>> Yeah. I mean, when you get into size of the magnitude >> WELCOME BACK TO SQUAWK BOX OFFICIAL MLB TEAM. VALUATIONS ARE OUT THIS MORNING.AND THE BUSINESS OF BASEBALL HAS NEVER BEEN BIGGER. THE AVERAGE MLB TEAM NOW WORTH NEARLY $3 BILLION. THAT'S UP 13% FROM A YEAR AGO.NEW YORK YANKEES ARE ONCE AGAIN ON TOP, VALUED AT A STAGGERING $9 BILLION. ROUNDING OUT THE TOP FIVE, THE LA DODGERS, CHICAGO CUBS, BOSTON RED SOX AND SAN FRANCISCO GIANTS. PERHAPS THAT'S TO BE EXPECTED, BUT MAYBE NOT THE PRICES THEMSELVES.HE ...

ONDO manages $10b+ in tokenized treasuries. annual revenue $15-35m at 0.15-0.35% fees. token captures zero of it. no buybacks, no fee switch, no staking. you're paying $12b FDV for governance rights over a protocol that doesn't share revenue. the protocol is winning, the token isn't. solana holds 19% of all tokenized stock value. the alpha is infrastructure not the direct RWA token play. ...

lighter holding $920m usdc with circle revenue-sharing on treasury yields. first disclosed deal where a perp dex earns passive income from stablecoin issuer reserves. 4-5% treasury yields with 30-50% share means $11-23m annual revenue before a single trade. hyperliquid holds $4b usdc with no disclosed arrangement. zero-fee model funded by stablecoin distribution partnership. this changes perp dex economics permanently. ...

uniswap processes $80b monthly volume and uni token captures exactly zero dollars. unification vote launches onchain before december 31, burns 150m tokens in one transaction ($925m at current price), activates fee switch. market pricing 20% execution odds at $6.17. a16z holds 64m tokens and needs this to pass. every competitor from aave to hyperliquid already shares revenue. the largest dex bleeding market share with no token value accrual ends in 9 days or never. ...

RT THE HUNTER ✴️ (@TrueGemHunter)The future of NFT's is now @spaace_io trade smart hold, share 100 revenue 🔥 ...

Revenue sharing is at the center of negotiations between the WNBA and its players’ union. On today’s Big Take podcast @SarahSpain , @JennahHaque and Seattle Storm Guard Lexie Brown break down the state of play and the stakes for current and future players https://t.co/e1vy03yNRW https://t.co/pytuDVNv0W ...

Revenue sharing is at the center of negotiations between the WNBA and its players’ union. On today’s Big Take podcast @SarahSpain, @JennahHaque and Seattle Storm Guard Lexie Brown break down the state of play and the stakes for current and future players. https://t.co/mZ9BI3nJZ4 ...

MLB Salary Cap Debate - MLB is the only major American sport without a salary cap, unlike the NHL, NBA, and NFL [2] - The collective bargaining agreement will be up at the end of next year, and the implementation of a salary cap will be a major discussion [1][6] - The Dodgers, with a payroll of approximately $350 million, and the Mets are examples of why the league might consider a salary cap [1][2] Team Spending and Competitive Balance - The Dodgers are the defending World Series champions and have the second-largest team payroll in the league [1][3] - The Toronto Blue Jays, the Dodgers' opponent in the World Series, have the fifth-largest team spend, which may surprise some fans [4] - The high spending of both teams in the World Series provides an argument for a salary cap to promote competitive balance [4] - Some argue that the competitive balance issue stems from bottom teams not spending enough, suggesting a salary floor instead of a cap [5] Profitability and Revenue Sharing - The Blue Jays and the Dodgers put most of their money back into their team and don't have high profits [7] - Due to MLB revenue sharing, the bottom eight teams from a valuation standpoint made more money in EBITDA than the Dodgers or Blue Jays last season [8]

Summary of Key Points from the Conference Call Industry Overview - The focus is on the **AI ecosystem**, which is becoming increasingly circular with suppliers funding customers and sharing revenue, leading to cross-ownership and rising concentration [1][3][7]. Core Insights - **Investor Attention**: There is growing investor interest in the interconnected relationships among AI players, particularly regarding Remaining Performance Obligations (RPO) and the need for more transparency [3][11]. - **Circularity Dynamics**: OpenAI (OAI) is highlighted as a key player, with its relationships affecting other companies like ORCL and CRWV. The complexity of transactions complicates the evaluation of AI demand and success [4][7][26]. - **RPO Concentration**: OpenAI accounts for approximately **2/3 of RPO at ORCL** and **40% at CRWV**, indicating a high dependency on OpenAI's success for these companies [7][31]. - **Funding and Revenue Streams**: The report discusses the funding sources for hyperscalers, with purchase commitments reaching **$330 billion** and lease commitments at **$340 billion** as of 2Q25 [7][37]. Financial Commitments and Risks - **Increased Commitments**: Hyperscalers are locking in multi-year capacity through take-or-pay contracts, which could lead to financial strain if AI demand does not meet expectations [38]. - **Capex Trends**: Capex-to-sales ratios for hyperscalers are near historic highs, indicating significant investment in AI infrastructure [12][37]. - **Vendor Financing**: There is a rise in vendor financing arrangements, which may enhance customer purchasing power but also increase risks if demand does not materialize [18][44]. Need for Enhanced Disclosure - **Transparency Issues**: The report emphasizes the need for better disclosures regarding customer concentration, vendor financing, and revenue-sharing agreements to help investors assess risks and rewards [11][44]. - **Materiality of Disclosures**: The lack of adequate disclosure is seen as a significant issue, as AI is a key driver of valuation for many companies involved [44][45]. Potential Opportunities - **AI Revenue Projections**: Morgan Stanley projects that AI could drive a **$1.1 trillion revenue opportunity by 2028**, with significant contributions from both enterprise and consumer sectors [52]. - **Investment in AI Infrastructure**: Companies like NVDA and MSFT are making substantial investments in AI infrastructure, with NVDA planning to invest **$100 billion** in OpenAI [22][51]. Conclusion - The AI ecosystem is characterized by complex interrelationships and significant financial commitments, with a pressing need for transparency to mitigate risks associated with high customer concentration and innovative financing structures. The potential for substantial revenue growth in AI presents both opportunities and challenges for investors and companies alike [1][3][11][52].

Financial Performance - Optimism Collective earned $83 million in Superchain revenue share in H1'25 [1] - The Optimism Superchain generated 3,305 ETH for the Optimism Collective in the first half of 2025 [1] Governance Model - Optimism Collective employs a two-pronged system governing @Optimism via the Token House and Citizens House [1]