黄仁勋启动大规模减持计划，带动英伟达内部高管集体套现。 据英国《金融时报》周日报道， 英伟达内部人士在过去12个月内已经套现超过10亿美元公司股票，其 中超过一半的交易发生在本月 ， 高管们正在兑现投资者对人工智能热情带来的收益。 据华尔街见闻此前文章，黄仁勋本周启动了自9月以来的首次股票销售。据美国证券交易委员会(SEC) 文件显示，黄仁勋在6月20日至23日期间售出了10万股英伟达股票，价值1440万美元。 而与此同时，投资者继续大举买入英伟达股票，押注AI应用对芯片的巨大需求，推动其市值在周五突破 3.78万亿美元，超越微软重回全球第一。 VerityData在一份报告中指出，英伟达股价突破150美元似乎触发了黄仁勋的销售计划。黄仁勋在其销 售计划强制性90天冷却期到期后立即开始出售股票。董事和高管通常会同意这些计划，以避免内幕交易 指控。 根据该计划，黄仁勋可以在今年年底前出售多达600万股。 按照目前的股价，黄仁勋有望获利超过9亿 美元。据福布斯估计，黄仁勋的净资产为1380亿美元。 套现潮涌现，英伟达高管减持进入高峰期 除黄仁勋外，多位英伟达高管和董事也在近期大规模减持。 长期董事会成员、红杉资本 ...

Group 1 - OpenAI has begun renting Google's TPU chips for the first time on a large scale, reducing its reliance on NVIDIA's GPUs and alleviating pressure on Microsoft's data centers [1][2] - OpenAI's demand for computing power has surged, with paid subscribers for ChatGPT increasing from 15 million at the beginning of the year to over 25 million, alongside hundreds of millions of free users [1] - Companies like Amazon, Microsoft, OpenAI, and Meta are developing their own inference chips to decrease dependence on NVIDIA and lower long-term costs [1][2] Group 2 - OpenAI spent over $4 billion on NVIDIA server chips last year, with training and inference costs each accounting for half, and is projected to spend nearly $14 billion on AI chip servers by 2025 [2] - The shift to Google's TPU was driven by the explosive popularity of ChatGPT's image generation tool, which increased pressure on OpenAI's inference servers [2] - Google has been developing TPU chips for about a decade and has provided this service to cloud customers since 2017, with other companies like Apple and Cohere also renting Google's TPU [2][4] Group 3 - Meta is also considering using TPU chips, indicating a broader trend among major AI chip customers [3] - Google Cloud continues to rent out NVIDIA-supported servers, as they remain the industry standard, generating more revenue than renting TPUs [4] - Google has ordered over $10 billion worth of the latest Blackwell server chips from NVIDIA, starting to provide them to select customers since February [4]

Core Viewpoint - The new stablecoin regulatory framework effective from August 1 in Hong Kong provides a clear landscape for investors in the virtual asset sector, indicating that issuers, licensed exchanges, and related financial and technological service providers will be direct beneficiaries of this compliance-driven market [1][2]. Market Overview - The global stablecoin market has surpassed $230 billion, with major players like Tether and Circle dominating the space, holding nearly 87% of the market share through their USD-pegged stablecoins USDT and USDC, which are valued at over $150 billion and $60 billion respectively [3][4]. - The stablecoin market is categorized into four types: fiat-backed, crypto-backed, commodity-backed, and algorithmic stablecoins, with fiat-backed stablecoins being the most prevalent and the focus of Hong Kong's regulatory efforts [4][8]. Profitability and Business Models - The profitability of stablecoin issuers is primarily derived from reserve asset returns, with companies like Circle investing over 80% of their reserves in short-term U.S. Treasury funds, generating significant interest income [11][14]. - The business model of stablecoin issuers relies on utilizing large user reserves for low-risk investments, with profitability closely tied to the scale of reserves and short-term interest rates [14][15]. Competitive Landscape - The competition in Hong Kong's stablecoin market will center around the most robust and regulatory-favored fiat-backed stablecoins, as the issuance licenses become a critical factor for success [8][16]. - Key players in the ecosystem include issuers, licensed exchanges, traditional brokers, and infrastructure providers, each with distinct roles and revenue models [16][22]. Key Participants - Notable candidates for stablecoin issuance licenses include Standard Chartered, Ant Group, and JD.com, with various projects focusing on different aspects of the market such as cross-border payments and DeFi [17][18]. - Licensed exchanges like OSL are crucial for the circulation and trading of stablecoins, with a significant portion of their revenue coming from digital asset trading and SaaS services [19][22]. Conclusion - The regulatory framework in Hong Kong is set to create a structured environment for stablecoin operations, and companies that can secure licenses and leverage technology and customer bases will be well-positioned to capitalize on the emerging digital finance landscape [22].

Group 1: Key Economic Events - The "Big Beautiful" tax and spending bill is expected to be voted on by the U.S. Senate before July 4, with a recent update passing with a vote of 51 to 49 [3][4] - China's June PMI data is anticipated, with May's manufacturing PMI showing an increase to 49.5, indicating improved manufacturing sentiment [6] - The U.S. is set to release the June non-farm payroll report, with expectations of an increase of 116,000 jobs, down from 139,000 in the previous month [7][8] Group 2: Legislative Changes and Economic Policies - The updated "Big Beautiful" bill includes changes to state and local tax deductions, raising the cap from $10,000 to $40,000 for five years before reverting back, which has drawn mixed reactions [5] - Adjustments to Medicaid funding and stricter requirements for clean energy tax credits are also part of the bill, potentially impacting major renewable energy developers [5] - The bill aims to avoid an August default by raising the debt ceiling significantly, while also cutting funding for the Consumer Financial Protection Bureau [5] Group 3: International Cooperation and Forums - The BRICS summit is scheduled for July 6-7 in Rio de Janeiro, with Brazil taking over the presidency for 2025 [9][10] - The European Central Bank's central bank forum is taking place from June 30 to July 2, focusing on macroeconomic transformation and policy responses [11][12] Group 4: Oil Production and Market Dynamics - OPEC+ has decided to increase production by 411,000 barrels per day starting in July, with expectations for further increases in August [14][15] - There are concerns regarding OPEC+ unity, particularly between Saudi Arabia and Russia, as they navigate market share and production levels [16] Group 5: Corporate Developments - The Shanghai Stock Exchange is set to review the IPO application of He Yuan Biotechnology, marking the first case under the newly restarted fifth set of standards for the Sci-Tech Innovation Board [20][21] - Microsoft is planning significant layoffs in its Xbox division as part of a broader restructuring effort, marking the fourth major round of layoffs in 18 months [22]

Core Viewpoint - The article discusses the accelerated push by the U.S. Congress for the "Big Beautiful Bill," which is a central piece of Trump's economic agenda [1]. Legislative Process - On June 29, the U.S. Senate passed a procedural vote for the "Big Beautiful Bill" with a 51-49 result, allowing it to enter the debate stage [2]. - The vote lasted nearly four hours, with all Democrats and two Republicans opposing it, highlighting divisions within the Republican Party [3]. - The Senate Republicans need to make further adjustments to secure the necessary 50 votes for the final approval [3]. Political Reactions - Elon Musk criticized the proposed tax reform, claiming it would destroy millions of jobs and harm future industries [4]. - Polls indicate that the bill could be politically detrimental for the Republican Party [5]. Debt Ceiling and Financial Implications - The bill proposes to raise the debt ceiling by $5 trillion, marking a historical high and potentially leading the U.S. into a debt crisis [8]. - The bill also aims to eliminate certain tax credits and subsidies for green energy, which has raised concerns among various stakeholders [13]. Delays and Challenges - Democrats are employing tactical delays, including a strategy to read the entire 940-page bill aloud, which could postpone the final vote [9][10]. - Even if the Senate passes the bill, it must return to the House for another vote, where some Republicans have expressed opposition to significant cuts in medical assistance [12]. Compromises and Adjustments - The latest version of the bill includes compromises to appease different factions within the Republican Party, such as delaying the implementation of certain tax caps and establishing a fund for rural hospitals [13]. - The bill also raises the threshold for renewable energy subsidies, requiring projects to be operational by the end of 2027 to qualify [13].

Core Viewpoint - The article highlights a significant surge in market optimism, with the S&P 500 reaching a historical high, driven by a broad buying spree across various asset classes despite underlying economic uncertainties [1][4]. Market Performance - The S&P 500 index rose by 3.4% this week, achieving a historical high, with the "Magnificent Seven" stocks leading the price movements [4]. - Junk bonds have increased for the fifth consecutive week, while the 10-year U.S. Treasury yield has decreased by approximately 10 basis points [5]. - The U.S. dollar has fallen for the third consecutive week, reaching its lowest level since February 2022 [6]. - Gold has declined for the second consecutive week, while palladium has surged, marking its best week since October 2024 [7][9]. - Oil prices have plummeted, with WTI dropping nearly 13% this week, the worst performance since March 2023, erasing all premiums [10]. - Bitcoin has regained the $100,000 mark, achieving its best week in nearly two months, and Coinbase Global Inc. reached its first historical high since 2021 [11]. Investor Sentiment - Market participants are exhibiting complacency, with a notable shift towards risk assets, as retail investors return and systematic investors increase their risk exposure [3]. - Despite the prevailing optimism, there are signs of caution, with speculative bets in popular funds showing potential downside risks [19]. Economic Indicators - Recent economic data presents a mixed picture, with consumer confidence reaching a four-month high, but other indicators such as new home sales and unemployment claims suggest a slowing labor market [15][17]. - JPMorgan and other institutions maintain a 40% risk of economic recession, citing concerns over tariff policies and weak consumer spending [14]. Market Dynamics - Volatility has subsided, leading to a fervent chase for risk assets, with indicators suggesting a potential buying spree not seen since 2004 [13]. - The article notes that the current market rally is driven by a narrow set of stocks, raising concerns about the sustainability of this upward trend [19].

Core Viewpoint - The article discusses the rapid growth and challenges faced by Shengbeila, a high-end postpartum care center in China, highlighting its target market of wealthy families and the significant financial losses despite increasing revenues [5][49]. Group 1: Company Overview - Shengbeila has become the largest postpartum care and recovery group in China within less than nine years, with 72 centers across 25 cities [5][6]. - The company targets high-net-worth individuals, with package prices ranging from 16.88 million to 38.88 million RMB for various services [4][3]. - Shengbeila's revenue has shown growth from 258.76 million RMB in 2021 to 559.91 million RMB in 2023, but it has consistently reported losses, totaling 1.22 billion RMB, 4.12 billion RMB, 2.39 billion RMB, and 4.8 billion RMB from 2021 to the first half of 2024 [6][49]. Group 2: Financial Performance - Despite increasing revenues, Shengbeila reported significant losses, with cumulative losses reaching 1.25 billion RMB over the years [49][55]. - The company's rental and personnel costs are substantial, with rental costs alone accounting for about 20% of revenue [52]. - Adjusted profits, excluding the impact of financial instruments, showed a potential turnaround in 2023, with a profit of approximately 17.15 million RMB in the first half of 2024 [54][55]. Group 3: Market Position and Strategy - Shengbeila operates in a growing market, with the postpartum care and recovery service market expected to reach 205.9 billion RMB by 2030, growing at a compound annual growth rate of 19.2% [60]. - The company has diversified its offerings, including the acquisition of health food brands and the introduction of various postpartum recovery services [40][43]. - Shengbeila's branding as a high-end service provider is reinforced by its partnerships with luxury hotels and its focus on high-quality nursing care [15][19]. Group 4: Challenges and Future Outlook - The company faces challenges in maintaining profitability amid rising operational costs and a declining birth rate in China, which fell from 15.23 million in 2018 to 9.02 million in 2023 [58][60]. - Analysts suggest that while the demand for third-party maternal care is increasing, the sustainability of individual companies like Shengbeila will depend on their ability to adapt and thrive in a competitive landscape [61][62].

6月27日，马斯克在社交平台上宣布，一辆特斯拉Model Y汽车已在无人干预的情况下，自动从公司位 于奥斯汀附近的工厂行驶至一位客户家中。他强调， 此次交付"横穿了城镇"，路线包含高速公路，且 车内没有任何人，也无远程操作员介入。 至此， 特斯拉完成首次无人驾驶车辆交付，进一步向投资者和市场展示其在自动驾驶领域的技术实 力。 据悉，收到这辆 Model Y 的车主是X上 叫做"Jose"的客户。他在X上晒出了与特斯拉自动驾驶团队负责 人Ashok Elluswamy、特斯拉高级软件工程师工程师段鹏飞(Phil Duan)等人的合影。 据报道，特斯拉人工智能与自动驾驶负责人Ashok Elluswamy补充称，该车辆在行驶过程中的最高时速 达到了72英里。此次无人驾驶交付于6月27日完成，比马斯克此前设定的目标日期（6月28日，即他54 岁生日当天）提前了一天。 在这一背景下，成功展示并落地AI和机器人技术，对支撑特斯拉的长期估值和增长故事至关重要。 特斯拉加速推进其AI战略，背后是其核心业务面临的增长瓶颈。 公司在包括北美和欧洲在内的主要市场销售增长乏力。据华尔街见闻此前文章，尽管欧洲电动汽车销量 整体大幅增 ...

Core Viewpoint - BOSS Zhipin's recent public offering in the Hong Kong market is not merely a capital-raising exercise but a strategic move to reshape its shareholder structure and enhance market liquidity [1][2][4]. Group 1: Public Offering Details - On June 25, BOSS Zhipin launched a public offering of 30 million Class A ordinary shares, representing 3.2% of the post-offering share capital, with an option to increase by up to 4.5 million shares [1]. - The offering is notable for allocating 10% of the shares, or 3 million shares, to individual investors, which is uncommon in typical institutional-focused offerings [1][2]. - The offering has seen strong demand, with international placements oversubscribed by over three times, indicating confidence from long-term investors in the company's future [1][2]. Group 2: Strategic Intent - The offering aims to create a more diverse shareholder base, transitioning from merely having a stock code to having a multi-faceted group of shareholders [2][6]. - BOSS Zhipin's management emphasizes that the offering is about establishing a genuine connection with the local market rather than just raising funds [4][6]. - The company seeks to address liquidity issues and reduce shareholder concentration, which has been a challenge since its initial public offering in 2022 [5][6]. Group 3: Financial Health - BOSS Zhipin is in a strong financial position, with a projected net profit of 1.567 billion RMB in 2024 and a net profit margin exceeding 42% [2]. - The company has maintained robust operating cash flow, exceeding 800 million RMB for five consecutive quarters, with cash equivalents nearing 15 billion RMB [2][4]. Group 4: Market Positioning - The public offering is designed to create initial stock supply, breaking the "no stock, no buy" market structure that has hindered trading activity [5][9]. - BOSS Zhipin aims to build a local investor base in the Hong Kong market, which is crucial for its long-term growth and stability [6][7]. - The company is focused on establishing a deeper relationship with investors, enhancing market understanding and engagement [9][16]. Group 5: Business Model and Growth - BOSS Zhipin's growth strategy is centered around improving matching efficiency in recruitment, leveraging a unique platform that integrates direct chat, recommendations, and mobile access [11][13]. - The company has successfully expanded its user base, serving over 16.6 million enterprises and achieving 57 million monthly active users by Q1 2025 [11][14]. - BOSS Zhipin is also diversifying its offerings by targeting blue-collar job markets and integrating AI technology to enhance platform capabilities [14][15]. Group 6: Long-term Vision - The company is focused on building a resilient matching model that can adapt to diverse and complex recruitment needs, ensuring long-term sustainability [15][16]. - BOSS Zhipin's approach contrasts with the fast-paced strategies of many peers, emphasizing steady growth and strategic stability [17][18]. - The goal is to create a capital market product that allows investors to genuinely "hold" the company rather than just "hear about" it [18].

当地时间6月27日，美国总统特朗普表示，他希望伊朗能够接受国际检查，以核实其不会重启核计 划。他还表示，将 考虑因铀浓缩问题再次轰炸伊朗。 特朗普称，一段时间以来一直存在"假新闻"， 伊朗核设施已被摧毁，他不相信伊朗会重返核武领域 。 来源：央视新闻 ⭐星标华尔街见闻，好内容不错过 ⭐ 本文不构成个人投资建议，不代表 平台 观点，市场有风险，投资需谨慎，请独立判断和决策。 觉得好看，请点"在看" ...