市场概览：区域银行引发担忧

Hey everybody, welcome back to the channel. We are back on another episode of the daily recap. This is the last daily recap for the week as we have come towards the end of the week on Thursday. Thank you again to everyone who's been showing support on these episodes. I really do love making them every day and I'm happy that people are enjoying them. 大家好，欢迎回到本频道。我们又回到了每日回顾的节目。这是本周的最后一次每日回顾，因为我们已经来到了周四，也就是周末。再次感谢大家对这些节目的支持。我真的很喜欢每天制作它们，也很高兴大家喜欢。

Today was a red day in the stock market and we've got some things to talk about why it was red. 今天股市一片飘红，我们需要谈谈为什么会这样。

We're going to spend a little bit more time on the first subject today, which is the regional banking crisis. 今天我们将花更多时间讨论第一个主题，即区域银行危机（Regional Banking Crisis: 指特定区域内银行因资产质量、流动性或市场信心问题而面临的系统性风险）。

I say crisis in a hyperbolic way. It's not a crisis yet, but the market is acting like it could become a crisis, and whenever the market thinks something can become a crisis, you tend to get a sell-off. 我用“危机”这个词有点夸张。它还不是一场危机，但市场表现得好像它可能会变成一场危机，而每当市场认为某事可能演变成危机时，通常就会出现抛售。

We got some other updates with Bitmine, Palantir; we'll talk about that stuff, but let's get into why stocks are red and what's going on with regional banks. 我们还有一些关于Bitmine和Palantir的最新消息；我们稍后会谈论这些，但首先让我们了解为什么股市下跌以及区域银行的情况。

区域银行：回到2023年3月

Yesterday we ended green, but we had a couple of China hiccups, especially based on some comments that the Fed had made that kind of allowed the market to feel a little bit more scared about what's going on with the US and China. 昨天我们以绿色收盘，但我们遇到了一些关于中国的小插曲，特别是基于美联储（Fed: 美国中央银行系统，负责制定货币政策）的一些评论，这些评论让市场对中美关系感到有些担忧。

Now, we'll talk about US and China relations because we do have a little bit of an update on that, and that update is actually good; it's not that counterproductive in terms of what's going on with US and China. 现在，我们将讨论中美关系，因为我们确实有一些新的进展，而且这个进展实际上是好的；就中美关系而言，它并没有那么适得其反。

But today, we're going back to March 2023. And if anyone remembers what happened in March of 2023, Silicon Valley Bank had collapsed. 但今天，我们要回到2023年3月。如果有人记得2023年3月发生了什么，那就是硅谷银行（Silicon Valley Bank: 一家位于美国加州的商业银行，主要服务科技初创企业）倒闭了。

The Fed had raised rates the highest in 40 years in 2022 up until the end of 2023. 美联储在2022年直到2023年底将利率上调至40年来的最高水平。

There was probably going to be some collateral damage because a lot of these regional banks are not the JP Morgans, the Cities, the Wells Fargos, but rather the Truists, which are located more in the south of America. 可能会有一些附带损害，因为许多区域银行（Regional Banks: 规模相对较小，主要服务特定地理区域或客户群体的银行）不是摩根大通、花旗银行、富国银行，而是像Truist（一家主要服务美国南部地区的区域银行）这样的银行。

They are regional to a demographic, and that's why they're called regional banks. 它们服务于特定的人群和地区，这就是它们被称为区域银行的原因。

Silicon Valley Bank catered towards a lot of the tech elite in Silicon Valley, California, and unfortunately, they took on some risk when rates were low that they probably shouldn't have taken on in case rates went up. 硅谷银行主要服务加州硅谷的许多科技精英，不幸的是，他们在利率较低时承担了一些风险，这些风险在利率上升的情况下可能不应该承担。

They didn't think rates would go up. Guess what? Rates went up, and they ended up getting liquidated. 他们没想到利率会上升。结果呢？利率确实上升了，他们最终被清算。

So that created a bit of a crisis back in 2023. Now, it didn't really turn into some massive issue that would cause something like 2008 again, but it was isolated to the regional banks, and the markets had a bit of a hiccup, and ultimately we got through that. 所以这在2023年造成了一点危机。它并没有真正演变成一个会再次引发2008年那样大规模问题的事件，但它仅限于区域银行，市场出现了一些小插曲，最终我们挺过来了。

Today there are fears in the stock market, which is why stocks ended red on the day, about regional banks. 今天股市对区域银行存在担忧，这也是为什么今天股市收跌的原因。

Now what is the fear and what exactly was the catalyst to create this fear? 那么，这种担忧是什么？究竟是什么催化剂引发了这种担忧？

Well, we have to go to the culprit of what's going on, which is obviously bank earnings because if some of the regional banks gave their earnings, which they did today. 嗯，我们必须找到导致这一切的罪魁祸首，那显然是银行财报，因为一些区域银行今天发布了它们的财报。

So, number one is Zions Bank. They came out today. They had a record $60 million credit provision and a charge-off of $50 million. 首先是Zions银行（Zions Bank: 一家总部位于犹他州的区域性银行）。他们今天公布了业绩。他们有创纪录的6000万美元信贷拨备和5000万美元的核销。

And then Western Alliance Bank said that they had filed a lawsuit in August alleging fraud by a borrower in failing to provide collateral loans in the first position. 然后Western Alliance银行（Western Alliance Bank: 一家总部位于亚利桑那州的区域性银行）表示，他们已在8月份提起诉讼，指控一名借款人未能提供优先抵押贷款，涉嫌欺诈。

Essentially, two regional banks came out today and said, "Hey, we think we have some bad loans. We are having some credit issues. These might be one-off issues, but nonetheless, when you're a public company, you can't hide this stuff." 本质上，今天有两家区域银行站出来说：“嘿，我们认为我们有一些不良贷款。我们正在经历一些信用问题。这些可能是一次性问题，但无论如何，作为一家上市公司，你不能隐藏这些事情。”

"We have some bad issues in regards to the loans that we are dispersing, and as a result, Jefferies was down 7.9%, Truist was down 10%, the KRE regional banking index was down almost 7%." “我们在发放贷款方面遇到了一些问题，结果，Jefferies下跌了7.9%，Truist下跌了10%，KRE区域银行指数（KRE Regional Banking Index: 一项追踪美国区域银行股票表现的指数）下跌了近7%。”

Affirm, Block, PayPal, CLA, all the other fintechs (Financial Technology: 利用技术改进或自动化金融服务的公司) were down on the day. Affirm、Block、PayPal、CLA以及所有其他金融科技公司今天都下跌了。

One of the analysts wrote a note about Zions today: "Is it a good thing or a bad thing in credit terms if these loans went bad due to fraud as opposed to the normal course of business?" 一位分析师今天写了一份关于Zions的报告：“如果这些贷款是由于欺诈而非正常业务流程而出现问题，从信贷角度来看，这到底是好事还是坏事？”

"Either way, there have been enough one-offs in commercial credits of banks as of lately that investors are selling first and asking questions later." “无论如何，最近银行商业信贷中已经出现了足够多的一次性事件，以至于投资者宁愿先卖出，然后再提问。”

And I think that is kind of the moral of the story. It seems like more investors are selling first versus asking questions later. 我认为这有点像这个故事的寓意。似乎更多的投资者是先卖出，而不是先提问。

We had a 3% drawdown on Friday. Everything feels a bit frothy. 我们周五有3%的回撤。一切都感觉有点泡沫。

By the way, rare earth stocks crushed today. Quantum stocks crushed today. Nuclear stocks crushed today. 顺便说一句，稀土股今天大跌。量子股今天大跌。核能股今天大跌。

Bitcoin miners turned data center stocks crushed today. And I think, are they structurally dead because of momentum that has completely faded out of those names? 比特币矿商转变为数据中心股的股票今天也大跌。我在想，它们是否因为那些股票的动能完全消退而结构性死亡了？

I don't know. It's going to take, I think, at least a couple of weeks to see if the momentum's gone and if those stocks are just going to turn a lot of people into bag holders, or if those stocks are taking a breather because, you know, even if they fell 20 to 30%, some of them would be a four to five times still on the year, which is just incredible. 我不知道。我认为至少需要几周时间才能看出动能是否消失，以及这些股票是会把很多人变成接盘侠（Bag Holders: 指持有价值大幅下跌的资产，且无法脱手或不愿以亏损价格出售的投资者），还是这些股票正在喘息，因为即便它们下跌了20%到30%，其中一些今年仍能达到四到五倍的涨幅，这简直令人难以置信。

So it might just be them taking a breather. It might be something structural. We're going to have to see over the coming weeks, but credit concerns across the entire market are always a reason for why investors would sell first and ask questions later. 所以这可能只是它们在喘息。也可能是一些结构性问题。我们不得不在未来几周观察，但整个市场的信用担忧总是投资者选择先卖出后提问的原因。

And the reason for that is because when there is a credit problem in an economy, you have cascading effects across the entire market. 原因在于，当经济中出现信用问题时，整个市场都会产生连锁效应。

Consumers need to borrow money to do things. To buy a car, you need to take a loan; to buy a house, you need to get a mortgage; to buy everyday products and services, most people need to take on credit card debt. 消费者需要借钱来做事情。买车需要贷款；买房需要抵押贷款；购买日常商品和服务，大多数人需要承担信用卡债务。

When there are credit issues, that is, massive delinquencies or problems in the underlying structure of credit in the United States or in any country, banks aren't that easy to lend money for. 当出现信用问题，也就是美国或任何国家信贷基础结构中出现大规模拖欠或问题时，银行就不会那么容易放贷。

Companies start pulling back their spend on marketing, hiring new people because they say, "Hey, if there's some credit issues, then we need to reserve our right to be able to utilize this capital in more efficient ways." 公司开始削减营销支出，停止招聘新员工，因为他们会说：“嘿，如果存在一些信用问题，那么我们需要保留权利，以更有效的方式利用这些资本。”

And overall risk-on sentiment starts to come down. 整体的风险偏好情绪开始下降。

区域银行问题是否会蔓延？

So, these were two regional banks today that said they had some issues. It's not like these are the most important banks in the country. 所以，今天有两家区域银行表示它们遇到了一些问题。这并不意味着它们是这个国家最重要的银行。

JP Morgan, Goldman Sachs, BlackRock, Citigroup, Wells Fargo, Bank of America, Morgan Stanley, they did not say any credit issues were a massive concern. 摩根大通、高盛、贝莱德、花旗集团、富国银行、美国银行、摩根士丹利，它们都没有表示任何信用问题是巨大的担忧。

In fact, JP Morgan and Citibank yesterday literally said on their earnings call, "Delinquencies came in lower than expected," which to me is a great sign in terms of the health of the consumer. 事实上，摩根大通和花旗银行昨天在它们的财报电话会议上明确表示，“拖欠率低于预期”，这对我来说是消费者健康状况的一个好迹象。

So then the question becomes, in the context of the broader market, are regional banks and our issues in credit within those regional banks specific enough and quite frankly harmful enough for the entire economy to now be afraid of what's going to happen based on those regional banks? 所以问题就变成了，在更广阔的市场背景下，区域银行及其内部的信用问题是否足够具体，坦率地说，是否足以对整个经济造成危害，以至于现在要根据这些区域银行的情况来担心接下来会发生什么？

I don't think the answer is yes. My gut feeling, I mean, you know, I actually bought Truist (TFC), which is a regional bank, back in 2023. 我认为答案是否定的。我的直觉是，我实际上在2023年买入了Truist（TFC: Truist Financial Corporation的股票代码），这是一家区域银行。

I put some options on it. Shout out to our friend Chris Patel, who really taught me how to do call debit spreads, and he really said, "You need to look at Truist." 我对其进行了一些期权操作。感谢我们的朋友Chris Patel，他真正教会了我如何做买入借方差价（call debit spreads），他当时真的说：“你需要关注Truist。”

And that's when I kind of learned how to do some more due diligence on banks. 从那时起，我才学会了如何对银行进行更深入的尽职调查。

Truist got to $27. Right now, today, it's at like $41. It got to a peak of like $48 a couple of months ago. Truist曾跌至27美元。现在，今天它的价格约为41美元。几个月前它曾达到48美元左右的峰值。

And Truist is one of the leading regional banks in the southern part of the United States of America, and they had no fundamental underlying issues. Truist是美国南部领先的区域银行之一，他们没有根本性的潜在问题。

It's just when Silicon Valley Bank collapsed, every regional bank was in question, and so you were able to buy it at an 11-year low and ride it back up. 只是当硅谷银行倒闭时，每家区域银行都受到了质疑，因此你可以在11年低点买入并随其上涨。

And the options created some more leverage on that trade as well. 期权也为那笔交易创造了更多的杠杆。

I don't know if the regional banks are in that type of an opportunity where Truist gets back down to $27, gets to an 11-year low. 我不知道区域银行是否会再次出现那种机会，让Truist跌回27美元，达到11年来的新低。

But if that does happen, it says one of two things. Number one, either there is a structural credit problem in America, and the regional banks are where the contagion is, which will spread pretty quickly. 但如果真的发生，那意味着两件事之一。第一，要么美国存在结构性信用问题，区域银行是传染源，这将很快蔓延。

It's not going to be pretty if the regional banks have this underlying issue. So I think the most important earnings outside of tech earnings now because of today have become regionals. 如果区域银行存在这个潜在问题，情况将不容乐观。所以我认为，除了科技股财报之外，现在最重要的财报已经变成了区域银行的财报。

Everyone needs to focus on what the regional banks are saying, or number two, this is a one-off and it's not that big of a deal. 每个人都需要关注区域银行在说什么。或者第二种情况，这只是一个孤立事件，并不是什么大问题。

And I'm leaning towards number two because the big banks are saying, "We're okay now." The big banks are not the entire story. 我更倾向于第二种情况，因为大银行都说“我们现在没问题”。大银行不能代表全部情况。

But if the big banks are the majority of the story, then this ends up being a buy the dip opportunity. 但如果大银行代表了大部分情况，那么这最终会是一个逢低买入的机会。

I did buy the dip today. I bought more Grab, bought more Amazon. 我今天确实逢低买入了。我买了更多的Grab，买了更多的亚马逊。

I think all stocks are going down algorithmically. There's no reason for a lot of these stocks to be down 5%, 7% on the day outside of if there is a structural credit problem in this country, which I think is too soon to say. 我认为所有股票都在按算法下跌。除了这个国家存在结构性信用问题（我认为现在下结论还为时过早）之外，许多股票今天没有理由下跌5%、7%。

So, the regional banks are the reason we went red today. The regional banks might be the reason we continue to be red. 所以，区域银行是我们今天股市飘红的原因。区域银行可能也是我们继续飘红的原因。

It doesn't have to do with China. It doesn't have to do with Trump's announcement at 3 p.m. in the Oval Office, which is about in vitro fertilization. 这与中国无关。这与特朗普下午3点在椭圆形办公室宣布的关于体外受精（in vitro fertilization: 一种辅助生殖技术）的消息无关。

We thought it was going to be about the markets. That's not what it's about. It has to do with regional banks. 我们以为会是关于市场。但不是。这与区域银行有关。

And so, now the question becomes, how bad of an issue will this be? And we will find out. 所以，现在问题变成了，这会是一个多严重的问题？我们将拭目以待。

I mean, again, you got some of the analysts on these reports saying maybe Zions and Western Alliance was just a one-time charge-off, but investors would rather sell first and find out later versus hold on to the ride if there is a contagion in the regional banks. 我的意思是，再次强调，这些报告中的一些分析师表示，Zions和Western Alliance可能只是一次性核销，但如果区域银行存在蔓延风险，投资者宁愿先卖出后观望，而不是继续持有。

So, for the coming future, we will definitely be paying attention to what's going on with the regionals. 因此，在未来的日子里，我们肯定会密切关注区域银行的情况。

Bitmine获得机构升级：Tom Lee的以太坊愿景

Okay, let's talk about Bitmine and Mr. Tom Lee. Bitmine today got one of its first institutional upgrades, which was quite incredible to see because there's not a lot of analysts actually covering the stock. 好的，我们来谈谈Bitmine和Tom Lee先生。Bitmine今天获得了首次机构评级上调之一，这相当令人难以置信，因为实际上并没有多少分析师覆盖这只股票。

Again, Bitmine is an Ethereum treasury (Ethereum Treasury: 指持有大量以太坊（ETH）作为其主要资产储备或投资组合的公司)。 Tom Lee is the chairman of the company. 再次强调，Bitmine是一个以太坊金库。Tom Lee是该公司的董事长。

B. Riley initiates coverage, $90 price target, indicating a 70% upside from current prices. B. Riley开始覆盖并给予90美元的目标价，这意味着从当前价格有70%的上涨空间。

Here's what they say: "We are initiating coverage of BMR with a buy rating and a $90 price target. Bitmine is the largest Ethereum digital asset treasury with an experienced management team and what we believe are achievable plans to acquire a 5% stake in the Ethereum network, which is this kind of alchemy of 5% that Tom Lee talks about." 他们说：“我们开始覆盖BMR，给予买入评级和90美元的目标价。Bitmine是最大的以太坊数字资产金库（Ethereum Digital Asset Treasury: 专指以太坊区块链上的数字资产储备），拥有一支经验丰富的管理团队，我们相信他们有可实现的计划，旨在获得以太坊网络5%的股权，这正是Tom Lee所说的5%的炼金术。”

"We expect the shares to continue trading at a premium of 1.3 to 1.5x. I think right now it's around 1.3x, driven by ETH staking revenue, institutional custody partnerships with leading service providers, and a strong capital-raising capability thanks to the current premium valuation." “我们预计其股价将继续以1.3至1.5倍的溢价交易。我认为目前约为1.3倍，这得益于ETH质押收益（ETH Staking Revenue: 通过将以太坊（ETH）锁定在网络中参与验证交易而获得的收益）、与领先服务提供商的机构托管合作（Institutional Custody Partnerships: 机构投资者将数字资产交由专业第三方保管以确保安全和合规）以及目前溢价估值带来的强大融资能力。”

"Tom Lee is one of those ambassadors that knows how to raise money and effectively allocate that capital. We project that BMR will hold approximately 7.6 million ETH by fiscal year 2026 end, which would be more than 5% of the entire Ethereum network subject to market conditions and capital availability." “Tom Lee是那些懂得如何筹集资金并有效分配资本的倡导者之一。我们预计，到2026财年末，BMR将持有约760万ETH，这将超过整个以太坊网络总量的5%，但这取决于市场状况和资本可用性。”

So, I thought this was pretty interesting today because essentially you have some institutional investors coming out. 所以，我今天觉得这很有趣，因为基本上有一些机构投资者站了出来。

Devon Ryan, by the way, he was one of the only institutional analysts that was bullish on Robinhood at $8 in 2022. 顺便说一句，Devon Ryan是2022年唯一一位在Robinhood股价8美元时看涨的机构分析师。

He initiated coverage on SBET, which is a competitor to Bitmine, with a $50 price target. So, he's not putting out coverage on Bitmine, but he's putting out coverage on their competitor. 他开始覆盖SBET，这是Bitmine的竞争对手，目标价为50美元。所以，他没有覆盖Bitmine，而是覆盖了他们的竞争对手。

And it was quite fascinating to me that a lot of these financial guys on Wall Street that cover banks and fintech and all this stuff are now covering Ethereum and digital asset treasuries rooted in the underlying asset that is Ethereum. 令我着迷的是，华尔街许多负责银行、金融科技等领域的金融人士现在开始覆盖以太坊以及以以太坊为底层资产的数字资产金库。

And the only justification I have for it is that I think these Wall Street guys are speaking to other Wall Street guys. 我对此唯一的解释是，我认为这些华尔街人士正在与其他华尔街人士交流。

And when you're speaking to the Wall Street guys, this is what Tom Lee's been saying: "Wall Street is becoming obsessed with tokenizing (Tokenizing: 将现实世界中的资产或权益数字化，并在区块链上发行代表这些资产的代币) everything on-chain (On-chain: 指在区块链网络上直接进行的交易和操作), bringing assets on-chain." 当你与华尔街人士交流时，这正是Tom Lee一直在说的：“华尔街正痴迷于将一切事物代币化（Tokenizing: 将现实世界中的资产或权益数字化，并在区块链上发行代表这些资产的代币）并上链（On-chain: 指在区块链网络上直接进行的交易和操作），将资产带到链上。”

Larry Fink was talking about the multi-trillion-dollar opportunity a couple of days ago of bringing all these assets on-chain. 拉里·芬克几天前谈到了将所有这些资产上链的万亿美元级机会。

Vlad Tenev, CEO of Robinhood, said, "The financial network will be eaten up by tokenization." Robinhood首席执行官Vlad Tenev表示：“金融网络将被代币化所吞噬。”

So I think that a lot of these Wall Street analysts are realizing that Ethereum is going to be inextricably linked with the financial sector, particularly with Wall Street. 所以我认为许多华尔街分析师正在意识到，以太坊将与金融部门，特别是华尔街，密不可分地联系在一起。

And as a result, it's hard to ignore it. And if it becomes really hard to ignore it, that means that you need to have exposure to it. 因此，它很难被忽视。如果它变得真的很难被忽视，那意味着你需要对其进行投资。

That means you probably need to tell your clients to get some exposure to it, and that exposure seems like it's coming through the form of an ETH treasury, potentially BMR. 这意味着你可能需要告诉你的客户对其进行一些投资，而这种投资似乎正通过ETH金库，可能是BMR的形式出现。

Now another update on Ethereum, and this leads back to the argument around Bitmine as well, is Jove, which is an Ethereum Layer 2 blockchain (Ethereum Layer 2 Blockchain: 建立在以太坊主链之上，旨在提高交易速度和降低成本的扩展解决方案) for real-world assets (Real-World Assets, RWA: 指将现实世界中的有形或无形资产，如房地产、大宗商品、艺术品等，通过代币化引入区块链世界) and users by Ant Digital Technologies (Ant Group: 蚂蚁集团，中国领先的金融科技公司之一). 现在，关于以太坊的另一个更新，这也与Bitmine的论点相关，就是Jove（一个以太坊二层区块链）。Jove是一个由蚂蚁数字科技（Ant Digital Technologies: 蚂蚁集团旗下的数字科技公司）为真实世界资产（Real-World Assets, RWA: 指将现实世界中的有形或无形资产，如房地产、大宗商品、艺术品等，通过代币化引入区块链世界）和用户打造的以太坊二层区块链（Ethereum Layer 2 Blockchain: 建立在以太坊主链之上，旨在提高交易速度和降低成本的扩展解决方案）。

Ant Group, one of the largest financial institutions in China, is now building on Ethereum. 蚂蚁集团，中国最大的金融机构之一，现在正在以太坊上进行开发。

And one of the reasons this is really important is because Alipay (Alipay: 支付宝，蚂蚁集团旗下全球领先的数字支付和生活服务平台) and its 1.4 billion monthly active users in China, which processes $8.7 trillion of volume, have launched on Jove, which is an Ethereum L2. 这之所以非常重要，其中一个原因是，支付宝（Alipay: 蚂蚁集团旗下全球领先的数字支付和生活服务平台）及其在中国拥有的14亿月活跃用户，处理着8.7万亿美元的交易量，已在Jove上推出，而Jove是一个以太坊L2。

So Jove is an Ethereum L2 launched by the Ant Group, and Alipay is a payment infrastructure in China that 1.4 billion monthly users use that now will get access to being able to trade, transact, etc. on a layer 2 underneath Ethereum called Jove. 因此，Jove是由蚂蚁集团推出的一个以太坊L2，而支付宝是中国一个拥有14亿月活跃用户的支付基础设施，现在这些用户将能够在一个名为Jove的以太坊底层二层网络上进行交易等操作。

That means 1.4 billion people in China, out of all places. China has not been the most friendliest to crypto, just got access to being able to work on-chain, and the chain of choice that they picked is not Solana, it's not Bitcoin, it's not their own Layer 1, it's a layer two on Ethereum. 这意味着，在所有地方中，中国的14亿人口（中国对加密货币一直不太友好）刚刚获得了在链上操作的权限，而他们选择的链不是Solana，不是比特币，也不是他们自己的Layer 1，而是以太坊上的一个二层网络。

Robinhood's entire tokenization is a layer two on Ethereum. So again, it goes back to BMR. Robinhood的整个代币化都在以太坊的二层网络上。所以，这又回到了BMR。

I mean, regardless of what's happening to the stock, regardless of what's happening to Ethereum's price, which is under $4,000 today, if you believe in that overall ecosystem developing, growing, bringing more people into what could be one of the most important revolutions in the context of Wall Street and crypto and the intersection of that taking place on Ethereum, the asset that Bitmine continues to buy is Ethereum. 我的意思是，无论股票发生什么，无论以太坊的价格发生什么（今天低于4000美元），如果你相信整个生态系统正在发展、壮大，将更多人带入华尔街和加密货币交汇点可能最重要的革命之一，并且这场革命正在以太坊上发生，那么Bitmine持续购买的资产就是以太坊。

And they have continued to be able to do this at a premium. As long as they can keep doing it at a premium, that premium will expand as long as Ethereum also continues to go up. 他们一直能够以溢价进行此操作。只要他们能继续以溢价进行，只要以太坊也持续上涨，这种溢价就会扩大。

If the thesis for Ethereum plays out, which means long-term, the reason I continue to own Bitmine is because I think that thesis does play out. 如果以太坊的论点得以实现，这意味着从长远来看，我之所以继续持有Bitmine，是因为我认为这个论点确实会实现。

So, nice to see a $90 upgrade on Bitmine for the first time since the company went public and actually getting some institutional coverage. And I think we will see a lot more of that in the future. 所以，很高兴看到Bitmine首次获得90美元的评级上调，这是该公司上市以来首次获得机构覆盖。我认为未来我们会看到更多这样的情况。

Palantir与Snowflake合作：企业级AI与数据分析

All right, last update for the day. Palantir and Snowflake, folks, they are working together. 好的，今天最后一个更新。Palantir（一家大数据分析公司，专注于为政府机构和大型企业提供数据集成、管理和分析平台）和Snowflake（一家基于云的数据仓库公司）正在合作。

And I know this is kind of crazy for some people because a lot of people never thought that Palantir and Snowflake would ever work together. 我知道这对一些人来说有点疯狂，因为很多人从未想过Palantir和Snowflake会合作。

But they are. Palantir and Snowflake are teaming up to start a partnership for enterprise-ready AI and analytics (Enterprise-Ready AI and Analytics: 指为大型企业量身定制的人工智能和数据分析解决方案，具备高安全性、可扩展性和集成性). 但他们确实在合作。Palantir和Snowflake正在联手，启动一项针对企业级AI和数据分析（Enterprise-Ready AI and Analytics: 指为大型企业量身定制的人工智能和数据分析解决方案，具备高安全性、可扩展性和集成性）的合作。

One of their flagship customers, Eaton (Eaton: 一家全球领先的动力管理公司), which I've actually interviewed some of the executives at Eaton at AIPCON (AIPCON: 可能是Palantir年度人工智能平台大会的简称) for Palantir, is leveraging the integration to deliver enhanced business outcomes and streamline enterprise-wide governance. 他们的一家旗舰客户伊顿（Eaton: 一家全球领先的动力管理公司），我实际上在AIPCON（AIPCON: 可能是Palantir年度人工智能平台大会的简称）采访过伊顿的一些高管，他们正在利用这种集成来提供更好的业务成果并简化企业范围内的治理。

So, let's back up a little bit. What is going on right here? Why is Palantir working with Snowflake? 那么，让我们稍微回顾一下。这里到底发生了什么？为什么Palantir要与Snowflake合作？

Chad, one of the Palantir AIP architects, came on my channel a couple of months ago and basically said that Palantir has started to shift their approach from being super competitive with a customer if they are on Snowflake and Databricks to just saying, "Hey, what if you could keep your data system the way it is and integrate with us so that you don't have to leave Snowflake and Databricks but you can work with us?" 几个月前，Palantir AIP的架构师之一Chad来到我的频道，他基本上说Palantir已经开始改变其方法，不再与那些使用Snowflake和Databricks的客户进行超级竞争，而是说：“嘿，如果你能保持你的数据系统原样，并与我们集成，这样你就不必离开Snowflake和Databricks，但仍然可以与我们合作，那会怎么样？”

"So instead of trying to convince them, 'Hey, leave Snowflake, leave Databricks,' which is not an easy thing to do for some of these large CL customers, what if you could just keep your data stored on whatever different data provider you have, but use us to integrate an ontology (Ontology: 在信息技术中，指对某一领域内概念及其相互关系的明确、形式化规范，用于知识表示和数据集成) and actually get the value that Palantir provides?" “所以，与其试图说服他们‘嘿，离开Snowflake，离开Databricks’（这对一些大型客户来说并非易事），不如让他们可以继续将数据存储在他们已有的任何数据提供商那里，但利用我们来集成本体（Ontology: 在信息技术中，指对某一领域内概念及其相互关系的明确、形式化规范，用于知识表示和数据集成），并真正获得Palantir提供的价值，那会怎么样？”

And Chad talked about this as essentially launching an interoperable way for Palantir to have a better go-to-market approach (Go-to-Market Approach: 指公司将其产品或服务推向市场的策略和计划) into the enterprise, which for us as shareholders of Palantir, we really want to see them be able to break into the enterprise in a more meaningful way and continue the commercial growth that they've had success with without having to be super competitive with all these companies that are already using the Snowflake or Databricks, which have thousands of sales people. Chad谈到这实质上是Palantir推出一种可互操作的方式，使其能更好地进入企业市场。作为Palantir的股东，我们确实希望看到他们能够以更有意义的方式打入企业市场，并继续保持商业增长，而无需与所有那些已经使用Snowflake或Databricks（拥有数千名销售人员）的公司进行超级竞争。

So obviously they're going to have an advantage over Palantir in terms of just being able to get more customers. 所以很明显，他们在获取更多客户方面将比Palantir更有优势。

Snowflake has like 10,000 customers. Palantir has 900. But if Palantir can just work with those customers, things start to become a lot more easy. Snowflake大约有1万名客户。Palantir有900名。但如果Palantir能与这些客户合作，事情就会变得容易得多。

So the chief revenue officer of Snowflake said, "Bringing the power of Palantir and Snowflake platforms together is a natural fit aimed at reducing friction for customers to more easily deploy intelligent apps and accelerate time to value." 因此，Snowflake的首席营收官表示：“将Palantir和Snowflake平台的力量结合起来是天作之合，旨在减少客户的摩擦，使其更容易部署智能应用并加速实现价值。”

Ted May, Global Head of Commercial at Palantir, said, "First-class interoperability means our customers win. We are excited to partner with Snowflake to power our customers' futures together with Eaton setting the standard of what the AI-powered institution of the future will look like." Palantir全球商业主管Ted May表示：“一流的互操作性意味着我们的客户将获胜。我们很高兴与Snowflake合作，共同为客户的未来赋能，并与伊顿共同树立未来AI驱动型机构的标准。”

Now what did Eaton have to say about this? The co-chief data officer says, "Discoverability, accessibility, and usability are key to unlocking the value of our data assets for the business." 那么伊顿对此有什么看法呢？联合首席数据官表示：“可发现性、可访问性和可用性是为企业释放数据资产价值的关键。”

"With a native integration between Snowflake and Palantir, two of our strategic technology partners, we eliminate tedious data movements, allowing us to focus on delivering outcomes ranging from agentic configuration (Agentic Configuration: 指通过智能代理或自动化系统进行自主配置和管理，以优化系统性能或解决复杂问题), pricing and quoting to digital twins (Digital Twins: 物理资产、系统或流程的虚拟复制品，通过实时数据进行同步，用于模拟、分析和优化) on our shop floor and improved servicing of our products in the field." “通过Snowflake和Palantir（我们两个战略技术合作伙伴）之间的原生集成，我们消除了繁琐的数据移动，使我们能够专注于交付成果，范围从智能配置（Agentic Configuration: 指通过智能代理或自动化系统进行自主配置和管理，以优化系统性能或解决复杂问题）、定价和报价，到车间的数字孪生（Digital Twins: 物理资产、系统或流程的虚拟复制品，通过实时数据进行同步，用于模拟、分析和优化），以及改进我们产品在现场的服务。”

Essentially saying, "Hey, when we can integrate both together, we don't need to pick one or the other. We can pay both. We might not be paying one of them all the money. We might be splitting it, but we're getting twice the value." 本质上是说：“嘿，当我们能够将两者整合在一起时，我们不需要选择其中一个。我们可以同时支付两者。我们可能不会把所有的钱都付给其中一个。我们可能会分摊，但我们得到了两倍的价值。”

"And if we're getting all the value from the software providers, that's what really matters. And as long as Palantir is getting the clients and some of the upside and the revenue, that's what matters for Palantir's business." “如果我们从软件提供商那里获得了所有的价值，那才是真正重要的。只要Palantir能获得客户、一些上涨空间和收入，这对Palantir的业务来说才是最重要的。”

So, I think this is super bullish for Palantir. I think they will continue to be able to have a precedent of being able to scale into the enterprise, and if they continue to do that, commercial growth should continue to be very strong. 所以，我认为这对Palantir来说是超级看涨的。我认为他们将继续拥有成功扩展到企业市场的先例，如果他们继续这样做，商业增长应该会持续非常强劲。

All right, that's it for me. Thank everybody for listening and watching. This is the last daily recap for the week. Hopefully these daily recaps have really been helpful in keeping people updated in terms of what's going on in the markets. 好了，我讲完了。感谢大家的收听和观看。这是本周最后一次每日回顾。希望这些每日回顾能真正帮助大家了解市场动态。

I know today was a little bit of a weird day with the regional banks. We will keep a very strong eye on what's happening with regional banks and ultimately if this is going to have a larger implication long-term, but I appreciate everyone keeping up with the channel. 我知道今天因为区域银行的事情有点奇怪。我们将非常密切地关注区域银行的情况，并最终判断这是否会产生更大的长期影响，但我感谢大家一直关注本频道。

Markets go up, markets go down. I'll be here every single day to cover it. And thank you all for supporting as much as you did. 市场有涨有跌。我每天都会在这里报道。感谢大家一直以来的支持。

Either way, I uploaded my first deep dive, or not my first deep dive, that'll come out tomorrow, but my first post on Substack, and it's a very simple, probably five-minute read on my methodology for how I analyze companies. 无论如何，我上传了我的第一篇深度分析，哦不，我的第一篇深度分析明天才会发布，但我在Substack上发布了我的第一篇文章，它是一篇非常简单，大概五分钟就能读完的文章，介绍了我是如何分析公司的方法论。

So, I'll leave that in the description if anyone wants to check it out. Feel free to check it out. And first deep dives will be launching tomorrow. Thank you everybody. Appreciate it. I'll see you guys next week on the deep dives. 所以，如果有人想看，我会把链接留在描述里。欢迎大家查看。我的第一批深度分析将在明天发布。谢谢大家。感激不尽。下周在深度分析中再见。