Authored by Mathew Piepenburg via VonGreyerz.gold,It’s that time of year again to put everything somehow together.But looking back on the knowns of 2025 as we prepare for the inevitable unknowns of 2026, there is little need for the wringing of hands.Preparation vs. TimingThis is because the more things change, the more they stay the same. And toward this end, we do know this much: Unprecedented and unsustainable debt has made the global financial system, its paper currencies and its bloated markets a bug l ...

今天分享的是：在AI时代维护欧洲安全 报告共计：47页 《在AI时代维护欧洲安全》核心内容总结 《在AI时代维护欧洲安全》报告聚焦地缘政治与技术变革背景下，欧洲如何借助人工智能（AI）与后量子密码学（PQC）保障 战略自主与安全韧性。当前全球正经历深刻的技术与地缘格局转变，"软件重塑国防"成为显著趋势，传统以硬件为核心的国防 创新模式已转向软硬件协同，AI与量子技术的崛起既带来机遇，也催生新的安全挑战，欧洲正处于关键的技术十字路口。 AI已深度融入国防安全领域，在情报处理、目标定位、作战模拟、网络防御等方面发挥重要作用，乌克兰与中东冲突更凸显了 其在无人机操作、卫星图像分析等场景的实战价值。但AI应用面临多重挑战，包括网络安全漏洞、供应链依赖、数据质量与共 享难题，以及人机协同中的伦理与认知偏差问题。量子计算的发展则对现有加密体系构成潜在威胁，"现在收集、未来解密"的 攻击风险迫在眉睫，而PQC作为量子安全通信的核心技术，能为AI及关键系统提供基础安全保障，其部署紧迫性日益凸显。 全球范围内，AI与量子技术研发呈现差异化竞争格局。各国在技术投入、政企协作、应用侧重等方面各有优势，欧洲虽在科研 实力与部分关键组 ...

In a landscape where corporations are scrambling to adopt generative AI, one of Accenture’s top executives responsible for artificial intelligence (AI) offered a stark reality check to business leaders: it’s not a side project. During the recent Fortune Brainstorm AI conference, Arnab Chakraborty, Chief Responsible AI Officer at Accenture, argued that the era of treating technology roadmaps as distinct from corporate goals is over. “The data and AI strategy is not a separate strategy, it is the business s ...

美国电子商务平台亚马逊公司10日说，到2030年，将在印度投资350亿美元，用于发展人工智能(AI)产 业。另一家美国大型科技企业微软公司9日也宣布计划在印度投资175亿美元建设AI基础设施。 不过，有业内人士对这些项目的前景和风险心存疑问。印度科技界人士称，印度对AI领域的投资起步 较晚，由政府推动的项目通常成功比例很低。一些企业虽有潜力，却难以从风险投资基金那里筹集到资 金，导致项目往往无法实施。 按照亚马逊公司10日的说法，亚马逊公司此前在印度的投资额接近400亿美元，用于建设实体和数字基 础设施，包括交通网络、数据中心、数字支付等。计划中的350亿美元投资将涉及其在印度的所有商业 板块。 此前一天，印度总理莫迪在首都新德里会见微软首席执行官萨蒂亚·纳德拉。会面结束后，印度裔的纳 德拉表示，他与莫迪"就印度AI业机遇的对话令人鼓舞"，微软计划在印投资175亿美元，首要目标是在 印度建立安全的超大规模AI基础设施，核心项目是位于海德拉巴的一个数据中心。微软计划明年年中 启用该数据中心。 此前，谷歌公司也宣布计划投资150亿美元在印度安得拉邦港口城市维萨卡帕特南建设一座AI数据中 心。 上月，微软还宣布计划 ...

Core Insights - The supply chain industry is facing significant challenges due to extreme weather, labor shortages, and rising cargo theft as the peak season approaches, prompting companies to invest in artificial intelligence for safety and efficiency [1] - A McKinsey report highlighted that generative AI could unlock over $190 billion in value across travel and logistics, with an additional $18 billion from supply chain and operations management [2] AI Implementation and Impact - Successful implementation of AI in demand planning and forecasting has transformed inventory positioning, leading to better cost savings; MIT research indicates that AI and machine learning can improve forecasting accuracy by 11% [3] - AI is not only enhancing forecasting and planning but also significantly impacting workforce interactions within companies [4] Workforce Agility and Hiring Strategies - Companies like United Natural Foods Inc. (UNFI) are focusing on building stable, cross-trained teams to adapt to changing business demands, despite slight easing in seasonal hiring pressures [5][6] - UNFI is rethinking workforce agility by starting seasonal hiring earlier and emphasizing the development of flexible teams that can respond to business changes [7] - AI is increasingly influencing hiring processes and enhancing employee experiences within organizations [8]

Core Insights - iQSTEL Inc. reported a 42% sequential growth in net revenue for Q3, reaching $102.8 million, surpassing the consensus estimate of $84.589 million [1] - The company's gross revenue for the quarter was $118.5 million, which includes $15.7 million of intercompany revenue among subsidiaries [1] - Year-to-date revenue totaled $232.8 million, with a current revenue run rate of approximately $400 million, primarily from telecommunications (80%) and fintech (20%) [1] Outlook and Future Projections - The company aims to achieve a full-year revenue guidance of $340 million for 2025 [2] - iQSTEL is on track to meet its 2025 revenue target, with an expected organic revenue of $430 million for 2026, representing a 26% increase over the 2025 guidance [3] - The company has set a long-term goal to become a $1 billion tech-driven enterprise by 2027 [4] Leadership and Strategy - CEO Leandro Iglesias emphasized the company's focus on organic growth and leveraging synergies among subsidiaries to create a robust ecosystem of connectivity, proprietary AI, and digital services [2]

Core Insights - The article discusses the performance of US equities compared to international markets, highlighting that US stocks have significantly outperformed international stocks over the past decade, primarily due to superior earnings growth [1][3][10] - Despite international equities showing some signs of recovery, the article suggests that the current economic environment still favors US stocks, and a shift to overweight international equities is not yet justified [20][21] Group 1: Market Performance - Emerging Markets (EM) and Developed International (EAFE) indices have outperformed US markets year-to-date, a rare occurrence in the last decade [1] - As of August 2025, developed international equities are at their long-term trend of 4.4%, which is 2.1% lower per annum than US counterparts [1][2] - US stocks are currently 47% above their long-term trendline, indicating a compelling relative valuation argument for international equities [1][3] Group 2: Economic Environment - A sustainable level of economic growth and inflation, such as 2-3% inflation growth rates, is seen as favorable for equity returns [4] - The article emphasizes that the macroeconomic environment, including interest rates and inflation, plays a crucial role in determining market performance [6][10] Group 3: Earnings Growth - The outperformance of US equities is attributed to stronger earnings growth compared to international stocks [3][10] - The article suggests that international stocks may not be as undervalued as they appear, and earnings trends need to be closely monitored [3][5] Group 4: Valuation Perspectives - Valuation is viewed as a long-term sentiment gauge of a market's earnings power and profitability, rather than a catalyst for outsized returns [5] - The article argues that the US's valuation gap compared to international peers is justified due to stronger profit trends [3][5] Group 5: Future Themes - Three potential themes could shift returns in favor of international markets: the AI race, the impact of US trade policies, and European re-armament [12][16][18] - The article notes that the AI investment landscape is currently dominated by the US and China, which could influence global economic dynamics [12][14] - The potential for a positive cycle of stimulus in Europe due to increased defense spending is highlighted, although it requires favorable policy developments [18][19]

Core Insights - Investors and analysts are increasingly optimistic about Alphabet stock due to recent positive developments [1][2] - The stock price has shown solid bullish momentum, rising 3.3% during trading [1] Analyst Coverage - J.P. Morgan has raised its one-year price target for Alphabet from $260 to $300, maintaining an overweight rating [4] - KeyBanc also increased its price target to $300 from $265, citing expected strong sales momentum in AI and other key product categories [5] Market Performance - As of 3:10 p.m. ET, Alphabet's stock was up 3.3%, while the S&P 500 and Nasdaq Composite were up 1% and 1.7%, respectively [1] - The current stock price is $269.43, with a market cap of $3,143 billion [6][7] Strategic Partnerships - Alphabet's Google division has formed a new partnership with NextEra Energy to support AI projects, utilizing NextEra's Duane Arnold Energy Center [7] Trade Developments - Positive news regarding a preliminary consensus on a U.S.-China trade deal is contributing to Alphabet's valuation uplift [8]

Core Insights - Bitfarms (BITF) is shifting its business model from traditional Bitcoin mining to High Performance Computing (HPC) and Artificial Intelligence (AI), indicating a significant strategic pivot aimed at diversifying its operations [1][8] Group 1: Business Transition - The mining business of Bitfarms attracts low-risk flow with minimal capital expenditure (CapEx) requirements, enabling the company to allocate resources towards the HPC and AI sectors [1] - The company has partnered with T5 Data Centers to mitigate technical execution risks associated with this transition, ensuring that facilities are built to meet the high demand for HPC and AI [5] Group 2: Energy Portfolio - The U.S. Energy Portfolio includes significant investments in Pennsylvania and Washington, with a total of $90 billion from major players like Google and Blackstone, positioning the Pennsylvania portfolio for substantial gains with large hyperscale clients [2] - The Washington portfolio, operating at 18 megawatts, is set to reduce energy costs to below $30 per megawatt hour, making it the most cost-effective power source for data centers in the U.S. [3] Group 3: Financial Support and Performance - Bitfarms has secured a $300 million debt facility from Macquarie Group, indicating strong institutional backing for its HPC transition [4] - The stock has experienced a remarkable increase of 205.2% over the past year, outperforming the industry average of 65.4% and surpassing competitors like Marathon Digital and Riot Platforms [6][10] Group 4: Valuation Metrics - Bitfarms trades at a forward price-to-sales ratio of 8.82, which is below the industry average of 29.66, indicating a relatively attractive valuation compared to its peers [10]

Summary of Conference Call on Bitcoin Mining and HPC Industry Industry Overview - The conference focused on the Bitcoin mining and high-performance computing (HPC) sectors, highlighting the evolution of business models and the integration of AI technologies into data center operations [2][4][72]. Key Companies Discussed 1. **CleanSpark** - Operates 50 exahash across 33 data centers in four states [6]. - Transitioned into Bitcoin mining through energy management expertise, focusing on utility market opportunities [7][8]. 2. **Mara Holdings** - Controls approximately 1.7 gigawatts of power and operates 60 exahash [9]. - Shifted from an asset-light model to owning 70% of its operations, significantly reducing electricity costs [10][11]. 3. **Cypher Mining** - Developed five data centers with a capacity of 477 megawatts, producing about 23 exahash [14]. - Positioned to capitalize on the demand for large power interconnects due to the rise of AI and HPC [15][16]. 4. **Galaxy Digital** - Operates a digital asset business and a data center business, with $6 billion in assets under management [18]. - Transitioned its Helios site from Bitcoin mining to a traditional data center model, securing significant lease agreements [19][20]. 5. **Hut 8** - Merged with US Bitcoin Corp, focusing on energy infrastructure for technology [21][22]. - Holds about 1 gigawatt of capacity, with 90% contracted and 30% from owned power generation facilities [25]. 6. **Bit Digital / White Fiber** - Transitioned from Bitcoin mining to HPC, securing a $150 million contract and generating $100 million in annual revenue [30][31]. - Recently IPO'd White Fiber, focusing on AI and HPC services [32]. Core Insights and Arguments - **Energy Management**: Companies are leveraging their expertise in energy management to optimize Bitcoin mining operations and reduce costs [7][10][11]. - **HPC Demand**: The rise of AI and HPC is creating new opportunities for data centers, with companies pivoting to meet this demand [15][72]. - **Cost Efficiency**: Many companies are focusing on reducing operational costs through innovative energy solutions, such as utilizing low-cost renewable energy sources [10][11][49]. - **Market Positioning**: Companies are positioning themselves to capture market share by securing large power contracts and developing data centers that can accommodate both Bitcoin mining and HPC needs [15][19][20][67]. Additional Important Points - **Talent Acquisition**: The importance of attracting skilled personnel in the energy and technology sectors is emphasized as a key asset for companies [44][46][51]. - **Long-term Strategy**: Companies are focusing on long-term growth strategies, including the development of new sites and innovative infrastructure to meet future demand [63][67]. - **National Security**: The role of Bitcoin mining in national security is highlighted, with concerns about foreign ownership of data centers and energy assets [82][83]. - **Market Evolution**: The industry is expected to evolve with increasing demand for AI and HPC, necessitating innovative approaches to data center operations and energy management [72][88]. This summary encapsulates the key discussions and insights from the conference, reflecting the current state and future outlook of the Bitcoin mining and HPC industries.