Cyber Hornet S&P 500®AndXrp75/25StrETF

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0616 | Dolphin Focus: 🐬 Macro/Industry — 1) NBS data show May retail sales fell 0.6% YoY and 0.38% MoM, with goods consumption soft while F&B and rural retail posted modest gains. Industrial value-added (above designated size) rose 4.5% YoY, up 40bps vs. Apr as new growth drivers strengthened the production side.

Supply and demand diverged: the recovery in domestic demand remained weak, while manufacturing upgrade and transformation accelerated. Near term, this weighs on valuations across consumer plays.

However, computing power and new energy equipment—representative high-end manufacturing—show resilient fundamentals. The data underscore ongoing pressure on internal demand repair...

Over the past half month, BTC has fallen quite a bit, mainly due to ETF net outflows. From the data, there were only four or five days of ETF net inflows in May, with outflows on all other days. In fact, there have been continuous net outflows for over ten days from May 15th until now. For liquidity-sensitive assets like crypto, ETF fund flows have a significant impact on daily price movements. Meanwhile, MSTR has also started selling coins to pay interest. Although they only sold 32, which is negligible compared to their total holdings, this breaks Saylor's previous promise of never selling coins. The essence of DAT's business model is to hold the underlying assets long-term, not to buy low and sell high for short-term trading...

Below is Dolphin Research's Trans of Marvell's FY27 Q1 (FQ1 2027; period ended May 2, 2026) earnings call. For our earnings analysis, see 'Marvell: AI mega-interconnects bring another opportunity — can it support the Little Broadcom dream?'.