Deep Dive — What is Omniston? Why it’s key to TON DeFi, and how liquidity providers benefitMannir Sani5 min read·Just nowJust now--Press enter or click to view image in full sizeLiquidity is the lifeblood of any marketplace. In DeFi, liquidity determines the quality of trading experiences: price discovery, slippage, and whether large orders can be executed cleanly. Omniston is an infrastructure layer on TON designed to address those real-world liquidity pain points by combining the strengths of automated ma ...

akinbostanci/E+ via Getty Images Dear Baron Durable Advantage Fund Shareholder: We had a great quarter. Baron Durable Advantage Fund® (the Fund) increased 15.6% (Institutional Shares) during the second quarter, compared to the 10.9% gain for the S&P 500 Index (the Index), the Fund’s benchmark. Year to date, the Fund is up 7.5%, compared to the 6.2% gain for the Index. Annualized performance (%) for period ended June 30, 2025 Fund Retail Shares1,2 Fund Institutional Shares1,2 S&P 500 Index1 3 Mo ...

Centralized exchanges are evolving beyond trading venues into universal financial gateways, integrating tokenized assets, wallets, and payments. This transformation positions exchanges as the primary entry point for mainstream adoption of Web3 and global finance.Why Are Crypto Exchanges Becoming “Universal” Platforms?Centralized exchanges (CEXs) were the foundation of the crypto economy, enabling retail investors and institutions to trade Bitcoin, Ethereum, and an ever-expanding list of tokens. They offered ...

According to the report, Paytm has “embedded AI across every product from onboarding and fraud detection to churn prediction and personalised cross-sell. The company’s machine-first systems, supervised by humans, are accelerating product development, enhancing risk management, and elevating customer experience.”Paytm has been categorised as having moderate AI exposure with high pricing power, a combination Morgan Stanley identifies as crucial for long-term monetisation. The report stresses that AI adopters ...

Target: ₹276CMP: ₹195.20 Piramal Pharma’s CDMO (Contract Research, Development, and Manufacturing Organisation) arm spans discovery through clinical and commercial supply across ADCs, HPAPIs, peptides, and sterile injectables. We have conducted a deep-dive analysis of its top molecules, peer comparison, and key modalities. The platform’s advantage is scope and proximity, but growth is still sensitive to biotech funding/approval timelines, regulatory outcomes at multi-jurisdiction sites, & utilisation risk i ...

View Categories Recommended For You SEC & CFTC Create Closer Ties for Regulatory Harmonization Clearstream Banking Launches Service to Ease E.U.’s T+1 CFTC Bolsters Market Oversight via Nasdaq Platform Regulators Want the U.S. to Rule Crypto Markets In addition, FINRA is allowing tZERO Securities to sell corporate debt securities.Blockchain fintech provider tZERO Group is petitioning the U.S. derivatives regulator, the Commodity Futures Trading Commission (CFTC), to become both a Derivatives Clearing O ...

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行业与公司 - 行业：大中华区科技硬件（Greater China Technology Hardware）[1][4] - 涉及公司： - Voltronics（6409 TW，未评级）：将电动车充电技术（最高1,000V）延伸至数据中心高压直流（HVDC，800V）电源解决方案[6] - TECO（1504 TW，未评级）：与鸿海（Hon Hai）合作开发数据中心灰色空间（gray space）的电源解决方案，业务扩展至美国和中东[6] - Delta（2308 TW，超配评级）：受益于电源解决方案升级和数据中心基础设施建设[6] 核心观点与论据 1. **数据中心电源架构升级需求** - HVDC电源架构将支持AI计算（如NVIDIA Rubin Ultra平台，2027年下半年起），电源单元（PSU）需升级至18-30kW，输入为三相交流电，输出为+800V DC（NVIDIA）或+-400V DC（非NVIDIA），仍需UPS作为备用电源[6] - 大型在线UPS（>20kW）需求强劲，Schneider和Eaton等领先厂商订单积压达两年，可能外溢至外包合作伙伴和二线厂商[6] 2. **模块化电源解决方案** - 数据中心白色空间（IT设备）占建设总成本约60%，灰色空间（电力设施）占25-30%[6] - TECO强调全球生产基地（美国、中国、东南亚）可缩短交付时间（节省30%），增强项目中标能力[6] 3. **美国本地化生产与关税影响** - TECO预计关税导致电源产品涨价8-10%，客户承担约50%成本，部分产品（如母线槽、接线盒、电机）将在美国生产以降低成本[6] 4. **Delta估值与风险** - 估值方法：剩余收益法，假设股权成本8%（无风险利率1 5%，股权风险溢价6%，β值1 1），中期增长率14%，终值增长率3%[7] - 上行风险：全球经济超预期增长、原材料降价、利润率改善[9] - 下行风险：全球经济放缓、零部件供应持续紧张、原材料涨价、运营费用上升或ASP下滑导致利润率收缩[9] 其他重要信息 - **行业评级**：与大市同步（In-Line）[4] - **合规披露**：摩根士丹利可能持有相关公司≥1%股权（如Delta等），并在未来3个月内寻求投行服务[15][16] - **公司合作动态**：TECO与鸿海合作瞄准数据中心灰色市场，Voltronics技术适配AI计算需求[6] 数据引用 - 价格涨幅：8-10%[6] - 成本节省：30%（交付时间）[6] - 订单积压：2年（UPS厂商）[6]