We have specific numbers about initial orders that India has for tests. So just explain that to us. Great.Yeah. Just a little over 600 orders at this point. And, you know, just to put that number into perspective, Tesla delivered roughly that number of vehicles around every 4 hours in the first half.So really, really tiny. And this is not necessarily a shock, right. India is a very price price conscious, price sensitive market.There's not a lot of demand for for more expensive vehicles. And part of that, of ...

Market Trends & Uncertainties - The market is generally trending downwards, with earnings being a non-event and uncertainties remaining regarding China revenue [1] - Video demand is concentrated on a few large customers, which is not surprising [2] - US-China tensions and China's push for domestic innovation in chip design and manufacturing could be contributing to market weakness [3] Geopolitical Risks & Decoupling - The situation is volatile, with a trend towards decoupling as China aims to reduce reliance on American technology [4] - Long term, decoupling is unfavorable for Nvidia and other US technology stocks [4] China Market - The return of China revenue is uncertain in terms of timing and amount [1] - Headlines about TSMC's ability to obtain chip equipment in China are relevant to the broader context [2]

Company Strategy & Partnerships - Crypto dot com aims to be a leading treasury company, driving demand for crypto assets [2] - The company sees a partnership with Trump media as a perfect match for its strategy [2] - Crypto dot com focuses on working with pro-crypto entities to advance the industry [4] - The company is positioning itself as an infrastructure partner for businesses looking to build prediction market operations [12] Financial Performance & Potential IPO - Crypto dot com generated $15 billion (15亿) in revenue last year [9] - The company achieved approximately $1 billion (10亿) in gross profit, reinvesting about $700 million (7亿) [9] - Crypto dot com is considering an IPO, given the market's valuation of similar companies, but no decision has been made [8][10] - The company enjoys operating privately, allowing for rapid movement and a solid balance sheet [10] Regulatory Landscape & Prediction Markets - Crypto dot com is regulated by the CFTC and aims to be the liquidity center for prediction markets in the US [12] - The company views the regulatory process as evolving and aims to be a trusted counsel to regulators [14] - While sports prediction markets are not expected to be a significant revenue contributor this year, the company anticipates it will be a massive business line in five years [15]

Concentration Risk & Revenue - The report identifies two types of concentration risk: weighting in key benchmark indexes and concentration of revenue driven by specific clients [1] - Concerns exist regarding revenue concentration, particularly with hyperscalers, with investors seeking return on investment and expressing unease about CapEx [2][4][5] - Nvidia's AI position is strong, but execution is key, with hyperscalers playing a dominant role in driving revenue [4] - Magnificent Seven companies account for approximately 40% of Nvidia's revenue, raising concerns about payback and return on investment for investors in those companies [4] Market Performance & Sentiment - Despite concerns, the Nasdaq finished August up for the fifth straight month, driven by the Magnificent Seven [5] - September is historically a weaker month for Wall Street, contributing to current market conditions [5] - Nvidia's year-to-date performance is up 25%, despite recent declines, highlighting the impact of concentration in revenue sources and the Magnificent Seven [7] - A rotation out of big tech is occurring, with financials, energy, and materials performing well in August [9] Fundamentals & Outlook - Fundamentals for Nvidia and technology as a whole remain solid, but execution is crucial [6][10] - Earnings expectations for Nvidia and big tech in the Magnificent Seven increased over the last two months [10] - Investors should anticipate volatility around concentrated names in major indexes due to stretched valuations [10]

What's the need to know here specifically on TSMC in China. Well, this adds yet another speedbump for TSMC and its suppliers in trying to bring equipment, chemicals and other things that they need for this facility in Nanjing. It is not a major portion of Tsmc's overall manufacturing picture. It counts for a relatively small fraction of the company's revenue.And yet it is symbolically significant because the move mirrors what the US government announced on Friday, and that is that Samsung and SK Hynix would ...

Secondary Market Dynamics - Secondary market concentrates on top companies due to information scarcity [2] - Over 90% of trading volume on HIVE is in the top 20 companies [3] - $61 billion in secondary market volume represents about 2% of primary unicorn valuations and a third of primary VC asset value [4] - Secondary market serves as a vital liquidity valve with potential for growth [4] IPO and Secondary Market Correlation - Strong correlation exists between primary exit activity (IPOs) and the secondary market [6] - IPO window opening likely leads to increased secondary market activity [8] - Pricing transparency fosters a symbiotic relationship between primary and secondary markets [6] Secondary Market Investors - Secondary investors have shorter timelines compared to primary venture investors [7] - Secondary market attracts family offices, pensions, and non-traditional investors [9] - A wide range of investors participate in the secondary market, including venture firms with dedicated secondary funds [9][10] Sector Focus and IPO Trends - Companies aligned with key policy priorities (crypto, fintech, defense, security) attract interest in the secondary market [11] - IPO success depends on alignment with key sectors or strong fundamentals and profitability [12][13]

Crypto Regulation & Innovation - Project Crypto aims to modernize regulation for decentralized finance innovations [1][4] - The industry seeks clarity on classifying tokens as securities [1][9] - The SEC is working with the CFTC on crypto regulation, including the CFTC's "Crypto Sprint" [4] - The SEC aims to provide commission-level guidance on what constitutes a security in the crypto space, based on the Howey test [9][10] - The SEC is focused on disclosure and ensuring companies truthfully market crypto products, rather than endorsing specific investments [7] Enforcement & Oversight - The SEC has ongoing crypto-related investigations and actions [14] - The SEC receives nearly 45,000 tips, complaints, and referrals annually, with a portion related to crypto [16] - The SEC has shifted its cyber and crypto unit to a more broadly focused tech unit [15] Market Participants & Assets - Companies are exploring adding crypto to their treasury or creating new ETFs [5][8] - The industry is interested in whether tokens like Solana, XRP, or Dogecoin can be included in ETFs [8] Disclosure Requirements - Investors holding over 5% of a company's stock may require additional disclosures if they are actively directing the company [20][22]

E-commerce Performance & Growth - The second biggest shopping festival experienced growth of roughly 15% [2] - Overall company revenue increased by 10%, excluding the Turkish e-commerce platform and retail sell-offs [3] - E-commerce market is still experiencing 15% growth projected for 2025, despite not being at the 30% year-over-year growth seen previously [4] - Instant commerce is gaining attention, potentially reaching up to 50% market share and competing with companies like Meituan [5][6] - Overseas revenue increased by almost 26% to 27%, driven by investments in Singapore [9] AI & Data Utilization - AI is being used for product recommendations and building consumer profiles, enhancing instant commerce [7] - The company is gathering substantial data through its full-stack offerings, potentially positioning it better than competitors focused solely on consumers [7][8] Geopolitics & Regulations - Despite previous tariff increases and trade wars, the company has remained strong [13] - Restrictions on NVIDIA and AMD sales may not have a long-term impact, as domestic alternatives are developing [16][17][18] - There is an expectation that restrictions will be lifted, as they are also hurting U S companies [15]

Basically this is revoking waivers that they previously had. What, to bring in chip equipment to the country. Break down exactly what this means.Yeah, that's right. How the companies have received waivers from the Biden administration back in 2023, allowing them under these agreements to bring in equipment to China for their massive chip making facilities. And most of what was produced there, Carol, were memory chips.And that's critical, of course, for SK Hynix and for Samsung in particular. In this case. N ...

Actually they beat and they raised. But when you dig into the detail, server bookings were less than the previous quarter. Yeah, well if we if we think about the timing of these deals, Caroline, there was one big deal that went in and it's unclear who it is, but it's probably one of the big neo cloud vendors, whether it's a core wave or or OCI.So it is going to be sequentially down. But if we think about it for a second half, the first half basis, it's 10 billion even second half versus first half. So, you ...