谷歌 母公司字母表（Alphabet）计划增发募资 800 亿美元，官方称资金将用于 AI 算力与基建投入。此番募资体量庞大，且公司上一次股权融资已是 21 年前（正值格温・史蒂芬妮《Hollaback Girl》霸榜夏日金曲），本身就出乎市场意料。而募资说明书细则中还有一处关键细节，折射出大型科技企业 AI 军备竞赛里被市场忽视的现实。 字母表周一披露：本次募资所得中，近四成资金并不会投向数据中心，而是用于代缴员工股权激励对应的税费。这笔高额国税账单直观说明：即便科技人才薪酬大多以股票形式发放，顶尖 AI 人才仍是企业一笔沉重的现金开销。 从法理上，该部分税款本应由员工个人承担，但多数科技公司通行操作是：员工限制性股权行权解禁时，企业暂扣对应价值的股份，再折算等额现金上缴美国国税局（IRS）。 这套机制各有好处：员工无需在二级市场抛售股票变现缴税，企业也能压低总股本数量，迎合投资方偏好。但当科技企业一边大举砸钱布局 AI、一边股价持续走高时，该模式会形成棘手的现金消耗压力。 股价上涨→员工解禁股权计税基数抬升→企业代缴税费同步走高，在 AI 投资狂热期，公司现金加速外流。眼下字母表正陷入该处境，公司股价处在历史高位区间，年内涨幅显著。 相关成本增速迅猛：据 FactSet 数据，字母表今年预计要预留 300 亿美元用于股权激励相关缴税，金额约为去年两倍；这笔税费占到机构预测全年经营性现金流的 14%，相较去年 9% 大幅抬升（数据取自财报股东权益表中‘限制性股票解禁代扣税款’科目）。 承压的不止字母表。财报与测算数据显示，英伟达、Meta、 微软 、字母表、 亚马逊 五大 AI 龙头企业，去年合计股权激励代扣税费逼近 600 亿美元。而 SpaceX、Anthropic、OpenAI 即将登陆资本市场，多年累积、伴随高估值大幅增值的未行权股权，也将催生巨额一次性缴税支出，成为继 AI 基建投入之外又一大现金消耗项。 加州门洛帕克的 Meta 大规模裁员，反倒意外压低了企业后续缴税负担。去年 Meta 为员工股权解禁代扣税费超 180 亿美元，体量超过字母表，但员工总数不足后者一半，税费占其全年经营性现金流 16%。今年 Meta 裁员 8000 人（约全员 10%），被裁员工剩余股权无法行权，直接削减公司后续代缴税负债；Meta 股价近一年小幅回落，但相较 202...

The boom in artificial intelligence investment is a “fundamental, generational” phenomenon driving markets and filtering through to the economy at large, said Christina Minnis , global head of the alternatives origination group at Goldman Sachs Group Inc. From this week’s Goldman-led mega-equity offering by Alphabet Inc. to the enthusiasm around the coming initial public offerings by SpaceX and Anthropic , “that to me is a real snapshot of what is going on,” Minnis said Wednesday at the Bloomberg Global Credit Forum in New York. “There’s a tremendous amount of activity being driven in large part by AI.” Minnis, like many on Wall Street, had been optimistic about a boom in mergers and acquisitions heading into this year. While such activity hasn’t been widespread across industries, the rush to build infrastructure that supports AI has been just as frenetic as advertised, with borrowers popping up across credit markets and often with off-balance-sheet structures. The activity isn’t confined to Big Tech, she said. “There are a number of companies coming through our system and I have not heard of them,” said Minnis, who became a partner at Goldman in 2008, was elevated to her role at the start of the year, while retaining her duties as global head of credit and asset finance and global head of acquisition finance. “There is a lot of innovation around power, energy and distribution.” Bloomberg’s Global Credit Forum in New York: TOPLive The massive investment demands are driving convergence among markets, Minnis said. Lines are blurring between different businesses, noting for instance that structured products, investment-grade debt and leveraged finance sit on one floor at Goldman Sachs. “We see all the markets evolving and stepping up and innovating. And many of them are converging,” she said. Read More: For Goldman’s Top Bankers, It’s All AI Data Centers All the Time As for M&A as a whole, Minnis noted that take-private type deals are up 37% — from a low base, she ackn...

Getty Images The Virtus Total Return Fund Inc. ( ZTR ) is a closed-end fund, or CEF, that aims to provide its investors with a combination of capital appreciation and current income. As such, it might be attractive to those investors who need to earn a high level of current income and preserve the purchasing power of their assets over the long term. However, the fund’s strategy might not be the best way to achieve that objective, as it invests in a combination of both common equities and fixed-income securities. As an asset class, common equities might be a reasonable way to preserve long-term purchasing power, but the ability of fixed-income securities to do the same is questionable. With that said, though, the majority of the portfolio is invested in common equities, and it does have a 9.12% yield, so it could be a reasonable pick for investors who need income and long-term wealth preservation. This is particularly true if that investor is willing to reinvest some of the distributions into additional shares of the fund. We should take a closer look at the fund to be sure, however, so the remainder of this article will focus on that. About The Virtus Total Return Fund The website for the Virtus Total Return Fund offers the following description of it: The Fund’s investment objective is capital appreciation, with current income as a secondary objective. The Fund seeks to meet its objectives through a combination of equity and fixed income investments. As mentioned in the introduction, the Virtus Total Return Fund invests in a hybrid portfolio that consists of both equities and fixed-income securities. However, the portfolio is heavily weighted towards equities, which comprise 72.81% of its portfolio: Virtus Investment Partners This is, without a doubt, a reasonable allocation in today’s market environment. I will admit that I am rather cautious when it comes to funds that claim to invest in both equities and fixed-income securities because their portfolios sometimes...

The bears have been quiet in the last two years, even though the market is much more frothy by their standards. And at this point, who would want the permabear tag while the rest of the market keeps on climbing ad infinitum? Andrew Ross Sorkin seems to be the person. His arguments are worth lending ... CNBC Anchor Issues Dire Stock Market Warning: “I Can Assure You… We Will Have a Crash”

Key PointsCRISPR's Casgevy cements the company as a leader in gene-editing therapies.

Alphabet Inc (NASDAQ:GOOG) has increased the size of its previously announced equity financing package, lifting the total potential raise to $84.75 billion from an earlier target of $80 billion, as the company moves to accelerate investment in artificial intelligence infrastructure and compute...

格隆汇6月4日｜纽约联储行长约翰·威廉姆斯表示，美国的货币政策目前处于恰当位置未来的利率路径并无明显方向。威廉姆斯指出，通胀依然居高不下，能源价格、关税以及与AI相关的投资构成物价上行压力。不过他也表示，服务通胀出现“相当大程度”的放缓。

Key PointsIntuitive Machines will sell probably 15 million new shares to raise $500 million in new cash.

格隆汇6月4日｜西门子能源启动回购计划，拟回购最多10亿欧元的库存股份。

Walter Cicchetti/iStock Editorial via Getty Images Listen below or on the go on Apple Podcasts and Spotify SpaceX aiming to price at $135/share for $1.75T valuation. (0:15) ADP reports strongest private job growth since March 2025. (1:19) GameStop rallies after record profit . (1:41) This is an abridged transcript of the podcast: Our top story so far, SpaceX ( SPCX ) plans to price its IPO at $135 a share, raising about $75B , according to multiple reports. The offering would value the company at roughly $1.75T, making it the largest IPO on record. Elon Musk will reportedly be subject to a 366-day lock-up period following the offering, preventing him from selling SpaceX shares during that time. SpaceX is expected to list on the Nasdaq under the ticker symbol SPCX, with trading expected to begin as early as June 12. Goldman Sachs, Morgan Stanley, BofA Securities, Citigroup and J.P. Morgan are serving as joint book-runners. In today’s trading, President Trump's statements on the Iran conflict aren't having the market impact they once did. On the Pod Force One podcast released before the open, Trump said Iran had agreed to forego a nuclear weapon, a key sticking point in recent negotiations. He also said the situation remained fluid. Stocks initially moved higher and Treasury yields moved lower following the comments, but most of those moves were quickly retraced. S&P 500 futures failed to hold gains, while prediction markets showed little change in the odds of a reopening of the Strait of Hormuz. Markets did react to the May ADP jobs report, however, with futures moving lower and yields moving higher. ADP said the economy added 122K private-sector jobs last month, the strongest reading since March 2025. Pantheon Macro said official payrolls have recently tended to come in above the ADP report, but argued the latest jump is not consistent with other labor-market indicators. Among active stocks, GameStop ( GME ), which is still pursuing eBay, is rallying after reporting...

格隆汇6月4日｜据伊朗媒体Fars News，伊朗议会议长卡利巴夫表示，针对伊朗的无代价威胁时代已经结束。任何侵略行为都将遭到令人遗憾的回应。

Key PointsVanguard Growth ETF carries a lower expense ratio and a higher trailing-12-month dividend yield than Vanguard Small-Cap Growth ETF

CooperVision momentum and MyDay/MiSight adoption are likely to fuel COO's Q2, but Japan softness and fertility uncertainty remain key watch points.

Short interest at end-May was spread broadly across the consumer discretionary sector, with no single industry emerging as a clear standout or dominating in terms of positioning. Here are the five most shorted consumer discretionary stocks with market capitalizations of up to $2 billion (as a % of shares outstanding) Groupon ( GRPN ), Short Interest: 34.16%. EVgo ( EVGO ), Short Interest: 31.77%. Jack in the Box ( JACK ), Short Interest: 31.08%. Serve Robotics ( SERV ), Short Interest: 27.70%. Sleep Number ( SNBR ), Short Interest: 27.70%. Here are the five least shorted consumer discretionary stocks with market capitalizations of up to $2 billion (as a % of shares outstanding) Envela Corporation ( ELA ), Short Interest: 0.51%. Education Management Corporation ( EDMCQ ), Short Interest: 0.52%. Allurion Technologies ( ALUR ), Short Interest: 0.54%. Wah Fu Education Group ( WAFU ), Short Interest: 0.55%. MaxsMaking ( MAMK ), Short Interest: 0.56%. More on Credo Technology: Cheap On Sales, Not So Cheap On Profit Hyatt Hotels Corporation (H) Presents at 2026 Baird Global Consumer, Technology & Services Conference Transcript US Foods Holding Corp. (USFD) Presents at 23rd annual dbAccess Global Consumer Conference Transcript Most and least shorted communications services stocks with up to $2B market cap as of end-May Protean Funds makes portfolio changes with additions and exits

WisdomTree, Inc. (WT) is well positioned to outperform the market, as it exhibits above-average growth in financials.

'The Pricking Is Coming': Dalio Warns AI Bubble Will Burst Like Dot-Com, But Tech Will Endure Bridgewater Associates founder Ray Dalio appeared on Bloomberg TV today and delivered a measured yet cautionary assessment of the artificial intelligence investment frenzy. He highlighted classic bubble dynamics - sky-high valuations, rampant speculation, and "paper wealth" vastly outpacing actual cash flows - while drawing direct parallels to the 2000 dot-com era. "All great technology changes produce bubbles," Dalio said in the Wednesday Bloomberg Television interview. "Nobody can get it exactly right. You have to either spend a ton of money to capture your market share and don't worry about whether it's too much or not, or you don't spend enough money and you lose your market share." Dalio explained the mechanism of how such a bubble eventually bursts: "The pricking is the converting of wealth into money." He noted that today's AI-driven market is "following that kind of path, even though it is a wonderful technology." ⚠️ Ray Dalio on timing the top of an AI bubble: The pricking is converting wealth into money because I need money, so I have to sell some of the wealth in order to get the money. pic.twitter.com/lWtT8eOHou — LuxAlgo (@LuxAlgo) June 3, 2026 AI Will Survive - Many Companies May Not Dalio also hit on the law of the jungle; a lot of companies simply disappear during massive technological upheaval - as competition sorts out the winners and losers - which is separate of the technology's lasting impact. In short, the underlying innovations in AI will continue transforming economies and societies, much as the internet did after its own bubble deflated. Meanwhile, Nvidia CEO Jensen Huang just touted "insane" returns for investors willing to bet on the AI boom - with chipmakers notably having been the hottest stocks on Wall Street of late - driven by demand for high-bandwidth chips used in AI data centers and taking the market to record heights. Tyler Durden Wed, 06...

Shai Ballew breaks down market volatility amidst geopolitical tensions, emphasizing that while there's a risk adjustment, the bull market's fundamentals, especially in AI, remain strong. He discusses how companies like Palantir, Axon, Crowdstrike, and Cloudflare are becoming essential in the new age defense and cybersecurity landscape, with their services proving indispensable for government and public safety operations.

The latest big-spending and self-funding politician is Tom Steyer, a Democratic candidate for California governor who looks on track to be eliminated from the race.

Bitcoin (CRYPTO:BTC) slipping out of the top 10 global assets isn’t a new story — but it keeps returning with new wrinkles that matter for investors. One month it’s firmly seated alongside the world’s largest companies and commodities, the next it’s knocked back down the rankings by a sharp drawdown. That kind of volatility makes ... Bitcoin Is No Longer a Top 10 Global Asset. The Real Story Is What Replaced It

Torsten Asmus Government bonds are struggling to reclaim their traditional role as portfolio diversifiers, with 7-10 year U.S. Treasuries ( IEF ) still sitting at a 10.4% drawdown from their 2022 peaks, according to new analysis from TS Lombard. The macro strategy firm argued Wednesday that several structural shifts are undermining bonds’ ability to rally during risk-off periods, fundamentally changing how investors should think about fixed income allocations. “Tighter labour markets, significantly improved private-sector balance sheets and more frequent supply shocks suggest higher highs and lower lows for bond yields,” wrote Daniel von Ahlen, head of Macro Strategy at TS Lombard. The firm points to a dramatic shift in labor market dynamics since the 2008 financial crisis. Prime-age employment rates have risen significantly across developed markets, while private-sector deleveraging has reduced macroeconomic vulnerabilities. This stands in stark contrast to the previous decade, when persistently low inflation allowed central banks to cut rates aggressively whenever growth faltered. Rising far-right political sentiment poses an additional challenge, the report notes. Immigration restrictions in the U.S. and parts of Europe are tightening labor supply, potentially adding upward pressure to wages and keeping central banks vigilant about inflation. The changing inflation landscape is also weighing on bonds. Geopolitical tensions, extreme weather events and trade disputes have made inflation more volatile, pushing risk premia higher as investors demand compensation for policy uncertainty. TS Lombard recommends investors consider alternative diversifiers, including macro hedge funds, managed futures, and precious metals ( GLD ) ( SLV ) to compensate for bonds’ reduced hedging properties. Commodities ( DBC ) exposure may also provide effective protection against future supply shocks. “Under the new regime, the best central banks can do is bring rates to ‘neutral’—this sig...

Bill Ackman is looking to sell his stake in Universal Music Group NV just days after the Amsterdam-listed group rejected a takeover bid by the hedge fund billionaire. Pershing Square will sell roughly 80.6 million shares in an overnight placing, according to a statement Wednesday. Bank of America Corp. is marketing the shares at a range of €17.66 ($20.48) to €18.62 apiece, according to terms seen by Bloomberg. That would raise around €1.5 billion of proceeds at the top of the marketed range. Ackman had proposed acquiring the home of performers like Taylor Swift and Drake at valuation of about €56 billion. The company rejected the proposal last week saying the bid “fundamentally and materially undervalues UMG and will not deliver superior value creation.”