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Jensen Huang announced at the shareholder meeting that the era of intelligent agents has arrived, with full-scale production of the exclusive Vera CPU

According to Wall Street News, NVIDIA CEO Jensen Huang announced at the annual shareholder meeting that the era of AI agents has officially arrived. He redefined the new type of data center as an "AI factory" specifically for producing tokens, and revealed that the new Vera CPU and Vera Rubin platform, designed to meet the ultra-low latency demands of agents, have fully entered mass production. Huang emphasized that as AI creates substantial economic value, the demand for computing power is showing an accelerating expansion trend, and its core software ecosystem CUDA is gradually transforming into a toolbox dedicated to agents.Regarding market access and compliance, Huang revealed that the U.S. government has now approved the export of H200 chips to Chinese customers, but this business has yet to generate any revenue, and there remains uncertainty regarding actual importation. At the same time, he rarely issued a public warning about the risks of chip smuggling, clearly stating that NVIDIA will not provide any hardware or software support and repair services for restricted smuggled products, and bluntly said that relying on smuggling to piece together advanced AI data centers is a "dead end." Additionally, he reiterated the long-term commitment to capital returns, planning to return over 50% of free cash flow to shareholders.

Data: Bitcoin miners' profit margins continue to be under pressure, with revenue falling below production costs

Bitcoin miner revenue has continued to decline over the past year, with the current 7-day moving average daily income at approximately $30 million, significantly lower than last summer's level of over $50 million. Among this, transaction fees have dropped to less than $250,000 per day, almost negligible compared to block subsidies.Meanwhile, the price of Bitcoin is around $62,500, below JPMorgan's estimated production cost of about $78,000. This state of being below production costs has persisted for five months, the longest duration in this cycle. Historically, production costs are often seen as a soft bottom area for Bitcoin prices. Currently, it is estimated that about 20% of miners are in a loss position at the current price, and the pressure is beginning to reflect at the network level.Over the past six months, the sensitivity of mining difficulty to Bitcoin prices has risen to 0.62, indicating that high-cost miners are increasingly inclined to turn off their mining machines based on price fluctuations rather than continue mining at a loss. In the second week of June, Bitcoin mining difficulty decreased by 10%, marking the second occurrence of a similar magnitude adjustment this year. A comparable adjustment also occurred in the previous quarter, with both instances happening during periods when prices remained below production costs, indicating that pressure on the miner side is deepening.
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