Core Viewpoint - Strategy's newly issued preferred stock STRD has shown strong market performance, but its high yield of 11.1% raises concerns about associated risks and returns [1][2]. Group 1: Stock Issuance Details - STRD is a perpetual preferred stock with a 10% coupon rate, issued at $85 (face value $100), and traded at $90, resulting in a current yield of 11.1% [1]. - The initial plan was to sell 2.5 million shares, but due to high investor demand, the offering was expanded to approximately 11.8 million shares [1]. - Company executives, including CEO Phong Le and CFO Andrew Kang, participated in the purchase of shares, indicating management's confidence in the product [1]. Group 2: Financial Context - Strategy has raised approximately $3 billion through preferred stock issuances this year, primarily to increase its Bitcoin holdings [1]. - The company currently holds about 582,000 Bitcoins, representing approximately 3% of the global circulating supply, valued at around $64 billion based on a current price of $110,000 per Bitcoin [1]. Group 3: Risk Considerations - Michael Saylor, the company's executive chairman and major shareholder, describes STRD as a "high-yield" product, while earlier issued preferred stocks STRK and STRF have lower yields and are considered safer [2]. - The prospectus states that dividends on STRD are "non-mandatory" and "non-cumulative," allowing the company to suspend payments without legal repercussions, raising market concerns [2]. - Strategy's annual obligation for preferred stock dividends is approximately $300 million, while its traditional software business generates about $500 million in revenue with minimal free cash flow [2]. Group 4: Supporters' Perspective - Supporters view these preferred stocks as "Bitcoin-backed asset securitization products," with the company's $64 billion Bitcoin value providing substantial backing [3]. - Despite total debt and preferred stock amounting to about $11 billion, the company's "asset coverage ratio" remains high at 6 times [3].

Group 1 - The major U.S. stock indices opened higher, with the Dow Jones up 0.05%, Nasdaq up 0.23%, and S&P 500 up 0.13% [1] - Warner Bros. Discovery saw a significant increase of over 8% as the company announced plans to split into two media companies [1] - Bitcoin reached a price of $107,000, leading to a rise in related stocks, with Circle increasing by over 23% and Strategy up by over 1% [1]

当一家公司的市销率（市值/预期销售额）达到70倍时，历史表明只有两种可能：要么是下一个改变世界的科技巨头，要么是即将破灭的泡沫。美国大 数据分析公司Palantir目前正站在这个危险的十字路口上。 研究机构Trivariate Research的最新报告揭示了一个令人震惊的事实：Palantir已成为美国历史上估值最高的大盘股之一。这家由前对冲基金经理、摩根士 丹利前首席美股策略师Adam Parker创立的机构很少关注个股，但当他们出手时，数据总是令人印象深刻。 Palantir目前3140亿美元的市值使其跻身标普500指数前30大成分股，夹在可口可乐和美国银行之间。其市盈率已经足够疯狂——静态市盈率达565倍， 动态市盈率为228倍。 $$\mathbb{H}{\stackrel{\pm\pm}{=}}{\underset{\mathbb{H}\mathbb{R}}{\overline{{\mathbb{H}}}}}\mathbb{X}$$ 79.9倍的市销率更加疯狂。根据Trivariate对2000家成熟美国非金融股票的筛选数据，该数据库可追溯至本世纪初，只有6家美国公司的市销率曾经超过 Palant ...

巴基斯坦的行为造成居民区大量停电，民众晚上只能点蜡烛来维持照明，多个工业区的大型机械设备停 止了运作。巴基斯坦拆东墙，补西墙，用大量电力来挖矿，希望能够获得巨大的经济利益。如此孤注一 掷的赌博行为存在极大的隐患，且不说引起民怨和工业区生产的直接经济损失，将所有的希望押在挖矿 上，一旦出现技术原因或者自然原因造成设备损坏，挖矿被迫中止，经济来源会被直接掐断，国内将会 出现经济混乱，甚至崩溃的结果。 而挖矿带来的利益是否能弥补之前的损失也尚未可知，毕竟谁也没法预测矿物及其附属产物的升值和贬 值。这是一场豪赌，要么填补上经济漏洞，要么一亏到底，血本无归。而国外的资本也时刻关注挖矿的 实际经济收益，一旦出现了异常状况，极有可能撤资，搬走，挖矿工程就会破产，到时候挖矿作业就是 烂尾楼，亏钱的买卖。 5月25日，巴基斯坦在全国范围内支持比特币挖矿和人工智能数据中心建设，已分配2000兆瓦电力用于 挖矿，同时增加高科技就业岗位。此外，巴基斯坦财政部还宣称，萨希瓦尔，中国枢纽和卡姆西港部分 发电项目也将被改用投入挖矿计划。 巴基斯坦近年来发展主要依靠农业，农业占据了经济部分的大头，但农业带来的收益有限。工业依靠棉 纺织业，但 ...

Core Viewpoint - BitEngine Mining Tech has completed a strategic investment in Russian Power Company, enhancing its global Bitcoin mining energy supply chain and establishing a partnership with a leading electricity supplier in Russia [1][2]. Group 1: Strategic Investment and Partnership - The investment signifies BitEngine's commitment to optimizing energy costs and enhancing operational efficiency in the Bitcoin mining sector [1][2]. - The partnership aims to leverage Russian Power Company's expertise in energy management to explore sustainable energy solutions and reduce the carbon footprint of the industry [2]. Group 2: Business Objectives and Future Plans - BitEngine aims to become a leader in the global Bitcoin mining industry, with this investment being a significant step towards that goal [3]. - The company plans to continue strategic investments and technological innovations to build a more efficient and sustainable Bitcoin mining ecosystem [3].

大家好！今天我们聊点严肃又不那么严肃的话题——美国的债券市场，最近它，发疯了！ 拍完债，大家一看利率，吓出一身汗：30年期美债收益率冲上5.1%，眼看就要破20年来的天花板；10年期也涨到4.595%。 这是什么概念？就是你借钱越来越贵，国家借钱更贵，连呼吸都感觉带利息。 你知道一个市场快疯了是什么样子吗？就像你妈妈看见你银行卡余额剩两块五，还坚持每天点外卖的时候那种抓狂！ 最近有人说"债市义警出动了！"我一听，我还以为是哪部新出的超级英雄片，什么《债券侠大战赤字怪》……结果一看，不是电影，是现实，还是特朗普 的减税计划让债市警觉了！ 特朗普一说"咱们来点减税刺激下经济！" 债市就不乐意了："大哥，您都已经负债累累了，还减？是想靠信用卡过一辈子吗？" 20年期美债这周拍卖，那叫一个"冷场"，根本没人来，利率一下飙破5%，简直是五年来最冷的拍卖会。你以为拍个债券是拍LV？那可是美国的"还债承 诺"啊，结果投资者集体摆烂："不约，不约，咱害怕！" 我听完只想回他一句："你这不是说废话嘛。" 你想啊，现在的美债市场像不像一个脾气暴躁的中年人？本来就压力山大，天天担心房贷、子女教育、医保。结果领导还跟你说："我们要搞 ...

智通财经APP获悉，嘉楠科技(CAN.US)周三美股盘前公布截至 2025 年 3 月 31 日的三个月的未经审计 财务业绩。财报显示，嘉楠科技一季度营收 8280 万美元，同比增长 135.9%，超出市场预期；每股亏损 1.79 美元，上年同期每股亏损为1.06美元。 售出的总计算能力为每秒 550 万太赫兹 (TH/s)，同比增长 62.6%。 毛利为 60 万美元，而 2024 年同期的毛亏损为 3730 万美元。 截至 2025 年 3 月 31 日，公司现金为 9680 万美元，而截至 2024 年 12 月 31 日为 9650 万美元。 业绩指引 鉴于近期美国政府新实施的关税措施，给比特币挖矿行业带来了巨大的不确定性，并影响了该地区挖矿 企业的运营计划，公司管理层决定撤回此前发布的2025年全年收入指引。 对于 2025 年第二季度，嘉楠科技目前预计总收入约为 1 亿美元。 挖矿收入为 2430 万美元，同比增长 131.9%，共挖出 259 个比特币，平均每个比特币收入 93,466 美 元。而2024年第四季度为1530万美元，2024年同期为1050万美元。环比和同比增长主要归因于挖矿算力 ...

索罗斯一季度清仓台积电等科技股 看好AI与新兴科技基础设施 金十数据5月16日讯，索罗斯基金一季大幅调整持仓，押注AI、太空通讯与比特币挖矿产业，同时撤出 多档科技权值股。 13F报告显示，索罗斯基金一季度增持英伟达、太空卫星通讯公司AST SpaceMobile、摩根大通与比特币矿商 Cipher Mining。同时，该基金清仓超微电脑、阿里巴巴和台积 电并大幅减持谷歌和京东的持股比例。值得关注的是，另一位索罗斯战友、知名宏观投资人朱肯米勒掌 管的Duquesne Family Office则反向操作，选择在同一季加码台积电。 市场分析认为，索罗斯基金本季 操作显示其对AI与新兴科技基础建设的长线看好，同时审慎调整对高基期科技股的曝险比例，反映宏 观投资人在产业轮动阶段的策略性资产重组。 ...

Core Viewpoint - Soros Fund Management's latest 13F report reveals a significant shift in its investment strategy for Q1 2024, characterized by increased holdings in large-cap indices, utilities, and financial sectors, while substantially reducing exposure to technology and Chinese stocks, indicating a cautious outlook on the economic landscape [1][3]. Defensive Reallocation: Betting on Large-Cap Indices and Stable Income Assets - By the end of Q1, Soros Fund's top three new holdings were in defensive sectors, investing $96 million in American Electric Power (AEP), $93.6 million in Entergy Corp, and $56.66 million in JPMorgan Chase. The fund also significantly increased its position in the S&P 500 ETF while completely selling off the Russell 2000 small-cap ETF, highlighting a clear strategy of "selling small caps, buying large caps" [3]. - Analysts suggest that in the context of high interest rates and slowing economic growth, the utility sector's stable cash flow and strong anti-cyclical nature, along with large-cap stocks' better risk resilience compared to small-cap firms, reflect the fund's anticipation of increased market volatility [3]. Major Sell-Off: Technology Giants and Chinese Stocks Hit Hard - The fund completely exited 78 stocks and reduced holdings in 45 others, with technology and Chinese stocks being the hardest hit. Notable exits included Alibaba, TSMC, and Boeing, while Alphabet saw a 62.64% reduction and JD.com experienced a drastic 93.6% cut [4]. - The significant reduction in previously held semiconductor equipment firms and cloud computing companies is interpreted as a response to concerns over high valuations in the tech sector and a reassessment of exposure to Chinese stocks amid geopolitical risks [4]. Structural Increase: Betting on E-commerce Leaders and Energy Transition - Despite the sell-off, the fund increased its stake in Amazon by 30%, boosted FedEx holdings by 270%, and nearly 9-folded its position in First Solar. Even UnitedHealth Group, under investigation for insurance fraud, saw its holdings double to $1.12 billion [5]. - These moves align with the investment logic under the expectation of an "economic soft landing," where e-commerce logistics benefit from consumer resilience, renewable energy aligns with policy directions, and the healthcare sector maintains essential demand [5]. Institutional Interpretation: Preparing for Market Turbulence - Multiple Wall Street institutions interpret the fund's reallocation strategy as reflecting three strategic intentions: building a safety net through S&P 500 ETFs and utility stocks to hedge against potential recession risks, narrowing focus in the tech sector to prioritize artificial intelligence and other certain areas, and reducing exposure to emerging markets, particularly in geopolitically sensitive regions [6][7]. - Morgan Stanley strategists noted that the shift from aggressive growth to value defense indicates institutional investors are gearing up for a potentially prolonged high-interest rate environment and market volatility [7].

Group 1 - Billionaire investor Soros Fund Management has heavily invested in satellite manufacturer AST SpaceMobile Inc. and Nvidia, while selling shares in rapidly growing AMD and other large tech companies [1] - The fund has also disclosed new investments in JPMorgan and Bitcoin miner Cipher Mining Inc. [1]