Odaily星球日报讯 软银集团缩减一项以 OpenAI 股权作为抵押的融资计划，其原本拟筹集约 100 亿美元的保证金贷款，如今规模或下调至约 60 亿美元。

消息称，部分贷款方对交易结构及 OpenAI 作为未上市公司的估值可靠性表示担忧，成为融资推进受阻的关键因素之一。该贷款最初设计为以软银持有的 OpenAI 股权作为抵押，期限为两年并可延长一年，用于进一步扩大其在人工智能领域的投资布局。

软银近年来持续加码 AI 赛道，已通过 Vision Fund 2 向 OpenAI 投资约 300 亿美元，并参与包括 Stargate 在内的大型 AI 基础设施项目。不过，此次融资调整也反映出一个更广泛的趋势：尽管 AI 投资热潮持续升温，市场对私营 AI 巨头估值的可验证性正开始出现谨慎情绪，部分机构投资者在风险定价上趋于收紧。

目前相关贷款谈判仍在进行中，最终规模仍存在变动空间。（Bloomberg）

Odaily reports Bitcoin has fallen below the $80,000 mark, ending a five-day streak of net inflows into spot ETFs, with the market's rebound momentum from the February low showing signs of cooling.

The US added 115,000 non-farm payroll jobs in April, surpassing the expected 62,000, while the unemployment rate held steady at 4.3%. Although the data was relatively strong, it did not significantly alleviate market concerns about macroeconomic uncertainty. Instead, it reinforced the expectation that "energy-driven inflation limits the scope for rate cuts."

In terms of capital flows, spot Bitcoin ETFs saw net outflows of $277 million on Thursday, ending a cumulative inflow streak of $1.69 billion. Ethereum ETFs also recorded net outflows of $104 million on the same day, indicating a short-term cooling in institutional risk appetite.

On the geopolitical front, tensions between Iran and the US have reignited, prompting the market to reprice the risk associated with the Strait of Hormuz. Crude oil prices have rebounded, partially offsetting the previous support that risk assets had gained from falling oil prices.

The derivatives market, meanwhile, reflects a more prolonged hawkish outlook. Interest rate futures pricing suggests over a 50% probability of rate hikes persisting beyond 2027, pushing the potential easing cycle back to 2028.

On-chain data shows that the recent Bitcoin rally was primarily driven by institutional spot buying and short covering, with retail participation remaining low. Funding rates have stayed moderate, indicating a relatively weak market momentum structure. Analysts suggest that if retail capital does not return, BTC may still face the risk of retesting the $75,000–$78,000 support range. (The Block)

Odaily reported that “Fed Whisperer” Nick Timiraos said four months ago, a major issue facing the Federal Reserve was whether it needed to continue cutting interest rates to support the seemingly faltering labor market. That issue no longer exists today. The labor market has stabilized, and due to tariffs and the impact of the Iran conflict, inflation is shifting from its previous decline to a renewed uptick.

The April nonfarm payrolls report highlights this shift in outlook and signals that, as the market judges the next policy direction of the Fed, which is currently firmly on hold, the focus will clearly turn to inflation data.

April hiring activity remained steady, the unemployment rate was unchanged, and income growth remained robust—none of which provide a reason to cut rates. With the labor market giving the Fed room to continue waiting, the next step in policy discussions will be when and how to move toward "neutral"—where the likelihood of a rate hike and a rate cut becomes roughly equal. The answer may depend almost entirely on future inflation data. (Jinshi)