$HUMA $META AMD’s blockbuster chip deals with OpenAI and Meta look impressive, but a $1 billion non-cash expense reveals the truth: these orders were secured in exchange for customer-equity-linked warrants—essentially a disguised subsidy of “equity for volume.” On the macro front, expectations for Fed rate cuts keep swinging back and forth, the dollar index has stabilized and rebounded, and liquidity hasn’t meaningfully loosened. Institutional capital is still concentrating in the AI-computing-power narrative rather than spreading out. The chain of events is clear: a spending spree on AI capex in U.S. stocks → spillover in risk appetite → BTC, as a high-beta liquidity proxy, rises in tandem (currently $80,342, +3.46%) → but an altcoin season will have to wait until BTC holds steady and the spillover effect is confirmed. For now, this is still a selective rally, not a broad-based risk-on market. My take: this kind of “subsidies for orders” model is a short-term boost to AMD’s ecosystem narrative, but it can’t hide the signal that bargaining power is shifting away from the demand side of AI chips. For crypto, BTC is getting a short-term lift from improving U.S. stock market sentiment, but above $80K, watch out for a liquidity vacuum and a retest of lower levels. I wouldn’t chase altcoins here. The Dow’s 1,500-point overnight surge looks more like short covering than a trend reversal—don’t be fooled by the blue wave bounce. How long do you think this AI narrative can hold up? Let’s discuss in the comments.