# Пов'язані статті щодо ROE

Центр новин HTX надає останні статті та поглиблений аналіз на тему "ROE", що охоплює ринкові тренди, оновлення проєктів, технологічні розробки та регуляторну політику в криптоіндустрії.

a16z: Without Relying on Interest Spreads or Burning Cash, How Does Revolut Become Europe's Most Profitable Neobank?

Revolut has emerged as Europe's most profitable neobank, achieving exceptional growth and efficiency without relying heavily on net interest income. In 2025, Revolut reported £4.5 billion in revenue (46% growth) and £1.7 billion in pre-tax profit (57% growth), with a remarkable 38% profit margin. Its user base grew by 30% to 68 million, while maintaining a diversified revenue stream across six business lines, none exceeding 22% of total income. Key to its success is a fee-based model (76% of revenue), contrasting traditional banks that depend on interest income. Revolut’s rule of 75% (revenue growth + profit margin) and 35% ROE far exceed industry averages. The company’s growth is driven by rapid customer acquisition, high user satisfaction (NPS double the industry average), and efficient operations enhanced by AI. With significant room to expand both its user base and average revenue per user (ARPU), particularly through primary account adoption and lending, Revolut is positioned to become a global banking leader. It has applied for a U.S. bank charter, underscoring its ambitious growth trajectory beyond Europe.

marsbit03/25 06:33

a16z: Without Relying on Interest Spreads or Burning Cash, How Does Revolut Become Europe's Most Profitable Neobank?

marsbit03/25 06:33

AI Era's 'Scarce Assets'? Goldman Sachs: HALO—Heavy Assets, Low Obsolescence

In the AI era, market focus is shifting from scalable, light-asset business models to valuing hard-to-replicate physical assets and infrastructure, a trend Goldman Sachs terms "HALO" (Heavy Assets, Low Obsolescence). This reflects a repricing of scarcity driven by higher real interest rates, geopolitical fragmentation, supply chain restructuring, and massive AI-driven capital expenditure. HALO assets—such as power grids, pipelines, utilities, and critical industrial capacity—have high replication barriers (cost, regulation, engineering complexity) and remain economically durable across technology cycles. Meanwhile, AI is undermining the profitability and terminal value of some light-asset sectors (e.g., software, IT services) by reducing information costs and increasing competition. Notably, major tech firms are now becoming large-scale capital spenders, with projected Capex of $1.5 trillion from 2023-2026—surpassing their cumulative historical investment. Since 2025, Goldman’s heavy-asset portfolio (GSSTCAPI) has outperformed its light-asset counterpart (GSSTCAPL) by 35%, driven by valuation rerating rather than broad de-rating of light assets. Macro factors support this shift: higher rates compress valuations of long-duration growth stocks, while manufacturing and capex cycles benefit heavy-asset firms. Earnings momentum is also stronger for heavy-asset companies, with higher expected CAGR (14% vs. 10%) and improving ROE. Despite recent gains, institutional positioning remains underweight value/heavy-asset stocks, suggesting further potential for outperformance.

marsbit02/25 08:50

AI Era's 'Scarce Assets'? Goldman Sachs: HALO—Heavy Assets, Low Obsolescence

marsbit02/25 08:50

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