Adam Back: Strategy Will Not 'Reset,' Market's Negative View on Preferred Stock STRC Lacks Basis

**Key Market Insight: Sivers Semiconductor (SIVE) Is Far More Than a CPO Vertical Expansion Laser Supplier, Per Serenity Research** June 21: Independent research firm Serenity published an article correcting a widespread market misperception about Sivers Semiconductor (NASDAQ: SIVE)—that it is solely a laser vendor for Co-Packaged Optics (CPO) vertical expansion. The report clarifies SIVE’s laser portfolio spans all next-generation optical interconnect architectures, including pluggable optical modules, horizontal CPO scaling, vertical CPO scaling, and NPO. The strongest evidence supporting this broader role comes from SIVE’s partnership with global manufacturing leader Jabil: the pair co-developed a 1.6T optical transceiver using continuous-wave (CW) lasers, which effectively bypasses the capacity bottleneck of electro-absorption modulated lasers (EML) while delivering lower power consumption. Jabil’s management has labeled this a significant competitive moat for the joint solution

June 21 — A spokesperson for Qatar’s Ministry of Foreign Affairs voiced hope Wednesday that U.S.-Iran talks will result in a lasting, comprehensive agreement. Two groups have been set up to advance the process: a technical and expert panel to discuss the terms of a final deal between the two sides, and a follow-up body tasked with implementing the memorandum of understanding until the final accord is reached.

June 21 – According to Iran’s Tasnim News Agency, a source close to Tehran’s negotiation team has stated that the Strait of Hormuz will not reopen unless two key conditions are met: the Lebanon ceasefire agreement is honored, and Iran’s oil sales waiver is granted.

June 21 BlockBeats report: Iranian Foreign Ministry spokesperson Baghaei stated Iran is fully committed to rigorously and seriously following through on the other party’s fulfillment of its commitments. Baghaei noted that the same-day meeting held in Switzerland aimed to follow up on the implementation of key provisions from the Iran-U.S. understanding memorandum. Per Article 13 of the memorandum, negotiations for a final agreement can only launch after Articles 1, 4, 5, 10, and 11 are implemented; crucially, Article 1 — which requires ending all fronts of conflict, including in Lebanon — is a non-negotiable prerequisite for entering the final agreement negotiation stage. The day’s discussions focused on implementing those specified articles, with particular attention to Article 1. The meeting also reviewed proposed measures related to Article 10 (Iranian oil exports) and Article 11 (unfreezing Iran’s frozen overseas assets).

June 21 – Global monetary policy is at a turning point. New data from 52 tracked central banks shows that in May, the number of rate hikes and rate cuts hit an even split at 26 each. This marks the first time such a balance has been struck in roughly two years, after a stretch where more central banks were cutting rates than raising them. The last time this equilibrium occurred was back in early 2021, preceding a three-year tightening policy cycle. This metric peaked in mid-2022, when 28 more central banks raised rates than cut them. Last week, the European Central Bank (ECB) announced a 25 basis point rate hike to 2.25%—its first rate increase since September 2023. This week, the Bank of Japan (BoJ) also raised rates by 25 basis points to 1.0%, hitting the highest interest rate level seen since 1995. That signals a new global tightening cycle is now underway.

June 21 – Foreign holdings of U.S. Treasury securities rose $3.9 billion in April to $9.35 trillion, notching the second-highest level on record, according to newly disclosed data. Japan, the largest foreign holder of U.S. debt, increased its holdings by $18.3 billion to $1.21 trillion – the highest since February. The U.K., the second-largest holder, added $10.6 billion to reach a record $937.5 billion. China, the third-largest holder, trimmed its stake by $1.2 billion to $651.1 billion, its lowest level since September 2008. Canada, the seventh-largest foreign holder, reduced its holdings by $42.3 billion to $397.1 billion, hitting the lowest point since January. Meanwhile, the U.S. Treasury market is expanding but remains diversified.