Coinbase比特币产量基金将于本周启动。 （CBYF）

通过Vitalij Sova/Istock通过盖蒂图像。这是播客的删节笔录。

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

该公司周一表示，Coinbase Global（NASDAQ：COIN）资产管理部门将于周四启动一个比特币收益基金。

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

Coinbase比特币产量基金（CBYF）将采取一种保守的方法来满足日益增长的对比特币产量的需求。

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).

新基金在市场周期中寻求每年比特币净回报的4％-8％，投资者订阅和赎回比特币（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.

比特币与传统资产或诸如Ether和Solana之类的固定数字资产不同，不会产生产量。较早的比特币收益基金要求机构分配者承担投资和运营风险。

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并没有将资产从存储中移出，而是将第三方监护权整合用于贸易，该公司表示“大大降低了交易对手风险”。

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

在最新的关税中，贸易收入可以降低税收吗？

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."

唐纳德·特朗普总统说是。特朗普周日发布：“当关税削减时，许多人的所得税将大大减少，甚至可以完全消除。重点是每年赚取不到20万美元的人。”

UBS Chief Economist Paul Donovan says no.

瑞银首席经济学家保罗·多诺万（Paul Donovan）拒绝。

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.

否则提出要么提出有关无能的问题，要么意味着减少赤字。对美元的安全，这两个都不能使人们对信心减弱。

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，特朗普的职位暗示了低收入家庭缴纳贸易税的理解。

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

在活跃的股票中。多米诺的比萨饼（DPZ）报告了第一季度的结果不同。

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.

该公司报告说，国内可比的商店销售增长为-0.5％，遗失了共识估计为 +0.3％。国际可比较的商店销售额增长 +3.7％vs. +1.9％共识。首席执行官罗素·韦纳（Russell Weiner）表示，面对一个充满挑战的全球宏观经济环境，该公司的战略支柱正在共同努力推动销售。

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.

《华尔街日报》报道说，该公司计划在2025年中期开始大规模生产Robotaxis，并看到提高盈利能力的途径。

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.

上周，Pony AI在上海汽车展上引入了新车型，并与Tencent Cloud（OTCPK：TCEHY）建立了战略合作伙伴关系。这家总部位于加利福尼亚的公司还强调，它现在可以比以前少70％建立其最先进的自动驾驶系统。 CTO Lou Tiancheng表示，成本可能会被足够削减，以使Robotaxi Upstart更接近单一单元。

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年英国送货公司披露了Doordash（Dash）的收购要约之后，伦敦上市的股票（Odroof）股票获得了最多的收益。

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.

周五，Driveroo在一份文件中表示，它以每股1.80英镑的价格收到了Doordash的现金报价。该交易重视食品送货服务为36亿美元。

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.

在其他新闻中。查奇（Chagee）在周末进入美国市场，在洛杉矶的韦斯特菲尔德市购物中心（Westfield Century City Mall）的地点举行了一场欢迎活动。该商店将于5月9日盛大开业，这将标志着该品牌的一个主要里程碑，该品牌已经在中国和东南亚（包括泰国，新加坡和马来西亚）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.

洛杉矶地区的位置将以当地最喜欢的农店提供糕点，并将采用AI辅助酿造技术，以确保在一分钟内准备每个杯子。

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.

在上周Chagee的IPO之后不久，美国发布会后不久，价格为每股28美元。 Chagee攀升至周五31.11美元之前，攀升至41.80美元。尽管担心美国 - 中国贸易战争，但IPO引起了浓厚的兴趣。

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

在华尔街研究角。高盛对公司股息仍然比交易者的价格更乐观。

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

策略师戴维·科斯汀（David Kostin）表示，高盛的2026年和2027年的股息预测分别比目前的价格高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.

期货市场目前预计2026年的每股股息下降了4％，这比第二次世界大战以来历史悠久的衰退周围的中位数下降要下降得多。尽管如此，科斯汀仍警告说，如果艰苦的经济数据开始进一步恶化，衰退的担忧可能会加深，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.

科斯汀说，在当前的环境中，投资者将继续有利于将现金退还给股东而不是优先考虑增长投资的公司。

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

他说：“这种模式通常发生在经济增长放缓或进入经济衰退时，我们已经看到它在近几个月来重新出现。”