The fintech giant has fallen on some hard times. Block (XYZ 1.31%) stock, when it was formerly Square, was a market darling that soared quickly and was seen as the face of the fintech revolution. But it's made a few missteps, earning severe market pessimism. Although it has grown quite nicely over the past few years, Block stock is 77% off its all-time high. Let's see what's happening at Block and whether or not it can be a millionaire-maker stock. Although much attention has been given to Square's other bu ...

巴拉圭总统府：马斯克旗下社交媒体X（原名推特）上关于比特币的内容不实。 ...

你能想象吗？比特币最初竟被视作专为咱中国人打造的投资利器，可谁能料到，中国政府却一纸禁令，直接给相关交易画上了句号。诡异的是，只要咱中 国人一退出比特币市场，它的价格就跟打了鸡血似的，一路狂飙。这事儿听着，简直像一场让人摸不着头脑的荒诞剧。 当年，比特币那可是被吹得天花乱坠，号称去中心化、自由交易，仿佛谁参与进来，就能走上财富自由之路。结果呢，中国这边禁令一下，比特币交易所 纷纷关门大吉，矿场也都停工停产，币圈瞬间陷入一片死寂，哀鸿遍野。然而，禁令过后，比特币价格却如同火箭发射，蹭蹭往上涨。这不，最近又快逼 近新高了，10万美元一枚都快不稀奇了。 为啥会涨得这么离谱呢？最近的形势是，美国那边动作频频。特朗普上台后，提名了好些对比特币极为推崇的官员，一个个堪称币圈的超级狂热粉。就比 如说，美国证券交易委员会（SEC）新主席候选人公开表态，要给加密货币松绑，营造宽松友好的监管环境。还有财政部那边，传言要推出将比特币纳入 金融体系的提案。 这消息一传出，华尔街的基金经理们瞬间两眼放光，跟饿狼看到肉似的，争着往比特币投资。在X平台（原推特）上，币圈的大V们天天晒收益截图，动 不动就说睡一觉资产就翻了倍，评论区全是"全 ...

Group 1 - The core point of the article is that Trump Media Technology has submitted an S-3 filing for Bitcoin trading and is considering raising $12 billion in future financing [1] Group 2 - The company is exploring opportunities in the cryptocurrency market, specifically Bitcoin, which indicates a strategic shift towards digital assets [1] - The potential $12 billion financing could significantly enhance the company's capital structure and support its growth initiatives [1]

Group 1: Bitcoin ETFs and Market Developments - BlackRock's Bitcoin spot ETF (IBIT) has reached an asset size of $72.4 billion, making it one of the top 25 ETFs in the U.S. just 1.4 years after its launch [1] - Trump Media & Technology Group's social platform Truth Social has submitted an application for a Bitcoin spot ETF, potentially becoming the first social media platform to do so [1] Group 2: Corporate Holdings and Risks - Standard Chartered Bank warns that the current trend of corporate Bitcoin holdings, totaling 673,800 BTC (3.2% of total supply), may lead to forced selling if prices drop below the average purchase price by 22% [3] - Meitu's CEO revealed that the company made a profit of 570 million yuan from liquidating its cryptocurrency holdings, with 80% of the profits distributed to shareholders [4] Group 3: Binance and Market Position - Binance holds the largest share of stablecoin reserves, accounting for 59% of the total with $31 billion in USDT and USDC [6] - Binance has attracted $180 billion in stablecoin inflows since 2025, leading the market in this regard [6] Group 4: Regulatory Perspectives - SEC Commissioner Hester Peirce emphasizes the importance of Bitcoin technology for maintaining freedom and advocates for citizens' rights to use cryptocurrency mixers [8] Group 5: Market Trends and Analysis - Bitcoin's price has recently fluctuated, with a low of $103,700, and analysts suggest that breaking key support and resistance levels will determine the next market trend [10]

Market Overview - US stock indices experienced fluctuations, with the Dow Jones down 0.22%, Nasdaq up 0.32%, and S&P 500 up 0.01. The VIX index fell 0.45% to 17.61. The US dollar index decreased by 0.45% to 98.82. The yield on the 10-year US Treasury bond dropped by 2.244% to 4.356%, with a spread of 48.7 basis points compared to the 2-year bond yield. Spot gold rose by 0.56% to $3,372.18 per ounce, while Brent crude oil fell by 1.11% to $64.84 [1]. Industry & Stocks - In the industry sector, apart from energy, utilities, and consumer staples which fell by 1.95%, 1.75%, and 0.7% respectively, the other seven sectors of the S&P 500 saw gains: semiconductors up 1.49%, communications up 0.64%, materials up 0.38%, real estate up 0.31%, healthcare up 0.2%, technology up 0.15%, and industrials up 0.06 [1]. - Chinese concept stocks mostly rose, with KWEB up 2.48%, TSMC up 2.42%, Alibaba up 3.9%, Pinduoduo up 1.34%, JD.com up 2.84%, Li Auto down 0.17%, Xpeng up 3.77%, Futu up 6.93%, and NIO up 6.23 [1]. Focus of the Day - STMicroelectronics CEO Jean-Marc Chery indicated signs of market recovery, expecting increased demand that could boost performance in upcoming quarters. The company anticipates achieving the midpoint of its revenue forecast for Q2, which is $2.71 billion [3]. - Broadcom announced the shipment of its latest data center switch chip, Tomahawk 6, which boasts an Ethernet switching capacity of 102.4 terabits per second, double that of any current market Ethernet switch bandwidth. This chip is designed for data centers running AI processor clusters [5]. - The German government approved a tax relief plan worth €46 billion aimed at stimulating economic growth, which includes favorable depreciation options for businesses [6]. - India formally challenged the US over increased auto tariffs at the WTO, indicating a tougher trade stance despite ongoing negotiations for a temporary agreement [7]. Tesla Sales Data - Tesla's wholesale sales in China for May reached 61,662 units, a year-on-year decline of 15%. In Europe, sales plummeted, with UK sales down 45.8% to 1,758 units and German sales down 36.2% to 1,210 units [9]. - Cathie Wood's Ark Invest reduced its Tesla holdings by approximately 50,000 shares, realizing about $17 million, despite previously projecting a price target of $2,600 for Tesla [9]. Cryptocurrency Insights - Coinbase CEO Brian Armstrong warned that if the US fails to manage its debt effectively, Bitcoin could potentially replace the dollar as the new reserve currency. This sentiment is echoed by the Winklevoss twins, who advocate for Bitcoin investment amid rising US debt concerns [10]. Market Trends - Bubble Mart has emerged as the first tenfold stock in the "Guzi economy," with its share price soaring from HKD 19.8 to a peak of HKD 233.2, marking a cumulative increase of over 10 times and a market capitalization exceeding HKD 300 billion [10].

1、 美国贸易代表办公室宣布，延长对中国在技术转让、知识产权和创新方面的行为、政策及做法的301调查中的豁免期限。 豁免期限原定于5月31 日到期，现已延长至8月31日。中方此前多次向美方就301关税问题提出严正交涉。 世贸组织早已裁决301关税违反世贸组织规则， 不仅严重破坏国 际贸易秩序和全球产业链供应链安全稳定， 也没有解决自身的贸易逆差和产业竞争力问题，还推高了美国进口商品价格，成本最终由美国企业和消 费者承担。 2、 特朗普政府官员在法律争端中为关税辩护，坚称关税"不会消失"。 美国商务部长卢特尼克表示，请放心，关税不会消失。 白宫国家经济委员会主任 哈塞特亦表示， 他 "非常有信心" 最高法院的法官会支持特朗普的关税政策， 如果关税被阻止，也会有其他替代方案来确保美国重新实现公平贸易，但未 具体说明这一路径将如何实施。 3、 特斯拉CEO马斯克表示，虽然他一直是特朗普的坚定盟友，但并不总是支持政府的政策。 他表示，不想公开反对政府，但也不想为政府的所有行为 负责。 他对共和党提出的、目前国会正在辩论的数万亿美元税收和支出方案感到沮丧，该立法预计将使美国债务增加数万亿美元。 4、 5月车市进一步回暖 ...

Core Viewpoint - New York City Mayor Eric Adams' proposal to issue Bitcoin-backed municipal bonds faces strong opposition from City Comptroller Brad Lander, who deems the plan legally questionable and financially irresponsible [1][3] Group 1: Proposal Details - Mayor Adams announced the plan for Bitcoin-backed municipal bonds, referred to as "Bitcoin Bonds," during the Bitcoin 2025 conference in Las Vegas [1][3] - The proposed bond structure suggests a 1% annual interest rate for bondholders over a 10-year period, with additional returns based on Bitcoin price appreciation [3] - The funding allocation proposes that 90% of the raised funds would be used for government expenditures, while 10% would be allocated for purchasing Bitcoin as a strategic reserve [3] Group 2: Opposition and Concerns - Comptroller Lander criticized the proposal, stating that cryptocurrencies are too volatile to fund essential city services such as infrastructure, affordable housing, or schools [1] - Lander emphasized that the issuance of cryptocurrency-related debt instruments would introduce new risks and undermine investor confidence [1] - He indicated that during his tenure, he would not permit the issuance of any debt related to cryptocurrencies [1]

Summary of Conference Call Minutes Industry or Company Involved - Focus on the global market impact of the "reciprocal tariff" policy Core Points and Arguments - The recent tariff reduction from 145% to 10% exceeded expectations, alleviating short-term market concerns, but medium to long-term risks related to trade restrictions need monitoring, particularly around key dates in July and August [1][2] - The U.S. effective tax rate has decreased to 16-17%, indicating a significant shift in market dynamics [2] - The performance of U.S. stocks, particularly in the tech sector, has rebounded quickly, suggesting that previous recession fears may have been overstated [4] - The current market is characterized by limited upward momentum and constrained downside potential, indicating a state of indecision [2] - The liquidity shock is viewed as an occasional event that presents buying opportunities, with central bank interventions typically proving effective [4] Other Important but Possibly Overlooked Content - The recommendation to focus on sectors with strong end-demand and technology innovation, while also capitalizing on short-term trading opportunities in Hong Kong stocks [1] - The expectation that the core Personal Consumption Expenditures (PCE) inflation rate will decline to 3.5-4% by year-end, with the Federal Reserve potentially lowering rates 1-2 times in Q4 [4] - The suggestion to wait for U.S. Treasury yields to rise to 4.8-5% before making long positions, as the current yield of 4.5% is deemed unattractive [5][8] - The impact of tariff adjustments on China's market is projected to reduce GDP influence from 3% to 1-1.5%, with Hong Kong's earnings being less affected than A-shares [7][9] - Recommendations for gold investment strategies include dollar-cost averaging or grid trading, given the high levels of market congestion [6][9]

Group 1 - Kingsoft Software (03888) saw a nearly 5% drop in stock price, with Q1 revenue increasing by 9% year-on-year to 2.338 billion yuan, but net profit attributable to the parent company slightly decreased by 0.24% to 284 million yuan. Office software and services revenue grew by 6% year-on-year but fell by 13% quarter-on-quarter, while online gaming and other revenue increased by 14% year-on-year but decreased by 20% quarter-on-quarter [1] - Li Auto-W (02015) rose over 7%, reporting a 1.1% year-on-year revenue increase and a 9.4% rise in net profit for Q1. The company expects Q2 delivery volume to increase by 13.3%-17.9% year-on-year, with revenue projected to grow by 2.5%-6.7%. CEO Li Xiang expressed confidence in restoring monthly sales to 50,000 units and plans to launch the pure electric SUV i8 in July [1] - Hand Return Group (02621) debuted on the market but fell over 7% on its first day. The company is an internet-based life insurance intermediary with platforms like Xiaoyusan, Kachaba, and Niubao100, raising approximately 134 million HKD from its listing [1] - Yiming Anke-B (01541) surged over 13%, with its stock price doubling within the month. The company announced preliminary efficacy and safety data for its core product IMM2510 in treating non-small cell lung cancer (NSCLC) during I/II phase clinical trials [1] Group 2 - Meizhong Jiahe (02453) increased by over 7%, having developed a proprietary proton therapy language model successfully deployed in a Guangzhou hospital. The company plans to raise approximately 93.94 million HKD through a discounted share placement for equipment procurement, loan repayment, and working capital [2] - Gome Retail (06808) rose over 6%, with reports indicating that after a major shareholder change, the company is on track to transform its business, focusing on sales scale and absolute gross profit by FY2026. The company turned profitable in the second half of the last fiscal year, reporting a net profit of 199 million yuan, and plans to distribute 1.5 billion yuan in dividends for FY2025 [2] - Sany International (00631) saw a rise of over 4%, reporting a 14.6% year-on-year revenue increase to 5.876 billion yuan and a 23.2% rise in net profit to 635 million yuan for Q1. Growth was attributed to global expansion, digitalization, and low-carbon strategies [2] Group 3 - Dekang Agriculture (02419) surged over 8%, with analysts noting that April pig prices remained strong despite the seasonal downturn, and May's supply-demand dynamics are expected to support rising pig prices. The company is recognized for its leading breeding costs, projected to be below 13 yuan per kilogram, with an estimated 30% growth in pig output over the next three years [3] - Fubo Group (03738) increased by over 13%, completing an oversubscribed financing of over 500 million HKD for AI research and financial optimization. The company reported a total revenue increase of approximately 23% year-on-year, with mainland China revenue growing by about 21% and monthly recurring revenue (MRR) increasing by around 30% [3] - Gako Si-B (01167) rose over 8%, with a cumulative increase of over 25% this week. The company received domestic approval for its KRAS G12C inhibitor, used in specific non-small cell lung cancer treatments [3] - Fosun Pharma (02196) increased by over 6%, announcing that its self-developed new drug, Luwo Meitini tablets, has been approved for market release by the National Medical Products Administration [3] Group 4 - The smartphone supply chain stocks collectively fell, with companies like Hillstone Technology dropping over 5% and Sunny Optical, BYD Electronics, and GoerTek all declining over 3%. This decline was attributed to market concerns following the reinstatement of tariffs from the Trump administration [4] - Xiansheng Pharmaceutical (02096) rose over 8%, with five of its drugs selected for the 2025 ASCO annual meeting. The company's innovative drug BD's international expansion has garnered attention, including a deal with AbbVie worth over 1 billion USD [4] - Yika (09923) surged over 10%, following a 27% increase the previous day. The company recently obtained a payment license in Arizona, USA, with a projected nearly 5-fold increase in overseas transaction volume in 2024 [4] - Stone Pharmaceutical Group (01093) rose over 7%, with ongoing negotiations for three potential transactions involving products like EGFR-ADC, with total potential payments reaching approximately 5 billion USD, one of which is expected to be completed in June [4]