Saudi Arabia is consulting customers on adding a loading option outside the Strait of Hormuz to next year’s long-term crude supply contracts, formalizing temporary transport arrangements used during the Iran war. Negotiations are ongoing and must be concluded by year-end, sources said; if approved, the change would alter delivery mechanics for the bulk of Saudi long-term sales. The current practice of short transits through the Strait followed by ship-to-ship transfers outside the waterway has b

PBOC says China operates a market-based, managed floating exchange-rate regime guided by a basket of currencies. The regime lets market forces play the decisive role in rate formation while prioritizing prevention of large short-term swings—particularly rapid depreciation that could threaten financial stability. In specific scenarios, such as a sudden pandemic outbreak or major external shocks (for example a tariff war in April 2025), the PBOC may deploy macroprudential tools and expectation management and, in extreme cases, conduct direct foreign-exchange intervention to correct herd behaviour and self-reinforcing irrational depreciation expectations and prevent destructive short-term overshooting. The PBOC also said it will continue to enhance exchange-rate policy transparency.

如果今天必须把一块GPU卖掉，它究竟值多少钱？肯定低于你购买它时支付的价格。英伟达每个季度都会发布或推进新的产品架构。从Hopper到Blackwell，再到Rubin。即使考虑价格因素，随着老一代芯片的能效相对于新一代产品不断下降，GPU运营商和租户仍可能更倾向于淘汰旧芯片。租赁市场已经展示了这种情况。一块H100芯片在推出时，每GPU小时的租赁价格约为7至10美元，而在两年内下降到2至4美元。 更大的容量、更高的能效和更快的速度都在加速价格下行。这种压力几乎可以保证，一块今天通过融资购入的芯片，在其对应贷款摊销到一半之前，就可能已经落后了整整一代。公平地说，这些芯片的残值回收情况，以及随着时间推移而产生的需求，目前还处于判断过早的阶段。CoreWeave曾报告，其H100芯片的续租价格仍能达到原始价格的95%以上。这种情况也可能是芯片供应稀缺造成的异常现象。 由于芯片供应稀缺，上一代加速器完全有可能在超大规模云计算集群中继续高效运行超过五年。GPU是一种工具，而真正决定其价值的是使用场景。现实中，它的实际用途可能具有很强的韧性。 问题并不在于不应该为GPU提供贷款，而在于在不了解其残值风险的情况下提供贷款。我们看到，市场参与者对GPU三年后残值的假设从原价的10%到60%不等。换句话说，没有人真正知道答案。风险不仅在于资产折旧速度有多快，还在于芯片供应商本身控制着技术淘汰的节奏。