Aster Chain mainnet debuts: Can it slow the DEX’s falling market share?

Morningstar Valuates SpaceX at Only $780B, Less Than Half of IPO Target, 'Largest IPO Ever' Overpriced?

Morningstar values SpaceX at $780 billion ahead of its IPO, far below the company's $1.75 trillion target. The research firm's DCF model values the core launch and Starlink businesses at $611 billion and assigns only a $170 billion probability-weighted valuation to the AI segment (including xAI). Analyst Nicolas Owens calls the company "severely overvalued," citing a near-100x price-to-sales ratio based on 2025 revenue. Despite the bearish long-term view, Morningstar acknowledges short-term price support from low float and potential rapid inclusion in the Nasdaq 100. The IPO is set for June 12, featuring an unusual tiered lock-up expiration that could create selling pressure over time.

marsbitHace 4 min(s)

“小美”、元宝互通，是在为微信智能体打样？

marsbitHace 4 min(s)

a16z: Why Prediction Markets Could Become the Infrastructure for 'Future Probabilities'

The article explores the concept and potential of prediction markets, arguing that they are evolving from niche trading tools into a foundational infrastructure for assessing the probability of future events. A prediction market creates tradable contracts on specific event outcomes, using market price to aggregate dispersed information and approximate a collective probability assessment. This mechanism offers advantages over polls or expert forecasts by providing a real-time, incentivized signal, as participants risk real money on their judgments. Key strengths include the ability to generate probabilistic estimates, built-in financial incentives that encourage genuine information gathering, and the capacity to address specialized questions (e.g., AI model performance, geopolitical events) not easily captured by traditional financial markets. The author emphasizes that a prediction market is essentially a market—a tool for both resource allocation and information aggregation. However, the article also outlines significant challenges for reliability and effectiveness. Success depends on participation from well-informed traders, thoughtful contract design, unambiguous outcome resolution, and robust safeguards against manipulation (e.g., by insiders or groups seeking to influence public perception). Without these, prices may be mere noise or tools for propaganda. The future of prediction markets, therefore, lies not simply in scaling up trading volume, but in building more credible and transparent infrastructure. This includes clear rules for participation, auditable settlement mechanisms, and designs that mitigate manipulation. If these challenges can be addressed, prediction markets could become a vital public utility for navigating uncertainty, providing a new class of probability signals about the future.

marsbitHace 16 min(s)

WSJ：Hyperliquid 正在成为华尔街的加密「便利店」

WSJ reports that the decentralized crypto platform Hyperliquid is becoming a favored "convenience store" for Wall Street traders, offering 24/7 access to trade perpetual futures on a wide range of assets, from Bitcoin and the S&P 500 to oil and pre-IPO companies like SpaceX. Founded three years ago by ex-HRT quant Jeff Yan, the platform emphasizes user self-custody of assets, a feature inspired by the FTX collapse. Its native token, HYPE, has surged over 100% in the past year. The platform's rise highlights the blending of crypto and traditional finance, attracting traders who use it to position ahead of major market events, such as a trader who profited from an oil bet during Middle East tensions. While U.S. residents are currently blocked, some use VPNs to access its user-friendly interface and broad asset selection. The platform also fosters a strong community culture, symbolized by its "Hypurr" cat mascot. However, perpetual futures are high-risk, high-leverage products; a recent market move wiped out $10 billion in positions on Hyperliquid. The platform plans to expand into prediction markets and options trading.

marsbitHace 26 min(s)

Optical Modules Soar, Why Is NOK the Second Leader After MRVL?

Nokia's stock has surged nearly 170% to around $16.8 since Nvidia's $1 billion investment and AI-RAN partnership in October 2025, reflecting a market re-rating from a cyclical telecom equipment provider to an AI infrastructure player. This rise, adding roughly $60 billion in market cap, is driven by AI capex expansion into telecom edge, RAN, and optical networks. The company's Q1 2026 results showed strong momentum, with AI & Cloud net sales up 49% and 10 billion euros in new orders, prompting Nokia to raise its AI & Cloud market growth forecast to a 27% CAGR (2025-2028). Optical network growth of 20% further strengthens its position in connecting AI data centers. Recent tests with operators like T-Mobile and the opening of an AI Networking Innovation Lab demonstrate progress from concept to early commercial deployment. Nokia's strategy integrates Nvidia GPUs into its network hardware, enabling concurrent AI processing and RAN tasks for real-time optimization and new edge services. However, with a trailing P/E nearing 100x and consensus price targets lagging the current stock price, significant future growth is already priced in. The key constraint now is the pace and scale of large-scale operator deployments. While execution signals remain positive and the company's position in AI edge infrastructure is established, high valuation leaves limited room for error, making tangible commercial contracts the critical factor for further stock performance.

marsbitHace 26 min(s)