巨头 · 8130

Review of this week's macro hot topics: the US debt crisis, AI infrastructure, and geopolitical conflicts are the main lines of the market this week

Comparing news, the global market this week focused on US debt pressure, AI capital expansion, and the US-Iran economic game. After the US Treasury expanded the scale of long-term treasury bond repurchases, US bond yields declined briefly, but the market feared that fiscal deficits and debt growth pressure would be difficult to ease through liquidity tools. The US federal government debt surpassed 40 trillion US dollars for the first time. The yield on 30-year US bonds once rose to a high level since 2007, and the global long-term bond market was under pressure simultaneously. The minutes of the Federal Reserve's July meeting show that internal hawkish forces are growing, and there are more than three voting members supporting interest rate hikes. Some officials are concerned that tariffs, energy prices, and AI infrastructure investments could drive up inflation. Meanwhile, Federal Reserve Chairman Walsh suggested that in the future, consideration could be given to reducing the number of annual meetings from 8 to 6. Driven by the weakening dollar and risk aversion, gold broke through the 4,600 US dollars/ounce mark this week and rose for the third week in a row; crude oil was higher, supported by the risk of the Strait of Hormuz and expectations of US sanctions against Iran. Geographically, the US-Iran relationship is shifting to putting pressure on the economy. The US plans to weaken Iran's economy by expanding sanctions and economic isolation, while Iran is studying countermeasures against energy transportation nodes, and the safety of the Strait of Hormuz has become the focus of market attention. In the field of technology, AI infrastructure competition continues to escalate. Nvidia guarantees up to $105 billion for the OpenAI data center project, and Broadcom is also planning an AI financing plan of up to $100 billion. Meanwhile, Anthropic's revenue surpassed OpenAI for the first time, and plans to advance IPOs, further intensifying AI companies' commercialization competition. On the capital market side, Yushu Technology skyrocketed on the first day it landed on the Science and Technology Innovation Board. At one point, its market capitalization exceeded 44 billion yuan, and founder Wang Xingxing's net worth increased dramatically. South Korean semiconductor giant SK Hynix announced a repurchase plan of approximately 40 trillion won, and Samsung is also planning to increase shareholder returns. Furthermore, trade negotiations between the US and Canada ushered in a critical window. The US suspended the imposition of up to 50% tariffs on Canadian goods for three days, and the two sides continued to seek trade agreements. The core logic of the market this week still revolves around three themes: whether US fiscal pressure worsens further, whether AI capital investment is forming a new round of asset bubbles, and whether global geopolitical risks are driving safe-haven assets to continue to rise.

19h ago

The wave of AI infrastructure financing is competing with US bonds for long-term capital, and market concerns are driving up interest rate pressure

Comparing news, AI infrastructure investment is becoming a new variable in the US bond market. As tech giants expand the construction of data centers, chips, and computing power, AI companies' demand for financing grew rapidly, and they began to compete with the US government for capital from core bond buyers such as insurance companies, pensions, and long-term asset management institutions. According to the data, as of August, the issuance of US investment-grade corporate bonds reached about 1.7 trillion US dollars, a record high for the same period. According to Goldman Sachs data, the four major US technology companies have issued more than 170 billion US dollars in bonds since this year, which is more than the full year of 2025. Meanwhile, Broadcom is seeking chip and infrastructure financing for AI companies such as Anthropic, and the potential debt may be close to $100 billion. Market institutions pointed out that AI brought not only an increase in the supply of US bonds, but also a long-term expansion of supply in the entire bond market. When the government and technology companies simultaneously increase long-term financing needs, and the long-term capital pool is limited, the market may require higher returns to attract buyers. St. Louis Federal Reserve Chairman Mussalem said earlier that capital competition is forming between the US government's financing needs and AI infrastructure construction. Recently, the US bond market continued to be under pressure. The yield on US 30-year Treasury bonds once rose to 5.34%, a record high since 2007, and the 10-year US bond yield rose to 4.7%. The high interest rate environment is likely to further raise corporate financing costs and influence market pricing for AI companies through valuation discount rates. Meanwhile, US consumption data showed signs of weakness. Walmart's stock price fell about 9% in a single day, the biggest drop since 2022. The reason was that its same-store sales growth rate fell to its lowest level in six years, falling short of market expectations, indicating that consumer spending is slowing down. Against the backdrop of slowing economic growth and ongoing inflationary pressure, the Federal Reserve's policy faces a dilemma. The US Treasury recently expanded the scale of long-term US bond repurchases, raising the maximum single repurchase limit for 10-20- and 20-year US bonds from $2 billion to at least $4 billion. The market believes that the move is more of a signal. It has relieved the pressure on yield in the short term, but it has not changed the long-term supply and demand conflict. Analysts believe that future market attention will focus on US fiscal financing needs, AI capital expenditure expansion, and long-term interest rate trends. If long-term US bond yields continue to rise, the market may rediscuss policy tools such as yield curve control (YCC) or quantitative easing (QE). This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

1d agoburnking

Goldman Sachs Raises CoreWeave Price Target to $139, Maintains Neutral Rating

Comparative news, according to Goldman Sachs's August 20 research report, CoreWeave's second-quarter revenue was in line with expectations. The EBIT profit margin was 200 basis points higher than the market consensus, and the 2026 revenue guidance exceeded market expectations by 1%. The revenue backlog increased 5% month-on-month to US$104 billion, adding more than US$25 billion in committed orders since the third quarter. Active electricity installed capacity increased from 1 GW in the first quarter to more than 1.5 GW, and the contracted electricity installed capacity reached 4.2 GW. Goldman Sachs raised its 12-month price target from $121 to $139, which has 53% upside from the current share price and maintains a neutral rating. Goldman Sachs believes that CoreWeave's short-term certainty is clear: demand continues to lead supply, intergenerational pricing for old and new GPUs remains high, and production capacity is expanding as scheduled. Next-generation chips (Blackwell, Vera Rubin) continue to hit new highs, and recent A100 contract deliveries have been extended to 2029. The share of enterprise customers has increased (Caterpillar, IBM, Nissan, ZF), and demand for AI computing power is spreading from tech giants to the real economy. Goldman Sachs expects EBITDA to increase from $3.1 billion in 2025 to $31.3 billion in 2028. A neutral rating reflects waiting for software and platform services to become a more definite contributor to profit margins before making more positive judgments.

1d ago

US Stock Value Investing Is Heading Into Another Trap

Source: Shenchao TechFlow Original title: (Opinion: Value investing in US stocks is not equal to fundamental investment) When “fundamentals are dead” becomes a consensus, investors who blindly organize giants will eventually experience astonishing capital destruction. Guide: When the market shouted “fundamentals are dead” and the capital frenzy formed a group of tech giants, the author used an astronomy discovery to unravel the logical loopholes behind this narrative. Starting from the composition of valuation multiples, this article reminds investors to distinguish between the true quality of an enterprise and the premium that the market is willing to pay. It is particularly cautionary about long-term allocation in the crypto and technology sector. I promise this introduction won't be as long as the last one on the weather. But please give me 90 seconds. More than 100 years ago, a woman named Henrietta Levitt was doing the tedious job of measuring the brightness of thousands of stars on photographic negatives (the way they were imaged before film appeared). She noticed one characteristic of a class of pulsating stars: the slower they pulsate, the brighter they themselves are. ¹ This might just seem a little interesting today, like “OK, that's pretty cool.” But at the time, astronomers couldn't tell the difference between a dark star very close to Earth and a very bright star far away. For them, the two left the same stain on the photographic film. Visual brightness is a messy mix of these two variables: how bright the thing itself is, and how far away it is from us. Henrietta's work decouples these two things: if you can observe the rate of pulsation, you can know its true luminosity; if you know its true luminosity, you can reverse the distance based on how dark it looks. Astronomers call it “standard candlelight.” A few years later, a man named Edwin Hubble discovered one of these pulsating stars, applied Levitt's math, and discovered what he had always thought was a cloud of gas within our galaxy; in fact, it was an entire independent galaxy, one million light years away. So in simple terms, the observable universe has grown about a trillion times larger, just because one person has figured out how to tell the difference between what things look like and what they actually look like. That in itself is obviously pretty cool. But another interesting thing is that around the same time period, two other astronomers each independently drew a scatterplot. One axis was actual luminosity, and the other axis was temperature. They discovered that stars are not randomly distributed in this space, but rather clustered into different families. The meaning behind this is: stars with the exact same visual brightness may and do belong to a completely different family, have a completely different past, and most importantly, have a completely different future... So what is written in the star? Over the past few years, there has been much discussion about markets, narratives, capital, company building, and financial nihilism. This feeling seems to have reached a feverish climax as the tech and financial world begins to face a very different future than a few decades ago. What is particularly clear is that separating progress from asset prices has become more noisy and in many ways more repulsive. But as an investor who makes a living by buying assets that (hopefully) outperform, a simple framework is: forward returns are roughly equal to growth in fundamentals multiplied by changes in valuation multiples (and multiplied by the dividends you've collected along the way). In this case, the valuation multiplier can very cleanly correspond to the smudges on the photographic film. It's an observable data point, but it entangles two things that the market can't directly see: how good the company actually is, and how far (or how long) its future cash flow is now. I think most of the money that can be made comes from investors who are most capable of unraveling these two variables earlier than others (or “perception of differences”), and we will continue to see astonishing capital ruin for investors who treat their stains as stars. Value investing is not equal to fundamental investing. I think there is a misunderstood view: fundamental investing has historically dominated the creation of excess returns. Most of these legends come from the Graham, Buffett, and Tiger Foundation lineage, as well as numerous narratives built around this group of people. It is believed that by some point in the 2000s, this approach was no longer effective, and anyone who invested in this way was overwhelmed by momentum, trends, and “direct buying tech giants.” The conclusion was (and still is?) It's “fundamentals are dead.” ² The modern version of “fundamentals don't matter” itself isn't stupid. It's rooted in a lot of ideas that many of us on the Compound team have written before. The biggest companies get the most mechanical purchases, and the software industry has a winner-take-all economic law. AI means that giants can transform scale into moats faster than challengers, and there are also reasons why the market's microstructure embeds momentum more deeply into our market infrastructure. These are all real...

1d ago深潮TechFlow#US stocks

Is 40 trillion just an “appetizer”? The Hynix buyback landed ahead of schedule. Is 130 billion US dollars still ahead?

Source: Wall Street News Editor: Dong Jing Original title: Wall Street interprets Hynix's repurchase plan: Shareholder return of up to 8% next year, or return at least $130 billion to shareholders by 2027 Summary: J.P. Morgan believes that the shareholder return policy was upgraded from “no more than 50% free cash flow” to “no less than 50%”, changing from the upper limit to the lower limit, sending a clear signal to the market: future shareholder returns will only be greater, not less. Goldman Sachs predicts an 8% shareholder return in 2027, and expects an additional repurchase of approximately 7 trillion won in the future. J.P. Morgan expects additional return of over 16% of its market value by the end of 2027. Follow-up focus will be on the results meeting at the end of October. While the market was still debating the continuation of the AI storage cycle, and SK Hynix's stock price plummeted from a June high, the storage giant suddenly threw a huge bomb on the market. A historic repurchase, which was implemented early, reshaped the market's valuation logic for Hynix! SK Hynix officially announced the market's long-awaited shareholder return policy after closing on August 19, 2026 — it plans to repurchase and cancel 40 trillion won worth of shares, involving 24.07 million shares (3.3% of the shares issued as of the end of the second quarter of 2026), equivalent to about US$28.9 billion. This scale is not only the largest share repurchase in the history of a Korean listed company, but also exceeds the approximately 26.5 billion US dollars that Hynix raised through ADR financing in the US in early July this year. According to Chase Trading Desk, the two top Wall Street agencies, J.P. Morgan Chase and Goldman Sachs, both gave highly positive comments on the announcement in their latest research report on August 20. J.P. Morgan believes that the shareholder return policy has been substantially upgraded from “no more than 50%” to “no less than 50%”, and the policy ceiling has become the policy floor. Following the announcement of a 40 trillion won ($29 billion) share repurchase plan, SK Hynix may return at least $130 billion to shareholders by 2027, according to J.P. Morgan Chase. Goldman Sachs predicts a shareholder return of up to 8% in 2027, and expects an additional repurchase of approximately 7 trillion won in the future. Both J.P. Morgan Chase and Goldman Sachs maintain buying ratings: J.P. Morgan's target price is 2.75 million won (about 84% upside compared to the current price), and Goldman Sachs's target price is 3.5 million won (implying an upward margin of about 133%). The next key catalyst is the third quarter results conference call at the end of October 2026, when the company will reveal a more complete roadmap for shareholder returns. Analysts believe that this aggressive capital action directly proved to Wall Street that the company is “printing money” faster than market expectations. For the stock price, which has plummeted 49% since its high on June 22, this not only completely offset the dilution effect of the recent ADR issuance, but also established a valuation bottom (current annualized price-earnings ratio of only 3.8 times). The scale of the repurchase: The largest in history and earlier than expected. J.P. Morgan analyst Jay Kwon clearly stated that the 40 trillion won repurchase announcement “landed earlier than expected” — previously, the market generally expected the announcement to be released around the end of September, but the company chose to directly disclose it after closing on August 19, showing management's high level of confidence in the company's cash flow situation. In terms of scale, this repurchase has multiple historical significance: 40 trillion won is the largest share repurchase announced by a Korean listed company so far; equivalent to US$28.9 billion, higher than the approximately US$26.5 billion raised by Hynix's US ADR offering in early July, which means that the company actually used the repurchase to “hedge” the previous equity dilution; this amount is equivalent to 63% of the rolling FCF (operating cash flow minus capital expenses) over the past 12 months, & nbsp; It is higher than the previous “no more than 50%” FCF allocation limit policy. At the same time, J.P. Morgan Chase pointed out that if viewed from a valuation perspective, the price-earnings ratio corresponding to Hynix's current stock price is 6.4 times (based on adjusted earnings per share for the past 12 months) or 3.8 times (based on annualized adjusted earnings per share for the first half of 2026). This valuation level can be regarded as a reference benchmark for management to initiate repurchases. Policy upgrade: From “ceiling” to “floor”, the core policy change in this announcement is that the shareholder return ratio statement was upgraded from “up to 50% (no more than 50%)” to “50%”...

1d ago22#SK Hynix #J.P. Morgan Street

Druckenmiller's heavy RSP position sends a signal: US stocks may lead gains or spread from AI giants to a wider range of sectors

Comparing news, market analysts believe that legendary investor Stanley Druckenmiller recently made extensive use of S&P 500 ETFs (RSP), which may bet that the market breadth (Market Breadth) of the US stock bull market is expanding. Druckenmiller has previously increased RSP to one of the key positions in its portfolio. Unlike the traditional S&P 500 index, which is weighted by market capitalization, RSP basically distributes S&P 500 constituent stocks on an average basis, so it is significantly less dependent on technology stocks with large market capitalization such as Nvidia and Microsoft. This configuration idea means that Druckenmiller may believe that there is still room for future growth in US stocks, but the forces driving the rise in the market will spread from the Big Seven + AI to more industries. Recently, RSP has continued to strengthen and reach new highs, which is also seen by the market as a sign of an improvement in market breadth. Judging from the direction of its recent holdings, housing, mortgages, small-cap stocks, automobiles, aviation, industry, materials, and overseas cycle assets are all involved. If long-term interest rates continue to fall and financial conditions are further relaxed in the future, market capital may shift from previously highly crowded AI leaders to interest rate sensitive and cyclical sectors such as Homebuilders, Mortgage, Small Caps, Regional Banks, Industrials, Materials, and Autos. This means that there may be a clear shift in style in US stocks in the next phase: QQQ and AI leaders may still rise, but the increase may not continue to lead, and old economic and interest-rate sensitive assets that have underperformed in the past few years may gain more flexibility.

1d ago

Franklin Templeton completes $1.5 billion CFO financing to lay out private market asset allocation

In comparison, asset management giant Franklin Templeton announced that its first mortgage fund obligation (CFO) product, Franklin Templeton Structured Solutions 2026, has successfully raised US$1.5 billion to provide investors with diversified and more efficient private equity investment channels. The asset portfolio covers strategies such as the private equity secondary market, continuing funds (continuing vehicles), and direct loans to medium-sized US enterprises. By the end of July 2026, Franklin Templeton's alternative asset management scale reached US$295 billion. Its alternative investment platforms covered various fields such as the secondary private equity market, private real estate, private credit, venture capital, hedging strategies, and digital assets. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

2d agoburnking

From 4 models to more than 500, OpenRouter was acquired after growing 30,000 times in three years

Author: Menlo Ventures Compiled by: Jia Huan, ChainCatcher Original title: Early Investors Behind OpenRouter Revisited Investments Today, OpenRouter announced that it has reached an acquisition agreement with Stripe. OpenRouter was launched in 2023, just over three years ago. OpenRouter was initially launched as a “unified interface for LLM” and only supported 4 models at the time: GPT-3.5, GPT-4, GPT NeoXt and Cohere xlarge by Together. When the company was founded, it was based on two core judgments: first, AI will eventually be used on a large scale and penetrate various fields; second, there will be many different models on the market, each with trade-offs, and users will choose different models according to different needs. As it turned out, both judgments far exceeded expectations at the time. Since its launch, the number of tokens processed by the OpenRouter platform has increased by about 30,000 times. Currently, it has exceeded 4,500 trillion tokens on an annualized basis, and the scale of expenditure on the platform has reached a very impressive level. Meanwhile, the number of models supported by OpenRouter has grown from the original 4 to over 500. Figure: OpenRouter Token usage growth from inception to acquisition Menlo Ventures is fortunate to be part of this journey. In March 2025, we participated in OpenRouter's seed funding round through the Anthology Fund set up in partnership with Anthropic. OpenRouter founder and CEO Alex Atallah previously founded OpenSea, which was once valued at $13.3 billion. His co-founders include tech guru Louis Vichy, whom he met on Discord, and highly executive COO Chris Clark. In May 2025, we led OpenRouter's Series A funding round, with Matt joining the company's board of directors, and Deedy as a board observer. Earlier this year, after seeing OpenRouter's rapid growth in customer numbers and revenue, and the company built a product route with stronger “model intelligence” capabilities around model selection and evaluation, we continued to step up Series B financing. In the tech industry, it often takes years for an idea to change from the judgment of a few people to industry consensus. And just a few weeks ago, this happened: from Ramp to Cursor, more than 10 companies launched their own model routing products almost simultaneously. In just a few years, OpenRouter has become one of the most important companies in the AI era. Picture: Group photo when deciding to lead OpenRouter Round A At first glance, Stripe doesn't seem like the most natural buyer of OpenRouter, but the two companies are actually strikingly similar. Both use an API that can be directly accessed to simplify the otherwise complicated transaction process and charge a certain percentage of the fee. It's just that OpenRouter deals with AI models. As Stripe has always said, the two companies combined and are still doing the same thing: increasing “internet GDP.” In fact, over a year ago, OpenRouter called itself the “Stripe of LLM.” OpenRouter's core value OpenRouter was one of the first companies Deedy came into contact with after joining Menlo in 2024. This company is almost right at the heart of our AI infrastructure investment logic. Menlo presented two judgments necessary to invest in OpenRouter in the 2024 Enterprise AI Report: AI spending will increase dramatically, and developers will not only use one model, but multiple models at the same time. Figure: Menlo's initial contact email to OpenRouter As someone who can also write code and actually use these models, we realized long ago that there is a very clear difference in cost, latency, and performance between the different models...

2d agoburnking#OpenRouter

The Ministry of Finance took steps to reduce long-term interest rates, and gold and Bitcoin rose sharply in response

Author: Cookie Original title: Bond Market Fright, How Can a Buyback Detonate Gold and Bitcoin? On August 18, the US 30-year Treasury yield hit 5.337% intraday, a new high since April 2007. The last time this number appeared on the screen, the iPhone had just been launched, and Lehman Brothers was still a Wall Street giant. In less than 24 hours, the Ministry of Finance was in action. On August 19, the US Treasury Department announced that it would at least double the scale of liquidity-supported repurchase operations for long-term nominal treasury bonds, raising the upper limit of a single operation from 2 billion US dollars to no less than 4 billion US dollars, covering the two ranges of 10 to 20 years and 20 to 30 years, effective September 9 and continuing until November 4. Within minutes of the news, the 30-year yield plummeted from around 5.337% to 5.192%, a drop of about 15 basis points. Gold surged more than $125 to $4,487 per ounce in a single day, a new high since June 4. Bitcoin pulled up 8.7% from an intraday low of $64,112 to $69,700, approaching the $70,000 mark for the first time in two months. Ethereum rose nearly 19%, and the crypto market liquidated more than $20 billion in 24 hours, of which $1.44 billion was liquidated by bears. How did a buyback cause a huge shock in the global market? What is a buyback? Treasury buybacks and the Federal Reserve's QE are two different things. QE is when the central bank prints money to buy bonds, directly injecting new liquidity into the market. However, the Ministry of Finance buybacks up old bonds that the Ministry of Finance uses money from its own accounts to buy back those “old and no one wants to trade”. The purpose is to renew liquidity to the market so that market makers are not “priceless” in the long-term treasury bond market. For example, there is a used car market in your neighborhood, but recently no one is buying used cars. Car dealers have stocked up a bunch of used cars and can't sell them, and the price of new cars is being dragged down. At this point, the property came forward and said, “Used cars will be purchased uniformly by the property; at least this much will be collected. As a result, car dealers had cash in their hands, and the liquidity in the new car market also slowed down. The Ministry of Finance is doing this “property” job. It is buying back “off-the-run” bonds, that is, old securities that are no longer the latest issue and have a scarce trading volume. After institutions that sell old coupons get cash, they can reallocate them to new coupons with better liquidity. As a result, the trading price spread in the entire long-term market narrows, and transaction friction is reduced. The Ministry of Finance did not create money out of thin air. The source of funds for the repurchase was the Ministry of Finance's General Account (TGA), and the TGA money came from taxes and newly issued short-term treasury notes. This means that while long-term supply is declining, short-term supply is increasing, and the total amount of debt has not changed; only the term structure has changed. Why are yields out of control? To understand the urgency of this repurchase, we need to go back to what the bond market has experienced in the past five months. The war in Iran was the trigger. After the US-Iran conflict broke out in late February, passage through the Strait of Hormuz was blocked, and Brent crude oil climbed all the way from the pre-war range of $70 to $91 recently. The sharp rise in energy prices directly boosted inflation expectations, while the Federal Reserve kept interest rates unchanged (3.5% to 3.75% range) at the July interest rate meeting. Three members of the committee even voted against raising interest rates, and the market began to set prices “higher for longer.” But the rise in yield was not only driven by inflation. Fiscal deficits are a deeper structural strain. The monthly deficit in July reached US$432.3 billion, the largest monthly gap since March 2021. The annual deficit is likely to be over $2 trillion, accounting for about 6.4% of GDP. The total national debt is close to $40 trillion, and the public holdings are about to reach 100% of GDP. More importantly, over the next 12 months, $10 trillion of treasury bonds will need to be rolled over. This means that the Ministry of Finance must continue issuing a large number of new bonds in an already indigested market. The long-term market began to show signs of a “buyers' strike” in late June. The winning bid yield for both auctions set new records for more than ten years: the 10-year auction interest rate is 4.683%, and the 30-year auction interest rate is 5.216%. When the yield hit 5.337% on August 18, US Treasury Secretary Bezent's window of choice was already very narrow. The biggest significance of this repurchase of Bezent's undercard is probably to let the market see Bezent's bottom card. On the face of it, the Ministry of Finance said, “Market participants have given a large number of high-quality offers, so expand the scale of operations to provide better liquidity support.” But the city...

2d agoburnking#Bitcoin #gold

Musk and Buffett's Great Settlement of the Century? Berkshire Hathaway indirectly holds 0.04% of SpaceX shares through Google parent Alphabet

Comparative news, according to foreign media BusinessInsider reports, based on public position data estimates, Berkshire Hathaway, a subsidiary of “shareholder” Warren Buffett, indirectly holds about 0.04% of the shares in the space exploration technology company SpaceX through a “penetrating shareholding” model with two layers of nested shares, corresponding to a market value of over 700 million US dollars. This also caused a rare capital intersection between “stock god” Buffett and “Iron Man” Musk, the two top business bosses. Musk has long regarded Buffett's investment approval as an important industry endorsement, and has publicly thrown olive branches at Buffett on social platforms many times, hoping that he will become a shareholder of his company. Musk posted an article in 2023 mocking “Unfortunately, he didn't invest when Tesla's market capitalization was only 0.1% of what it is now.” In 2024, he once again publicly stated, “He should open a position with Tesla; this is an obvious choice.” Today, although Buffett has not invested in Tesla, he has become an “invisible shareholder” of SpaceX in a different way. Judging from the shareholding structure, this equity is not Berkshire's direct investment in SpaceX, but rather a subsidiary asset of tech giant Google's parent company Alphabet. (interface news)

2d ago