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On June 17, Arif Husain, Head of Global Fixed Income at T. Rowe Price, wrote in a report that as the Federal Reserve considers reducing its balance sheet and providing less forward guidance, investors "may need to prepare for a different era of management characterized by greater uncertainty and less constrained volatility." Asset prices may become more sensitive to economic data and policy trends. "Therefore, strategies that benefited from low volatility in the post-global financial crisis era may face increasing challenges in the coming years;" he stated. "We believe that if the Fed attempts to reduce its balance sheet again, especially after the central bank ends its latest round of quantitative tightening by the end of 2025, it may prompt the market to reassess long-held expectations of declining volatility." He noted that volatility may first appear in the interest rate market, then spread to the credit market, and ultimately affect the stock market. (Sina Finance)

[Investors May Need to Prepare for a New Era at the Fed Amid Increased Uncertainty and Volatility]On June 17, Arif Husain, Head of Global Fixed Income at T. Rowe Price, wrote in a report that as the Federal Reserve considers reducing its balance sheet and providing less forward guidance, investors "may need to prepare for a different era of management characterized by greater uncertainty and less constrained volatility." Asset prices may become more sensitive to economic data and policy trends. "Therefore, strategies that benefited from low volatility in the post-global financial crisis era may face increasing challenges in the coming years;" he stated. "We believe that if the Fed attempts to reduce its balance sheet again, especially after the central bank ends its latest round of quantitative tightening by the end of 2025, it may prompt the market to reassess long-held expectations of declining volatility." He noted that volatility may first appear in the interest rate market, then spread to the credit market, and ultimately affect the stock market. (Sina Finance)

Investors May Need to Prepare for a New Era at the Fed Amid Increased Uncertainty and Volatility

On June 17, according to Onchain Lens monitoring, a wallet address associated with Arthur Hayes has received 1,400 ETH from FalconX, valued at approximately $2.51 million. Currently, the wallet holds a total of 4,400 ETH, with an overall value of about $7.89 million.

[Arthur Hayes-Linked Wallet Receives 1,400 ETH from FalconX, Worth Approximately $2.51 Million]On June 17, according to Onchain Lens monitoring, a wallet address associated with Arthur Hayes has received 1,400 ETH from FalconX, valued at approximately $2.51 million. Currently, the wallet holds a total of 4,400 ETH, with an overall value of about $7.89 million.

Arthur Hayes-Linked Wallet Receives 1,400 ETH from FalconX, Worth Approximately $2.51 Million

On June 17, Guolian Minsheng Securities released a research report indicating that despite market hopes for AI-driven productivity improvements to alleviate pressure on U.S. debt, historical experience and current realities suggest that AI is unlikely to replicate the debt relief miracles seen after World War II or during the Clinton era in the short term. The U.S. debt dilemma remains challenging to overcome in the near future. By the end of 2025, the scale of U.S. national debt is expected to approach $38 trillion, with net interest expenses nearing $1 trillion. The report outlines three pathways to reduce the debt ratio: lowering interest rates, boosting economic growth, and reducing fiscal deficits. Historically, the U.S. has resolved its debt issues in two phases: from 1946 to 1974, relying on post-war high growth and technological transformation, which saw the debt ratio drop from over 100% to about 20% over 30 years; and in the 1990s, leveraging the internet revolution and fiscal discipline under the Clinton administration, achieving an average primary budget surplus of about 3.2% from 1996 to 2001. However, the current effectiveness of AI in addressing debt faces two significant constraints. First, there is a clear lag in the release of AI productivity dividends. According to estimates from the University of Pennsylvania, from 2026 to 2027, AI is expected to only boost total factor productivity by 0.05 to 0.1 percentage points, with contributions rising to about 0.2 percentage points only by the early 2030s, which is far from sufficient to offset current fiscal pressures. Second, AI accelerates the concentration of factor returns towards capital, systematically eroding the tax base. Personal income and payroll taxes together contribute about 85% of federal revenue, while labor substitution and wage suppression caused by AI will directly impact this primary tax source; corporate income tax accounts for only about 10% and is subject to a single tax rate of 21%, compounded by the cross-border tax avoidance capabilities of tech giants, making it difficult to fill the gap left by personal income tax, leading to the paradox of 'the more prosperous technology becomes, the more depleted the tax base.' The report suggests potential solutions, including increasing capital gains and wealthy individuals' tax rates, imposing a 'digital factor tax' on the commercial profits of large AI models, and exploring a 'robot tax' to subsidize those affected by technological unemployment. However, these face structural challenges such as the difficulty of taxing cross-border flows of AI factors, the strong political maneuvering capabilities of tech giants, and the suppression of innovation by unilateral tax increases. The report concludes that the fiscal and tax adjustments in the AI era are destined to be a long-term institutional tug-of-war, and the U.S. debt issue remains a significant obstacle that the American economy cannot easily overcome in the short term.

[Analysis: AI Unlikely to Be a 'Savior' for U.S. Debt, Slow Productivity Gains and Tax Base Erosion May Worsen Debt Crisis]On June 17, Guolian Minsheng Securities released a research report indicating that despite market hopes for AI-driven productivity improvements to alleviate pressure on U.S. debt, historical experience and current realities suggest that AI is unlikely to replicate the debt relief miracles seen after World War II or during the Clinton era in the short term. The U.S. debt dilemma remains challenging to overcome in the near future. By the end of 2025, the scale of U.S. national debt is expected to approach $38 trillion, with net interest expenses nearing $1 trillion. The report outlines three pathways to reduce the debt ratio: lowering interest rates, boosting economic growth, and reducing fiscal deficits. Historically, the U.S. has resolved its debt issues in two phases: from 1946 to 1974, relying on post-war high growth and technological transformation, which saw the debt ratio drop from over 100% to about 20% over 30 years; and in the 1990s, leveraging the internet revolution and fiscal discipline under the Clinton administration, achieving an average primary budget surplus of about 3.2% from 1996 to 2001. However, the current effectiveness of AI in addressing debt faces two significant constraints. First, there is a clear lag in the release of AI productivity dividends. According to estimates from the University of Pennsylvania, from 2026 to 2027, AI is expected to only boost total factor productivity by 0.05 to 0.1 percentage points, with contributions rising to about 0.2 percentage points only by the early 2030s, which is far from sufficient to offset current fiscal pressures. Second, AI accelerates the concentration of factor returns towards capital, systematically eroding the tax base. Personal income and payroll taxes together contribute about 85% of federal revenue, while labor substitution and wage suppression caused by AI will directly impact this primary tax source; corporate income tax accounts for only about 10% and is subject to a single tax rate of 21%, compounded by the cross-border tax avoidance capabilities of tech giants, making it difficult to fill the gap left by personal income tax, leading to the paradox of 'the more prosperous technology becomes, the more depleted the tax base.' The report suggests potential solutions, including increasing capital gains and wealthy individuals' tax rates, imposing a 'digital factor tax' on the commercial profits of large AI models, and exploring a 'robot tax' to subsidize those affected by technological unemployment. However, these face structural challenges such as the difficulty of taxing cross-border flows of AI factors, the strong political maneuvering capabilities of tech giants, and the suppression of innovation by unilateral tax increases. The report concludes that the fiscal and tax adjustments in the AI era are destined to be a long-term institutional tug-of-war, and the U.S. debt issue remains a significant obstacle that the American economy cannot easily overcome in the short term.

Analysis: AI Unlikely to Be a 'Savior' for U.S. Debt, Slow Productivity Gains and Tax Base Erosion May Worsen Debt Crisis

On June 17, Serenity shared Mizuho Securities' latest research report, commenting that the recent concentrated sell-off of CPO concept stocks is entirely a misguided market reaction. The Mizuho report points out that the market's concerns regarding delays in the mass production of Co-Packaged Optics (CPO) and the lag in 800V DC deployment are unfounded, as both technological pathways are progressing as scheduled, with mass production expected to commence between 2028 and 2029. Driven by demand for Nvidia's CPO switch (3.2T Spectrum-X) anticipated to ramp up in 2027, Mizuho has also raised its shipment forecasts for Optical Engines (OE). In terms of technology, Mizuho believes that InP DFB lasers will remain the long-term mainstream direction for CPO, specifically naming $SIVE as a related beneficiary. VCSEL and microLED have not yet been sufficiently validated in short-distance interconnections within racks and in chip-to-chip scenarios exceeding 1.6T, making them unlikely to become mainstream alternatives in the short term. Regarding the deployment of 800V DC data centers, incremental shipments are expected to begin in 2027, with penetration rates further increasing in 2028. Nvidia's Senior Vice President of Networking had previously publicly denied any delays in the Spectrum-X Ethernet CPO switch, confirming that mass production and customer deliveries will proceed as scheduled in the second half of 2026.

[Serenity: Mizuho Research Confirms No Delays in CPO and 800V DC Deployment, Recent Sell-off is Misguided]On June 17, Serenity shared Mizuho Securities' latest research report, commenting that the recent concentrated sell-off of CPO concept stocks is entirely a misguided market reaction. The Mizuho report points out that the market's concerns regarding delays in the mass production of Co-Packaged Optics (CPO) and the lag in 800V DC deployment are unfounded, as both technological pathways are progressing as scheduled, with mass production expected to commence between 2028 and 2029. Driven by demand for Nvidia's CPO switch (3.2T Spectrum-X) anticipated to ramp up in 2027, Mizuho has also raised its shipment forecasts for Optical Engines (OE). In terms of technology, Mizuho believes that InP DFB lasers will remain the long-term mainstream direction for CPO, specifically naming $SIVE as a related beneficiary. VCSEL and microLED have not yet been sufficiently validated in short-distance interconnections within racks and in chip-to-chip scenarios exceeding 1.6T, making them unlikely to become mainstream alternatives in the short term. Regarding the deployment of 800V DC data centers, incremental shipments are expected to begin in 2027, with penetration rates further increasing in 2028. Nvidia's Senior Vice President of Networking had previously publicly denied any delays in the Spectrum-X Ethernet CPO switch, confirming that mass production and customer deliveries will proceed as scheduled in the second half of 2026.

Serenity: Mizuho Research Confirms No Delays in CPO and 800V DC Deployment, Recent Sell-off is Misguided

On June 17, it was reported that OpenAI's cash burn in the first quarter reached $3.7 billion, exceeding half of its $5.7 billion revenue. Both cash burn and revenue have doubled compared to the same period last year. At the end of the first quarter, OpenAI held over $73 billion in cash and securities, up from $40 billion at the end of December last year. (Financial Associated Press)

[OpenAI Reports $3.7 Billion Cash Burn in Q1, Doubling Year-Over-Year]On June 17, it was reported that OpenAI's cash burn in the first quarter reached $3.7 billion, exceeding half of its $5.7 billion revenue. Both cash burn and revenue have doubled compared to the same period last year. At the end of the first quarter, OpenAI held over $73 billion in cash and securities, up from $40 billion at the end of December last year. (Financial Associated Press)

OpenAI Reports $3.7 Billion Cash Burn in Q1, Doubling Year-Over-Year

On June 17, CNBC reported that renowned investor Jim Cramer stated that the driving force behind the continuous rise in SpaceX's stock price is not its current profitability, but rather the market's bet on Musk's ability to create disruptive companies. Cramer noted that after SpaceX completed its IPO last week, its market value quickly soared to about $2.5 trillion, briefly surpassing Microsoft and Amazon. Despite the company potentially remaining unprofitable for many years to come, investors are willing to assign a high valuation due to Musk's track record of building industry leaders. Cramer remarked, 'This stock is called SpaceX, but it might as well be called Elon Musk. When you buy into SpaceX, you are essentially buying Musk's brain.' He pointed out that investors value not only Musk's proposed goal of achieving $1 trillion in annual revenue by 2030 but also the long-term business strategies involving Starlink satellite internet, reusable rockets, and data centers. Meanwhile, SpaceX announced on Tuesday that it will acquire AI programming startup Cursor for $60 billion in stock, further expanding its footprint in the fields of artificial intelligence and software development. Cramer believes some investors view SpaceX as akin to Berkshire Hathaway in the Buffett era, betting on an entrepreneur capable of creating value for decades through ownership of a single company. He stated that while the market remains skeptical about SpaceX's valuation, the cost for short sellers has been quite high so far.

[Investors Buy Not Profit, But Elon Musk in SpaceX]On June 17, CNBC reported that renowned investor Jim Cramer stated that the driving force behind the continuous rise in SpaceX's stock price is not its current profitability, but rather the market's bet on Musk's ability to create disruptive companies. Cramer noted that after SpaceX completed its IPO last week, its market value quickly soared to about $2.5 trillion, briefly surpassing Microsoft and Amazon. Despite the company potentially remaining unprofitable for many years to come, investors are willing to assign a high valuation due to Musk's track record of building industry leaders. Cramer remarked, 'This stock is called SpaceX, but it might as well be called Elon Musk. When you buy into SpaceX, you are essentially buying Musk's brain.' He pointed out that investors value not only Musk's proposed goal of achieving $1 trillion in annual revenue by 2030 but also the long-term business strategies involving Starlink satellite internet, reusable rockets, and data centers. Meanwhile, SpaceX announced on Tuesday that it will acquire AI programming startup Cursor for $60 billion in stock, further expanding its footprint in the fields of artificial intelligence and software development. Cramer believes some investors view SpaceX as akin to Berkshire Hathaway in the Buffett era, betting on an entrepreneur capable of creating value for decades through ownership of a single company. He stated that while the market remains skeptical about SpaceX's valuation, the cost for short sellers has been quite high so far.

Investors Buy Not Profit, But Elon Musk in SpaceX

On June 17, The New York Times reported that the crypto industry's super PAC Fairshake and its affiliated organizations have invested approximately $12.1 million in the Republican primary for U.S. Senator in Alabama to support pro-cryptocurrency Congressman Barry Moore. According to advertising monitoring agency AdImpact, television ad spending alone reached $9.8 million. Barry Moore has supported several bills prioritized by the crypto industry and has publicly opposed central bank digital currencies (CBDCs), stating he does not want the government to control people's financial activities. Fairshake's campaign ads prominently feature Trump's endorsement of Moore. As of May this year, Fairshake and its affiliated organizations held about $150 million in funds, making it one of the most influential political forces in the 2026 U.S. midterm elections. The organization plans to reserve most of its funds for the fall elections while continuing to support pro-crypto candidates in some 'safe seat' primaries. Previously, Fairshake invested around $9 million in the Illinois Democratic primary to support an opponent but failed to prevent Julianna Stratton from winning. In Alabama, Fairshake's affiliated organization Defend American Jobs has invested about $10 million to support Barry Moore, while the funding for his opponent, retired Navy SEAL Jared Hudson, is significantly smaller.

[Largest Midterm Election Bet in Crypto Industry Placed in Alabama, Fairshake Invests Over $12 Million to Support Barry Moore]On June 17, The New York Times reported that the crypto industry's super PAC Fairshake and its affiliated organizations have invested approximately $12.1 million in the Republican primary for U.S. Senator in Alabama to support pro-cryptocurrency Congressman Barry Moore. According to advertising monitoring agency AdImpact, television ad spending alone reached $9.8 million. Barry Moore has supported several bills prioritized by the crypto industry and has publicly opposed central bank digital currencies (CBDCs), stating he does not want the government to control people's financial activities. Fairshake's campaign ads prominently feature Trump's endorsement of Moore. As of May this year, Fairshake and its affiliated organizations held about $150 million in funds, making it one of the most influential political forces in the 2026 U.S. midterm elections. The organization plans to reserve most of its funds for the fall elections while continuing to support pro-crypto candidates in some 'safe seat' primaries. Previously, Fairshake invested around $9 million in the Illinois Democratic primary to support an opponent but failed to prevent Julianna Stratton from winning. In Alabama, Fairshake's affiliated organization Defend American Jobs has invested about $10 million to support Barry Moore, while the funding for his opponent, retired Navy SEAL Jared Hudson, is significantly smaller.

Largest Midterm Election Bet in Crypto Industry Placed in Alabama, Fairshake Invests Over $12 Million to Support Barry Moore

On June 17, Ki Young Ju, founder and CEO of CryptoQuant, stated on platform X that altcoins are not dead. Only those altcoins that rely solely on narrative hype will be eliminated. The era where simply issuing coins could generate profit has ended. 
He discussed the types of altcoins that he personally believes can still survive, emphasizing that while narrative remains important, it is no longer sufficient on its own. Some altcoins are still worth holding long-term, provided that the projects have real business operations, actual revenue, and align with global mainstream financial development trends. 
In his view, altcoins with long-term value can be categorized into three types: 
1. Global internet platforms with tokenized market layers; 
2. Decentralized financial service projects with real earnings; 
3. Projects that align with mainstream financial development trends.

[CryptoQuant Founder: Altcoins Are Not Dead, Only Those Dependent on Narrative Hype Will Be Eliminated]On June 17, Ki Young Ju, founder and CEO of CryptoQuant, stated on platform X that altcoins are not dead. Only those altcoins that rely solely on narrative hype will be eliminated. The era where simply issuing coins could generate profit has ended. 
He discussed the types of altcoins that he personally believes can still survive, emphasizing that while narrative remains important, it is no longer sufficient on its own. Some altcoins are still worth holding long-term, provided that the projects have real business operations, actual revenue, and align with global mainstream financial development trends. 
In his view, altcoins with long-term value can be categorized into three types: 
1. Global internet platforms with tokenized market layers; 
2. Decentralized financial service projects with real earnings; 
3. Projects that align with mainstream financial development trends.

CryptoQuant Founder: Altcoins Are Not Dead, Only Those Dependent on Narrative Hype Will Be Eliminated

On the 16th local time, the Israeli military conducted multiple military operations, including interceptions and airstrikes, in southern Lebanon, resulting in numerous casualties. The Lebanese President and Prime Minister met that day to plan the advancement of Israel-Lebanon peace talks and prepare for a new round of negotiations. (CCTV News)

[Lebanon Prepares for Fifth Round of Talks Amid Ongoing Israel-Lebanon Conflict]On the 16th local time, the Israeli military conducted multiple military operations, including interceptions and airstrikes, in southern Lebanon, resulting in numerous casualties. The Lebanese President and Prime Minister met that day to plan the advancement of Israel-Lebanon peace talks and prepare for a new round of negotiations. (CCTV News)

Lebanon Prepares for Fifth Round of Talks Amid Ongoing Israel-Lebanon Conflict

16 июня, согласно Fast Technology, последние отчеты указывают на то, что чип SoC Serpent Lake, совместно разработанный Intel и Nvidia, ожидается в дебюте в первом квартале 2028 года. Если планы останутся без изменений, он будет официально представлен на CES 2028. Serpent Lake — это специальная версия процессоров Titan Lake от Intel, имеющая дизайн, похожий на Halo от AMD, который интегрирует x86 ЦП и графический процессор RTX от Nvidia в одном чипе.

[Первый совместный чип Intel и Nvidia ожидается в первом квартале 2028 года]16 июня, согласно Fast Technology, последние отчеты указывают на то, что чип SoC Serpent Lake, совместно разработанный Intel и Nvidia, ожидается в дебюте в первом квартале 2028 года. Если планы останутся без изменений, он будет официально представлен на CES 2028. Serpent Lake — это специальная версия процессоров Titan Lake от Intel, имеющая дизайн, похожий на Halo от AMD, который интегрирует x86 ЦП и графический процессор RTX от Nvidia в одном чипе.

Первый совместный чип Intel и Nvidia ожидается в первом квартале 2028 года

SemiAnalysis Report Claims Delay in Two Key Technologies, Triggers Sharp Decline in 'Optoelectronics', Sparking Online Debate Over CPO

$500 Billion, 20-Year Lease: OpenAI in Talks for 10GW Ohio Data Center, Nvidia Set to Act as Credit 'Backstop'

What Should You Do First with Claude Fable 5? Give Your Code Repository a Comprehensive Checkup

Internet-Famous Institution Battles White-Haired Stock God: What Does the Report That Crashed CPO Stocks Actually Recommend?

SpaceX's Core Window for Listed Trading: July 7th Nasdaq Inclusion Date and Post-Q2 Earnings Lockup Expiration

TON Revives the Gram Brand, a Name That Disappeared Six Years Ago Returns

Top Crypto Coins With Real Use Cases To Watch in June 2026: NEAR, HYPE, Humanity Protocol, and BlockDAG Compared

Sequoia Dialogue with Jensen Huang: Computing Model Undergoes a 60-Year Transformation; You Won't Be Replaced by AI, But You Will Be Dimensionality-Reduced by 'Those Who Master AI'

The Recursive AI Anthropic Warned About: Tian Yuandong's New Company Has Just Taken the "First Step"

"Agents' Last Exam", Claude Fable 5 Actually Loses to GPT 5.5

Article

Alibaba Launches First Embodied Large Model Series Qwen-Robot

DeepSeek Completes Over $7.4 Billion in First Round Financing, Valuation Exceeds $50 Billion with Founder Retaining Absolute Control

Первый совместный чип Intel и Nvidia ожидается в первом квартале 2028 года

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