Coinbase比特幣產量基金將於本周啟動。 （CBYF）

通過Vitalij Sova/Istock通過蓋蒂圖像。這是播客的刪節筆錄。

Coinbase Global's (NASDAQ:COIN) asset management arm will launch a bitcoin yield fund on Thursday, the company said on Monday.

該公司週一表示，Coinbase Global（NASDAQ：COIN）資產管理部門將於週四啟動一個比特幣收益基金。

The Coinbase Bitcoin Yield Fund (CBYF) will take a conservative approach to meet growing institutional demand for bitcoin yield.

Coinbase比特幣產量基金（CBYF）將採取一種保守的方法來滿足日益增長的對比特幣產量的需求。

The new fund seeks a 4%-8% net return in bitcoin per year over a market cycle, with investors subscribing and redeeming bitcoin (BTC-USD).

新基金在市場週期中尋求每年比特幣淨回報的4％-8％，投資者訂閱和贖回比特幣（BTC-USD）。

Bitcoin, unlike traditional assets or staked digital assets such as ether and Solana, does not generate yield. Earlier bitcoin yield funds required institutional allocators to take on investment and operational risk.

比特幣與傳統資產或諸如Ether和Solana之類的固定數字資產不同，不會產生產量。較早的比特幣收益基金要求機構分配者承擔投資和運營風險。

Rather than move assets out of storage, the Coinbase fund uses third-party custody integrations to trade, which the company says "significantly reduces counterparty risk."

Coinbase Fund並沒有將資產從存儲中移出，而是將第三方監護權整合用於貿易，該公司表示“大大降低了交易對手風險”。

In the latest tariffs, can revenue from trade levies lower taxes?

在最新的關稅中，貿易收入可以降低稅收嗎？

President Donald Trump says yes. On Sunday, Trump posted, "When tariffs cut in, many people's income taxes will be substantially reduced, maybe even completely eliminated. Focus will be on people making less than $200,000 a year."

唐納德·特朗普總統說是。特朗普週日發布：“當關稅削減時，許多人的所得稅將大大減少，甚至可以完全消除。重點是每年賺取不到20萬美元的人。”

UBS Chief Economist Paul Donovan says no.

瑞銀首席經濟學家保羅·多諾萬（Paul Donovan）拒絕。

suggesting otherwise either raises questions of concerning incompetence or implies a deficit-financed tax cut. Neither is likely to shore up waning faith in the safety of the U.S. dollar.

否則提出要么提出有關無能的問題，要么意味著減少赤字。對美元的安全，這兩個都不能使人們對信心減弱。

It's worth noting that Trump's post hints at an understanding that lower-income households pay trade taxes.

值得注意的是，特朗普的職位暗示了低收入家庭繳納貿易稅的理解。

Among active stocks. Domino's Pizza (DPZ) reported mixed results for the first quarter.

在活躍的股票中。多米諾的比薩餅（DPZ）報告了第一季度的結果不同。

The company reported domestic comparable store sales growth of -0.5% to miss the consensus estimate of +0.3%. International comparable store sales were up +3.7% vs. +1.9% consensus. CEO Russell Weiner said that in the face of a challenging global macroeconomic environment, the company's strategic pillars are working together to drive sales.

該公司報告說，國內可比的商店銷售增長為-0.5％，遺失了共識估計為 +0.3％。國際可比較的商店銷售額增長 +3.7％vs. +1.9％共識。首席執行官羅素·韋納（Russell Weiner）表示，面對一個充滿挑戰的全球宏觀經濟環境，該公司的戰略支柱正在共同努力推動銷售。

Pony AI (PONY) is rallying after The Wall Street Journal reported the company is planning to start mass production of robotaxis by the middle part of 2025 and sees a path to improved profitability.

《華爾街日報》報導說，該公司計劃在2025年中期開始大規模生產Robotaxis，並看到提高盈利能力的途徑。

Last week, Pony AI introduced new models at the Shanghai Auto Show and unveiled a strategic partnership with Tencent Cloud (OTCPK:TCEHY). The California-based company also highlighted that it can now build its most advanced autonomous driving system for 70% less than before. CTO Lou Tiancheng said costs could be cut enough to bring the robotaxi upstart closer to single-unit breakeven.

上週，Pony AI在上海汽車展上引入了新車型，並與Tencent Cloud（OTCPK：TCEHY）建立了戰略合作夥伴關係。這家總部位於加利福尼亞的公司還強調，它現在可以比以前少70％建立其最先進的自主駕駛系統。 CTO Lou Tiancheng表示，成本可能會被足夠削減，以使Robotaxi Upstart更接近單一單元。

London-listed shares of Deliveroo (ODROOF) gained the most since 2021 after the British delivery company disclosed a buyout offer from DoorDash (DASH).

自2021年英國送貨公司披露了Doordash（Dash）的收購要約之後，倫敦上市的股票（Odroof）股票獲得了最多的收益。

On Friday, Deliveroo said in a filing that it had received a cash offer from DoorDash for £1.80 per share. The deal values the food delivery service at $3.6 billion.

週五，Driveroo在一份文件中表示，它以每股1.80英鎊的價格收到了Doordash的現金報價。該交易重視食品送貨服務為36億美元。

In other news of note. Chagee entered the U.S. market over the weekend with a welcoming event at its location at Westfield Century City Mall in Los Angeles. The store will hold its grand opening on May 9, in what will mark a major milestone for the brand, which has already established outlets across China and Southeast Asia, including Thailand, Singapore, and Malaysia.

在其他新聞中。查奇（Chagee）在周末進入美國市場，在洛杉磯的韋斯特菲爾德市購物中心（Westfield Century City Mall）的地點舉行了一場歡迎活動。該商店將於5月9日盛大開業，這將標誌著該品牌的一個主要里程碑，該品牌已經在中國和東南亞（包括泰國，新加坡和馬來西亞）建立了渠道。

The Los Angeles area location will feature pastries from local favorite Farmshop and will employ an AI-assisted brewing technique that ensures each cup is prepared in under a minute.

洛杉磯地區的位置將以當地最喜歡的農店提供糕點，並將採用AI輔助釀造技術，以確保在一分鐘內準備每個杯子。

The U.S. launch followed shortly after Chagee's IPO last week which was priced at $28 per share. Chagee climbed to as high as $41.80 before closing on Friday at $31.11. The IPO generated strong interest despite concerns about an extended U.S.-China trade war.

在上週Chagee的IPO之後不久，美國發布會後不久，價格為每股28美元。 Chagee攀升至週五31.11美元之前，攀升至41.80美元。儘管擔心美國 - 中國貿易戰爭，但IPO引起了濃厚的興趣。

And in the Wall Street Research Corner. Goldman Sachs remains more optimistic on corporate dividends than what traders are pricing in.

在華爾街研究角。高盛對公司股息仍然比交易者的價格更樂觀。

Strategist David Kostin says that Goldman's dividend forecasts for 2026 and 2027 are 11% and 17% higher, respectively, than current pricing.

策略師戴維·科斯汀（David Kostin）表示，高盛的2026年和2027年的股息預測分別比目前的價格高11％和17％。

The futures market is currently projecting a 4% drop in dividends per share in 2026—a far steeper decline than the 1% median fall seen around historical recessions since World War II. Still, Kostin warned that if hard economic data begins to deteriorate further, recession fears could deepen, pulling dividend expectations down even more.

期貨市場目前預計2026年的每股股息下降了4％，這比第二次世界大戰以來歷史悠久的衰退周圍的中位數下降要下降得多。儘管如此，科斯汀仍警告說，如果艱苦的經濟數據開始進一步惡化，衰退的擔憂可能會加深，使股息期望更加下降。

In the current environment, Kostin said investors will continue favoring companies that return cash to shareholders rather than those prioritizing growth investments.

科斯汀說，在當前的環境中，投資者將繼續有利於將現金退還給股東而不是優先考慮增長投資的公司。

"This pattern typically occurs when economic growth is slowing or entering recession," he said, "and we've seen it re-emerge in recent months."

他說：“這種模式通常發生在經濟增長放緩或進入經濟衰退時，我們已經看到它在近幾個月來重新出現。”