Bitcoin mining stock prices have been rising rapidly over the last week, as market enthusiasm continues to reward bitcoin miners venturing into AI. Get these headlines directly to your inbox: subscribe to Blockspace. Over the last day, Bitdeer (NASDAQ: BTDR), Bitfarms (NASDAQ: BITF) Hut 8 (NASDAQ: HUT), CleanSpark (NASDAQ: CLSK), and Core Scientific (NASDAQ: CORZ) led price increases among major bitcoin miners, with each closing today up 27%, 8.8%, 7.5%, 5.3%, and 5.2% respectively. Zooming out to the we ...

AI Investment & Market Dynamics - The AI investment frenzy raises the question of whether it's AGI (Artificial General Intelligence) or market collapse [1] - OpenAI's potential $1 trillion infrastructure investment could significantly impact the global economy [1] - The podcast delves into the potential consequences of wagering the global economy on one company's success in AI [1] AGI & Technological Aspects - Discussion on the definition of AGI and factors making it less likely [1] - Examination of the disconnect between AI research and investment [1] - Consideration of Sora and copyright issues [1] Economic Impact & Financial Aspects - Analysis of the economic impact of AI investment [1] - Discussion on AI's contribution to US GDP growth [1] - Exploration of the economic consequences of AI's potential failure [1] Company Specifics - Details on OpenAI's massive computing deals and economics [1] - Information on the OpenAI and AMD deal [1] - Speculation on the future of AI companies' valuation [1]

If you were to look back one year ago at this point in time, you would have seen maybe about, you know, 20% of CEOs speaking about AI investment, it was more of an if. And one year later, just one year later, it's not an if, but it is a when. CEOs are starting to see the AI come through. They're starting to see agents and what the impact on their businesses can be.Efficiencies are clear but now there is also this this impact on how and what uh companies are delivering in the market that will also be impacte ...

Core Insights - Economic policy uncertainty and tariff-related challenges are significantly impacting the manufacturing sector, leading to a contraction for the seventh consecutive month as indicated by the Institute for Supply Management's Purchasing Managers' Index [3] - Manufacturing executives are actively focusing on enhancing supply chain resilience through various strategies, including renegotiating supplier agreements and considering reshoring production [4][5] - A recent KPMG survey reveals that 63% of manufacturing CEOs identify supply chain challenges as a barrier to innovation, while 68% prioritize AI investments, with 69% planning to allocate up to 20% of their budget to AI in the coming year [8] Group 1 - Economic policy uncertainty is creating a challenging environment for manufacturers, with tariff uncertainty weakening demand [3] - The manufacturing sector has contracted for seven months, reflecting the negative impact of tariffs on exports and orders [3] - Executives are prioritizing supply chain resilience, employing strategies such as dynamic pricing and financial hedging [4][5] Group 2 - Some manufacturers are investing significantly in reshoring, with General Motors planning to spend over $10 billion in the next two years [5] - Restructuring supply chains is less common than financial engineering due to the time and costs involved [6] - The unpredictability of tariffs complicates long-term supply chain changes, as noted by industry experts [7] Group 3 - A KPMG survey indicates that 63% of manufacturing CEOs see supply chain disruptions as a hindrance to innovation [8] - Despite these challenges, 68% of CEOs are prioritizing AI investments [8] - 69% of surveyed CEOs plan to allocate up to 20% of their budget to AI initiatives over the next year [8]

Core Viewpoint - The emergence of post-2000 investors is reshaping the venture capital landscape, as they bring unique perspectives and a deep understanding of the entrepreneurial spirit of their generation, particularly in the context of the AI investment era [5][28]. Group 1: Characteristics of Post-2000 Investors - Post-2000 investors are characterized by their ability to relate to and understand the needs of post-2000 entrepreneurs, marking a significant shift in the investment landscape [5][18]. - They are often seen as "AI Native," having grown up in a digital environment that allows them to leverage technology in their investment strategies [20][28]. - This generation of investors is noted for their fresh perspectives and reduced biases, which can lead to innovative investment approaches [20][26]. Group 2: Motivations for Entering Venture Capital - Many post-2000 investors are driven by a desire to participate in transformative projects and to learn from the entrepreneurial process [7][8]. - The appeal of venture capital lies in its dynamic nature, providing continuous learning opportunities and the chance to engage with groundbreaking technologies [8][14]. Group 3: Investment Strategies and Methodologies - Post-2000 investors emphasize the importance of understanding people, business models, and technology in their investment decisions [15][26]. - They recognize the need for adaptability in the rapidly changing landscape, particularly in the AI sector, where the ability to pivot is crucial for success [16][19]. - Their investment strategies tend to be cautious, often reflecting the influence of their mentors rather than aggressive or radical approaches [17][20]. Group 4: Perspectives on Post-2000 Entrepreneurs - Post-2000 entrepreneurs are viewed as bold and innovative, often emerging ahead of market expectations, which presents unique investment opportunities [18][19]. - The current venture capital environment is seen as underestimating the potential of these young entrepreneurs, who possess both the courage and capability to navigate complex challenges [18][19]. Group 5: Future Aspirations and Industry Outlook - Post-2000 investors express a desire to grow within the venture capital space before potentially transitioning to entrepreneurial roles in the future [27]. - The current investment climate is perceived as promising, with expectations of significant developments driven by AI and other emerging technologies [28][29].

Core Insights - The essence of leadership is making decisive choices in difficult situations, as hesitation can lead to worse outcomes [3][14][22] - Successful leadership involves making unpopular decisions that create value, rather than conforming to group consensus [7][22] - The journey of entrepreneurship is filled with struggles and pain, which are essential for growth and success [12][33] Leadership and Decision-Making - Leaders must develop the mental strength to make choices in the face of adversity, often opting for the "less bad" option [4][14] - The biggest mistake a CEO can make is to hesitate, especially when both options seem unfavorable [13][14] - Effective leadership is about influencing those who do not report directly to the leader, emphasizing the importance of indirect impact [7][22] Entrepreneurship and Founder Psychology - A non-rational desire to create something meaningful is essential for entrepreneurship; pursuing money alone is insufficient [23][24] - Founders must possess a vision that transcends financial gain, focusing on making a significant impact [24] - The ability to confront fears and make tough decisions is crucial for a CEO's success [13][16] Building Effective Teams - A CEO's role is to assemble a world-class team rather than trying to develop every individual into a top performer [28][29] - The transition from a technical role to a CEO requires a shift in mindset, focusing on high-level decision-making rather than micromanagement [28][29] - Leaders should prioritize finding individuals who can elevate the company rather than attempting to improve underperformers [28][29] Investment and Market Insights - The common wisdom of quickly building a senior management team to achieve product-market fit can lead to chaos if not managed carefully [39][40] - Experienced hires can accelerate business growth, contradicting the notion that startups should avoid seasoned professionals [40] - The perception of a bubble in the AI sector may not reflect reality; often, when everyone believes there is a bubble, it is not the case [50][51][52]

Company Overview - Marvell is a $50 billion technology company that experienced a nearly 20% decline in stock price following its earnings call, indicating investor dissatisfaction with the information presented [2]. Investment Strategy - The Value Portfolio focuses on constructing retirement portfolios through a fact-based research strategy, which includes thorough analysis of 10Ks, analyst commentary, market reports, and investor presentations [2]. - The company invests real money in the stocks it recommends, emphasizing a commitment to its investment strategy [2]. Market Position - Despite the post-earnings decline, Marvell is viewed as well-positioned in the market, suggesting potential for recovery or growth in the future [2].

Report Summary 1. Report Industry Investment Rating No information provided regarding the industry investment rating. 2. Core Viewpoints - The report analyzes the daily fixed - income market, including bond price changes, new issues, and macro - economic news. It also provides in - depth analysis of specific companies such as CNMDHL and Meituan [2][3][6]. - For CNMDHL, it is considered a yield pick - up play over CHMEDA, taking into account its relationship with Mengniu and trading liquidity [7]. - Regarding Meituan, although facing near - term profitability pressure due to intensified competition, its overall credit profile remains robust, and the analyst maintains a buy rating on some of its bonds [9]. 3. Summary by Relevant Catalogs Trading Desk Comments - Yesterday, the new HOKKEL 30 tightened 3 - 4bps, while other IG new issues like OCBCSP 4.55 35s/BOCAVI 31/JERA 4.544 30 widened 1 - 2bps or were unchanged. MEITUAs widened 3 - 5bps due to EBITDA decline in 1H25, and other Chinese TMT names had minor changes. Some bonds like LIFUNG 5 ¼ PERP rose due to positive EBITDA news, while VNKRLE 27 - 29s lowered [2]. - This morning, the new CNH GUAMET 2.15 28 was 0.3pt lower, the new HOKKEL 30 tightened 1bp, and some IG new issues were unchanged. JP long - end insurance bonds and HYSAN 7.2 Perp rose [3]. Macro News Recap - On Thursday, S&P (+0.32%), Dow (+0.16%), and Nasdaq (+0.53%) were higher. US 2Q25 GDP was +3.3% qoq, higher than the market expectation of +3.0%. The latest initial jobless claims were +229k, lower than the market expectation of +231k. 2yr UST yield was higher while 10/30yr UST yield was lower [6]. Desk Analyst Comments - **CNMDHL**: CNMDHL 4 ⅞ 07/10/30 is trading at a YTM of 4.9% and 61bps over CHMEDA 2 ½ 06/17/30. It has lagged the recent rally in the 5 - year Asia USD bucket by 20 - 30bps. It is considered a yield pick - up play over CHMEDA [7]. - **MEITUA**: Competition in the mainland China food delivery market is heating up, and margin squeeze will continue in 3Q25. Despite the weak operating performance, Meituan's credit story remains solid with a net cash position of RMB120.0bn. The analyst maintains a buy on MEITUA 3.05 10/28/30 and MEITUA 0 04/27/28 (CB) [9]. Offshore Asia New Issues - There were no offshore Asia new issues priced or in the pipeline today [21][22]. News and Market Color - Yesterday, 91 credit bonds were issued onshore with an amount of RMB65bn. Month - to - date, 2,140 credit bonds were issued with a total amount of RMB1,805bn, representing an 8% yoy decrease [23]. Company - Specific News - ACEN decided to inject USD76mn into subsidiaries and a solar project and spend PHP34.5bn (cUSD602.6mn) to develop Quezon wind park [28]. - GLP secures up to USD1.5bn investment from ADIA to accelerate growth [28]. - Li & Fung 1H25 EBITDA rises 4% yoy to USD75mn [28]. - Mongolian Mining 1H25 adjusted EBITDA falls 65.2% yoy to USD94.1mn [28]. - Orix to issue unsecured five - year bonds for JPY20bn (cUSD135mn) [28]. - Shui On Land 1H25 profit before tax down 95.4% yoy to RMB13mn (cUSD1.8mn) [28]. - SJM Holdings 1H25 adjusted EBITDA drops 5% yoy to HKD1.7bn (cUSD212mn) and plans to buy part of Hotel Lisboa for HKD529m (cUSD68mn) [28]. - SK Telecom was slapped with a KRW134.8bn (cUSD97mn) penalty following a personal data breach [28]. - Fitch downgraded China Vanke and Vanke Hong Kong to CCC - from CCC +, reflecting further weakening in liquidity [28]. - Yuzhou Group offshore debt revamp to become effective on 29 Aug'25 [28].

Financial Data and Key Metrics Changes - Revenue increased by 7% year-over-year to $205 million and adjusted EBITDA doubled to $11 million from the second quarter last year [6][15] - On a sequential basis, revenue grew by 9% and adjusted EBITDA increased by 34% [6] - GAAP net income for the second quarter was $800,000, or $0.02 per share, while adjusted net income was $2.7 million, or $0.07 per share [16] - Adjusted EBITDA margins improved by 240 basis points to 5.3% [17] - The company ended the quarter with approximately $31 million of net debt [18] Business Line Data and Key Metrics Changes - Marine segment revenues increased by 3% year-over-year and 6% sequentially to $135 million, with adjusted EBITDA growing to $12.7 million, reflecting a 9.4% margin [18] - Concrete segment revenues increased by 14% year-over-year and sequentially to $70 million, but adjusted EBITDA showed a loss of $1.7 million compared to a profit of $4 million in 2024 [19] Market Data and Key Metrics Changes - The opportunity pipeline grew from $16 billion to $18 billion, driven by diverse growth factors and multiple sources of public and private funding [6][11] - The backlog reported was almost $750 million, up modestly for 2025, with approximately $111 million in new awards and change orders added in the quarter [18] Company Strategy and Development Direction - The company remains focused on business development strategies prioritizing mission-critical projects with good margins for high-quality clients [7] - Recent political developments, including the One Big Beautiful Bill Act, are expected to positively impact marine and concrete businesses, with significant appropriations for shore-side infrastructure [13] - The company has opened a new office in Phoenix to capitalize on data center investments and commercial growth in Arizona [11] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the growth opportunities driven by infrastructure modernization, AI investment, defense, and energy security [15] - There is optimism regarding the recovery of lost revenue in the concrete business due to improved weather conditions in the second half of the year [54] - Management noted that private sector clients are currently hesitant due to economic uncertainties, which may affect project awards [24][25] Other Important Information - The company has undergone a transformation phase, with a new CFO bringing financial discipline and strategic insight [5] - The consolidation of offices into a new headquarters is expected to foster stronger collaboration and a unified culture [20] Q&A Session Summary Question: Key drivers of the pipeline growth to $18 billion - Management noted that the growth was partly due to a lighter quarter for bookings and some private sector clients delaying project awards due to economic uncertainties [24][25] Question: Insights on the Concrete segment and data center opportunities - Management indicated that while competition has increased, they remain confident in their partnerships and ability to secure data center projects [28] Question: Free cash flow expectations for the second half - Management expects improvements in cash flow and working capital, with positive indications from collections in July [30][31] Question: Visibility on large project pursuits - Management confirmed that some decisions on large projects have been delayed but expect updates in the coming months [35][36] Question: Impact of new tax reform on customer decision-making - Management believes that increased certainty from the tax reform will encourage customers to make capital investments [39] Question: Competitive positioning in the Concrete segment - Management emphasized strong relationships with general contractors and a proven track record in data center projects as key competitive advantages [40][41]

Group 1 - ASML reported Q2 2025 earnings, and the stock's reaction was negative, consistent with trends observed in previous quarters [1] - The company is a significant holding in the portfolio of the analyst, indicating its importance in investment strategies [1] Group 2 - The focus of the analyst is on high-quality businesses in the U.S. and Europe, emphasizing strong growth potential and solid fundamentals [2] - Key investment criteria include industry-leading profitability, low leverage, and growth opportunities, which are essential for long-term holding [2]