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eps

Ningde Times is planning to participate in DeepSeek's financing

Two informed sources revealed that CATL plans to participate in the financing activities of the domestic artificial intelligence company DeepSeek. DeepSeek's first round of financing aims for approximately 50 billion yuan, which may be completed as early as next month, and after the transaction, the company's valuation may exceed 350 billion yuan. JD.com and NetEase have also been reported to be in talks to invest, but the final investors and amounts may still be adjusted.In recent years, CATL has been accelerating its layout in the AI data center infrastructure business. In addition to power batteries, it also provides backup power batteries and energy storage systems for data centers. Earlier this month, a CATL affiliate invested $942 million in GDS Holdings and invested in the power supply system manufacturer Zhongheng Electric.Reports indicate that DeepSeek has built its own data center in Inner Mongolia and is currently recruiting data center operations and maintenance personnel in Inner Mongolia. Due to the rapid growth in AI computing power demand, the demand for energy storage and stable power supply in data centers has also increased, allowing CATL to further enter the AI infrastructure track.Previous reports stated that DeepSeek's current round of financing has attracted attention from several Chinese capital sources, including the national AI investment fund and technology giants. DeepSeek has not yet achieved large-scale revenue, but its low-cost open-source model has already created competitive pressure on companies like OpenAI and Anthropic.

Circle Q1 revenue of $694 million was below expectations, but EPS exceeded expectations; MARA Q1 sold 20,880 BTC with a net loss of $1.3 billion

According to BBX data, the earnings season for cryptocurrency concept stocks concluded yesterday with two significant announcements. The core data for the stablecoin sector and mining sector has been revealed, with the following key updates:Circle Internet Group, Inc. (NYSE: $CRCL) announced its Q1 2026 earnings report via BusinessWire on May 11: total revenue and reserve income amounted to $694 million (up 20% year-over-year), below the analyst consensus expectation of approximately $715 million, a difference of about $20.75 million; GAAP EPS was $0.21, exceeding expectations by $0.03 (consensus $0.18); adjusted EBITDA was $151 million (up 24% year-over-year), with a profit margin of 53%; net profit (from continuing operations) was $55 million (down 15% year-over-year). The USDC circulation at the end of the quarter was $77 billion (up 28% year-over-year), with on-chain transaction volume reaching $21.5 trillion (up 263% year-over-year); reserve interest income was $653 million (up 17% year-over-year), with a reserve yield of 3.5% (down 66 basis points year-over-year, reflecting a decline in SOFR); the full-year 2026 guidance remains unchanged. Additionally, Circle disclosed that ARC Token completed a $222 million private pre-sale, with a fully diluted network valuation of $3 billion, and investors include institutions such as a16z crypto, Apollo, ARK Invest, BlackRock, General Catalyst, Haun Ventures, Intercontinental Exchange, IDG Capital, Janus Henderson, and Standard Chartered Ventures.MARA Holdings, Inc. (NASDAQ: $MARA) announced its Q1 2026 earnings report via GlobeNewswire on May 11: revenue was $174.6 million (down 18% year-over-year, below the consensus of approximately $182.7 million); net loss was $1.3 billion (per share -$3.31, below the consensus range of -$2.20 to -$2.34), with about $1 billion stemming from non-cash accounting losses due to the decline in fair value of digital assets; during Q1, the company mined 2,247 BTC and sold 20,880 BTC during the same period; as of March 31, BTC holdings decreased to 35,303 BTC (approximately $2.4 billion); hash rate increased by 33% year-over-year to 72.2 EH/s; approximately 30% of the outstanding convertible debt (with a face value of over $1 billion) has been repaid; cash and BTC combined balance is $2.9 billion.

DeepSeek's financing negotiations with Alibaba have broken down, with ecological binding and control rights differences becoming the focal point

DeepSeek's financing negotiations with Alibaba have broken down. DeepSeek launched a massive financing round, attracting major companies like Tencent and Alibaba to participate, but the two sides ultimately failed to reach an agreement. The core conflict lies in Alibaba's desire to strengthen its AI ecosystem through investment, while DeepSeek, as an independent model company, insists on minimizing binding terms and maintaining technological independence, unwilling to accept excessive ecosystem ties.DeepSeek founder Liang Wenfeng has long rejected external equity financing. Although this time he has opened the door for the first time, his bottom line remains unchanged, with the most emphasis on offers with "the least additional conditions." DeepSeek's current financing round is valued at approximately 300 billion RMB (about 45 billion USD), with the fundraising focus on supplementing computing power and R&D funds, while also providing a market valuation anchor for employees to retain talent. Tencent had proposed to subscribe for up to 20% of the shares, but this was politely declined by DeepSeek as they did not want to relinquish a large proportion of control. Ultimately, the China National Investment Fund and others may lead the investment, with relatively loose terms that align more closely with DeepSeek's technological idealism.
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