10月20日，杰美特公告，正在筹划购买思腾合力控制权，交易价格及收购比例待进一步论证和协商。本 次交易完成后，思腾合力将成为杰美特控股子公司。杰美特表示，公司将拓展在算力服务器、AI管理 软件及云计算业务的产品能力。 "此次并购是一次颇具魄力的'押注未来'之举。杰美特是一家以消费电子配件制造为主的企业，而思腾 合力处于人工智能基础设施领域，聚焦高性能计算及算力底座解决方案的提供。这是一次杰美特向AI 算力赛道的战略性转型。"中国政法大学商学院金融系教授胡继晔在接受上海证券报记者采访时表示， 杰美特并非单纯财务投资，预计是将自身在智能终端领域积累的B端客户和市场渠道，与思腾合力的AI 算力产品结合，帮助自身开辟"第二增长曲线"，重塑未来估值。 今年以来，深圳上市公司并购重组日趋活跃。Wind数据显示，按首次披露日期计算，截至11月17日， 年内共有54起深圳上市公司并购重组案例正在推进（包括进行中或达成转让意向），大部分案例聚焦新 兴产业强链补链、传统产业转型升级。 国信证券策略首席分析师王开在接受上海证券报记者采访时表示，这些并购潜在标的"硬科技"成色足， 收购方多数有现金流支撑。战略合作类并购能使企业快速引 ...

Core Viewpoint - CoreWeave's stock dropped over 7.8% to $97.3 following the release of its Q3 earnings report, despite significant revenue growth and a reduction in net losses [1] Financial Performance - Q3 revenue surged 134% year-over-year to $1.36 billion, exceeding market expectations of $1.29 billion [1] - Net loss narrowed from $359 million in the same quarter last year to $110 million [1] - Operating profit margin was reported at 4%, below the market expectation of 6.5% [1] Future Guidance - The company revised its full-year 2025 revenue forecast down from a maximum of $5.35 billion to a range of $5.05 billion to $5.15 billion, which is lower than the market expectation of $5.29 billion [1] - The primary reason for the downward revision is delays in the development of third-party data centers [1]

US stocks opened higher Friday morning and looked primed for their second straight winning week after President Trump confirmed an upcoming meeting with Chinese President Xi, alleviating trade tensions between the two nations.Adding to the bullish case, market participants have reacted positively to the latest round of third-quarter earnings reports. Overall, the start to the third-quarter earnings season has been very positive. We’re seeing broad beats across the board, from automaker GM to beverage giant ...

Core Insights - Nscale, a UK-based AI infrastructure startup, has expanded its partnership with Microsoft to deploy approximately 200,000 NVIDIA GPUs in Europe and the US [1][3] - The company plans to deliver around 104,000 GB300 GPUs to Microsoft's data center in Texas and an additional 12,600 GPUs to a data center in Portugal within the next 12 to 18 months [3] - Nscale has raised $1.5 billion in new funding over the past month, achieving a valuation of approximately $3 billion [4] Company Developments - Nscale has completed its fourth transaction with Microsoft in the past two months, including the establishment of the UK's largest AI supercomputer in Luton and the launch of the "Stargate Norway" project [3] - The CEO of Nscale, Josh Payne, expressed ambitions for the company to go public by the end of next year [3] - Nscale was initially part of Arkon Energy, a renewable energy infrastructure company focused on Bitcoin mining, before becoming a standalone entity to meet data center demands [3] Market Position and Investor Sentiment - NVIDIA's CEO, Jensen Huang, announced a £500 million investment in Nscale to accelerate the deployment of up to 300,000 GPUs, indicating strong confidence in Nscale's potential as a national champion in UK AI infrastructure [4] - The rapid entry of NVIDIA has shifted investor perceptions of Nscale, with a significant increase in investment interest within a short timeframe [4] - Nscale's CEO reassured that the data center market is supported by real assets, mitigating investment risks, and noted that the company's capacity is nearly sold out for the next 12 months [5]

Core Thesis - Galaxy Digital (GLXY) is positioned as a leading player in tokenized equities, benefiting from a first-mover advantage and effectively monopolizing the market for tokenized real shares with full economic and legal rights [2][5] Company Overview - As of September 12th, GLXY's share price was $29.70, with trailing and forward P/E ratios of 36.33 and 185.19 respectively [1] - The company has shown resilience, outperforming the broader crypto market in Q2 despite a 10% decline in its stock, while the digital asset trading volume dropped by 22% compared to a 30% industry-wide contraction [4] Market Potential - The adoption of tokenized equities is expected to accelerate, with projections indicating a global market value of $190 trillion over the next two decades, driven by benefits such as 24/7 trading, instant settlement, fractional ownership, and lower fees [3] - Favorable regulatory conditions from a crypto-friendly administration are also anticipated to support this growth [3] Strategic Initiatives - GLXY is diversifying into AI infrastructure through a partnership with CoreWeave, which is developing the Helios high-performance computing campus in Texas. This project is expected to generate $1 billion annually, with full-scale potential exceeding $4 billion in annual recurring revenue (ARR) [4] - The recent tokenization of GLXY's equity may drive short-term speculative demand from crypto-native investors [5] Financial Outlook - Analysts currently rate GLXY as a consensus strong buy, with a 12-month target implying approximately 60% upside potential [5] - Declining interest rates could lower financing costs for the $1.75 billion Helios project, further enhancing the company's financial outlook [5]

Group 1 - The IPO market is experiencing a cautious recovery in 2025, contrasting with the frenzy of 2021 and the stagnation from 2022 to 2024 [22][24] - In the first half of 2025, 103 companies completed IPOs, surpassing the 78 from the same period last year, indicating a potential market revival [5] - Companies going public in 2025 are generally larger, have more stable growth foundations, and many are already profitable or close to profitability, marking a shift from the speculative listings of 2021 [7][9] Group 2 - The successful IPO of Circle, which saw its stock price rise from $69 to $263, exemplifies the potential for significant returns in the current market [6][24] - Venture Global raised $1.75 billion in January 2025, signaling renewed interest in the IPO market [3] - The market is closely watching major players like Klarna, Figma, Stripe, and StubHub for their listing timing, which will reflect overall market confidence [19] Group 3 - The current market sentiment is influenced by geopolitical tensions and economic policies, particularly Trump's tariff policies, which could impact IPO plans [11][13] - Investors are advised to focus on fundamental aspects such as stable revenue sources, validated business models, and experienced management teams when evaluating IPO opportunities [15][17] - The industry landscape is diversifying, with sectors like technology, healthcare, fintech, energy, and defense showing activity, suggesting a broader range of investment opportunities [15][21]

Core Acquisition News - CoreWeave is in talks to acquire Core Scientific, a Bitcoin mining and hosting service provider, with potential completion in the coming weeks [1] - Following the news, Core Scientific's stock surged by 33%, reaching $16.36 per share, with a market capitalization nearing $5 billion [2] - Since April 22, Core Scientific's stock has increased by over 156% [3] Historical Context - Core Scientific previously rejected a non-binding acquisition offer from CoreWeave, which was valued at $1.02 billion (or $5.75 per share) [6][5] - Core Scientific stated that the offer significantly undervalued the company and was not in the best interest of its shareholders [7] - Currently, Core Scientific's market capitalization stands at approximately $4.872 billion, about five times the previous offer [7] Financial Impact - A partnership agreement between Core Scientific and CoreWeave is expected to generate $10.2 billion in revenue, which is crucial for Core Scientific's turnaround [9] - Since emerging from bankruptcy in January last year, Core Scientific has shifted focus towards AI infrastructure, repurposing much of its mining capacity for high-performance computing workloads [10] Market Performance - CoreWeave's stock has seen a remarkable increase of over 346% since April 22, with the latest price at $158.08 and a total market capitalization of $75.875 billion [12] - The CEO of CoreWeave, Michael Intrator, has seen his net worth rise to $10.3 billion, making him the 311th richest person globally [13] - Intrator achieved a significant milestone, growing his wealth from $5 billion to $10 billion in just 12 days, compared to an average of over three years for others in the Bloomberg Billionaires Index [14] Future Outlook - The potential acquisition of Core Scientific by CoreWeave is anticipated to enhance the performance of both companies in the evolving market [15]

Market Overview - Major global stock indices showed mixed performance, with the Dow Jones Industrial Average rising by 404.41 points (0.94%) to 43,386.84, while the S&P 500 increased by 48.86 points (0.80%) to 6,141.02 [1] - In contrast, the European Stoxx 50 declined by 7.98 points (-0.15%) to 5,244.03, and the Shanghai Composite Index fell by 7.52 points (-0.22%) to 3,448.45 [1] Trade and Economic Policies - U.S. trade partners, including Japan, India, and the EU, are hesitant to sign agreements due to uncertainty over potential tariffs on key exports like chips and pharmaceuticals [2] - The U.S. Treasury Secretary requested the removal of a "retaliatory tax" proposal from a tax bill, which could impose a 20% tax on foreign investors from countries deemed to impose unfair taxes on U.S. companies [2][5] Company Developments - Xiaomi announced that its Yu7 model received over 289,000 pre-orders within the first hour of availability, indicating strong consumer interest [3][4] - Nike's stock surged by 10% following the release of its quarterly earnings report, which showed earnings per share of $0.14, slightly above expectations [4] - Nike's CFO indicated that new tariffs could increase total costs by approximately $1 billion for the fiscal year 2026, prompting the company to adjust its supply chain and pricing strategies [5] Mergers and Acquisitions - CoreWeave is in talks to acquire Core Scientific to expand its cloud computing capabilities, with the deal expected to be finalized in the coming weeks [7][8] - Following the acquisition news, Core Scientific's stock price rose by 33%, reflecting investor optimism [9] Regulatory Changes - Apple modified its App Store policies in Europe to comply with the Digital Markets Act, aiming to avoid a potential €500 million fine [11][12] - The new policy introduces a complex fee structure for app developers, including a 5% commission on digital purchases made outside the App Store [12]

Core Insights - Nebius (NBIS.US) has seen a stock price increase of approximately 125% since April, but this is significantly lower than CoreWeave's (CRWV.US) 369% rise during the same period, raising questions about Nebius's market perception despite its strong fundamentals [1] - CoreWeave's revenue for Q1 2025 grew by 420% year-over-year to $982 million, while Nebius reported revenue of approximately $55 million, highlighting a stark contrast in scale and market recognition [1][2] - CoreWeave is perceived as a "purer" AI infrastructure player, focusing on large-scale AI computing tasks, while Nebius is seen as a more diversified technology company due to its Yandex background [2] Financial Performance - CoreWeave has a low float of shares, which can amplify price movements during demand surges, while Nebius's valuation remains relatively low despite its strong fundamentals [2] - CoreWeave's aggressive capital strategy has raised $2.6 billion through various funding rounds, while Nebius has a healthier balance sheet with $5.4 billion from the sale of Yandex assets and minimal debt [3] - As of Q1 2025, CoreWeave reported an adjusted EBITDA of $606 million with a 62% profit margin, whereas Nebius reported an adjusted EBITDA of -$62.6 million and a net loss of $113.6 million, indicating a significant execution gap [6] Customer Base and Market Position - CoreWeave's revenue is heavily reliant on a few large clients, with 77% of its income coming from two customers, including Microsoft, which contributes 62% [5] - Nebius has diversified its customer base across over 20 industries, reducing risk despite lacking high-profile contracts like those of CoreWeave [5] - Geographical factors also play a role, as CoreWeave's U.S. headquarters aligns it closely with American AI labs, while Nebius has only recently gained attention from U.S. investors after relocating its headquarters to the Netherlands [5] Future Catalysts - Nebius is approaching a potential breakeven point, with management expecting to achieve positive adjusted EBITDA in the second half of 2025, which could shift market sentiment [7] - The recent issuance of $1 billion in convertible bonds and a cash reserve of $1.45 billion provide Nebius with ample growth capital without resorting to dilutive financing [7] - Nebius plans to release industry-specific AI infrastructure products, which may help it stand out among general cloud providers and attract larger contracts [7] Summary - Nebius possesses unique advantages, including undervalued quality assets, ample cash reserves, and a promising execution strategy, positioning it as a potential "invisible winner" in the AI sector [7]

Group 1 - eToro's stock surged nearly 29% on its first day of trading on Nasdaq, with a market valuation exceeding $5.4 billion, following an IPO price above the expected range [1][3] - CoreWeave reported a remarkable 420% revenue growth in its first earnings report, significantly exceeding expectations, and its stock price has increased approximately 60% since its IPO in March [1][3] - The IPO market is showing signs of recovery, with optimism among bankers and venture capitalists, despite previous delays from major tech companies like Klarna and StubHub due to tariff policies [3][5] Group 2 - Klarna and StubHub have not provided recent updates, but eToro's successful IPO may encourage other companies to proceed with their listings, including fintech company Chime and digital health company Omada Health [4] - Rachel Gerring from Ernst & Young expressed confidence in the market's recovery, attributing it to a temporary pause in strict trade policies and reduced tariffs on Chinese goods [5] - The upcoming week is crucial for the digital health sector, with Hinge Health updating its IPO filing, expecting a price range of $28 to $32, which would value the company at around $2.4 billion [6] Group 3 - Cerebras, a chip manufacturer, has received necessary approvals to proceed with its IPO after delays due to regulatory reviews, indicating a potential market entry this year [7] - Galaxy Digital transitioned from the Toronto Stock Exchange to Nasdaq, aiming to attract a broader investor base amid cautious regulatory attitudes towards cryptocurrencies [7] - The overall sentiment suggests that the IPO market may be one of the last sectors to recover fully, with a need for more large, growth-oriented companies to enter the market [7]