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格隆汇 June 20｜According to a new filing from the U.S. Securities and Exchange Commission (SEC), Musk has exercised all rights from his 2018 Tesla CEO compensation package, acquiring 304 million shares with a book profit of approximately $116 billion (about 780 billion yuan). However, these shares will be locked until 2028. At that time, Musk will be able to sell these shares.

Odaily reported that "White-haired Stock God" Serenity released personal investment observations, focusing on valuation and shareholding structure analysis around several technology and semiconductor-related companies, with key attention on net asset value (NAV) discount and growth momentum. The main points include: 1. Wistron is considered one of the most promising targets, with a current market cap of about 16.2 billion USD. Its Q1 revenue increased by 144% year-on-year, and it holds approximately 35.46% equity in WiWynn, with its implied shareholding value being around 0.66 times its market cap; 2. Wiwynn is expected to continue its growth and has become one of Serenity's core assets to watch; 3. Priortech holds about 21% equity in Camtek, with its shareholding value being approximately 1.35 times its own market cap, and is seen as having a somewhat controlling structure; 4. GlobalWafers is noted to have a significant NAV discount (market cap of around 3.5 billion USD vs. shareholding value of approximately 7.9 billion USD); 5. Korean-related targets Iljin Holdings and Simmtech Holdings are also noted to have an obvious NAV discount, but Serenity remains cautious about the corporate governance and valuation realization capabilities of Korean companies. Serenity notes that the research is still ongoing and no final investment conclusion has been formed yet, but is inclined to further increase concentration in relevant positions on Monday, emphasizing that some of these companies possess independent growth capabilities and potential for NAV revaluation.

Odaily reported that il.hl, an on-chain analyst for the Hyperliquid ecosystem, published a comparative analysis showing that Hyperliquid's per capita revenue reaches approximately 56.42 million USD, significantly higher than traditional finance and crypto trading platforms. The comparative data are as follows: 1. Hyperliquid: approximately 790 million USD in revenue, around 20.6 billion USD valuation, 14 employees, nearly 100% profit margin; 2. Robinhood: approximately 4.47 billion USD in revenue, around 97.2 billion USD valuation, about 2,400 employees, roughly 42% profit margin; 3. CME Group: approximately 6.52 billion USD in revenue, around 88.5 billion USD valuation, about 3,800 employees, roughly 62% profit margin; 4. Nasdaq: approximately 8.26 billion USD in revenue, around 46.5 billion USD valuation, about 9,200 employees, roughly 22% profit margin. The analysis shows that under the "protocol-level infrastructure" model, Hyperliquid achieves exceptionally high efficiency: revenue is almost equal to net profit and operating costs are kept to a minimal level, reflecting the structural feature that "revenue does not grow linearly with staff." However, this current advantage rests on the stage where regulatory and compliance costs have not yet fully materialized. If compliance pressure increases in the future, profit margins may narrow.