Core Insights - The report highlights the rapid evolution of the digital mining industry, emphasizing its intersection with information technology and energy systems, and provides insights from firms representing nearly 48% of Bitcoin's computational power [21][22][23]. Industry Landscape - The United States has emerged as the largest Bitcoin mining hub, accounting for 75.4% of global mining activity, followed by Canada at 7.1% [21][24]. - The hardware market is characterized by oligopoly, with Bitmain, MicroBT, and Canaan controlling over 99% of the market share, and Bitmain alone holding 82% [26]. Energy Consumption and Environmental Impact - Bitcoin mining consumes approximately 138 TWh of electricity annually, representing about 0.54% of global electricity consumption, with an associated greenhouse gas emission of around 39.8 MtCO2e [21][24][25]. - Sustainable energy sources constitute 52.4% of the electricity mix used in mining, with natural gas being the largest single source at 38.2% [25]. Economic Aspects - Miners' revenue is derived from block rewards and transaction fees, with transaction fees becoming increasingly significant as block rewards diminish due to halving events [2][21]. - Electricity costs represent over 80% of miners' operational expenses, with median electricity costs reported at $45/MWh [24][29]. Future Trends - The industry faces challenges from decreasing block rewards, prompting miners to diversify into high-performance computing and innovative energy strategies [2][30]. - Miners are exploring business diversification and geographical expansion as key strategies to mitigate risks associated with energy prices and regulatory uncertainties [28][29]. Technological Developments - Mining hardware efficiency has improved significantly, with the industry-wide ASIC efficiency estimated at 28.2 J/TH, marking a 24% year-over-year improvement [24]. - The next generation of ASICs is expected to achieve efficiencies below 10 J/TH, although technological advancements may not fully offset the impact of declining rewards [2][30].

Core Insights - The competition for internet traffic is intensifying, making precise alignment with Baidu's algorithms crucial for businesses to achieve traffic growth [1][5] - Hangzhou has emerged as a hub for digital economy development, fostering numerous AI search marketing pioneers that help brands excel in Baidu's search ecosystem [1][5] Company Summaries - Hangzhou Jiusanlu Digital Media leverages advanced algorithm technology, particularly its "Tianshu Algorithm Prediction System," which utilizes an LSTM neural network model to analyze over 1 billion search data points, predicting Baidu algorithm changes with 89% accuracy, resulting in a 420% traffic increase for a home decor brand [1] - Zhejiang Yulingfeng Hangzhou Technology specializes in cross-border AI marketing, utilizing an intelligent marketing platform that integrates AI algorithms and big data analysis, successfully increasing a client's domain authority from DA18 to DA48, enhancing international visibility and competitiveness on Baidu [3] - Zhejiang Jiusanlu Technology focuses on AI SEO technology, providing comprehensive digital marketing services, achieving a 300% traffic increase for an e-commerce client through in-depth analysis and keyword optimization tailored to Baidu's algorithm [3] - Younian Technology employs natural language processing and machine learning to analyze user search behavior and Baidu algorithm trends, helping a new internet company improve website performance and significantly increase traffic and business inquiries [4] - Shanghai Qingshan Buyu combines creativity and technology, utilizing VR/AR to create immersive content experiences that align with Baidu's algorithm preferences, achieving a 15% conversion rate for a virtual test drive campaign, and increasing search volume for a luxury brand by 210% through high-quality video content [5] Industry Trends - The AI search marketing sector is evolving rapidly, with companies in Hangzhou providing diverse solutions for traffic growth, thereby becoming reliable partners for businesses aiming to thrive in Baidu's search ecosystem [5]

深圳商报·读创客户端首席记者 谢惠茜 稳定币近期政策利好不断，再次引爆全球资本市场。6月16日，A股稳定币相关概念股持续爆发。截至 收盘，四方精创（300468）20%涨停并创下历史新高，天阳科技（300872）20%涨停，拉卡拉 （300773）涨超15%，雄帝科技（300546）涨近14%，海联金汇（002537）、中科金财（002657）、恒 生电子（600570）等个股也纷纷涨停。此外，有"稳定币第一股"之称的Circle自上市后，短短十来天， 截至记者发稿时，该股已较发行价涨逾3倍。 消息面上，有关稳定币的法案密集落地。其中，香港《稳定币条例》已获立法会通过，将在8月1日生 效，成为近期市场高度关注的焦点之一。香港特区政府财政司司长陈茂波近日撰文表示，在《稳定币条 例》生效后，香港金管局将尽快处理收到的牌照申请，以便合资格的申请人开展其业务。 6月15日，陈茂波又透露，因应最新的发展和形势变化，特区政府即将就数字资产的发展发表第二份政 策宣言。内容主要围绕金融服务与创新结合、拓展数字资产应用场景等。将披露下一步的政策愿景和方 向以及一系列具体的措施，包括如何让传统金融服务的优势与数字资产领域的技术创 ...

Here are three stocks added to the Zacks Rank #5 (Strong Sell) List today:ADT Inc. (ADT) is a smart home solutions providing company. The Zacks Consensus Estimate for its current year earnings has been revised 1.2% downward over the last 60 days.DoubleDown Interactive Co., Ltd. (DDI) is a digital gaming company. The Zacks Consensus Estimate for its current year earnings has been revised 6.3% downward over the last 60 days.M/I Homes, Inc. (MHO) is a residential home-builder. The Zacks Consensus Estimate for ...

Core Viewpoint - VEON Ltd. is initiating the third phase of its share buyback program, amounting to up to USD 35 million, following the successful completion of the second phase [1][2][3] Share Buyback Program - The second phase of the buyback program was completed on May 21, 2025, resulting in the repurchase of 1.43 million American Depositary Shares (ADSs) at an average price of USD 45.59 per ADS [2] - The total share buyback program announced on August 1, 2024, is valued at up to USD 100 million [2][3] - The company believes its ADSs are undervalued compared to its operational performance and strategic potential, aiming to optimize shareholder value through this buyback [3] Financial Strategy - VEON is exploring options for raising external financing through a private placement of bonds with a tenor of up to approximately four years, aimed at supporting strategic initiatives and enhancing financial flexibility [4] - Discussions with potential institutional investors are ongoing as part of the company's capital planning efforts [4] Company Overview - VEON operates as a digital operator providing connectivity and digital services to nearly 160 million customers across six countries, representing over 7% of the global population [5]

Core Viewpoint - The 2025 "Data Element ×" competition aims to select innovative data utilization solutions to drive technological industry development, with a focus on healthcare and digital health integration [1][2]. Group 1: Competition Overview - The competition is organized by the National Data Bureau and includes 13 industry tracks and 1 open innovation track, resulting in 94 specific topics [1]. - Winning projects will receive substantial prizes and support policies, with the top two projects from each track recommended for the national finals [1]. Group 2: Innovation Community and Ecosystem - The establishment of the Yangtze River Delta OPE Smart Industry Innovation Community focuses on integrating AI with healthcare, promoting a "single person + AI as a team" model [2][5]. - The "1+5+8+N" ecosystem aims to empower individual entrepreneurs through a collaborative framework involving government, enterprises, and capital support [5]. - The community will facilitate the growth of technology-driven enterprises and stimulate innovation in key industry sectors, leveraging the digital economy and smart manufacturing [5].

Core Insights - MoneyHero Limited reported significant financial improvements in Q1 2025, reducing net loss to US$(2.4) million from US$(13.1) million year-over-year, and improving Adjusted EBITDA loss to US$(3.3) million from US$(6.4) million [2][12][15] - The company is focusing on higher-margin verticals such as insurance and wealth, which now account for 25% of total revenue, an increase of 11 percentage points year-over-year [3][10] - Operational efficiency has been enhanced through AI implementation, leading to a 26% reduction in total operating expenses year-over-year [4][11] Financial Performance - Revenue decreased by 35% year-over-year to US$14.3 million, reflecting a strategic shift towards improving revenue quality [15][18] - Cost of revenue fell by 55% year-over-year to US$6.4 million, accounting for 44% of total revenue, down 20 percentage points from the previous year [9][10] - Monthly Unique Users increased by 38% year-over-year to 5.7 million, with MoneyHero Group Members growing to over 8 million [5][22] Strategic Initiatives - The company has secured new partnerships in the Philippines, which are expected to enhance market position and performance in the second half of 2025 [6] - Plans to launch Credit Hero Club in collaboration with TransUnion aim to provide consumers with free credit scores and personalized financial product recommendations, driving user engagement [7] - The company maintains a strong cash position of US$36.6 million with no debt, positioning it well for future growth initiatives [8] Revenue Breakdown - Revenue from insurance products increased by 4% year-over-year to US$1.9 million, accounting for 13% of total revenue [15][19] - Revenue from wealth products surged by 20% year-over-year to US$1.7 million, representing 12% of total revenue [15][19] - The reliance on lower-margin credit cards decreased, with credit card revenue dropping 13 percentage points to 57% of total revenue [10][15] Operational Highlights - The company sourced 399,000 applications in Q1 2025, with 155,000 approved applications [15][18] - Total operating costs and expenses decreased to US$18.3 million from US$30.4 million year-over-year, driven by targeted marketing and technology cost streamlining [11][15] - The strategic pivot initiated in 2024 is showing positive results, with a focus on revenue quality and operational efficiency [8][12]

Company Performance - Adobe reported fiscal Q2 earnings of $5.06 per share, exceeding the Zacks consensus by $0.10, with revenues of $5.87 billion, surpassing expectations of $5.79 billion, marking an 11% increase year-over-year [4] - Digital Media segment saw an 11% gain in Q2, with Annualized Recurring Revenues (ARR) reaching $18.09 billion, reflecting a 12% year-over-year growth [5] - RH (formerly Restoration Hardware) reported Q1 earnings of $0.40 per share, significantly beating the Zacks consensus estimate of -$0.09, although revenues were slightly below expectations at $814 million compared to the estimated $818 million [5] Market Context - The market has shown resilience against tariff threats, with major indexes closing in the green, including a +101 point gain for the Dow and a +0.38% increase for the S&P 500 [1] - Bond yields decreased, influenced by cooler-than-expected wholesale inflation data, with the 10-year yield at 4.36% and the 30-year yield down to 4.84% [2] - The ongoing trade war narrative has led to market fatigue, as the market appears to be less reactive to new tariff announcements after the "Liberation Day" tariffs were imposed [3] Strategic Adjustments - RH's CEO indicated that 52% of the company's upholstered furniture is now produced in the U.S., addressing tariff implications, with an anticipated negative revenue impact of around 6% due to tariffs [6] - RH expects to generate free cash flow between $250 million and $350 million, indicating a positive outlook despite tariff challenges [6]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $14.4 million, representing an 8% growth from Q1 2024 despite macroeconomic headwinds [7] - Adjusted gross margin for the quarter was 43.8%, down from 49.8% in Q1 2024, impacted by the discontinuation of non-strategic assets [7] - Operating expenses (OpEx), net of one-time expenses, declined to $14 million in Q1 2025 from $25.3 million in Q1 2024, reflecting a focus on cost controls and operational efficiencies [7] - Adjusted EBITDA loss was $9 million in Q1 2025, compared to a loss of $13.6 million in Q1 2024 [8] - As of March 31, cash, cash equivalents, and investable securities totaled $840 million, excluding recent acquisitions [8] Business Line Data and Key Metrics Changes - The core business revenue was just under $15 million in Q1 2025, while Markforged generated just under $17 million [12] - The company discontinued several products, including Admitec, DeepCube, Fabrica, and Formatec, expected to save around $20 million in annual operating expenses [9][10] Market Data and Key Metrics Changes - The company is focused on integrating Markforged and optimizing operations, with a strategic emphasis on high-margin, high-performance parts manufacturing [11][15] Company Strategy and Development Direction - The company is pursuing product rationalization and operating model optimization to ensure competitive advantages and high margins [11][13] - The integration of Markforged is seen as a key opportunity to enhance the company's offerings in digital manufacturing [14][15] - The management is committed to creating shareholder value through responsible growth and innovation [16] Management's Comments on Operating Environment and Future Outlook - Management acknowledged macroeconomic challenges but expressed confidence in the strategic decisions made to enhance operational efficiency and shareholder value [7][16] - The company is currently evaluating strategic alternatives for Desktop Metal, with a focus on disciplined expense management and cash burn control [19][20] Other Important Information - The company emphasized the importance of a flatter organizational structure to foster innovation and speed in delivering value [11][14] Q&A Session Summary Question: Inquiry about Desktop Metal's convertible and responsibilities post-acquisition - Management confirmed that obligations to Desktop Metal are being met and that its management operates independently [18] Question: Request for insights on cost structure and cash burn rate for the combined business model - Management refrained from providing specific guidance but assured that they are disciplined in managing expenses and cash burn [19][20]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was $14.4 million, representing an 8% growth from Q1 2024 despite macroeconomic headwinds [7] - Adjusted gross margin for the quarter was 43.8%, down from 49.8% in Q1 2024, impacted by the discontinuation of non-strategic assets [7] - Operating expenses (OpEx), net of one-time expenses, declined to $14 million in Q1 2025 from $25.3 million in Q1 2024, reflecting a focus on cost controls and operational efficiencies [7] - Adjusted EBITDA loss was $9 million in Q1 2025, improved from a loss of $13.6 million in Q1 2024 [8] - As of March 31, cash, cash equivalents, and investable securities totaled $840 million, excluding recent acquisitions [8] Business Line Data and Key Metrics Changes - The core business revenue was just under $15 million in Q1 2025, while Markforged generated just under $17 million [12] - The company has discontinued several products, including Admitec, DeepCube, Fabrica, and Formatec, which were not delivering sufficient ROI [9] Market Data and Key Metrics Changes - The company is focused on integrating Markforged and optimizing its operations, which includes product rationalization and reducing operating expenses [14][15] Company Strategy and Development Direction - The company aims to create shareholder value through strategic integration and operational optimization, ensuring competitive advantages and high margins [11][14] - The focus is on manufacturing high-value, high-performance parts at scale rather than experimental designs [11] - The company is committed to a flatter organizational structure with more doers and fewer managers to enhance innovation and value delivery [11][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic decisions made to address business challenges and create shareholder value [16] - The company is evaluating strategic alternatives for Desktop Metal while focusing on the integration of Markforged [21] Other Important Information - The company is running product rationalization and operating model optimization processes to ensure high-margin solutions [13] - The management team is disciplined in managing expenses and cash burn rates during the integration process [21][22] Q&A Session Summary Question: Inquiry about Desktop Metal's convertible and responsibilities post-acquisition - Management stated that obligations to Desktop Metal are being met and that it is managed by independent parties [20] Question: Request for insights on cost structure and cash burn rate for the combined business model - Management indicated that they are not providing guidance at this time but are disciplined in managing expenses and cash burn [21][22]