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Elon Musk has become the world’s first trillionaire, thanks primarily to American taxpayers and government policymakers. The federal government provided SpaceX with over $500 million in early funding and, in 2008, awarded a crucial $1.6 billion NASA contract when the company was on the verge of running out of cash. Musk has acknowledged that without NASA’s support, SpaceX wouldn’t be where it is today.Tesla also received key backing: in 2010, it secured a $465 million low-interest loan from the Department of Energy to develop the Model S; tax credits for electric vehicle buyers saved Tesla customers around $3.4 billion before 2019, indirectly allowing Tesla to earn over $1 billion more. But the most significant support came from the regulatory credit policy: other automakers, due to excessive carbon emissions, were required to purchase credits from Tesla. Between 2008 and 2019, credit sales brought Tesla over $2 billion in revenue, and subsequently, another $12.3 billion, directly translating into profit.Without this government support, both companies might have gone bankrupt long ago. Today, Tesla’s share price is driven by Musk’s promises on self-driving technology and robotics, but Wall Street’s trust originated from the government’s initial financial assistance. Early investors noted that the government should have held equity. The regulatory credit policy has been repealed by congressional Republicans, so future credit income could dry up.

(1) Paul Eitelman, Global Chief Investment Strategist at Russell Investments, stated that resilient economic growth, increased labor demand, and potential inflationary pressures are making it increasingly difficult for the Federal Reserve to signal rate cuts. However, he expects the Federal Reserve will not further tighten its policy. (2) The announced US-Iran agreement has limited the duration of commodity shocks, reducing the risk of temporary energy price surges evolving into broader inflation issues. (3) The one-year forward inflation rate has returned to pre-conflict levels, and the labor market is not as overheated as in 2022, thus not exerting pressure on service prices. Russell Investments expects the Federal Reserve to keep interest rates unchanged for an extended period through 2026.

BlockBeats News, on June 16, Serenity posted that NVIDIA has completely locked in EML production capacity, causing an industry-wide bottleneck; now, it is employing the same strategy to secure CW laser capacity (mainly through LITE, COHR, and possibly MRVL and Celestial's long-term supply contracts). Meanwhile, AMD is urgently competing for CW laser supply, but AMD, AMZN, META and other hyperscalers have reacted too slowly, resulting in severe constraints for themselves. Serenity analyzed the current supply chain situation for related products as follows: major companies such as Lumentum and Coherent have been tied up by EML contracts, leaving very few independent or merchant suppliers (such as AAOI, MTSI, SIVE), and all parties can only scramble for these. Independent CW laser companies like AAOI and SIVE have become benefitting targets.