u2014 seen as an AI \u201cpure play\u201d \u2014 nosedived 24% in the same period. Meta has made huge investments in AI. Despite this, short sellers increased positions worth $4.7 billion over the past week, reaping $1.1 billion in profits in just two days. Meanwhile, Palantir PLTR, which had surged more than 150% since April, has now fallen over 15% in its longest losing streak since March. Investors shorting Palantir have gained more than $1 billion. The recent downturn has been fueled by shifting sentiment. On Monday, researchers for MIT\u2019s Project NANDA released a report saying 95% of companies it studied are getting no return on AI. The findings of the report were first detail

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for EFA. Express as a decimal (e.g., -0.02).

Answer: -0.0116

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0116 (i.e., on a bad day with 5% probability, the loss exceeds 1.16%). CVaR(95%) = -0.0138.


FXI: 60-day return history, mean=0.0017, std=0.0114.

Question:
Asset: FXI
Daily returns (past 60 days): mean=0.0017, std=0.0114, min=-0.0258, max=0.0299
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for FXI. Express as a decimal (e.g., -0.02).

Answer: -0.0151

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0151 (i.e., on a bad day with 5% probability, the loss exceeds 1.51%). CVaR(95%) = -0.0205.


SGOV: 60-day return history, mean=0.0002, std=0.0001.

Question:
Asset: SGOV
Daily returns (past 60 days): mean=0.0002, std=0.0001, min=-0.0001, max=0.0005
Market regime: sideways

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for SGOV. Express as a decimal (e.g., -0.02).

Answer: 0.0001

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = 0.0001 (i.e., on a bad day with 5% probability, the loss exceeds 0.01%). CVaR(95%) = -0.0000.


IWM: 60-day return history, mean=0.0022, std=0.0113.

Question:
Asset: IWM
Daily returns (past 60 days): mean=0.0022, std=0.0113, min=-0.0206, max=0.0349
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for IWM. Express as a decimal (e.g., -0.02).

Answer: -0.0140

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0140 (i.e., on a bad day with 5% probability, the loss exceeds 1.40%). CVaR(95%) = -0.0185.


VLUE: 60-day return history, mean=0.0016, std=0.0079.

Question:
Asset: VLUE
Daily returns (past 60 days): mean=0.0016, std=0.0079, min=-0.0130, max=0.0225
Market regime: bull
Recent filing/news:
[Kaggle 2025-09-05] ["Trump Warns of \u2018Fairly Substantial\u2019 Tariff on Semiconductors. What It Means for Chip Stocks. President Donald Trump said a tariff on imports of chips is coming \u201cvery shortly\u201d for companies that aren\u2019t shifting production to the U.S.", "Inside eBay\u2019s Quest to Become an AI Leader How the 30-year-old e-commerce giant is going all-in on artificial intelligence, hoping the technology can help it update its image and beat mounting competition.", "Trump Basks in Tech Leaders\u2019 Spending Vows at White House Dinner (Bloomberg) \u2014 Meta Platforms Inc.\u2019s (META) Mark Zuckerberg and Apple Inc.\u2019s (AAPL) Tim Cook joined tech industry leaders in touting their pledges to boost spending in the US on artificial intelligence during a dinner hosted by President Donald Trump that highlighted his deepening relationship with Silicon Valley. Most Read from Bloomberg One of World\u2019s Most Liveable Cities Ends Euro-a-Day Travel Pass Chicago\u2019s Citadel Center for Sale 3 Years After Miami Move Philadelphia Transit Cuts Portend \u2018Mayhem\u2019 for Commutes and Regional Economy One-Way Streets Are the Wrong Way to Tame Downtown Traffic Self-Driving Cars Take a Turn Toward the Villainous, in Movies and Real Life In his opening remarks, Trump addressed a key concern of tech companies: ensuring there\u2019s enough energy to meet surging power demands from the data centers behind the AI boom. \u201cWe\u2019re making it very easy for you in terms of electric capacity and getting it for you, getting your permits,\u201d Trump said in the White House State Dining Room. \u201cWe\u2019re leading China by a lot, by a really, by a great amount.\u201d Thursday\u2019s dinner marked a rare gathering in Washington of top executives and founders from some of the world\u2019s most valuable tech companies \u2014 all vying for an edge in the emerging field of AI. Attendees also included OpenAI Inc.\u2019s (OPAI.PVT) Sam Altman, Alphabet Inc.\u2019s (GOOG, GOOGL) Sundar Pichai and co-founder Sergey Brin, and Microsoft Corp.\u2019s (MSFT) Satya Nadella and Bill Gates. The president went around the table asking executives to talk about their plans. Corporate leaders took turns highlighting their efforts to expand in the US, with each expressing gratitude for administration policies they see as bolstering efforts to advance AI. Trump asked Zuckerberg to speak first. \u201cAll of the companies here are building, just making huge investments in the country in order to build out data centers and infrastructure to power the next wave of innovation,\u201d the Meta CEO told Trump. Pressed by the president on how much his company was investing, Zuckerberg said \u201cat least $600 billion\u201d through 2028. \u201cThat\u2019s a lot,\u201d Trump said. In recent days, the president has touted a massive data center Meta is building in Louisiana that will cost $50 billion. Trump has drawn tech executives into his orbit with an agenda aimed at lowering tax

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for VLUE. Express as a decimal (e.g., -0.02).

Answer: -0.0119

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0119 (i.e., on a bad day with 5% probability, the loss exceeds 1.19%). CVaR(95%) = -0.0125.


XRP-USD: 60-day return history, mean=0.0225, std=0.0741.

Question:
Asset: XRP-USD
Daily returns (past 60 days): mean=0.0225, std=0.0741, min=-0.1493, max=0.2545
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for XRP-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0678

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0678 (i.e., on a bad day with 5% probability, the loss exceeds 6.78%). CVaR(95%) = -0.1069.


MORT: 60-day return history, mean=0.0017, std=0.0098.

Question:
Asset: MORT
Daily returns (past 60 days): mean=0.0017, std=0.0098, min=-0.0167, max=0.0301
Market regime: bull

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for MORT. Express as a decimal (e.g., -0.02).

Answer: -0.0131

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0131 (i.e., on a bad day with 5% probability, the loss exceeds 1.31%). CVaR(95%) = -0.0149.


XLY: 60-day return history, mean=0.0004, std=0.0178.

Question:
Asset: XLY
Daily returns (past 60 days): mean=0.0004, std=0.0178, min=-0.0388, max=0.0338
Market regime: sideways
Recent filing/news:
[Kaggle 2025-06-04] ["Qualcomm CEO: We're diversifying beyond declining Apple business Listen and subscribe to Opening Bid on Apple Podcasts, Spotify, Amazon Music, YouTube or wherever you find your favorite podcasts. Qualcomm's (QCOM) next 40 years will look different than its past four decades as it seeks to diversify into data centers and cash in on the AI gold rush. But that also likely means going at things other than its lucrative business with Apple's (AAPL) iPhone. Qualcomm has been Apple's largest cellular modem provider, but the tech giant is transitioning to its own in-house C1 modem in a bid to boost margins. \"That's our contract, you know, and if we don't get a new contract, that's what it is,\" Qualcomm CEO Cristiano Amon said on Yahoo Finance's Opening Bid podcast (see video above; listen below). \"And there's so much drama and association about the Apple relationship, which I think it's not warranted, to be honest.\" The tech duo's licensing agreement ends in 2027. Research firm Futurum estimates that Qualcomm's annual modem revenue from Apple is between $5.7 billion and $5.9 billion. Analysts estimate Qualcomm will pull in about $43.5 billion in sales this year. Qualcomm has said publicly it expects to have a 70% share in iPhones launching this fall. That will drop to 20% for iPhones next fall, and then stand to be zero for iPhones debuting in fall 2027. Yahoo Finance caught up with the globe-trotting Amon \u2014 fresh off a visit to Saudi Arabia with other top execs and the Trump administration \u2014 at the Nasdaq. Amon began his career at Qualcomm as an engineer in 1995. \"We're planning our business assuming that they [Apple] are going to use their own modem,\" Amon said. \"And what's exciting about the company is all of this growth that we're creating, all of those other markets, including on Android. Like, if you look at our Android business, it has continued to grow.\" To offset the lost Apple sales, Qualcomm continues to invest in the connected car cockpit and the internet of things domain. The company thinks it can grow its business from these two segments to $22 billion by 2030, up from $8.3 billion in fiscal year 2024. \"Qualcomm's diversified growth across these specific verticals is credibly expected to significantly exceed the revenue scale of modem-only handset customers well into the era of 6G,\" Futurum researchers wrote in a note. The company also announced in mid-May that it plans to launch processors designed for data centers to power artificial intelligence, which will connect to Nvidia (NVDA) chips. Qualcomm failed to successfully expand into data centers years ago and returns to the field with formidable rivals in AMD (AMD), Intel (INTC), and soon ARM (ARM). \"It's a massive TAM [total addressable market] and will continue to grow at very high growth rates for decades. If we can build something unique and disruptive, there's room for Qualcomm,\" Amon said of the data center push. The Street has taken a wait-and-see approach t

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for XLY. Express as a decimal (e.g., -0.02).

Answer: -0.0319

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0319 (i.e., on a bad day with 5% probability, the loss exceeds 3.19%). CVaR(95%) = -0.0388.


CSHI: 60-day return history, mean=0.0002, std=0.0006.

Question:
Asset: CSHI
Daily returns (past 60 days): mean=0.0002, std=0.0006, min=-0.0010, max=0.0016
Market regime: bull

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for CSHI. Express as a decimal (e.g., -0.02).

Answer: -0.0008

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0008 (i.e., on a bad day with 5% probability, the loss exceeds 0.08%). CVaR(95%) = -0.0010.


AVAX-USD: 60-day return history, mean=0.0056, std=0.0429.

Question:
Asset: AVAX-USD
Daily returns (past 60 days): mean=0.0056, std=0.0429, min=-0.0912, max=0.1084
Market regime: bull
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for AVAX-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0585

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0585 (i.e., on a bad day with 5% probability, the loss exceeds 5.85%). CVaR(95%) = -0.0793.


MATIC-USD: 60-day return history, mean=0.0038, std=0.0573.

Question:
Asset: MATIC-USD
Daily returns (past 60 days): mean=0.0038, std=0.0573, min=-0.1702, max=0.1530
Market regime: sideways
Recent filing/news:
[Kaggle 2023-12-19]

Using the historical simulation method, compute the 1-day VaR at 95% confidence level for MATIC-USD. Express as a decimal (e.g., -0.02).

Answer: -0.0776

Explanation: Historical simulation VaR at 95%: sort the 60 daily returns and take the 5th percentile. VaR(95%) = -0.0776 (i.e., on a bad day with 5% probability, the loss exceeds 7.76%). CVaR(95%) = -0.1191.