Summarize
I have continued to be bearish on cryptocurrencies since the 20th, and at this stage I have abandoned all long positions. Multiple developments in domestic industries are set to accelerate the pullback in U.S. tech stocks: the listing and capacity expansion of Changxin Semiconductor could drive down prices of storage chips; Kimi’s open-source release continues to narrow the gap with U.S. closed-source AI, threatening the U.S. side’s AI overvalued valuations; and breakthroughs in domestically produced lithography equipment will create strong competitive pressure through domestic substitution. Together, these factors squeeze the valuation bubble of overseas tech giants.
After U.S. tech stocks have fully flushed out and bottomed out, then consider positioning for a rebound. High-quality opportunities only appear a few times a year—wait patiently for the key timing and avoid frequent, ineffective trades.
I have continued to be bearish on cryptocurrencies since the 20th, and at this stage I have abandoned all long positions. Multiple developments in domestic industries are set to accelerate the pullback in U.S. tech stocks: the listing and capacity expansion of Changxin Semiconductor could drive down prices of storage chips; Kimi’s open-source release continues to narrow the gap with U.S. closed-source AI, threatening the U.S. side’s AI overvalued valuations; and breakthroughs in domestically produced lithography equipment will create strong competitive pressure through domestic substitution. Together, these factors squeeze the valuation bubble of overseas tech giants.
After U.S. tech stocks have fully flushed out and bottomed out, then consider positioning for a rebound. High-quality opportunities only appear a few times a year—wait patiently for the key timing and avoid frequent, ineffective trades.