The NANOGrav Collaboration recently reported a strong evidence for a stochastic common-spectrum process in the pulsar-timing data. We evaluate the evidence of interpreting this process as mergers of super massive black hole binaries and/or various stochastic gravitational wave background sources in the early Universe, including first-order phase transitions, cosmic strings, domain walls, and large amplitude curvature perturbations. We discuss the implications of the constraints on these possible sources. It is found that the cosmic string is the most favored source against other gravitational wave sources based on the Bayes factor analysis.
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