GREYTHORN

Greythorn · Research-driven principal investmentGreythorn · 研究驱动的自有资本投资

Driven by research. Convinced by technology.研究驱动，笃信科技。

We invest with a long horizon and publish independent, bilingual research on technology and US equities.我们以长期视角投资，并以中英双语发布科技与美股的独立研究。

Research研究

Latest research最新研究

Explore the research library进入研究库 →
Latest最新

AI & computeAI 与算力 · Featured精选

NVIDIA Is Now Financing Its Own Demand: $105B in Guarantees, $48B in Private Stakes, and What Nov 17 Must Show英伟达成了自己客户的「银行」：1,050 亿美元担保、479 亿私募股权，11 月 17 日财报要回答什么？

Read like a lender: up to $108.5B of guarantees (incl. a $105B cap on OpenAI's Ohio leases), $279B of supply commitments, $47.9B of private stakes and DSO at 60 days. What the Nov 17 print must show.以贷方视角读 NVIDIA 财报：最高 1,085 亿美元担保（含 OpenAI 俄亥俄租约 1,050 亿上限）、2,790 亿供应承诺、479 亿私募股权、DSO 升至 60 天，以及 11 月 17 日财报需要回答的问题。

EN中文Read report →阅读研报 →

Up next即将发布

  • AI & computeAI 与算力 ·

    AI's First Real Ledger: The Growth Is Real — Who Pays for It?AI 第一份真实账本：增长是真的——谁来买单？

    Anthropic's S-1 puts audited numbers on the frontier-lab story: H1'26 revenue of $16.3B, improving unit economics, and a multi-hundred-billion compute bill whose payor is still an open question.Anthropic 的 S-1 首次把前沿实验室的故事写成账本：H1'26 收入 $16.3B、单位经济改善，以及一张仍待明确买单方的数千亿美元算力账单。

  • Private credit & RWA私募信贷与 RWA · In review审阅中

    GPU-Backed Credit: How Compute Is Becoming a New RWA Asset ClassGPU 抵押信贷研报：算力如何成为新的 RWA 资产类别？

    How data-center GPUs are being financed as collateral, from Wall Street structures to on-chain credit.数据中心 GPU 如何作为抵押品获得融资——从华尔街的结构化方案到链上信贷。

    Coming soon即将发布

  • Hyperscalers & capex云厂商与资本开支 · In preparation · expected early November 2026撰写中 · 预计 2026 年 11 月上旬发布

    Hyperscaler Capex After Q3 2026 EarningsQ3 2026 财报后的超大规模云厂商资本开支

    Microsoft, Alphabet, Amazon and Meta after Q3 results: capex, cash flow and how the AI build-out is being funded, read from company filings.Q3 财报后的微软、Alphabet、亚马逊与 Meta：资本开支、现金流以及 AI 基础设施建设的资金来源，依据公司一手披露。

    Coming soon即将发布

From the archive存档精选

  • Private credit & RWA私募信贷与 RWA ·

    Pendle and the Fixed-Income Layer of DeFi深度解析：Pendle 如何重塑 DeFi 固定收益格局？

    Pendle's 2025 plans: the V2 upgrade, expansion to Solana, Hyperliquid and TON, Citadel for TradFi and a move into perpetual yield markets, with tokenomics and key risks.Pendle 的 2025 规划：V2 升级，拓展至 Solana、Hyperliquid 与 TON，面向传统金融的 Citadel，进军永续收益市场，以及代币经济学与主要风险。

    Archive · 中文存档 · 中文

  • AI & computeAI 与算力 ·

    Fetch.ai & ASI: An Alliance for Decentralised AIFetch.AI&ASI：去中心化AI的强强联盟

    Fetch.ai's autonomous-agent platform and its role in the ASI Alliance merging $FET, $AGIX and $OCEAN into $ASI, with ecosystem components, challenges and outlook.Fetch.ai 的自主经济代理平台，及其在 ASI 联盟中将 $FET、$AGIX、$OCEAN 合并为 $ASI 的角色；涵盖生态组件、挑战与展望。

    Archive · 中文存档 · 中文

  • Macro宏观 ·

    Bitcoin and the Politics of Power比特币政治权力博弈

    Whether Trump is good or bad for crypto, set out from both sides, with lessons from recent elections in Spain, France and the UK.从正反两方面讨论特朗普对加密市场是利是弊，并参照西班牙、法国与英国近期选举。

    Archive · 中文存档 · 中文

Method方法

How we research我们如何做研究

More on our approach了解我们的理念 →
01

Primary sources一手资料

Every figure is traced to its source and dated.每个数字都追溯到来源，并标注日期。

02

Filings and transcripts公告与业绩会

We read company filings and earnings calls, not just the headlines about them.我们阅读公司公告与业绩会文字稿，而不只是相关新闻标题。

03

Bilingual中英双语

Written in English first, then published in Chinese.先以英文撰写，再发布中文版本。

04

Challenge the bull case检验看涨逻辑

Each report sets out the bear case alongside the bull case.每篇研报都把看跌因素与看涨因素并列呈现。

Focus areas关注领域

From silicon, to power, to the capital that pays for it.从芯片，到电力，再到为之买单的资本。

  • AI & semiconductorsAI 与半导体
  • Hyperscaler capex超大规模云厂商资本开支
  • Data centers & power数据中心与电力
  • Robotics机器人
  • Software软件
  • Institutional RWA & private credit机构级 RWA 与私募信贷
Our focus areas了解关注领域 →
I

Research first研究先行

Capital follows research, not the other way round. Views are built from primary sources and written down so they can be checked.先有研究，后有资本。观点建立在一手资料之上，并以文字记录，便于检验。

II

Long horizon长期视角

Decisions are made on a multi-year horizon. We are not in a hurry, and we are comfortable being early, or alone.以多年为尺度做决策。我们不急于一时，也不介意早一步，或与众不同。

III

Independent独立

Our views are our own. We have no products to sell, so our research can follow the evidence wherever it leads.观点独立。我们没有任何产品要推销，研究因此可以只跟随证据。