Nvidia(US:NVDA) CNBC Television·2025-07-10 15:01Nvidia & AI Ecosystem - Nvidia's scarcity justifies its high valuation, with a multiple around 30 times not considered extended given its importance to the AI ecosystem [2][3] - The S&P 500 is benefiting from being at the center of AI, a significant global driver of capital expenditure (capex) spend, which will boost S&P earnings [6] - Companies with durable, sustained earnings growth, such as Palantir, Nvidia, and Tesla, deserve higher multiples [4] Market Valuation & Concentration - The mean S&P PE ratio is approximately 16, lower than the 179% (原文应为17.9) on the eve of COVID, suggesting the market has become cheaper despite multiple "black swan" events [5] - Market concentration is a concern, with the top 10 companies representing a significant portion (40%) of the market cap, and Nvidia alone accounting for almost 8% [5] - However, these concentrated companies are also responsible for a large share of earnings growth [6] BitMine Emergent Technologies & Ethereum - BitMine Emergent Technologies conducted a PIPE (Private Investment in Public Equity) for $250 million, selling as many as 55 million shares at approximately $450 per share [8] - The company intends to use the $250 million to acquire primarily Ethereum [10] - The market capitalization of BitMine Emergent Technologies is estimated to be above $35 billion (60+ million shares * $55), significantly higher than the value of the Ether being purchased [9][16] - The company has an at-the-market (ATM) share program and has filed an S3 [15][16] Ethereum & Stablecoins - There is a rediscovery of Ethereum, driven by the growth of stablecoins, with Circle being a key player [12] - Stablecoins account for 30% of Ethereum's network usage [12] - Ethereum is the preferred layer 1 choice for Wall Street, with over 60% of all tokenized real-world assets built on it [14] - JP Morgan and Robinhood are building their stablecoin and tokenization businesses on Ethereum [13][14] - Circle trades at around 100 times EBITDA [15]