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GOOGL $288.43 -10.90%
MSFT $548.07 +3.22%
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NVDA $214.84 -2.34%
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Goldman Sachs: Semiconductor exposure explains about 54% of the earnings difference, while oil prices account for only 2%

Goldman Sachs' latest research shows that over the past three weeks, semiconductor stock exposure has been able to explain about 54% of the return performance differences between different asset classes, while oil price exposure accounts for only 2%. As the influence of AI trading continues to expand, technology stocks are becoming an important factor driving global market risk appetite and asset performance differentiation.Goldman Sachs pointed out that recent investor risk appetite has been highly synchronized with the relative performance of large technology stocks. Last week, concerns about AI investment returns, financing costs, and capital expenditures intensified, leading to a sell-off in technology stocks and corporate bonds, with Goldman Sachs' risk appetite indicator falling to its lowest level since April 2025. The South Korean stock market has become a typical case of this impact, with the KOSPI rising 3.1% on Tuesday, and SK Hynix and Samsung Electronics increasing by 5.2% and 4.2%, respectively.Due to the high weight of semiconductor stocks in the Korea Composite Stock Price Index, changes in global AI investment expectations directly affect local market performance. Goldman Sachs emphasized that the 54% and 2% figures reflect a statistical relationship within a specific time window and do not imply that AI factors long-term determine global market fluctuations; the impact of high oil prices on inflation, monetary policy, and asset pricing cannot be ignored. Major technology companies such as Microsoft, Google, and Amazon are about to announce their earnings reports, and the market will focus on whether AI demand can continue to grow and whether massive capital expenditures can be converted into actual profits.

first_img OpenStocks launches on BNB Chain, with the token providing only price exposure and no equity

The tokenized Pre-IPO platform OpenStocks has launched on the BNB Chain, offering tokenized economic exposure products for four private companies, including Anthropic (oANTHROPIC), Figure AI (oFIGUREAI), Neuralink (oNEURALINK), and Anduril (oANDURIL). These products are BEP-20 tokens on the BNB Chain mainnet, supporting 24/7 trading with no minimum amount restrictions. Transactions settle on-chain within seconds, using a self-custody model where users trade by connecting their own BNB Chain wallets, and OpenStocks does not act as a custodian.The platform clearly states that these tokens provide only economic exposure to the private stock prices of the companies and do not represent equity, granting holders no ownership, voting rights, dividend rights, or information rights, and OpenStocks has no affiliation with the aforementioned companies. The token prices are set by the on-chain DEX liquidity pools, with PancakeSwap Infinity as the primary trading venue. Tokens are traded against USDT, and the price users pay depends on the quotes in the pool at the time of transaction. The trading page simultaneously displays the latest on-chain token price and the reference price of the underlying company, as well as the implied company valuation based on that price.The platform is not open to individuals within the United States, U.S. citizens, and other ineligible persons, with Singapore being a prohibited jurisdiction. OpenStocks states that it is not a broker-dealer, investment advisor, exchange, transfer agent, or custodian, does not provide investment advice, and has no affiliation with the companies involved.

Strive CEO: The long-term performance of Bitcoin is expected to surpass gold, maintaining a high exposure to Bitcoin is key to obtaining excess returns

Matt Cole, the CEO of Bitcoin Treasury Company Strive, stated on the X platform that the long-term trend of currency depreciation will continue to drive the appreciation of scarce assets. Bitcoin, as digital gold, is still in its early stages of development, and as the market matures, its long-term performance is expected to surpass that of gold.Cole pointed out that over the past 55 years, gold has had a compound annual growth rate that exceeded the growth rate of the U.S. M2 money supply during multiple periods. Specifically, since 1970, the rates have been 9% and 6.7%, respectively; since the global financial crisis, they have been 9.5% and 6.3%; and since the COVID-19 pandemic, they have been 18.3% and 6.5%. Cole believes that as the debt crisis continues to worsen, the long-term outperformance of scarce assets relative to the dollar may further expand.For Strive, the key to outperforming Bitcoin lies in maintaining a high Bitcoin exposure multiplier and sufficient liquidity, rather than simply reducing financing costs. He emphasized that establishing and maintaining high Bitcoin exposure while avoiding financial risks is extremely challenging, and the market currently underestimates Strive's competitive advantages in Bitcoin exposure amplification and liquidity management. Its core investment philosophy is to reduce dollar exposure in the long term and increase Bitcoin allocation.

first_img Decentralised.co: On-chain stock exposure has exceeded 6 billion USD

Decentralised.co published a discussion on the path of stock tokenization, stating that the exposure to on-chain stocks held by traders and investors through tokenization and synthetic perpetual contracts has exceeded 6 billion dollars. The total market size of on-chain stock tokens is 3.21 billion dollars, with a 10% increase over the past 30 days; the open interest of perpetual contracts for stocks, indices, and ETFs on trade.xyz is 3.01 billion dollars, accounting for 94% of the total stock token market size.The process of stock tokenization is divided into four stages: initially, it is mostly offshore packaged certificates, followed by becoming collateral, then brokers tokenizing the shares that users already hold, and finally, the company registering the shares themselves on-chain. Most stock tokens are debt certificates that do not include voting rights or ownership of shares. Taking Robinhood as an example, after the related entity purchases shares and they are held by a custodian, it issues debt securities corresponding to one share to users, with dividends reinvested and stock splits adjusting the number of shares represented; if the issuer fails to perform, the securities agent will sell the shares and pay the holders, while the issuer can only maintain the price through arbitrage within a limited time frame.The market size of the top 100 tokenized stocks increased from 2.09 billion dollars to 3.03 billion dollars within 90 days, and the number of holding addresses grew from 417,000 to 4.21 million, with Binance and Robinhood contributing 86% of the new addresses. About 97.5% of the addresses hold less than 100 dollars, with exchanges and large wallets holding most of the value. The borrowing rates for collateralized loans against related stock tokens on Kamino, Jupiter Lend, and Ether.fi are approximately 4% to 5.75%.
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