Alphabet plans to issue the first tech "100-year bond" (in pounds) since Motorola in 1997. This is a very symbolic moment. A. Finance & Business Fundamentals (The Bulls) Lock in ultra-long low cost funds: Issuing a century-old bond means Google has locked in financing costs for the next century. In the current interest rate environment, this is extremely beneficial for issuers. The ammunition depot of the AI arms race: AI infrastructure (data centers, chips) is a gold-guzzling beast. This money will be used directly to maintain its leading position in the AI field. Despite facing regulatory pressure, the success of Gemini 3 demonstrates that its technical moat remains unfathomable. This shows the ultimate recognition of Google credit (which is rumored to have oversubscribed), which is

Seedance is a proprietary AI video generation technology developed and released by ByteDance, the Chinese multinational technology company best known for TikTok and Douyin. Corporate Origin: ByteDance is the official developer behind the Seedance model. The technology is part of ByteDance's broader suite of AI products. Model Evolution: ByteDance has released multiple versions of this technology. The recent Seedance 2.0 model has garnered significant market attention for its advanced capabilities in generating high-quality, multi-shot video sequences from simple text or image prompts Market Impact: The release of Seedance 2.0 has had a notable impact on capital markets, particularly sparking rallies in related media, entertainment, and AI application stocks, as investors anticipate its pot

Funds from the world is supporting $谷歌(GOOG)$   Alphabet, the parent company, recently raised nearly $32 billion in debt financing, demonstrating the tech giants' huge demand for funds in artificial intelligence competitions and their willingness to fund them in the credit market. The company followed Monday's $20 billion seven-dollar bond offering, followed by sterling and Swiss franc bonds, both of which set record issuance records. The pound bond includes a rare centenary bond, the first time since the dotcom bubble era that technology companies have issued such long-term bonds. The centennial pound bond was oversubscribed by more than seven times. On February 10, Bloomberg reported that £750m of subscri

The repurchase scale of giants such as Amazon, Google, Microsoft, Meta and others hit its lowest since 2018 at the end of 2025. Amazon even stopped buying back since Q2 2022. Why? Because every penny has to be spent on buying GPUs and building data centers.

The interactive system still requires the recording system as the bottom layer. AI can change how you interact with software, but it cannot change the fact that you need a credible data source. Your AI agent can use a chat interface to help you process your purchase application, but the purchase record ultimately needs to be written into some ERP system.

In the short term, Amazon's stock price will be under pressure due to a drop in free cash flow (FCF) expectations (which has fallen by 10% after the day). But in the medium to long term, AWS's accelerated growth and the success of self-developed chips have proven that its AI strategy is effective. And it's a giant that truly owns the complete closed-loop "chip-cloud-app" and truly sees billions of AI revenue landing. If you believe that AI is the next industrial revolution, Amazon's current plunge, probably for the next five years, is buying an expensive but necessary ticket. But for investors pursuing short-term cash returns, please stay away for the time being.

Cost scaling theory: The core value of space computing power lies not in power saving or heat dissipation, but in the cost of entering orbit. If "$ per kilogram" doesn't come down, this business is just expensive science fiction stories in business. The indicator revolution: The Tokens per Watt per Dollar in 2026 industry indicators have shifted from surface energy efficiency to orbit. Whoever can deliver the most computation with the cheapest logistics is the winner Tokens per Watt per Dollar: Reconstructing the financial boundaries of AI 💹 On the surface, the cost structure of AI is locked in by three factors: wholesale electricity prices, cooling water costs, and land tax. But within the framework of orbital economics in 2026, we see a counterintuitive financial model. According to the

Overall in the SaaS industry:  the moat of enterprise software has never been the code itself, as the release of the first generation software accounts for only about 2% of the total development. The remaining 98% are scale, maintenance, iteration, superposition of features, security audits, compliance certification, and integration entanglement with a large number of older systems. The SaaS giant who believes that AI can dismantle the SaaS giant, who has accumulated 20 years of institutional knowledge overnight, is just a fantasy of podcasters leaving reality.

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Software stocks are facing a survival challenge for AI, which is a structural revaluation of value.

The share price of traditional professional services/software companies such as Thomson Reuters, RELX and Wolters Kluwer have all gone down. Market interpretation: Previously, the market thought that AI would make these companies more efficient (lido); now, the market believes that if AI can directly help lawyers review contracts and prepare reports for accountants, who would need to subscribe to these expensive traditional software?

After the recent wave of sell-offs, the precious metal market has swept away a large number of over-leveraged futures newcomers in the short term. With no competitors to sell, it is expected that the market will soon return to order. Compared with the larger global bond and stock markets, the precious metal futures market has always been a niche market involving miners and professional speculators. I do not believe that this sell-off will pose a systemic risk to the global capital market

The previous generation was used to shaking their heads and sighing at the 24/7 "casino" in the cryptocurrency exchange, denouncing it as the depravity of the younger generation. However, this moral superiority overshadows a deeper and more ironic economic reality: when the traditional path of wealth accumulation—the postwar myth of hard work, savings, home purchase, retirement—has been completely shattered by the inflation and asset bubble—speculation is no longer gambling, but the only rational choice. When hard work fails to afford a house for a lifetime, throwing savings into what is called "speculation" platforms can instead seem like a well-thought-out risk hedge.

The main logic behind the recent surge in gold prices is de dollarization and risk aversion. I do not believe that Warsh 's appointment as the next chairman of the Federal Reserve can reverse the global trend of de dollarization. Therefore, I still view the decline in gold prices as just a normal adjustment after a sharp rise, and if the drop in gold prices leads to a major adjustment in gold mining stocks, I think it is a buying opportunity.

Kevin Warsh, a defender of the free market and a master of currency, believes that prices (including interest rates) are the most important signals in the market and that governments should not intervene. He has publicly criticized the Federal Reserve for its long-term quantitative easing policy, artificially lowering long-term debt rates, essentially alternative price controls. He believes that central banks should only enter the market as the last lender of last resort only when the market is extremely ineffective, and in other cases, they should allow the market to operate freely. The price discovery process should not be curbed. From this perspective, when the stock market plunges, you cannot expect the Wash-led Federal Reserve to provide the Fed Put (taking steps to stabilize the mark