To The Moon

ChainCatcher 消息，据 BBX 数据，昨日全球上市公司在加密财库领域展现出从“自有资金买入”向“大规模资本市场工具”转化的强劲势头： 可转债重炮：Marathon Digital (NASDAQ: $MARA) 昨日宣布拟通过私募方式发行总额 5 亿美元 的可转换优先票据，所得资金净额将主要用于购买更多比特币。这标志着顶级矿企正在效仿 MSTR 模式，利用资本市场溢价直接扩充储备。 财库持仓加码：Rumble (NASDAQ: $RUM) 董事会昨日批准了额外 2,000 万美元 的比特币配置额度。作为视频平台巨头，Rumble 正在将 BTC 视为其去中心化内容生态系统的核心财务结算资产。 港股数字化先锋：胜利证券 (HKG: 8540) 昨日披露，其自有资金投资组合中数字资产占比已提升至 35%。公司明确表示，将利用其香港证监会持牌优势，持续扩大在 Web3 领域的财务敞口。 高留存策略：TeraWulf (NASDAQ: $WULF) 发布最新运营报告，其昨日比特币产出留存率（HODL Rate）达到 95%。通过核能驱动的低成本优势，公司实现了几乎全额的“产出即存入”财务纪律。 中小盘防御：LQR House (NASDAQ: $LQR) 确认已执行昨日批准的 100 万美元 购币计划。尽管规模较小，但这进一步验证了美股中小盘公司普遍将 BTC 作为应对现金通胀的“标配防火墙”。

Microsoft once commanded a massive premium for its cloud dominance, but disappointing growth in Azure and a software-wide selloff have allowed Alphabet to take the lead. Microsoft's stock is trading at a price-to-earnings valuation that is the farthest below that of Alphabet shares in 10 years.The artificial-intelligence trade is upending the long-standing pecking order of Big Tech valuations as investors hunt for the next big winners and losers.Microsoft's stock has historically been more expensive than Alphabet's by one widely followed measure, but that's no longer the case after Alphabet's impressive stock run-up over the last year. Shares of Microsoft are trading at a rare and widening discount to Alphabet's on a forward price-to-earnings basis, Broyhill Asset Management Chief Investment Officer Chris Pavese pointed out in a post on X Wednesday.Microsoft's forward P/E ratio currently stands at 22.1x, while Alphabet's multiple has climbed to 26.0x, according to Dow Jones Market D

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