史诗级IPO:SpaceX重塑资本市场规则
SpaceX 即将登陆股票市场,这注定将成为历史上规模最大的首次公开募股(English Term: Initial Public Offering)。此次 IPO 预计不仅将打破几年前石油巨头沙特阿美(Saudi Aramco)创下的纪录,更有可能将其翻倍,使公司的估值达到惊人的1.77万亿美元。这只股票的市场表现,将成为公众对 Elon Musk 及其对公司未来承诺(例如在太空建立数据中心,甚至将人类送上火星)狂热程度的晴雨表。与此同时,由于 Musk 已经将他的人工智能公司并入 SpaceX,这也是对华尔街人工智能热潮的一次重大考验。
目前为止,投资者的狂热情绪高涨,资金正大举涌入。然而,一个不可忽视的系统性影响是,许多普通人无论是否愿意,都即将成为 SpaceX 的股东。这是因为许多美国人的退休计划(如 401k)中包含了指数基金(English Term: Index Funds),这些基金将自动投资于 SpaceX。在过去,新上市的公司通常需要经过一段较长的滞后时间才能被纳入指数。这主要是因为新股在交易的初期阶段(甚至数月内)市场尚未成熟,波动性极高,风险显著大于成熟资产。
然而,据知情人士透露,SpaceX 在上市前就已向全球最大的股票指数提供商明确表示:它不愿像其他公司那样等待,而是要求“尽快加入”。面对 SpaceX、Anthropic 和 OpenAI 等可能成为时代标志的“代际公司”(Generational Companies),指数提供商出于“错失恐惧”(Fear of Missing Out),正在修改规则以适应这些科技巨头的要求。经济学家警告称,这种史无前例的妥协正在将普通投资者暴露在极高的早期交易风险之中。
Original English Source
From the New York Times, it's the headlines. I'm Tracy Mumford. Today's Friday, June 12th. Here's what we're covering today. SpaceX is making its debut on the stock market in what's poised to be the largest initial public offering in history. The IPO is expected to not just break the previous record set by the oil giant Saudi Aramco a few years ago, but likely double it, valuing the company at 1.77 trillion.The stock's performance will be a barometer for how enthusiastic people are about Elon Musk and all the things he's promised the company will do, like putting data centers into space and even sending people to Mars. It will also test Wall Street's enthusiasm for artificial intelligence since Musk rolled his AI company into SpaceX 2. So far, the hype has been high with investors going allin. But a lot of other people are also about to own a piece of SpaceX whether they wanted to or not. That's because many Americans retirement plans, their 401ks, include index funds that are going to automatically invest in SpaceX. In the past, you normally wouldn't get a newly public company in your index. There'd be a big lag time. It's for a number of reasons, but one of them is that stocks are very volatile in the early days and weeks and even months of trading as the market is established for them. Essentially, they're just much riskier.
Moren Frell covers Wall Street for the Times. She says that earlier this year, according to two people familiar with the situation, SpaceX told the world's largest stock indexes that once it went public, it didn't want to wait to be included like normal. It wanted in ASAP. And some have now changed their rules to allow that.
What we learned from our reporting is basically in a lot of ways the rules are being changed because of SpaceX. I mean some of the index providers told us and have said that they didn't do it just for them but it's been this idea that SpaceX is coming so is anthropic so it's open AI some of the biggest companies ever and there's a fear of missing out on these generational companies and missing out on the potential early gains there before they were in the index. We did talk to economists who said this decision was unprecedented and shocking in so many ways because they're exposing investors to risks of a very newly traded company.
特朗普政策:北约撤资、选举争议与草坪抗议
在特朗普政府主导下,美国的外交与国内政策正发生剧烈转向。首先是针对北约(English Term: NATO)的历史性调整。多年来,Donald Trump 一直抨击北约,认为美国为这个二战后成立的跨大西洋军事联盟承担了过多的义务,而盟友却“什么都没做”。据两名欧洲高级官员透露,美国正计划大幅削减部署在欧洲的战斗机、侦察机和军舰数量。这次迫在眉睫的军事收缩,将实质性地削弱北约对俄罗斯进行远程打击和战略监视的能力。由于欧洲领导人已对特朗普的持续批评有所防备,并开始加强自身的军事武装,这一决定带来的冲击可能因此被部分缓冲。
在国内选举层面,行政力量正试图加强对选举系统的控制。美国邮政局(United States Postal Service, USPS)提出了一项具有争议的新规:如果某些州拒绝交出选民名册,邮政局将有权拒绝运送这些州的邮寄选票。该机构声称此举是为了核实选票的合法性,但这将构成联邦政府对各州选举管理(宪法规定选举由各州独立运行)的史无前例且可能违宪的干预。在中期选举即将来临之际,此举被视为共和党打压民主党选民(民主党选民更倾向于邮寄投票)以维持国会多数席位的政治策略。
与此同时,社会情绪的撕裂在首都呈现为极具象征意义的破坏行为。在华盛顿纪念碑旁的国家广场草坪上,被人为破坏出了巨大的“8647”字样。在俚语中,86 意为“解雇、驱逐或消灭”,而特朗普正是美国第47任总统。这一高调的破坏行为发生在特朗普即将在白宫(距离案发地仅一街之隔)举办终极格斗锦标赛的前几天,目前国家公园管理局正在对此进行调查。
Original English Source
Three updates on the Trump administration now from a major change for NATO to a giant act of vandalism on the National Mall. First,look, NATO was taking advantage of our country.
For years, President Trump has railed against NATO, saying the US was contributing more than its fair share to the transatlantic military alliance, which was formed after World War II.
Disappointed. I'll say it publicly. We're very disappointed with NATO because NATO has done absolutely nothing. Now, the Times has learned that his administration is pulling back some key military resources, essentially scaling back the protections the US has offered its allies in Europe for decades. According to two senior European officials, the US plans to significantly reduce the number of fighter jets, reconnaissance planes, and warships that it has previously committed for NATO operations there. The draw down, which could happen very soon, would limit NATO's ability to launch long range strikes and to conduct surveillance on Russia, for example. Now, the blow will be softened somewhat by the fact that European leaders were listening to Trump's repeated criticism of NATO and have already been taking steps to arm their own countries.
Next, there's been a development in the Trump administration's efforts to exert control over elections. This one involves the United States Postal Service. USPS has proposed a new rule that would allow it to refuse to deliver ballots by mail in states that don't agree to turn over their voter roles. The agency says it wants those lists to be able to screen ballots for eligibility, but that would amount to the unprecedented and potentially unconstitutional involvement of the federal government in elections, which are supposed to be run by individual states. The Postal Service didn't respond to questions about the rule, which is currently open for a 30-day public comment period, but the proposal is in line with attempts by the Trump administration to take over critical parts of the electoral process in the run-up to the midterms. Trump himself has said that a crackdown on mail-in voting could be a way for the GOP to hold its majority in Congress given that more Democrats than Republicans vote by mail.
And last update,
you can probably see some of the grass down on the National Mall making out what looks to be a faint eight and then next to it potentially a seven there.
In DC yesterday morning, a giant set of stains were discovered on the lawn next to the Washington Monument, spelling out 8647. The phrase has been widely used by Trump critics, including online and on flags at protests. 86 is an old slang term meaning to dismiss, remove, kill, or eliminate. And Trump is the 47th president. It wasn't immediately clear how the brown patches in the grass were made. The park service says it's investigating, but the high-profile act of vandalism comes just days before Trump is set to host an ultimate fighting championship at the White House, just across the street from where the 8647 was found.
地缘扩张与生态变迁
在中东地区,以色列正在加速其极具争议的领土扩张战略。据报道,Benjamin Netanyahu(内塔尼亚胡)政府正准备在约旦河西岸资助建设约60个新的定居点。这不仅被国际社会普遍视为违反国际法,更是在物理空间上蚕食了未来巴勒斯坦国预期的领土。以色列政府正试图在秋季选举前迅速且低调地完成这一大规模扩张,以形成既定事实,增加未来任何新政府撤销这些定居点的政治难度。这一土地攫取策略(Land Grab),正伴随着以色列定居者对巴勒斯坦人愈演愈烈的暴力行为——他们不仅连根拔起巴勒斯坦人的农场、偷窃牲畜、焚烧房屋和车辆,甚至在免于惩罚的情况下实施殴打和杀戮。
视线转向城市生态,美国东海岸的大城市正在遭遇严重的蜱虫(Ticks)危机。宾夕法尼亚州一家实验室的数据显示,今年春季从人体上取下的蜱虫样本激增了50%,主要集中在费城和匹兹堡。这种传统的“森林问题”演变为城市危机,主要有两个原因:一方面,城市绿化空间的增加吸引了鸟类、老鼠和鹿,它们将蜱虫带入了城市;另一方面,气候变化(English Term: Climate Change)导致冬季异常温暖,原本会在严寒中死亡的蜱虫大量存活。到了春天,它们便“饥肠辘辘地准备吸血”。这一生态变化不仅是烦人的虫害,更带来了包括莱姆病(Lyme disease)和会导致红肉过敏的 Alpha-gal 综合征在内的严重公共卫生风险。因此,穿凉鞋时套上袜子,已经从一种时尚选择变成了必要的安全防护。
Original English Source
In Israel, the Times has learned that the government is on the brink of expanding its highly controversial settlements in the West Bank. Much of the world views settlements there as a violation of international law as Israel carves up territory that was long envisioned as part of a future Palestinian state. But Israeli Prime Minister Benjamin Netanyahu's government has a long-stated goal of preventing a state from forming there and has authorized dozens of new settlements since taking power in 2022. Now, according to an official familiar with the plan and a draft proposal reviewed by the Times, the Israeli government is rushing to fund around 60 more settlements in what would be one of the biggest expansions in years. It wants this all done quickly before elections in the fall in the hopes that it would then be harder for any future government to reverse course and remove the settlers. The official told the Times that Netanyahu's government has been trying to keep the new effort under the radar to avoid international attention. One Israeli activist group that opposes settlements called the move reckless. And many critics have characterized Israel's West Bank expansion strategy as a massive land grab. The plan for the new settlements comes as there's been a surge of violence in the West Bank by Israeli settlers against Palestinians. Extremists there have uprooted their farms, stolen their livestock, torched their cars and homes, and beaten and killed Palestinians, often with impunity.And finally, I was at Audi Field watching a soccer game and I found one on my head.
In big cities along the East Coast, there has been an uptick in ticks.
If any of y'all have seen the thing about New York City having ticks,
experts say the tiny arachnids are no longer just an out in the woods kind of problem. They are now an urban issue, too. For example, a Pennsylvania lab that tests ticks pulled from people says submissions were up 50% this spring with most of them coming from Philadelphia and Pittsburgh. One explanation is that as cities have made an effort to have more green spaces, birds, mice, and even deer have moved in, bringing ticks with them. But also, ticks are just becoming more and more of a problem nationwide, raising concerns about tickborne diseases like Lyme disease and alpha gal syndrome, where people become allergic to red meat and dairy. The issue may only get worse from here because of climate change and warmer weather. One epidemiologist told the Times that's because ticks that would normally die out in the winter can increasingly make it through. She said that come spring, quote, they are ready to feed. Turns out wearing socks with your sandals, it's not just a fashion choice, it's a safety choice.
边缘纪事:投票记录、交响乐转型与机器魔术师
在严肃的政治与社会新闻之外,一些有趣的切片同样反映着时代的运转。在参议院的日常运作中,缅因州的共和党参议员 Susan Collins 创造了一项惊人的历史记录——她连续投下了 10,000次 选票。自1997年进入参议院以来,她从未缺席过任何一次点名表决。这种对程序的极致坚守,甚至让她在一次为了赶去投票而穿过国会走廊的狂奔中,不慎摔碎了脚踝的一块骨头。然而,她能否继续保持这一记录仍是未知数,因为她即将在中期选举中面临极其严峻的连任挑战。
在文化领域,传统的交响乐团正在寻找连接年轻观众的新纽带。面对财务压力和受众老龄化的挑战,许多乐团开始将电影配乐(Film Scores)作为破局之道——乐团在巨大的荧幕下现场演奏《哈利·波特》、《侏罗纪公园》、《夺宝奇兵》和《小鬼当家》等经典电影的配乐。这不仅考验着习惯了传统古典乐谱的音乐家们,也成功吸引了大量新观众。以明尼苏达管弦乐团为例,超过三分之一参与此类演出的观众,此前从未踏足过交响乐音乐会。
最后,科技与传统艺术的边界正在发生有趣的碰撞。在伦敦,拥有百年历史且极度排外的魔术师团体 魔术圈(Magic Circle)最近拒绝了一位非传统的申请者——一个名叫 Daryl 的机器人。尽管 Daryl 经常与人类魔术师同台表演,但魔术圈的主席明确表示,技术可以增强魔术,但不能取代其核心,因为“奇迹是充满情感的,而不仅仅是机械的”。(The Society of American Magicians 同样禁止机器人加入)。有趣的是,现任英国国王 King Charles 却是该组织的正式成员,他在20多岁时凭借一套精湛的“杯与球”戏法赢得了这个席位。
Original English Source
Those are the headlines. If you'd like to play the Friday news quiz, stick around. It's just after these credits. This show is made by Will Jarvis, Margaret Kadifa, Jake Lucas, Yan Stewart, and me, Tracy Mumford. Original theme by Dan Powell. Special thanks to Isabella Anderson, Sam Dolnik, Miles McKinley, and Zoe Murphy.Now, time for the quiz. Every week, we ask you a few questions about stories the Times has been covering. Can you get them all?
First up, Madam President, I would ask unanimous consent to uh have an opportunity to speak here to acknowledge a very important landmark here in the United States Senate. This month, during a series of tangled votes around funding for President Trump's immigration agenda, the Senate paused to mark a record. It is such an honor and I am so grateful for the support of my colleagues. Thank you.
Republican Senator Susan Collins of Maine has now officially cast more votes in a row than any other senator in American history. Your question, how many consecutive votes are we talking about here? Is it 500 in a row, a th00and or 10,000? Again, 500, a thousand, or 10,000 consecutive votes?
The answer,
10,000 consecutive votes here in the United States Senate.
10,000. Susan Collins has actually not missed a single roll call since she first entered the Senate in 1997. She told the Times that after she didn't miss any votes her first year in office, her constituents loved it, so she just made it a point to keep going and going and going. At one point, she even chipped a bone in her ankle racing through the halls of the capital to get her vote in in time. Whether Collins will be able to continue her streak is an open question since she's currently facing one of the fiercest fights of the midterms as Democrats try to flip her seat in Maine, blue.
Second question. Across the country, orchestras have been struggling, facing rough financials and the challenge of how to get younger Americans interested in classical music. So, more and more of them have been turning to film scores as a solution, having the musicians perform live while a huge screen overhead plays the movie. It used to be a once in a season kind of thing, but now for many orchestras, it's a regular event. For example, the Pittsburgh Symphony has five of them lined up. We are going to play you a couple little snippets here of orchestras playing some of the most beloved film scores. See if you can name the movie. Ready? First one.
That was from the first Harry Potter movie. Next one.
That is Jurassic Park number three.
It was a quick one, but it's the Indiana Jones theme. And last one.
Would it help if I said come on?
That is Home Alone.
Now, the Times talked to some of the professional musicians who find themselves playing these pieces a lot these days. They said in some cases the scores can be more challenging than traditional classical repertoire because they haven't spent years training for them. But it does seem to be worth it. For the Minnesota Orchestra, for example, more than a third of the audience coming to the movie events has never been to a symphony concert before.
And final question here. In London, there is a prestigious century old club of magicians called the Magic Circle whose members include huge names like David Copperfield. The group is famously exclusive. You have to wow a panel of members with your magic to get in, among other requirements. Now, the Magic Circle is in the news this month because it just turned down an unconventional applicant.
Your question. The applicant was a what?
A hint.
Concentrate on the champagne.
Oh my god. Look. Look at the champagne.
The answer.
Hello everybody. My name is Daryl. Would you like to see some magic?
A robot named Daryl.
Thank you everybody. Daryl regularly performs alongside a human magician who is in the club. But the president of the magic circle told the Times that while technology can enhance magic, they rejected Daryl because quote, "Wonder is emotional, not just mechanical." And the magic circle is not alone on this. The Society of American Magicians also says robots are not allowed.
You know who is in the magic circle, though? Here's a bonus fact. King Charles. Yeah, King Charles. Apparently, back when he was in his 20s, he did a mean cups and balls routine that won him a spot.
That is it for this week's news quiz. If you want to tell us how you did, you can always email us at the headlines@nytimes.com. I'm Tracy Mumford. The show will be back on Monday. And Daryl, please just leave some jobs for the rest of us.
📌 文中提及的人物和组织
人物: Elon Musk, Donald Trump, Benjamin Netanyahu, Susan Collins, King Charles
公司/组织: SpaceX, NATO, United States Postal Service, Magic Circle
媒体/书籍: The New York Times