Maryanne Bartell's as chief investment strategist at Sanctuary Wealth, a woman who has been assigning target prices to the S&P 500 for a number of years now. So, Maryanne, thanks for being with us. Can you please take us through what exactly in your models and assumptions is driving a 7,000 price target for the S&P 500 by the end of the year.Well, really what's driving this is not new. It's it's really the technology of AI that we've been talking about. Blockchain, robotics, uh crypto, web 3.This is the gre ...

Core Insights - Nvidia is a leading player in the AI revolution, with its chips being the gold standard for AI processing, resulting in a stock increase of 990% since early 2023 [2] - The company currently holds a market cap of $3.86 trillion and has the potential to become the world's first $20 trillion company, representing an upside of over 400% [3][8] - Nvidia's revenue is projected to reach approximately $200 billion in fiscal 2026, with a forward price-to-sales (P/S) ratio of around 19, necessitating revenue growth to about $1 trillion to support a $20 trillion market cap [8][9] Company Overview - Nvidia pioneered the graphics processing unit (GPU) in 1999, introducing parallel processing that significantly improved computational efficiency, making its chips the preferred choice for AI applications [5] - The Compute Unified Device Architecture (CUDA) platform enhances the performance of Nvidia's GPUs, with over 400 libraries available for developers, solidifying Nvidia's position as the industry standard [6] - Nvidia's chips are utilized across various sectors beyond gaming, including cloud computing, data centers, and machine learning, with a strong foothold in generative AI [7] Market Potential - Wall Street forecasts an annual revenue growth of 21% for Nvidia over the next five years, suggesting the possibility of reaching a $20 trillion market cap by 2035 if growth is sustained [9] - Analyst Philip Panaro predicts Nvidia's stock could reach $800 by 2030, aligning with a market cap close to $20 trillion, driven by significant opportunities in AI and Web 3 investments [10][14] - The potential for Nvidia's growth is further supported by the anticipated $10 trillion investment in Web 3 by 2030, with a substantial remaining opportunity in data centers [14]

Core Viewpoint - Jin Yong Investment (01328.HK) has established a strategic cooperation framework memorandum with AnchorX Group Limited to leverage their strong relationship and explore potential synergies in the offshore RMB market and digital asset space [1][2] Group 1: Strategic Cooperation Framework - The memorandum aims to promote the use of AxCNH, a stablecoin pegged 1:1 to offshore RMB, which operates independently of traditional international payment networks, thereby reducing reliance on the US dollar and SWIFT system [1] - The cooperation will focus on several areas, including cross-border payments and trade, expanding stablecoin application scenarios, digital asset trading and management, and investment in blockchain technology and fintech [1] Group 2: Business Potential and Market Impact - The strategic cooperation is seen as a strong testament to the company's business capabilities and potential, providing opportunities for a diversified investment portfolio and tapping into the high growth potential of the cryptocurrency market [2] - The board believes that this partnership aligns with the new policies of the Hong Kong government and serves the overall interests of the company and its shareholders [2]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致的任何損失承擔任何責任。 GOLDSTREAM INVESTMENT LIMITED 金涌投資有限公司 （於開曼群島註冊成立之有限公司） （股份代號：1328） 戰略合作備忘錄 董事會欣然宣佈，有鑑於（其中包括）本集團與弘毅投資集團間的深厚關係，以及與 AnchorX Group Limited，一家於英屬維京群島註冊成立之有限公司（「AnchorX」）之間的 潛在戰略協同效應，本公司與AnchorX於2025年7月4日訂立了一份戰略合作框架備忘錄 （「戰略合作備忘錄」）。AnchorX利用領先的分佈式賬本技術和強化的網絡安全措施，發 行1：1掛鉤離岸人民幣（「人民幣」）的穩定幣AxCNH（「AxCNH」）。AxCNH作為穩定 幣，獨立於傳統國際支付網絡運作，降低對美元和SWIFT系統的依賴，減少交易成本， 並實現全天候全球即時結算。其有助離岸人民幣更有效地流通到海外，擴大人民幣在海 外用戶中的應用場景，提升離岸人民幣的國際認可度 ...

Summary of Key Points from the Conference Call Industry and Company Involved - The conference call discusses the **Hong Kong Digital Asset Development Policy Declaration 2.0** and its implications for the **stablecoin** market and related financial services. - Companies mentioned include **Yuxin Technology** and **Minsheng Securities**, both of which are actively engaging in the digital asset space. Core Points and Arguments 1. **Regulatory Framework**: The declaration establishes the **Securities and Futures Commission (SFC)** as the main regulatory body for digital trading service providers, responsible for licensing and standard-setting, while the **Monetary Authority** oversees banks' digital asset trading activities [1][2][3]. 2. **Expansion of Stablecoin Applications**: The declaration broadens the application of stablecoins to include tokenized assets, with the government planning to issue tokenized government bonds and promote the financial tokenization of real-world assets (RWA) such as precious metals and renewable energy [1][3][4]. 3. **Support for Industry Innovation**: The Hong Kong government is implementing measures such as tax exemptions on tokenized funds and ETFs, promoting collaboration between regulators and technology providers, and attracting talent in the Web 3.0 space to foster a competitive virtual asset ecosystem [1][5]. 4. **Yuxin Technology's Strategy**: Yuxin Technology is positioning itself for overseas expansion and plans to apply for a listing in Hong Kong, focusing on stablecoin-related businesses and exploring cross-border payment applications in collaboration with financial institutions in mainland China and the Greater Bay Area [1][6]. 5. **Minsheng Securities' Role**: Minsheng Securities is establishing itself as a key player in the banking sector for crypto asset trading, offering services such as fund custody and digital asset services, and aims to be a critical node in the integration of banking and digital assets [1][13]. 6. **Impact of the Declaration on Stablecoin Development**: The declaration provides a clear timeline for stablecoin implementation, set for **August 1, 2025**, which enhances market confidence and clarifies the regulatory landscape for market participants [2][3]. 7. **Tokenized Bonds**: The government has already issued **6.7 billion** in green bonds, utilizing a blockchain platform, indicating a strong commitment to tokenized financial instruments [3][14]. 8. **Banking Sector's Involvement**: Banks are recognized as essential participants in crypto asset trading, leveraging existing payment and clearing systems to facilitate new product designs and operations [10][13]. 9. **Web 3.0 Retail Payment Systems**: Research is being conducted on Web 3.0 retail payment systems, focusing on transaction efficiency and cost-effectiveness, with collaboration from academic resources to enhance regulatory frameworks [11][12]. 10. **Challenges in Financial Regulation**: Minsheng Securities is leveraging its regulatory experience from mainland China and international markets to navigate the evolving regulatory landscape in Hong Kong [14]. Other Important but Possibly Overlooked Content 1. **Infrastructure Development**: The construction of the **Hengqin Data Center** is expected to significantly enhance infrastructure in Macau, addressing data barriers and providing robust technical support for digital asset initiatives [7][8]. 2. **Global Expansion and Technology Recognition**: Yuxin Technology has made significant strides in overseas markets, particularly in Southeast Asia, where its technological capabilities are highly regarded, positioning the company for future growth [18]. 3. **Digital Currency Pilot in Macau**: The company is actively involved in Macau's pilot program for digital RMB, indicating a proactive approach to digital currency projects in the region [17]. 4. **Collaboration with Financial Institutions**: The company is engaging with various banks in Hong Kong to explore new opportunities for collaboration in the wake of the 2.0 policy declaration [16].

Crypto Projects with Potential - Cutic Tick is an emerging powerhouse with smart blockchain solutions and strong early interest [1] - Helium HNT is building the future of decentralized wireless networks with real-world use cases [1] - Bitensor Tao fuses blockchain with AI, creating a fully decentralized machine learning ecosystem [1] - Arbitrum ARB is scaling Ethereum with lightning-fast, low-cost transactions [1] - Gala is redefining gaming with blockchain-based ownership in a growing entertainment universe [1] Web3 Technologies - These projects' technologies are shaping the next wave of Web3 [1]

Core Viewpoint - The current market downturn presents opportunities for investors to acquire quality stocks at discounted prices, particularly in the tech sector, with Nvidia being a prime example of a company poised for significant growth despite recent volatility [1][2]. Company Overview: Nvidia - Nvidia has emerged as a leader in the AI revolution, with its stock experiencing a remarkable increase of up to 965% over the past two years, although it has recently declined by 28% from its peak [3][4]. - The company has a current market capitalization of approximately $2.62 trillion, with projections suggesting it could become the world's first $20 trillion company, requiring a stock price increase of 664% [9]. - Nvidia is expected to generate nearly $204 billion in revenue by fiscal 2026, leading to a forward price-to-sales (P/S) ratio of about 13 [9]. Growth Potential - Wall Street analysts forecast Nvidia's revenue growth at 50% annually over the next five years, which could enable the company to reach a $20 trillion market cap by 2031, although this scenario requires favorable market conditions [10]. - Key factors driving Nvidia's potential growth include the low current adoption rate of AI, projected business spending on Web 3 technologies, and government efficiency initiatives [12][17]. Market Position and Technology - Nvidia's GPUs have set the standard in high-performance computing, data centers, cloud computing, and AI processing, with its CUDA programming platform enhancing developer engagement and application performance [6][7][8]. - The company has established itself as the industry standard, with over 400 libraries available to developers, solidifying its position in the computing landscape [7]. Investment Considerations - The current decline in the Nasdaq index offers a compelling buying opportunity for Nvidia, with the stock trading at less than 24 times forward earnings, making it an attractive investment for those looking for long-term growth [16]. - Despite the potential for significant returns, Nvidia's stock is characterized by volatility, necessitating a strong risk tolerance from investors [15].