Revenue Source - BlackRock's Bitcoin ETFs are its top source of revenue, totaling $13.5 trillion [1]

The CEO of New York-based BlackRock, which managed over $13 trillion in assets as of the third quarter, said that while hyperscaler CEOs "aren't certain if they're overspending or underspending," their conviction of future demand was high and most don't have the raw processing power needed to power their AI models. Key Takeaways There are worries about AI spending. Sometimes, that means worries that companies developing artificial intelligence capabilities aren't spending enough. Larry Fink, chief of BlackR ...

Core Insights - Sovereign wealth funds (SWFs) are increasingly investing in bitcoin, with notable purchases occurring at price points of $120,000, $100,000, and in the $80,000 range, indicating a long-term investment strategy rather than short-term trading [1][2] - The recent addition of positions by SWFs as bitcoin's price fell below $90,000 highlights a shift in institutional interest, suggesting confidence in bitcoin's long-term resilience despite its volatility [2] - BlackRock's CEO Larry Fink, who has evolved from skepticism to advocacy for bitcoin, noted that the iShares Bitcoin Trust (IBIT) has attracted billions in assets since its launch in early 2024, making it the firm's most profitable ETF [3] Investment Strategy - Fink emphasized that SWFs are establishing longer positions in bitcoin, indicating a strategic approach to ownership over years rather than speculative trading [2] - The growing interest from institutional investors, particularly SWFs, reflects a broader acceptance of bitcoin as a legitimate asset class [2] Economic Context - Fink highlighted bitcoin's potential as a hedge against increasing government debt and inflation, positioning it as a protective asset against currency debasement rather than merely a speculative vehicle [4]

Core Insights - Major financial institutions are competing to manage the "Trump accounts" initiative aimed at providing $1,000 in federal cash to children born during Trump's second term [1][2] - The program received significant support from Michael Dell and his wife, who donated $6.25 billion to seed 25 million accounts with $250 each [2] - Early contenders for managing the accounts include JP Morgan Chase, Charles Schwab, Robinhood, and Blackrock [3] Financial Institutions' Involvement - Financial firms are eager to become the Treasury Department's "designated financial agent" for the accounts, presenting their proposals [3] - Robinhood's CEO emphasized the company's commitment to leveraging technology and capital to enhance the accounts' functionality [4] - The accounts represent a substantial opportunity for financial firms to attract new customers as these children reach adulthood, with potentially lower management fees due to the government-backed nature of the program [4] Program Launch and Corporate Interest - The Trump administration plans to launch a sign-up portal early next year and is finalizing an IRS form for parents to apply for the accounts [5] - Companies like Nvidia, Uber, and T-Mobile are showing interest in matching their employees' contributions to the accounts [5]

2025.12. 04 本文字数：2885，阅读时长大约5分钟 作者 | 第一财经 后歆桐 标普500指数重新逼近历史新高。但数据显示，美股科技股在本轮美股行情中未能一如往常成为领涨 板块，市场对人工智能（AI）泡沫的担忧导致AI概念龙头股英伟达、微软等股价受到拖累。 相比之下，自10月28日以来，标普500信息技术指数同期反而整体下跌了4.2%，"美股科技股七巨 头"（下称"美股七巨头"）的股票整体下跌1.3%，仅谷歌母公司Alphabet仍录得18.1%的涨幅。AI 领军股英伟达跌去9.7%，AI领军企业股整体下跌8.4%，AI软件股整体下跌8.5%。 而在4月美国总统特朗普宣布关税政策导致大幅抛售后，科技股在4月8日~10月28日期间始终领涨标 普500指数的上一轮反弹。"美股七巨头"期间上涨69.8%，英伟达期间上涨108.8%。AI领军企业股 整体上涨124.2%，AI软件股整体上涨67.9%。10月29日，科技板块在标普500指数中的权重还一 度创下历史新高，达到约36%。 这被市场人士解读为，由于对股票高估值以及在AI算力、基础建设方面的巨额支出能否换来切实利润 的担忧越发盛行，美股投资者对AI ...

贝莱德认为，9月就业报告及其他相关数据表明，美国劳动力市场正处于"不招聘、不裁员"的停滞状 态。自年初以来，美国就业增长已经放缓，劳动力需求与供给双双下降，其中供给端下滑主要源于移民 数量的急剧放缓。维持失业率稳定所需的就业增长"盈亏平衡"水平也因此下降。这也能解释为什么工资 增长依然稳健，以及今年失业率只是小幅上升且仍处于历史低位。 贝莱德智库最新一期文章称，由于美国政府长期停摆导致数据发布延迟，美联储对经济形势的判断难度 加大。美联储担忧劳动力市场可能进一步走弱，因此有必要实行"风险管理"式降息。今年美联储已降息 两次，并将持续疲软的劳动力市场作为其决策的核心考量因素。 由于各项数据显示美国劳动力市场正在降温，贝莱德智库认为美联储本月有望降息。这一背景叠加AI 主题的推动，支撑偏好风险的立场。（新华财经） ...

JUST IN: BlackRock CEO Larry Fink says sovereign wealth funds are buying Bitcoin. https://t.co/dJAf6Bnu4r ...

Group 1 - BlackRock's 2026 Global Outlook emphasizes a risk-on approach, favoring equities over long-term Treasuries, driven by "mega forces" such as AI and digital finance [2][4] - The firm identifies AI as a central theme reshaping growth, margins, and capital allocation, indicating a significant shift in the investment landscape [4][5] - Stablecoins are recognized as a structural force in the future of finance, influencing how households and businesses manage cash and transactions [4] Group 2 - BlackRock suggests that broad indexes may not be the best investment strategy, advocating for a selective approach to equities that align with the identified mega forces [4] - The report highlights that elevated deficits and ongoing investment cycles diminish the safety traditionally associated with long-duration Treasuries [4] - Active and thematic investing is recommended over traditional diversification, focusing on sectors that are poised to benefit from structural transformations [4]

贝莱德智库提到，这种政策博弈部分源于美国持续高企的财政赤字。而英国的情况则正好相反：在最新 的财政预算案中，英国政府正试图减少赤字，甚至计划在五年内实现财政盈余。英国财政大臣通过多项 增收措施，使得英国政府的"财政空间"(即财政收支之间的缓冲)超出预期，这为市场带来了惊喜。这表 明英国需在市场信誉与政治公信力之间取得平衡，且目前已实现这一平衡，尽管其税收收入在GDP中的 占比预计在2030年将达到38%的历史新高。 鉴于英国的新预算案将支出前置，而大部分税收增加的效果将滞后显现，贝莱德智库对于英国国债维持 中性观点。但在五年甚至更长时间的战略配置层面，更看好英国国债，部分原因在于英国的中性利率 (即既不刺激也不阻碍经济增长的利率水平)低于其他发达市场的政府债券市场。随着美联储重启降息周 期，该机构已将美国长期国债的评级上调至中性，但考虑到潜在的政策博弈且这些博弈预计会持续存 在，仍需灵活应对。 12月4日，贝莱德智库发文称，由于各项数据显示美国劳动力市场正在降温，该机构认为美联储本月有 望降息。这一背景叠加AI主题的推动，支撑贝莱德智库偏好风险的立场。该机构对于英国国债维持中 性观点，但从长期维度来看，相较于 ...

According to Forbes, BlackRock CEO Larry Fink revealed that some unnamed sovereign funds are buying Bitcoin, and “they bought more” as the price dropped from its peak of $126,000. Fink stated that these funds are buying “incrementally” and increased their positions when the price fell into the $80,000 range, aiming to build long-term holdings. https://t.co/djb6OB2qXS ...