Sky Sanye

宇树科技是一家极其优秀的公司，但这个招股书一发，他就要走下坡路了。 宇树科技不像寒武纪和摩尔线程，他是一家赚钱的企业。 25年扣非有6个亿，而他最后一轮融资的估值是127亿，这才21倍的pe，这个估值对这种科技公司来说就是捡钱。 宇树科技最大的问题是什么?研发费用!25年全年的研发费用只有9千万!!!全球机器人行业的领军企业，一年的研发费用只有9千万。 9千万是什么概念，腾讯引进了openai 的精英研究员姚顺雨，据传个人的年薪超过1个亿。姚一个人的年薪就超过了宇树一年的研发费用。 这意味着什么?意味着所有的大厂都会看到，原来研发出世界最顶尖的人形机器人的成本也没有那么高，宇树的护城河看起来也没有那么宽。 我们就算把管理费用和研发费用加一起算，一共4.5亿。 建一个1gw的数据中心要多少钱呢?2000亿-3000亿，说句不好听的，大厂里的高管在建数据中心时吃的回扣都够撑起一个宇树了。 招股书一发，宇树将迎来最危险的时刻。

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stablecoins now account for 1.35% of the total U.S. dollar supply

there’s a common view that card networks (visa, ma, etc) should get disrupted by new rails such as as stablecoins because they charge merchants an absurd 3% fee. the reality is card networks keep a v small portion of this fee. assume a typical $3 fee on a $100 purchase, about - $1.8 goes to the consumer (as card rewards) - $0.45 goes to the issuing bank (the consumer’s bank) - $0.6 goes to the acquiring bank (bank of the merchant) - $0.15 goes to visa/ma this is one of the most remarkable examples of incentive alignment: - consumers keep a lion share of it as incentives to continue to use the card - issuing bank is incentivized to acquire customers for the network - acquirer is incentivized to acquire merchants for the network - visa/ma keep a tiny portion but they get to scale the network at virtually 0 marginal cost - merchants pay for all of this as they have the least bargaining power easily one of the strongest instances of network effect we’ve seen in the history of businesses