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87% of stocks lost over the weekend
RootData data: Weekend turnover for stock perpetual contracts fell from about $39 billion to $4.9 billion, a drop of 87.5%. But the open interest hasn't decreased, which means everyone still holds positions, though they are just inactive over the weekend.
This actually exposes the true positioning of stock perpetual stocks—their most valuable aspect is that traditional stock markets can still trade and set prices when they close on weekends. Sunday's trading volume and market volume form the stock market's "pre-opening price discovery layer."
What it means to us: Stocks on platforms like OKX are perpetual and suitable for expressing opinions on non-trading days, but don't make them the main battleground—liquidity is far behind the underlying stocks.
If you want to follow the perpetual narrative of stocks, you can check out spot and contract trading:
OKX embedded trading pair recommendation: perpetual sector of related stocks
Do you think stock perpetuality is a dividend or just a gimmick? People who hyped it up over the weekend came out to share their experiences.
#股票永续 #OKX #RWA #流动性Today's market is so intense it makes people break out in a cold sweat.
The storage sector collapsed collectively, with the Philadelphia Semiconductor Index plunging 3.33%. This is no longer something that can be brushed off by the word "adjustment." Look at this string of drops: Micron Technology fell 5.38%, SK Hynix dropped 7.27%, Western Digital fell 6.50%, Seagate Technology dropped 5.30%, Kioxia ADR dropped 6.10%—SanDisk crashed 10.39%, a huge bearish candlestick crashing without even giving it a chance to escape.
What does it mean to be "showing signs of decline"? This is a textbook-level demonstration.
Storage chips have always been the "barometer" of the semiconductor industry. Unlike Nvidia's AI chips that can rely on storytelling to support valuations, storage is a truly cyclical industry. Whether demand is good, inventory levels are high, and prices rise can all be seen at a glance in financial reports, making it impossible to hide. Now, Micron, SK Hynix, Kioxia, SanDisk, Western Digital, Seagate—from DRAM to NAND to mechanical hard drives—no player in the entire supply chain has been spared, and all have plummeted. What does this indicate? This shows that it's not just one company causing trouble, but the fundamentals of the entire industry are deteriorating, and capital is collectively voting with its feet.
More importantly, the Philadelphia Semiconductor Index fell 3.33%. This index includes the world's most important semiconductor companies; whenever it falls, the entire tech sector shakes along with it. It's worth noting that the US stock market has relied entirely on tech stocks in recent years, while the Nasdaq has soared with the 'Seven Sisters' and AI concepts, taking the S&P 500 to the skies. But now even the underlying hardware like storage is starting to collapse, indicating that the foundation of tech stocks has started to loosen. No matter how lively AI is, it has to be implemented in the field, right? Someone has to buy servers, buy storage, and build data centers, right? Memory chip prices are falling, inventories are high, capital spending is shrinking—these signals are telling you that downstream demand is shrinking, and the AI bubble may be bursting from the bottom up.
And have you noticed? Today, it's not just American companies that are falling—SK Hynix is Korean, Kioxia is Japanese, and ADR is also being hit hard. This is a global capital flight, a move by global institutions as they reassess the entire semiconductor cycle. When global capital is withdrawing from hard technology, what holds up the US stock market? Rely on consumer stocks? Relying on financial stocks? Or is it relying on those biotech stocks still losing money?
To put it bluntly, the core logic behind this US stock market bull run has two main points: one is the Federal Reserve's liquidity injection, the other is the AI revolution. Now, expectations for rate cuts have mostly been fulfilled, and the market is even starting to worry that a recession might force the Fed to cut rates—the logic is actually reversed. On the AI side, from Nvidia's sharp drop after its earnings report, to the weakness of Broadcom and AMD, and today's collective massacre in the storage sector, a clear transmission chain is laid out: from upstream GPUs, to midstream storage, and then to downstream demand, the entire chain is cooling down.
SanDisk fell over 10% in a single day, a decline unimaginable in a bull market; it only happens when the trend reversals and funds flee. When the highly cyclical storage sector starts to lead the decline, it often signals a qualitative shift in overall market risk appetite—institutions no longer pursue growth but begin to fear recession; Stop talking about AI's future, but focus on immediate cash flow.
So stop talking about "technical adjustments." The storage sector has suffered a solid blow, and the Philadelphia Semiconductor Index's bearish candlestick has plunged bottomlessly, reflecting the collapse of the entire U.S. stock market narrative. When the tide recedes, the first to be exposed are these highly cyclical and demand-sensitive links. And today, the storage sector has clearly told you: water is receding at a speed visible to the naked eye.
The downturn in US stocks is not fully "visible"; it is already written on every bearish candlestick on the market.The financial report is very good, so why does the stock price still fall?
Because the problem now lies in the denominator of the valuation.
Company profits, revenue, and cash flow belong to the numerator;
interest rates, risk premiums, and cost of capital belong to the denominator.
Even if the numerator improves, as long as the discount rate rises, the present value of future cash flows will be pushed down again, causing valuation compression. This is the duration effect.
Most of the value of growth stocks comes from future profits, which have a longer duration, making them more sensitive to interest rate changes.
For example, 100 yuan 30 years from now:
Discounted at 5%, it’s worth about 23 yuan;
Discounted at 6%, it’s worth about 17 yuan;
Discounted at 8%, it’s only about 10 yuan.
When interest rates rise from 5% to 6%, the cost of capital relatively increases by 20%, and the present value of long-term cash flows may directly drop by 20%–30%.
The market trades not only corporate profits but also long-term interest rates, risk premiums, leverage levels, and capital supply and demand.
For high-duration growth stocks, a slight positive on the numerator side often cannot offset a re-pricing on the denominator side.Currently, I know of two companies that have taken long positions on Changxin Technology $CXMT contracts: Gate and Hyperliquid.
Gate's funding rate has already reached an astonishing -1%,
while Hyperliquid's is -0.375%.
Many people are bearish.
In the short term, today probably won't see big swings; at most, there will be downward spikes with profit-taking and escape.
In the next couple of days, it feels like there will still be downward shakeouts to wash out weak hands, then a buildup for a big rally, trapping retail investors at the peak, followed by a steady decline. Retail investors won't see the scenery while the main players quietly withdraw—an old tradition in the A-share market.
Changxin is currently the largest semiconductor memory chip company in China's history, the biggest since 2019, and the largest IPO since the STAR Market opened.
Given the harsh international environment for chips and storage today, having such a domestic leading company go public, I think they wouldn't completely lose face.
Familiar IPOs this year include Changxin Technology, OPENAI, Anthropic, and the already issued SPCX.
Most likely, they will all follow a similar pattern.
There is nothing new under the sun.
For this type of IPO narrative, always find a position early and buy in heavily; later, at the high point, go long-term short directly.ETH from the 1500 area had a strong bounce to 2055, then fell slightly and stabilized over the weekend around 1945 before bouncing back up. The news of the US and Iran pausing military action has pushed Ethereum up more than 3%, but the 2055 zone is still extremely stressful. This week, the Ethereum ETF net withdrew up to $161 million, while the probability of the Fed raising interest rates is 36.3%. Buyers and sellers are struggling fiercely. I don't take sides, just wait for a clear direction and then act on the winner.
Above, the key milestone is 2000-2055, the old peak on the weekly frame. If it breaks through and holds, the buyers will continue to lead, targeting 2100-2150. Below, the 1900-1920 zone is strong support from MA55 and MA120, which is also the recent accumulation bottom. If it breaks, the sellers will prevail, dragging the price to 1850-1800.
Reasons for optimism: After 13 days of tensions, Trump suspended military attacks on Iran, Iran also stopped retaliating, geopolitical risks decreased rapidly. The July spot Ethereum ETF still accumulated a net cash flow of $338 million, with BlackRock ETHA leading the way with $41.92 million on the day. The 1-hour chart was stable around 1900 and bounced up, the bottom gradually lifted, and a short-term bullish structure was formed.
Reasons for pessimism: Ethereum ETF this week net withdrawal of $161 million, lasting 4 consecutive weeks; The BTC ETF also ended a 7-day series of cash inflows, the organization is taking short-term profits. The probability of the Fed raising interest rates in July is 36.3%, September is 55.2%, and the 10-year US bond yield remains high, putting pressure on risky assets. The 2055 zone used to be a heavy pressure, a single good news that is difficult to break immediately.
Strategy: If the price breaks and holds above 2000-2055, buy along, stop loss below 1950, target 2100-2150. If the effective break below 1900-1920, sell along, stop loss above 1950, target 1850-1800. In the middle of 1920-2000, it was outside.$LABLAB 做多止损复盘
操作：做多 LAB 70张 ×10倍杠杆
入场价：$0.1539
出场价：$0.1468
盈亏：-$5.37（-53.7%）
本金：10u 回撤至 4.63u
败因总结：
1. 到目标没止盈 —— 早盘最高浮盈+$2（+18%），没走
2. 止损执行犹豫 —— 设了$0.1500防守线，跌穿后没立即动手
3. 追高开仓 —— 买在冲高回落区，不是趋势起点
教训：10x杠杆容错极低，到价不走=没策略。
调整方向：降杠杆+半仓操作，严格止盈止损纪律。
目标不变：10u 复利至 1000u。[MU fell over 4% to $881, cautious in the short term; overvaluation support begins to be tested]
MU's recent weakness is not just a simple pullback. The stock price is at $881, with a total market cap close to $994 billion. The market had already given high expectations for storage prosperity and AI demand. If the price drops more than 4%, capital will first reassess whether this expectation has moved too quickly.
The most common scenario in the storage chain is that the industry logic hasn't deteriorated immediately, but the stock price has already priced in price increases, capacity, and profit improvements in the coming quarters. The higher the valuation, the more sensitive the market is to any orders, prices, or margins falling short of expectations, naturally amplifying short-term volatility.
What really matters for this kind of decline is whether there is sustained selling pressure afterward, not the single-day drop itself. If there is a rapid increase in volume, it will mostly be high-level turnover; If the rebound is weak and funds continue to withdraw, it indicates the market is repricing overvalued storage assets.
The long-term logic of AI and storage still holds, but not every high point is worth chasing. With high expectations, whether you can catch the pullback is more important than continuing to tell the story.
The above is just a personal opinion sharing and does not constitute any investment advice. The market changes rapidly, and trading profits and losses are borne by the buyer.[AGPU adds $1.5 billion in contracts, order narrative is positive, but revenue deliveries are the real valuation switch]
AGPU added $1.5 billion in contracts, reflecting a positive outlook for orders from computing power companies. If the related contracts are successfully implemented, the total contract size will exceed $3 billion, prompting the market to reassess the speed at which it moves from a "computing power concept" to revenue realization.
Yilihua stated that AGPU's total contract scale this year is expected to reach $10 billion, and its financing does not rely on ATM equity methods. For investors, financing methods are crucial: no matter how many orders there are, if you continue to expand by relying on discounted financing, shareholder equity may still be diluted; More stable funding arrangements make it easier for contract value to be transmitted to valuation.
However, the contract amount does not equal current income, nor does it mean profit has been determined. The market will focus on contract duration, delivery pace, customer credit, capital expenditures, and revenue recognition in financial reports. Only when these data improve simultaneously can order stories become more than just paper growth.
The biggest fear for computing power stocks isn't the lack of orders, but the large contracts and slow fulfillment. Whether the next financial report can turn orders into revenue is the real answer for AGPU.
The above is just a personal opinion sharing and does not constitute any investment advice. The market changes rapidly, and trading profits and losses are borne by the buyer.《说好的终身持有呢？Strategy：我先囤点美元压压惊》
兄弟们，大新闻来了。
那个曾经喊出“比特币是永恒”的 Strategy（前身是你们熟悉的 MicroStrategy），上周干了件让人哭笑不得的事——卖了 5.445 亿美元的股票，然后……没买比特币。
对，你没看错。5.445 亿美元，一分都没进币圈。
让我们捋一捋这个魔幻剧情：Strategy 通过 ATM 计划卖掉了约 540 万股 MSTR 股票，净赚 5.445 亿美元。然后呢？他们把其中 5.25 亿塞进了美元储备，让现金池涨到了 37.5 亿美元。至于比特币持仓？纹丝不动，还是 843,775 枚。
连续 第五周 没买比特币了。
这就好比你那个发誓“这辈子只爱你一个”的男朋友，突然开始疯狂存私房钱，还告诉你“亲爱的，我这是在为我们的未来做流动性管理”。你信吗？
Michael Saylor 上周日还在 X 上发了个比特币持仓图表，配文 “We're gonna need another color” （我们得换个颜色了）。大哥，你倒是买啊！光换颜色有什么用？你哪怕用这 5 亿刀买个 7,000 枚 BTC 意思一下也行啊！
不过话说回来，Strategy 这波操作也不是完全没道理。人家现在 37.5 亿美元的现金储备，足够覆盖未来 两年以上 的股息和利息支出。CEO 还放话说，除非比特币跌到 8,000 到 10,000 美元，否则根本不慌。
翻译成人话就是：“兄弟们别急，我兜里有钱，跌到 1 万刀以下再说。”
但问题是——大哥你均价 75,476 美元 买的 84 万枚 BTC，现在账面浮亏都快 90 亿美元 了！你不赶紧抄底拉均价，反而跑去囤美元？
这操作，像极了你在熊市里瑟瑟发抖，把最后一点 U 换成了人民币存余额宝——然后看着比特币反弹拍断大腿。
Strategy：我是比特币最大的企业持仓者。
也是最近五周最沉的住气的那个。
Saylor 啊 Saylor，下次发图能不能别光换颜色， 好歹换个数字 行不行？$ETH $BTC $DOGE The Federal Reserve is set to announce its interest rate decision at 2 a.m. Thursday. The market currently expects about a 65% chance that rates will remain unchanged in July, but there's also over a 30% chance of a rate hike. I've reviewed several analyses, and the key is still what Waller says. He previously advised the market not to rely on the Fed's forward guidance, so this speech will likely be scrutinized word by word again. Oil prices previously breaking $100 pushed inflation expectations higher; although they've dropped back a bit now, this issue is far from over.
Microsoft, Meta, and Amazon are all releasing earnings reports these days. For Microsoft, whether Azure's growth can hold steady around 40% is crucial, and how they guide capital expenditures is what the market truly cares about. Meta's stock has dropped nearly 10% since the beginning of the year, and free cash flow may have turned negative. Amazon's AWS growth might return to above 30%, but they plan to invest 200 billion by 2026 in infrastructure.
$BTC is hovering around 65,000 now. I think this week will depend on how the news unfolds. If the Fed leans dovish and tech earnings can ease market concerns about AI investments, it should push prices up a bit. Conversely, if earnings continue to show a mismatch between AI investment and revenue returns, pressure may persist.
$BTC ——$ETH
#美联储周四凌晨公布利率决议 你有没有注意到，身边聊加密的人越来越少了？
韩国把这件事用数据说清楚了，KOSPI今日突破7000点，两年涨了114%。同时，韩国五大加密交易所日均交易量从28.2亿美元跌到3.05亿美元，一年跌了89%。两条线，一条往上，一条往下，走得极其干净
这件事我觉得有两层值得认真看
🪁 第一层是钱去哪了？
不是凭空消失，是真的转移了。韩国散户一直是加密市场最活跃的一批人，泡菜溢价曾经是全球加密情绪的晴雨表。现在这批人在做的事是买股票，而且买的是KOSPI里的半导体和AI产业链。SK海力士、三星这些名字，既是韩股里的赢家，也是全球AI基建需求叙事的直接受益者
资金没有离开「科技赌注」这件事，只是换了一个载体。从链上换到了交易所，从代币换成了股票
🪁 第二层是Korbit在卖自己的币这件事
交易所靠交易量活着，交易量跌89%，收入不够用，开始变卖资产。这个行为说明流动性枯竭之后，连平台自己都开始承压。用户基数最活跃的市场之一走到这一步，值得记一下
💡 我自己的判断是，这不是加密熊市的信号，而是一次结构性重组
韩国的资金是被一个更好的故事吸引走的。AI、半导体、有真实业绩支撑的上市公司。加密这边缺的不是叙事，而是这个周期里缺少一个能把散户重新拉回来的新触发点。比特币在66k拉锯、以太坊跌回2k以下、山寨季迟迟不来，资金闲着就会往收益更可见的地方走
加密立法推进、现货ETF净流入、机构化进程都在走，但这些是慢变量，不是能在一个季度内把交易量拉回来的东西
如果你现在在问自己要不要调整配置，我的思路是，这不是非此即彼的选择，而是看你的持仓里有没有在当下市场环境里能真正赚钱的逻辑。韩国散户的集体转向告诉你，情绪会跟着收益走，不会为了信仰死守 SanDisk's last and most numerous positions! Break it for 800! Held on to 1300🔥
I'm Ci Ge, going long on SanDisk on 1122, with a clear logical chain.
First, let's look at how the 1122 position was found
SanDisk plummeted from its all-time high of $2,354 on June 22, closing at $1,436 on July 24, with an intraday low of $1,411. It has pulled back more than 40% in a month, breaking below the key support level of $1500. Panic buying broke through all short-term defenses, pushing the price to around 1122, with a major support level close to $1300. The low point created by panic trading is always the best buying opportunity.
Technical aspect: Extremely oversold, rebound imminent
From 2354 to 1122, a drop of over 52%. The RSI across three periods has simultaneously fallen below the 30 threshold, entering a multi-level oversold and blunt state. Prices have deviated far from moving averages, negative deviation rates have diverged to extreme values, and short-term bearish narratives face the need for microstructural repair. 1300 is the next major support zone, 1122 is less than 200 points away, and the safety pad is thick enough. Although it has fallen below the 20-day and 50-day moving averages in the short term, SanDisk is still trading 15.1% above the 100-day moving average and 83.4% above the 200-day moving average, maintaining a long-term upward trend.
Fundamentals: Earnings are booming, and institutions are going wildly bullish
SanDisk's Q3 revenue was $5.95 billion, a surge of 97% quarter-on-quarter, with GAAP net profit of $3.615 billion. Q4 revenue guidance is as high as $7.75 billion to $8.25 billion, Non-GAAP earnings per share of $30 to $33, and gross margin of 79% to 81%. Wall Street expects August 5 earnings of $8.24 billion in revenue and $33.38 per share, down from just 29 cents in the same period last year. Twenty-three analysts consensus rating it is "Buy," with an average target price of $2,188, implying more than 50% upside from the current price.
Susquehanna maintains a buy rating with a target price of $3,050. Bernstein maintains a buy with a target price of $3,000. On July 1, Bank of America raised its target price from $2,100 to $2,500. Its year-to-date gain once reached 858%, leading the S&P 500. All production capacity is sold out by 2026, with bookings booming in 2027.
Operational strategy
Directly enter the market at 1122, with a total position of 10% to 15%, and leverage not exceeding 3x. Set stop-losses below 1050, giving the price enough breathing room. Take profit in four batches, first target 1300, close out 30%. The second target is 1450 to 1500, losing 30%. The third target is 1600 to 1700, losing 25%. Fourth target: above 1800, wipe out the remaining 15%. Moving stop is executed: for every 100-point price increase, the stop-loss is raised by 50 points.
Ci Ge finished speaking. On 1122, going long on SanDisk earned money from a technical rebound after extreme overselling, money from a 52% plunge followed by mean reversion, and money where the fundamentals of AI storage demand remained unchanged but prices were misjudged. Set your stop-loss and take profits in batches—hold on. Think carefully. #长鑫科技上市, global storage competition adds a variable #英伟达拟为OpenAI提供2500亿美元担保 #美国禁止开源AI的预期大幅回落 $ETH $BTC $SNDK #美联储周四凌晨公布利率决议
Current interest rate: 3.50%-3.75%.
Market expectations: About 63%-66% probability of no change, 34%-36% probability of a 25 basis point hike, almost no chance of a rate cut.
Background:
• New Chair Kevin Walsh's second rate-setting meeting, no dot plot.
• June CPI fell overall by 0.4% to 3.5% year-on-year, core remained flat at 2.6%; but core PCE remains high, oil prices previously surged due to US-Iran conflict.
• US-Iran ceasefire over the weekend, oil prices plummeted on Monday, temporarily easing rate hike pressure.
Recent US stock market performance:
• Last week, all three major indices closed lower (Nasdaq down over 2%).
• Monday opened with a rebound: Dow up about 1%, S&P up 0.8%, Nasdaq up about 1% (oil price decline + tech earnings expectations).
• S&P still up about 8% year-to-date. This week includes earnings from Microsoft, Meta, Apple, Amazon.
Three scenario impacts:
1. Most likely (hold + neutral to hawkish): US stocks rise first then fluctuate, tech stocks relatively benefit.
2. Unexpected rate hike: obvious short-term pullback, growth stocks under pressure.
3. Slightly dovish hold: rebound continues, Nasdaq leads gains.
Summary: The baseline is to hold steady, but statement wording and Walsh's remarks are more critical. If oil prices continue to fall + earnings exceed expectations, it supports high-level consolidation; renewed conflict or rising inflation suppresses risk assets. Watch the September meeting. The market is under a rain of candlesticks, forming a towering waterfall—some are fleeing at the loss of their money, while others are bending down to pick up chips! $ETH $BTC #长鑫科技上市, global storage competition adds variables #美联储周四凌晨公布利率决议 #财报观察员: Can Microsoft, Meta, and Amazon hold the AI narrative? Many in the crypto community are discussing a topic: TradeXYZ is currently wildly popular, accounting for over 90% of the HIP-3 market's trading volume, with users, brands, and major collaborations like the S&P index. Is it really possible to just run away and separate from Hyperliquid to set up its own exchange? First, let's talk about the current situation: TradeXYZ is essentially more like a "store owner," while Hyperliquid is a mall building. TradeXYZ is responsible for selecting trading products, creating front-end pages, and handling index authorization; The matching engine, order book, underlying clearing, and liquidity infrastructure are all provided by Hyperliquid. TradeXYZ stakes huge HYPE margins in malls. Every new trading item is listed by paying to bid for codes, and every transaction is shared with the platform, deeply linking both parties. Let's objectively clarify what the benefits and costs are if it chooses to operate independently. What benefits can you gain by starting your own business? First, you don't have to split profits evenly. Now, for every transaction fee, TradeXYZ must split it equally with Hyperliquid. Once you build your own underlying layer, you collect all trading fees yourself, no need to spend money to bid on tick code, and no need to stake hundreds of thousands of HYPE to lock up large amounts of funds—all the money earned goes into your own pocket. Second, they must hold full control over the discourse. Currently, the underlying rules and risk control parameters are all governed by the Hyperliquid protocol. After independence, the currency festival was launchedIn the current U.S. macro environment, growth has not declined rapidly, and inflation has not smoothly returned to target. Consumption remains resilient, but employment is cooling down; Energy prices fluctuate repeatedly, and long-term interest rates remain high. What the market is truly facing is a phase where policy space is becoming increasingly narrow.
01|There is no recession, but the quality of growth is declining
U.S. real GDP grew at an annualized rate of 2.1% in the first quarter, a significant rebound from 0.5% in the fourth quarter of 2025. Retail sales in June still grew 0.2% month-on-month and 6.7% year-on-year, indicating that household consumption has not suddenly slowed down.
But signs of cooling have already appeared in the job market.
In June, nonfarm payrolls increased by only 57,000, with an unemployment rate of 4.2%, and both the employed population and labor force size declined. Currently, it is closer to a situation where "companies have not concentrated layoffs but have clearly slowed recruitment."
Such an environment usually does not immediately lead to a recession, but it gradually weakens residents' income expectations, business expansion willingness, and consumer confidence.
Therefore, the key issue going forward is not just whether GDP can maintain positive growth, but whether growth increasingly depends on government spending, investment by large enterprises, and consumption by a few high-income groups.
02|Inflation has eased somewhat, but has not truly been resolved
In June, U.S. CPI fell 0.4% month-on-month, marking the largest single-month drop since April 2020, but still 3.5% year-on-year. This indicates that the decline in energy and commodity prices can improve short-term data, and overall inflation remains far from the Fed's 2% target.
Recently, the situation in the Middle East has temporarily eased, with Brent crude oil once falling to around $89, and the 10-year US Treasury yield dropping to around 4.64%. As a result, the market has lowered its bets on an immediate Fed rate hike.
But falling oil prices can only temporarily ease the pressure.
Demand from service prices, wages, housing costs, and fiscal spending still exists. As long as inflation stays above target for an extended period, it will be difficult for the Fed to quickly switch to easing.
The most noteworthy policy risk right now may not be that the Fed will continue to raise rates, but that rates may remain at higher levels for longer.
03|AI investment is supporting the economy and is beginning to undergo scrutiny of returns
Over the past two years, investments in AI data centers, chips, energy, power, and network infrastructure have become significant increments in U.S. corporate capital expenditure.
This investment can drive equipment, construction, manufacturing, and employment, and explains why the economy remains resilient even in a high interest rate environment.
But the market's focus is shifting.
Funding is no longer satisfied with seeing capital expenditures continue to grow; they want companies to prove that AI investments can translate into revenue, profit, and free cash flow. The larger the investment scale, the higher the market's expectations for return on investment.
This means the AI industry trend still exists, but there will be more obvious differentiation within the sector:
Companies with real orders, bargaining power, and cash flow are more likely to receive valuation support; Companies that rely on long-term expectations, ongoing financing, or repeated expansion of the supply chain will face greater volatility.
04|It cannot yet be directly defined as comprehensive stagflation
Currently, some stagflation characteristics have indeed appeared:
Marginal slowing economic growth, persistently high inflation, volatile energy prices, and rising long-term interest rates.
However, U.S. consumption has not significantly collapsed, GDP remains positive, and overall corporate earnings have not entered a full-blown recession.
Therefore, I tend to define the present as:
The risk of stagflation is rising, and the market is beginning to raise risk premiums ahead of schedule.
#美联储周四凌晨公布利率决议
$BTC $XAU $QQQ 🚀 $ORDI – Long Setup
The bullish trend remains intact as $ORDI continues to hold above the 7 SMA, keeping the short-term market structure constructive.
📍 Entry: 3.76
🛑 Stop Loss: 3.61
🎯 Take Profit: 4.40
With an estimated risk-to-reward ratio of approximately 4.3:1, this setup offers an attractive upside opportunity if bullish momentum continues.
As always, stay disciplined with position sizing, follow your risk management plan, and let the setup confirm.
NFA. DYOR.
#CXMTMemoryIPO #FOMCRateWatch The pricing logic between BTC and major US tech stocks is shifting from "rising and falling together" to a "cost pass-through stress test." Currently, the trends of ETH and mainstream altcoins are more constrained by a contraction in macro risk appetite rather than driven by independent narratives.
The question is: when US tech stocks pull back due to high AI capital expenditure expectations, will the crypto market be passively pressured due to liquidity correlation, or will it receive some spillover funds due to a shift in risk appetite?
On the factual side, Alphabet, Google's parent company, reported Q2 revenue of $119.8 billion, exceeding expectations, with steady growth in Google Cloud business, but its stock price fell more than 4% after hours. The core divergence lies in the market no longer rewarding only current profits that beat expectations but starting to price in future capital expenditures and cash flow efficiency. Alphabet raised its 2026 capital expenditure guidance from $180-190 billion to $195-205 billion, turning free cash flow negative. Meanwhile, Google, Microsoft, Meta, and Amazon are expected to have a combined capital expenditure of $725 billion in 2026, up about 77% year-over-year. This means the AI investment narrative remains strong, but Wall Street's concerns about financing costs and return cycles are increasing.
- The impact on BTC and the crypto market is transmitted through two paths. First, the Nasdaq 100, as a short-term beta factor for crypto assets, will suppress BTC and ETH pricing through correlation due to negative sentiment in tech stocks. Second, ETF fund flows are the most direct support for BTC currently, and ETF buyers are mostly traditional asset allocators whose risk appetite is influenced by the US earnings season sentiment.
Another clue comes from Tesla. The company still holds 11,509 BTC and has not bought or sold since 2022. In Q2, Tesla confirmed an impairment loss of $112 million due to Bitcoin's prior decline, but it neither panicked to sell nor increased its holdings. This suggests that large corporate holders are currently in a wait-and-see mode, neither creating selling pressure nor providing new buying demand.
Conditions for a bullish path: If upcoming earnings reports from Microsoft, Meta, and Amazon simultaneously meet current expectations and show controllable capital expenditure guidance, market concerns about AI cost overruns may ease temporarily, and a Nasdaq rebound will drive BTC to strengthen in sync. At the same time, if BTC ETFs continue to record net inflows, the price bottom support will be relatively clear.
Conditions for bearish risk: If more tech giants raise capital expenditure guidance and compress free cash flow, the market may further price in short-term inefficiencies of AI investments, leading to an overall risk asset pullback. If BTC falls below the ETF holding cost range, it may trigger some funds to exit. At that time, ETH and altcoins, lacking independent buying demand, may experience larger declines.
The market is currently repricing not whether AI can grow, but how high the short-term cost of growth will be. As a high-beta asset, the crypto market finds it difficult to be independent of this macro sentiment during the earnings season window.
Conclusion: BTC is currently in a balance zone between ETF inflows and macro sentiment struggles, with direction depending on the earnings guidance of the three tech giants rather than current figures. If capital expenditure expectations continue to rise, risk appetite contraction may first transmit to ETH and altcoins; if guidance is moderate, BTC is expected to maintain a slightly strong oscillation.
Risk warning: Volatility may increase during the earnings season window, so pay attention to position management.
$BTC $ETH $GOOGL $TSLA #CryptoMacro #EarningsSeason$ZRO （LayerZero）涨+10.14%，逼近$0.94。LayerZero近日宣布将终止对20条低活跃度公链的链下服务支持，Stargate v2同步下架其中5条链，首波7月30日生效。这一“瘦身”举措将资源聚焦于核心生态，长期有利于ZRO的价值捕获。另一重磅消息是LayerZero推出面向全球金融市场的新型区块链“Zero”，由Citadel Securities和ARK Invest等巨头支持开发，计划2026年秋季上线。CEO明确表示Zero不会发行新代币，ZRO将作为生态内唯一资产，用于质押、Gas支付及各类手续费。此外，城堡证券宣布战略投资ZRO代币，ARK Invest也投资了LayerZero股权和ZRO代币。多家顶级机构的加持，大幅提升了ZRO的市场 credibility。永续市场流动性已扩张至约9,600万美元，强劲需求正在消化供应冲击。ZRO的上涨逻辑正在从“跨链消息协议”向“机构级金融基础设施”升级。Small-batch deliveries of domestically produced immersion DUV lithography machines have broken the previous one-way pricing logic of relying solely on imports. The current core conflict lies in supply chain risk de-risk boosting risk appetite in the semiconductor sector, and the pressure from wafer fab yield validation periods on short-term performance fulfillment.
This year, five pieces of equipment are planned to be delivered, with priority given to SMIC, Hua Hong, and Changxin Memory. By 2027, capacity is planned to expand to 20 units, marking the completion of the first round of domestic substitution attempts at key stages of mature processes.
In terms of driver rankings, the increase in risk appetite driven by expectations of autonomy and controllability topped the list; Capital expenditures shifting from overseas equipment to domestic supply chains led to a capital restructuring in the market ranked second; The actual release of chip production capacity has a cooling effect on future costs ranks third.
If the five machines delivered this year quickly complete production line compliance and yield testing at wafer fabs, funds will accelerate concentrating from overseas lithography-dependent targets to local mature process chains, further amplifying valuation premiums. The trigger for this scenario is that the first batch of equipment enters the production line on schedule, and the fab's trial production efficiency needs to be observed. If the validation cycle exceeds market expectations, the upward logic is interrupted.
If the first five devices have lower-than-expected yields or technical breakthroughs during the validation phase, market risk appetite will quickly narrow, and the high positions previously built on self-controllable premiums will face pressure for concentrated clearing. The trigger for this scenario is a delay in production line validation, requiring monitoring of subsequent equipment optimization progress between SMIC and Hua Hong. If the verification failure signal is confirmed, the market will be directly under pressure.
When the 2027 delivery plan of 20 units is significantly revised due to parts supply chain constraints, or when overseas equipment import restrictions are unexpectedly eased, the existing framework for restructuring risk appetite for localization of mature process processes will completely fail.
The most important variable to watch in the next seven days is the in-house validation node notification after the wafer fab receives the first batch of delivered equipment.
#新手必看: Here is everything you need #美军暂停对伊空袭, international oil prices opened down sharply by #RWA永续月交易量4700亿美元🚨 Everyone's focused on AI chips—but the next major battle could be in memory.
China has just made a significant move.
CXMT (ChangXin Memory) has debuted on the STAR Market with a valuation of 3.31 trillion yuan, making it the largest listed company in China's A-share market. 🔥
The global memory race is no longer just about Samsung and SK Hynix.
Just days ago, Anthropic secured memory supply agreements with Samsung and SK Hynix, while Nvidia expanded its AI partnerships in South Korea. Now, China has officially entered the spotlight with a publicly traded memory champion. 👀
The market reacted immediately.
The KOSPI jumped more than 1.7% at the open before giving back its gains, as investors began assessing the impact of a potential third major DRAM competitor. 📉
Here's what I'll be watching next:
📌 DRAM contract pricing
📌 CXMT's production and capacity expansion
If supply grows faster than AI-driven demand, pricing power across the memory industry could come under pressure—even for today's market leaders.
The key question is:
Can AI demand support three global memory giants, or will the industry eventually face a price war? 🤔
How are you positioning for this trend—Korean memory stocks, AI leaders, or China's semiconductor sector? 👇
#CXMTMemoryIPO #AIEarningsWatch 📊 $ZEC Quick Overview of Liquidation
Within 24 hours, liquidations amounted to $3.782 million, short liquidations of $2.587 million, accounting for 68.4% of the total, and long liquidations of $1.1951 million, with short positions at 2.16 times the long margin. In the first 4 hours, long liquidations dominated (82.6% in 1 hour, 82.6% in 4 hours), with prices continuing to fall short; But starting from 12 hours, short positions were liquidated at $1.1902 million (51.6%), starting to overtake, triggering short squeezes; 24-hour short liquidation at $2.587 million completely reversed, with a full-scale short squeeze erupting. Liquidations are concentrated in the 12-hour cycle (accounting for 61%), with the total 24-hour volume being 1.64 times that of the 12-hour period, and the long-short battle continues to intensify in the following 12 hours.
In short: $ZEC 24-hour directional reversal sharply, short positions liquidated $2.587 million, accounting for 68.4% of the total. The short squeeze erupted fully in the latter half, with the bulls winning decisively.
🔥 Market Barometer | July 27
Today's three hot topics point to the same theme: AI narratives have entered the "validation season"—from the valuation frenzy of domestic storage, to the Federal Reserve's interest rate decisions, and then to the financial reports of tech giants.
📈 Changxin Technology goes public: a "domestic substitution" celebration with a market value of 3.66 trillion yuan
On July 27, domestic DRAM leader Changxin Technology officially listed on the STAR Market, opening with a surge of 471.59% and a market value surpassing 3.66 trillion yuan, surpassing Industrial and Commercial Bank of China to become the top A-share market capitalizer. In the first half of the year, it is expected to earn over 50 billion yuan in net profit, with its global market share rising from 3% to 8%. But the controversy is equally huge: technologically, it still lags behind the American and Korean giants by about two or three years. 3.66 trillion yuan in market value—is it the start of a supercycle or the peak? The debate is sharp. After Changxin's listing, Samsung Electronics and SK Hynix each fell about 4% during trading.
🏛️ Federal Reserve interest rate decision: Expectations of rate hikes are undercurrents
The Federal Reserve will hold its policy meeting on July 28-29. Economists unanimously expect to hold steady, but the interest rate futures market is betting on a 36% chance of a rate hike. The divergence stems from oil prices—Brent crude has surpassed $100 per barrel, the US-Iran conflict has pushed up the geopolitical risk premium, and inflationary pressures are resurfacing. Whether Federal Reserve Chair Wash will deliver an "unexpected rate hike" was revealed early Thursday morning.
📊 Microsoft Meta and Amazon Financial Report: AI "Money-Burning" Model Under Test
This week, Microsoft, Meta, and Amazon released their earnings reports together, all with a consistent central question: can massive AI capital expenditures be converted into real income? Google and Tesla had previously sounded the alarm with the first-ever negative cash flow — AI is burning faster than expected. Whether Microsoft Azure's growth rate can stay above 40%, whether AI erodes advertising profits after Meta's capital expenditure guidance is raised to $125-145 billion, and whether Amazon AWS's growth rate can break 30% will determine whether the "AI narrative" can continue to support tech stock valuations.
💎 Summary
Changxin Technology's market value of 3.66 trillion yuan is an extreme pricing of "domestic substitution + AI demand"; The Fed's interest rate decisions are a tense game over whether inflation will return; The financial reports of tech giants are the ultimate test of whether AI burning cash can make money. AI narratives are moving from "storytelling" to "handing over answers." #长鑫科技上市, global storage competition adds new variables
#美联储周四凌晨公布利率决议
#财报观察员: Can Microsoft, Meta, and Amazon stabilize the AI narrative? I stopped following TAPBALL. Its game page does work, but two days have passed without verifiable on-chain rounds, prize pools, or payouts. More importantly, tokens returning to the sell curve rose from about 47.96% to 50.98%. In the past 1 hour, there were 0 buys and 5 sells, and the holding address remains at 87. Prices can occasionally rebound, but real players and sustained demand have not emerged.
Contract: BnEcYQxC8p8vMLXFzi5PpnqdRjwnwc3F9XndoMU8pump
https://dexscreener.com/solana/2PtU4XCX2EZ1k528HaJdHcmW6wHKYhhryMbpCShsUAuw
HBULL remains on watchlist, but the past two hours have not been a good sign: the price dropped about 12.3%, and the main pool capital dropped from about 133,000 to 123,900 USD. The number of token-holding addresses increased from 30,406 to 30,422, while the proportion of stakeable vaults dropped from 25.73% to 25.41%, with about 0.32% of supply flowing out; Whether these tokens are being withdrawn normally, reward distribution, or flowing to the sellable wallet cannot be reliably confirmed at present. The creator still holds 8.835%, with six locked addresses totaling 15%, and the project's source of tokens is about 23.84%.
Contract: 7V6Sk63y8Rr1MvcN5mYNp61wgFhy4EeQg5gUASk9pump
https://dexscreener.com/solana/EDX18gJCdijqSLAJA2pp5C2VmA3bTRrx4utxkeJuFRtQ
Next, let's look at three things: where the vault flows out, whether the 2.5% recirculation tokens have been re-locked, and whether the increase in holding can be converted into real usage. If vaults continue to flow out to sellable wallets or the main pool keeps dropping rapidly, I would also abandon HBULL. High-risk research records, not trade advice.📉 $SOON | Short Setup 🔻
Higher-timeframe momentum is showing signs of bearish exhaustion, favoring a potential move to the downside.
🔴 Trade Plan 📍 Entry Zone: 0.2100 – 0.2107
🛑 Stop Loss: 0.2251
🎯 Take Profit Targets • TP1: 0.1956
• TP2: 0.1808
• TP3: 0.1660
Manage risk carefully and wait for confirmation before entering the trade.🇰🇷 South Korean stocks are catching up to Friday's global semiconductor sell-off.
With South Korea's market closed last Friday, the KOSPI opened today down more than 4%, while Samsung Electronics and SK hynix each dropped over 5%. Sentiment across the semiconductor sector has weakened significantly.
That said, the next major catalyst isn't South Korea—it's the earnings reports from U.S. tech giants.
I'm watching Microsoft, Alphabet (Google), and Meta closely.
Right now, the market is less concerned with headline earnings and more focused on AI capital spending. If these companies continue expanding data center investments and maintain strong demand for GPUs and HBM memory, this pullback in semiconductor stocks could prove to be a healthy correction within a longer-term bull market.
On the other hand, if AI capex slows or business growth disappoints, the sector could face additional valuation pressure in the near term.
My view:
In the short term, I remain cautious. Semiconductor stocks have rallied sharply over the past two years, geopolitical tensions remain elevated, and expectations for tighter monetary policy continue to weigh on risk appetite. Earnings season could bring further volatility.
Long term, however, my outlook remains bullish on AI.
The AI race is ultimately a race for computing power. As long as global technology leaders continue investing aggressively in AI infrastructure, demand for GPUs, HBM memory, and advanced semiconductor packaging should remain structurally strong.
I see the current weakness as a reset within a broader uptrend—not the end of the AI investment cycle.
This reflects my personal market view and is not financial advice.
#CXMTMemoryIPO #FOMCRateWatch The drop is so low that even $SNDK #长鑫科技上市 is hard to admit, adding new uncertainties to global storage competition
Current price is 1312, down 10% in 24 hours, with a high of 1518 and a low of 1295. MA5 1423, MA10 1463, MA20 1467—all three moving averages are holding firm above them, with prices over 100 dollars away from them. The upper Bollinger band is at 1520, the lower band at 1398, and the price has already fallen below the lower band. SuperTrend 1401, resistance 1410—both are the ceiling. It fell from a high of 2354 to 1295, a 45% decline, worse than the BTC drop from 100,000 to 50,000.
Can it still reach 1600?
Yes, but three conditions must be met simultaneously: the August 5th financial report far exceeded expectations and provided strong guidance for 2027; If the market doesn't crash, BTC will hold steady above 62k; Storage chip prices continue to rise, and the market is re-valuing AI hardware. #做不到的话, it is highly likely to bottom out between 1250-1450. In the short term, the rebound is expected to be between 1350-1400, but at 1400, it becomes moving average resistance; if it can't be broken, the market will continue to decline. 1600 was the early chip-dense zone, with too many trapped positions. Without major positive news, it couldn't be pushed up.
When will it reach 1600?
If the August 5th earnings report explodes, it could gap up and open higher, pushing to 1500+. The premise is that the earnings guidance must be explosive; otherwise, the price will be pushed higher and the seller continues to be shipped. If the August 5 earnings report falls short of expectations, this rebound is an opportunity to escape, not a chance to buy at the bottom.
Recommendations now:
Don't bottom-fish, don't go all in—wait for the August 5th earnings report. If you're optimistic about SanDisk's fundamentals, you can take a small position in the 1250-1300 range and treat it like a lottery. If the earnings report falls short of expectations, a 10%-15% loss means you will leave. If you want certainty, wait for the financial report before deciding on the direction.$LAB
One shipping route could influence the entire crypto market.
While most traders are focused on Bitcoin's price action, the Strait of Hormuz may be just as important.
A proposed 20% cargo fee on vessels transiting the strait, combined with renewed pressure on Iran, is more than another geopolitical headline—it has the potential to become a major macro catalyst.
If costs rise along one of the world's most critical energy corridors, the effects could spread across global markets:
⛽ Higher oil prices
🚢 Increased shipping costs
📈 Persistent inflation
💸 Tighter global liquidity
When liquidity tightens, risk assets are often the first to come under pressure—including $BTC , $ETH , and $LAB.
Short term: Markets could shift into a risk-off environment as investors reduce exposure to volatile assets and rotate toward cash or traditional safe havens.
Long term: If inflation remains elevated and confidence in traditional financial systems weakens, Bitcoin's appeal as a decentralized, non-sovereign asset could strengthen over time.
The question isn't whether this matters.
The real question is whether it becomes another headwind that drains liquidity from crypto—or the catalyst that ultimately drives more capital into digital assets.
#CXMTMemoryIPO #OilDropsOnCeasefire $SNDK
The once leading AI storage company completely collapsed and plunged, plunging over 12% in a single day. In just a few days, it plunged from its all-time high, swallowing up all the profits and completely wearing down the holding mindset.
When the sector recovers, it rises slowly, but whenever the market is slightly bearish, it is always the first to crash in the storage sector;
In the first half of the year, driven by AI narratives, the stock surged seven or eight times, with institutions band together to hype it up. Now that the good news has been realized, high-level chips have collectively exited, and the market has started an endless stampede and decline.
South Korea's two major storage giants are aggressively expanding production. The market predicts that next year's flash memory will oversupply and chip prices will fall, coupled with tightening AI capital spending by major manufacturers, causing previously promising profit expectations to be sharply diminished;
Even though multiple investment banks raised their target prices, they couldn't stop the capital from selling off.
Sometimes price monopoly lawsuits pressure, sometimes macro interest rate expectations waver; negative news keeps coming, and rebounds are always fleeting and weak.
I hoped for stabilization and recovery, but every time I bottom-fished, I got stuck and kept suffering, with no signs of stopping the decline, and I was ruthlessly controlled by the sharp rises and falls of cyclical stocks. $MU $SKHYNIX $SAMSUNG $TSLA
#美股全线走高, crypto stocks led the gains
#长鑫科技上市, global storage competition adds #英伟达拟为OpenAI提供2500亿美元担保 "SNDK, this big bearish candlestick—is it a trend reversal, or is it an emotional crush?" 》
Today, SNDK plunged sharply on a one-hour level with heavy volume, once falling to around 1234, with a single-day drop of over 15%. From the market perspective, this candlestick is indeed quite intimidating, but what I focus on more is: why did the market choose to concentrate its cash-out at this point in time?
I have always believed that price is not the news itself, but the market's pricing of expectations for the news.
Recently, the storage sector has continued to strengthen driven by AI demand, HBM shortages, and rising NAND prices, with SNDK even becoming one of the strongest storage stocks this year. The market has already priced in some optimistic expectations for the coming months.
Now, entering a new time window, the market faces another set of variables:
* FOMC rate decision to be announced this week;
* Tech giants like Microsoft, Meta, Apple, and Amazon are seeing a flurry of earnings reports;
* Whether AI capital expenditure can continue to exceed expectations will be tested again.
At times like this, many short-term funds will first reduce their positions rather than bet on the outcome.
From a technical perspective:
This hourly level is almost a waterfall decline.
Not only did it break below multiple moving averages, but it also broke below the lower Bollinger Bands, accompanied by a significant increase in volume.
This shows that the dominant force today is not retail investors, but a large amount of active selling concentrated and releasing.
However, a sharp drop on high volume does not automatically mean the long-term trend has ended.
Many people like to interpret every big bearish candle as fundamentals deteriorating, but I prefer to ask first:
What new facts are happening today? Or has the trader's behavior simply changed?
If there is no new fundamental evidence proving a reversal in AI storage demand, then today's more obvious is that:
High valuations + highly volatile assets, risk repricing before macro events.
Recently, many analysts still believe that the overall logic of tight supply and demand for storage driven by AI, enterprise SSDs, and NAND supply has not fundamentally changed, and industry prosperity will continue to be watched over the coming quarters.
So, I won't change my worldview just because of a single candlestick.
What really needs to be observed is:
* Whether there will be further volume increases and new lows going forward;
* Whether there is funding for re-acquisition;
* Will this week's Fed and tech giants continue to strengthen AI investment logic in earnings reports?
The biggest enemy of trading isn't a decline, but treating emotions as facts.
The market changes daily, so my trading system has always adhered to one principle:
Allow the market to overturn my views, but never allow emotions to overturn my discipline.
A single bearish candlestick can change the price, but it may not alter the logic; What truly matters is not how much dropped today, but how the market will retell this story after the drop. $SNDK A green market isn’t always a healthy one. It’s often where traders get trapped. 🚨
It’s easy to see a few big winners and assume alt season has arrived. But look beyond the candles — a different story emerges.
Liquidity remains highly selective. Capital isn’t flowing into every altcoin; it’s concentrated in a small cluster of assets while most of the market struggles to sustain demand.
Another interesting signal?
Open Interest has cooled off, yet trading volume stays healthy. That suggests traders are getting more disciplined — rotating into high-conviction setups instead of chasing every pump.
🟢 Assets attracting liquidity: $JELLYJELLY $OPG $SLX $LAB $BSB $ALLO $CHIP $MEME $EDEN $HUMA $ZKP $METIS
🔵 Market leaders: 👑 $BTC — the primary liquidity magnet 🏦 $ETH — institutional favorite ⚡ $SOL — high-beta L1 leader 🤖 $DATA — AI infrastructure play 🌍 $WLD — AI & digital identity 📈 $HYPE — risk appetite proxy 🐶 $DOGE & $ZEC — retail sentiment gauges
🔴 Still showing weak participation: $BEAT $EDGE $COAI $TRUMP $RAVE $SPACE $SOPH $IP $AVNT $ZAMA $OFC $PIEVERSE $VIRTUAL $ACU $H $MEGA
Simple lesson:
Knowing where money is not flowing is just as valuable as knowing where it is.
Don’t let green candles decide for you. Watch liquidity. Wait for confirmation. Protect your capital.
The traders who last the longest aren’t the ones chasing every breakout — they’re the ones who know which breakouts are backed by real demand.
#CXMTMemoryIPO #FOMCRateWatch #AIEarningsWatch
$ETH $BTC $ETH I said it before: $SPCX hasn't reached its bottom yet.
A month ago, I called for a 50% decline in $SPCX —and that move has now played out.
My view remains the same: the bottom is likely still ahead.
Starting August 11, the share unlocks begin, with roughly 20% of shares scheduled to become available. Keep in mind that only about 5% of the total share count is currently trading, so the increase in available supply could have a meaningful impact on price.
My current downside target remains $85–$80.
The setup reminds me of Tesla's post-IPO trading, where the stock found its low during the middle of the unlock period, consolidated for a while, and only then began its sustained uptrend.
When my thesis changes and I make my first buy, I'll share it here.
#CXMTMemoryIPO #FOMCRateWatch The oil shock I highlighted earlier is now playing out. Brent has surged more than 9%, marking its biggest single-day gain since 2020, after the U.S. reinstated the Hormuz blockade and moved to restrict Iranian shipping. During the previous blockade, crude climbed above $120 per barrel. This has evolved beyond a headline—it's becoming a significant macro event.
Here's why it matters for crypto: sustained higher oil prices can fuel inflation, keeping pressure on the Federal Reserve to maintain a tighter policy stance. That combination can reduce market liquidity and weigh on risk assets. Bitcoin has already started to soften, slipping back below $64.2K as markets react.
The key isn't just today's spike—it's whether elevated energy prices persist long enough to influence the Fed's rate outlook. If they do, macro conditions could once again become the dominant driver, overtaking the recent tokenization narrative.
Not financial advice—just market analysis.
#CXMTMemoryIPO #OilDropsOnCeasefire 🔵 $ADA UNDER BEARISH PRESSURE
Cardano ($ADA) is trading around $0.1636, down 1.33%, with approximately $25.23M in trading volume.
The current price structure continues to favor sellers, and the elevated volume suggests bearish momentum remains intact.
📍 Entry Zone: $0.1632 – $0.1640
🎯 Targets:
• TP1: $0.1585
• TP2: $0.1540
• TP3: $0.1480
🛑 Stop Loss: $0.1685
📊 Technical Outlook:
• Sellers remain in control of the short-term trend.
• Strong volume on a red session may indicate continued downside if support fails to hold.
• Watch for confirmation before entering rather than anticipating the move.
Trade with discipline, keep position sizes under control, and let price action guide your decisions.
$ADAUSDT
#CXMTMemoryIPO #FOMCRateWatch #AIEarningsWatch
$ETH $BTC $SHIB 🚨 $OKB Spot grid: outperforming direct holdings in half a year with a 3.43% increase!
Half a year ago, I opened a $OKB spot grid for $1,000.
At the time, the opening price was $75.51
Current price: $86.15
If you had bought and held the position directly at that time, the return would have been about 14.09%.
But this spot grid ultimately delivered a return of 17.52%. 🔥
In other words, only about half of the position was used to withstand $OKB volatility, and the final return was actually 3.43 percentage points higher than holding the coin directly in a full position.
My plan is also quite simple:
First, turn off this grid, wait for the $OKB to fall below $80, then use $10,000 to create a new grid strategy and continue testing the effect.
If the market really enters a bull market later, I will decisively close the grid, directly hold onto the $OKB, and capture the entire uptrend.
Grid patterns are suitable for volatility; when a bull market comes, don't lock in profits.
Patience + discipline is sometimes more important than blindly chasing gains. 👀🔥
$OKB
#DailyOrbit 📊 #SPCXStarshipDebate
Strong revenue beats are no longer enough to impress the market.
Recent earnings have shown that solid sales growth and AI momentum don't automatically translate into higher stock prices. Investors are shifting their focus from top-line growth to what really matters: free cash flow and profitability.
The key question now is:
💰 Are massive AI investments generating meaningful returns, or simply driving up costs?
With Microsoft, Meta, and Amazon set to report next, their results could reveal whether this is just a temporary market reaction or the beginning of a broader shift in how Wall Street values AI spending.
👀 The upcoming earnings reports may shape the direction of the broader market.
#CXMTMemoryIPO #FOMCRateWatch 兄弟们，这不是分析师在预测，是花旗利率交易主管亲自说的——他们已高信心布局了押注"按兵不动"的头寸。如果美联储维持利率不变，他们直接赚钱。 花旗全球短期利率交易主管Akshay Singal的原话是："我们依然坚持预期利率将保持不变。沃什已明确表态，希望市场关注数据，而数据表明美联储目前无需加息。" 为什么花旗敢下这个注？ 第一，沃什自己说的"看数据"。 6月核心CPI已从2.9%降至2.6%，花旗相信数据暂时不支持加息。 第二，市场分歧越大，确定性交易的价值越高。 目前利率期货市场定价的7月加息概率约36%，104位经济学家全部预期按兵不动。花旗选择站在了"按兵不动"这一边，而且是用真金白银下了注。 但分歧确实存在 达拉斯联储主席洛根一派主张"适度加息"，2年期美债收益率已收于4.33%，高于美联储3.75%的利率上限。加息派手里有牌，只是沃什不接。 对BTC意味着什么？ BTC已回到65,000美元附近。花旗的押注本身不改变美联储的决策，但它提供了一个观察窗口——当一家顶级投行在这种分歧中下重注时，"按兵不动"的概率可能比期货市场定价的64%更高。 真正的胜负手，在沃什的发言里。 1. SanDisk, Micron, SK Hynix (the three giants of storage) 1. Concentrated profit-taking at high levels: This round of AI storage bull market has seen huge cumulative gains, with a large amount of long-term funds taking profits concentrated on market recovery, creating a stampede; 2. Rising expectations of a cyclical turning point: Institutions warned that the memory price hike cycle was nearing its end, coupled with the expansion plans of Samsung and SK Hynix, causing the market to begin pricing in long-term overcapacity; 3. Impact from Changxin Technology's IPO expectations: Expectations of domestic DRAM capacity expansion continue to suppress valuations of overseas memory manufacturers, raising market concerns about long-term market share being eroded; 4. Capital style switching: funds are withdrawing from AI hardware cyclical stocks and flowing into defensive sectors. Distinguishing Tips: Micron and SK Hynix mainly sell DRAM memory; SanDisk mainly focuses on NAND flash memory. Changxin only does DRAM, so theoretically, it doesn't directly impact SanDisk. SanDisk's sharp decline is more due to sector sentiment crashes and misjudgments. 2. Tesla Tesla's decline and the storage industry have no direct business negatives, which is an independent logic: 1. Financial report pressure continues to ferment: ongoing price cuts squeeze gross margin of the entire vehicle, putting pressure on free cash flow; 2. Market concerns about a longer delivery cycle for autonomous driving, leading to valuation recovery; 3. As a high-volatility tech indicator in the US market, during market panic phases, funds prioritize selling highly liquid, high-valuation stocks; 4. Only indirect correlation: Micron storage chips are purchased for vehicle systems and autonomous driving, but chip declines do not actually drag down Tesla; this simultaneous decline is purely a reaction of market sentiment. 3. Key Differentiation and Focus (Core Insights)#财报观察员：Can Microsoft, Meta, and Amazon Maintain the AI Narrative?
This week, the tech world faces its "final exam"—Microsoft, Meta, and Amazon will release their earnings one after another. The test isn’t about how impressive the revenue looks, but about who’s footing the AI bill and who’s picking up the tab.
Good results mean the AI market keeps dancing; bad results and the market immediately flips, calling it a bubble.
Why is everyone so nervous? Because they just got hit hard the past two weeks.
Google (Alphabet) set a profit record, but after announcing "I’m going to spend an extra $15 billion this year building AI data centers," its stock was hammered down 7% that day. Tesla was even worse, plunging 14.5% in a single week—the biggest drop since 2022. The market’s only thought: stop telling AI stories and first show me where the money’s coming from.
So for these three earnings reports, all eyes are on one thing: the scissors gap between capital expenditures (Capex) and cloud revenue growth.
In plain terms—
• How many GPUs did you buy, how many data centers did you build? (Spending)
• How much extra money did your cloud and advertising businesses make thanks to AI? (Earning)
If spending is like flooding the market and earning is like dripping, then the stock price won’t just correct—it’ll be kicked out by the market’s foot vote.
My strategy is cautious but lets me sleep at night:
Before Wednesday and Thursday’s earnings, I don’t guess the direction. If I hold the underlying stock, I casually sell a Covered Call, collecting a premium as insurance against a possible big post-market plunge.
Here’s a new development this week: OKX launched tokenized US stock spot trading, with Microsoft represented by XMSFT, Meta by XMETA, settled directly in USDT, tradable 24/7.
What’s different now compared to before?
Previously, after-hours and weekend US stock markets were closed. Even if you knew the earnings bomb dropped, you could only watch helplessly until Monday.
Now? Earnings come out at 2 a.m., and XMETA on OKX can move immediately without waiting for US market open.
Sounds great, right? But there’s a catch to clarify:
Liquidity is thin during non-trading hours, prices rely on the latest closing price plus market maker estimates, making them prone to spikes. Previously, after-hours volatility was "frozen" and released all at once at open; now it’s released earlier on-chain, amplifying volatility and possibly causing uglier slippage.
So if you trade these tokenized US stocks, don’t place market orders recklessly. Set stop losses and treat it as "simulated trading" hours, not as fully liquid underlying stocks.
To sum up the key points:
This week isn’t about whether the "AI concept" is cool, but whether the money burned can turn into money returned.
Look at whether Microsoft is collecting revenue from Azure and Copilot, whether Meta’s ads are boosted by AI, and whether Amazon’s AWS growth can sustain $200 billion-level spending.
If all three hold steady, the AI narrative continues;
If one falters, the market instantly switches from "stars and the sea" to "your cash flow is negative."
Don’t just listen to CEOs painting rosy pictures at presentations—focus on cloud growth, Capex guidance, and free cash flow in the reports. These three numbers matter more than anything.
After this week, the market will reveal whether AI is real gold or just gilded. $TSLA $GOOGL $XMETA 美伊周末突然停火，油价暴跌5%，黄金跳空高开40美金——但就在刚刚，金价冲上4116后迅速回落，又在4084反复试探。这波到底是地缘降温后的情绪反弹，还是4000美元铁底确认后的反转起点？
一边是：
4000美元三次下探均未有效跌破，铁底确认
油价暴跌→加息预期降温→实际利率回落
全球央行持续购金，中国连续20个月增持
黄金ETF结束持续流出，7月出现净流入
期权市场看涨/看跌比升至264:100，投机多头仓位创1月以来新高
一边是：
美联储仍处高利率环境（3.50-3.75%）
6月纪要显示部分委员支持加息，沃什偏鹰
日线仍受50日均线（约4220）压制
4100-4165是密集套牢区，突破难度极大
停火若反复，避险溢价可能再次收缩
黄金现在就像2023年的自己——
4000美元横盘，99%的人觉得“涨不动了”，结果央行一出手，直接干到5595。The market is rising vigorously, but on-chain data is quietly sounding the alarm 🫧
Have you caught that feeling of "peaceful music on the surface, but a bit cold underneath"?
Recently, everyone has been discussing whether the altcoin season is coming—after all, some coins have indeed surged strongly, such as $JELLYJELLY, $OPG, $SLX, $LAB, $BSB, and others, with trading volumes soaring by 30%+. But if you look deeper, you'll find that the real script may not be "fully blooming," but rather "batch shipments."
Let me break down this stage for you:
- Stage One: Big players pull the market, $BTC, $ETH, $SOL lead the charge, igniting ✅ emotions
- Phase Two: A small number of selected knockoffs start to rise up, which is the ✅ same batch mentioned above
- Phase Three: Weaker coins also bounce back, such as $BEAT, $COAI, $SPACE, $VIRTUAL ⚠️ We happen to be in this position
- Stage Four: Blue chips start to turn around, followed by a wave of concentrated selling ❓. This hasn't happened yet, but the signals are already clear
Three red cards I was watching:
- BTC Dominance 56.8% still climbing = Funds haven't flowed out of Bitcoin at all; altcoins are just borrowing light, not a real relay
- ETH/BTC falls below 0.05 = Institutional sentiment is clearly tightening
- Overall counterfeit trading volume is 18% below the 20-day moving average = no new buying force, all existing trading is playing
So my judgment is: this is not a stage where you can win by holding on. If your coins are those that haven't exploded yet and are just following the rally, such as $BEAT, $EDGE, $COAI, $TRUMP, $SPACE, $VIRTUAL, $MEGA, you should consider whether you're just taking over for others.
The safety zone is actually quite narrow: $BTC, $ETH, $SOL and technically stable. In the accumulation zone, $LAB, $BSB, $ALLO, $CHIP have good volume, but you still need to set stop-losses.
Right now, all it takes is a single negative piece of news to turn the market into a waterfall. Cash is also a form of position—don't let FOMO push you in.
(The above is for personal observation only and does not constitute any trade advice.) $BTC $ETH $SOL #crypto #山寨季 #市场情绪Today's market review shows clear divergence:
• Asian session: Korean stocks +3.7%, Hong Kong stocks slightly higher; Japan stocks down 2.0%, Taiwan stocks down 1.4%, and A-shares were relatively weak. China's industrial profit growth rate is basically flat, policy expectations remain, but incremental funds remain cautious.
• Crypto: BTC is trading sideways near $64,700, ETH +2.1%, SOL +0.9%. Funds are more focused on oversold altcoins but have yet to form a full-fledged rally.
• U.S. stocks opened: Dow +0.8%, Nasdaq -2.5%. Funds shifted from overvalued tech stocks to financials, healthcare, and industrials, with Tesla and large tech stocks leading the decline.
• Macro: The suspension of mutual strikes between the US and Iran has led to lower oil prices, but the situation remains volatile; This week, the Federal Reserve's decision became a core variable, with the 10-year U.S. Treasury yield rising to 4.65%, and the dollar strengthening.
• Commodities: Crude oil down 3.7%, gold down 1.7%, silver down 1.9%, copper down 1.1%. The wave of safe-haven premiums fades, and combined with the rising US dollar and interest rates, commodities are collectively under pressure.
In short: Cooling geopolitical risks have saved traditional assets, but not overvalued tech stocks; Currently, it feels more like sector position reshuffling rather than a new round of comprehensive risk appetite.Reasons for the US stock market crash??? No pullback.
Why are tech stocks hit hardest in a high interest rate environment? With risk-free yields rising, the market is reluctant to overvalue forward stories. The core contradiction of this round of sharp declines: the market is beginning to re-examine the AI-driven cash-burning model, and when will sustained massive capital expenditures be realized to generate sufficient profits? In the short term, growth stocks face valuation pressure, making it difficult to quickly reverse the situation.
#美股分析 #标普道琼斯推出数字资产指数 "After listening to the world champion's sharing, I realized that in the end, investing is not just about returns, but also about your body and character."
Today I attended an offline gathering hosted by Benmo Community in Hong Kong, met many new and old friends, listened to Jin Douzi analyze Bitcoin and CRCL, listened to Miss Tongtong talk about AI US stocks, ran into Chunqiu, who used to trade inscriptions together, chatted with Xiaofeng from Trader Home about some plans, and under the leadership of Brother Zhao Yue, the trading leader, we figured out how to trade OneKey on the spot—hahaha, definitely positive feedback.
But if we talk about the hardest topic today, it has to be the final grand finale, Teacher Sendo. At 33 years old, he looks just over 20, but he's a bona deserved world diving champion. He shared many investment strategies, core assets, and body management methods. But what really impressed me the most wasn't how much a single asset could rise, but three very simple keywords: investment, health, and doing good deeds. I especially agree with these three words together.
First: Find an investment lifestyle that suits you.
Over the years, I've encountered many investment directions, from Hong Kong New Capital, US stocks, Web3, to recently entering A-shares with small positions. I've played Alpha projects with a few hundred dollars, and bought Beta assets with large positions in Bitcoin and Nasdaq. In the past, when I saw new opportunities, I always worried about missing them. Later, I gradually realized that market opportunities can never be fully exploited. What really matters isn't how many opportunities you know, but whether you dare to take positions and how to do so.
Some prefer left-side positioning, buying more as prices fall; Some people prefer right-side trading, and if the trend is wrong, they cut losses. Some people can't accept losses, while others fear missing out. Some people are better suited for long-term holding, some for swing trading—none of these are absolutely right or wrong.
In his sharing, Teacher Sendoh mentioned that everyone should establish their own "Trading Lifestyle," figure out what strategies they like and how much drawdown they can tolerate, then suggest investment plans based on their personality. This makes me more certain: my investment method doesn't need to copy anyone else's; I am willing to give time to core assets I favor long-term; High-risk small projects, only trial and error with small capital; When you can't see the market clearly, trade less. Better to go out playing, study, or meet friends than torture yourself by staring at candlesticks all day.
Second: Time with a body is the time that truly belongs to you.
No matter how many assets a person has in their account, if they don't sleep well every day and have poor mental state, it's hard to truly enjoy the money they earn. The truly important asset is actually a healthy body.
In the past two years, I have started studying traditional Chinese medicine and have started seriously playing pickleball. From training with my wife during the coldest days, to later playing ball with our two children, and finally obtaining a pickleball coach certificate, sports have gradually become a way of life for our family.
When making money, you should enjoy your body; when losing money, exercise is even more important to adjust your mindset. Teacher Sendoh shared a view I strongly agree with: time is not the only asset; time with a body is. Investment emphasizes long-term compound interest, and the body also needs long-term compounding. Exercise a bit more today and sleep a bit earlier. You might not notice much change in the short term, but ten years from now, the gap could be even greater than the investment returns.
Third: doing good deeds is also increasing your own luck.
Teacher Sendoh concluded by saying that many people overestimate their abilities but underestimate luck and the environment. Looking back at myself, I feel the same way.
In 2013, I entered cross-border e-commerce and happened to be lucky to catch the early stage of cross-border e-commerce development; Later, my exposure to Hong Kong New Technologies, Web3, and US stocks also depended on information from friends around me—including my current participation in offline events, joining paid communities, and meeting people from different fields. Essentially, these are all ways to increase my screen time in different environments and give me more chances to meet myself.
Usually, when you bring relatives and friends to play in Gangxin, write down what you've researched and share with your WeChat readers, and help beginners avoid pitfalls—these things may seem minor, but they might actually help others.
Teacher Sendoh said, do good deeds often, even if you start out with a bit of utilitarianism. As long as you truly help others, it still has value. The people you helped today may not immediately repay you; The information you share may not immediately bring you benefits, but these kindness will gradually turn into trust and opportunities, returning to you at unexpected moments.
So, in the end, what truly makes long-term holding worth investing in may not be just a single asset, but also a healthy body, a group of sincere friends, and a heart willing to do good deeds. Overnight, US stocks plunged sharply! The Nasdaq plunged more than 2%, with the seven tech giants wiping out nearly 800 billion yuan in market value in a single day. Multiple triggers resonated: Middle East conflicts pushed up oil prices and U.S. Treasury yields, combined with Google and Tesla's financial reports exposing massive AI investments and cash flow pressures, with funds concentrating on high-tech chips. Storage chips SanDisk and Micron both suffered heavy losses. Next, focus on the Federal Reserve's interest rate decisions and earnings reports from major players.
#美股行情 #纳指 #长鑫科技上市, global storage competition adds variables 2014: Mt. Gox collapses, BTC at $200, bottoming out after 3 weeks.
2018: BitGrail collapsed, BTC at $3,200, bottoming out after 2 weeks.
2022: FTX collapsed, BTC at $16,000, bottoming out after 2 weeks.
2026: BitMEX collapses, BTC $63,000, bottoming out in 2-3 weeks?
Every time, the market says, "This time is different."
Every time, the market is wrong.
The difference is: the market caps of BTC in the first three rounds were $2B, $20B, and $300B respectively. Now it's $1.3T.
Same rules, but on a larger scale. $BTC $ETH $SOL利空。7.27号。暴跌。
财报利空发酵，AI逻辑遭遇质疑
谷歌Alphabet虽然营收达标，但巨额AI资本开支导致单季自由现金流转负，并且继续上调未来投入；特斯拉利润率不及预期。
资金开始担心：持续大规模砸钱投入AI，短期很难转化为利润，AI牛市拥挤交易迎来兑现潮。
3. 存储板块周期担忧，引发产业链连锁抛售
机构预警存储涨价周期临近尾声，库存逐步回升。闪迪、美光、SK海力士集体杀跌，半导体板块情绪崩塌，带动整条算力链走弱。
4. 拥挤仓位踩踏
过去两年资金高度集中“做多AI科技股”，大量多头获利丰厚。一旦情绪转向，量化基金、杠杆ETF被动平仓，进一步放大下跌幅度。
5. 全球风险偏好下行
外围市场同步走弱，资金从风险资产撤离，转向美债、黄金等避险品种。#美联储周四凌晨公布利率决议 #财报观察员：微软Meta亚马逊能稳住AI叙事吗？ HBM supply and demand are tight on three signals
The AI computing chain has three signals
The AI computing chain is the largest beta of 2024-2026.
AI training vs. reasoning. Training demand growth slowed, while reasoning demand exploded.
HBM revenue increased by +60% year-over-year. The beta is the most direct demand for AI computing power.
Micron's gross margin was 35%. The cycle reversed from loss to profit.
Patience and discipline are more important than predictions.
Buy in batches, don't go all in.
📌 AI demand depends on three factors beyond revenue
Quarterly financial reports from semiconductor companies are important, but revenue growth alone cannot be judged. It also depends on whether HBM capacity can be delivered, whether gross margin improvements are sustainable, and whether customer capital expenditures will shift from training to reasoning. Strong demand does not mean all suppliers can turn demand into free cash flow.
🧭 How will I track them?
First, look at order visibility and capacity utilization. Second, check the match between product price, yield, and capital expenditure. Third, cross-validate the company's performance with peers, upstream equipment, and downstream cloud service providers. If only the stock price rises and fundamentals don't keep up, I treat it as a trading rather than a long-term allocation.
⚠️ Risk reminders
AI narratives tend to factor forward expectations into valuations, and increased supply or deferred customer spending can cause sharp volatility. Watching financial reports does not constitute investment advice; you should still decide based on your own horizon and risk tolerance.
🎯 The final execution framework
First, observe whether performance is verified for two consecutive quarters, then use phased and quota controls to control fluctuations; Do not ignore valuation and exit conditions because of a popular tag.
I'll break this topic down into three layers. The first layer is data that can be directly observed. First, record values, time, and direction, avoiding jumping to conclusions based on just one screenshot; The second layer is how the market reacts: data improves but prices remain unchanged, and weakening data but prices still rise—the meaning is completely different; The third layer is your own operations: first write down your maximum tolerable loss, then decide whether to adjust your position. This sequence may seem slow, but it helps reduce being carried away by a single headline.
For me, order visibility, capacity utilization, and valuation should be compared on the same table. Each update only changes the parts with new evidence; a single change in number cannot overturn the entire judgment. If the three observation directions contradict each other, I would downgrade the conclusion to 'waiting for confirmation' rather than forcing a bullish or bearish story. The most easily overlooked cost in the market is determining it too early and then refusing to admit that the assumption has failed.
In practice, I first use observation positions to test and wait until at least two of the trading volume, price, and fundamentals are aligned in the same direction, then consider increasing exposure; If volatility increases or liquidity thins, reduce your position first. Any backtesting, historical cases, or KOL perspectives can only be used to establish hypotheses and cannot replace current risk checks. This article is my research notes, not buy or sell orders that guarantee profits.
In my next update, I will re-examine four things: whether the message is still valid, whether the price reaction has been confirmed, whether liquidity is sufficient to execute, and whether the original risk assumptions have been broken. If it's just a rise in social media buzz without seeing trading volume or capital support, I treat it as a signal to watch; If the data direction changes, the original script will be updated accordingly, rather than holding it for the sake of saving face.
The advantage of this approach is that it separates "perception" from "action." Opinions can retain multiple possibilities, but actions must have clear triggering conditions. For short-term trading, I set a time limit; For medium- to long-term allocations, I will check fundamentals and capital costs. No matter the final outcome, record the reasons for entry, exit, and actual slippage, so that next time you'll have real material for improvement.
If sources conflict with each other, I will mark the conflict first and wait for confirmation in the original announcement or the next time, rather than using social media sentiment as evidence. This also means that sometimes the best strategy is to wait without a position, because not trading itself is also a way to manage uncertainty.Just got home and opened OKY, and the sky collapsed
SanDisk and most US stocks have collectively collapsed
I believe many people can't understand this kind of market surface
First, the conclusion: 1240 is a strong support level. Firmly do not go long on SanDisk
Don't rush, and don't make any orders
Many people believe now is a good time to bottom-fish and go long at the bottom
To put it bluntly, stop being so arrogant. Just quietly wait for the trend to form for $SNDK $MU $AAOI #长鑫科技上市，全球存储竞争添变量
In the past few years, the global storage industry has basically been dominated by "three giants"—Samsung, SK Hynix, and Micron—who have taken the vast majority of profits, leaving newcomers barely a taste.
But Changxin Technology's entry into the capital market this time carries a significance far beyond just a new stock listing. It means that China's storage power is no longer a supporting role in the "follower narrative" but has earned a seat at the table.
However, to truly understand this, we first need to reveal the fundamentals of the storage industry.
Storage has never been a high-tech fairy tale; it is essentially a cyclical game. When prices rise, the whole industry frantically builds factories; when prices fall, they collectively cut capacity and lay off workers. The rollercoaster DRAM and NAND experienced over the past two years—from peak to trough and then a slow climb—is essentially a textbook inventory clearance. Whoever can endure losses during the downturn will be the one counting money in the next upcycle.
But now the rules of the game have changed.
What did storage demand look like before? Selling one more phone or shipping one more batch of PCs meant consuming more storage. Simple and crude, like selling cabbages.
After AI arrived, things are completely different. Training a large model requires not ordinary memory sticks but HBM—high-bandwidth memory that can push data throughput to the extreme. Nvidia's GPUs lead the AI training field not only because of computing power but equally because they can "feed" those compute cores at high speed. Fast computation with slow data is like a sports car stuck on a country road.
So the future logic of storage competition has completely changed: it's no longer about who has more factories or bigger capacity, but who can secure advanced process nodes and bind core customers in the AI supply chain. HBM technology has barriers far higher than traditional DRAM; it’s not something you can catch up with just by throwing money at it.
After Changxin's listing, the global storage landscape will likely shift from a "Three Kingdoms" scenario to a "Warring States" one. But this transition will not be smooth.
What is the moat of the three giants? Decades of accumulated technology patents, process know-how, and deep binding with downstream customers. These are not things that can be instantly fixed by raising money through an IPO. Changxin’s challenge is that while listing solves the "money" problem, it does not solve the "technology" and "customer" problems. Whether it can evolve from "can manufacture" to "can make money" in the next cycle is the real touchstone.
The lesson for investors is even more worth pondering:
Excess returns in the AI era often hide in places most people overlook. Everyone focuses on AI applications, large models, and compute chips, but few seriously consider—if AI is an industrial revolution, then its foundation is computing power, and one of the foundations of computing power is storage. Advanced packaging, high-speed interconnects, HBM... these seemingly less glamorous segments may actually be the most certain parts of the next industrial dividend.
But conversely, remember this: every technological revolution sees the market discount the next ten years’ story into today’s stock prices. When everyone was hyping new energy in 2015, the companies that ultimately survived and made money were not those with the flashiest presentations but those who gritted their teeth to keep R&D going amid subsidy cuts and industry reshuffling.
This new war in the storage industry has just sounded the starting whistle. New players have joined the table, AI has rewritten the rules, and the cycle is moving upward from the bottom—but who will laugh last still needs a full bull and bear cycle to verify. $NVDA $SAMSUNG $SKHYNIX July 27, 2026. Currently, the global crypto market is at a critical turning point where the regulatory framework is fully implemented. From compliance integration in Europe to legislative maneuvering in the United States, the evolution of regulatory policies has not only defined the boundaries of industry compliance, but also deeply reshaped the ownership structure and competitive landscape of crypto assets. [Event Reconstruction: Regulatory Progress in Europe and the US] In Europe, the competition for the EU's Markets in Crypto-Assets Regulation (MiCA) license application is nearing its end, and the industry is about to enter a new phase dominated by mergers, acquisitions, and collaborations. Meanwhile, the UK's Financial Conduct Authority (FCA) proposed cryptocurrency framework demonstrates extremely high regulatory standards. The proposal incorporates crypto firms into the same framework for managing traditional investment firms, making them subject to the same prudential, operational, and client asset compliance requirements as traditional financial institutions. Across the ocean, the advancement of the U.S. Clarity Act has triggered fierce confrontations on Wall Street. Goldman Sachs CEO David Solomon publicly supported the bill, believing it would create a level playing field; Meanwhile, JPMorgan CEO Jamie Dimon and several major banking groups strongly opposed it, warning that the stablecoin provisions in the bill would lead to deposit losses and give crypto companies an unfair advantage. Currently, Senate Republicans are circulating the revised text and continue negotiations on provisions such as stablecoins. [In-Depth Analysis: The Cost and Benefit Game of Compliance] The core logic of European regulation lies in "full inclusion." The UK's high standards mean crypto companies no longer have room for "regulatory arbitrage" and must bear the same high as traditional finance