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Boundless (ZKC) is up 10% today, with over $2 million in trading volume, a market cap just above $10 million, and 19% turnover. It runs a compute marketplace for zero-knowledge proofs, selling verifiable computing to on-chain projects, but has generally struggled to attract much attention. There’s no obvious news today—just a pickup in volume. It’s still nearly 20% below its 30-day high, climbing back from the bottom. There’s plenty of overhead supply above 0.0367, so it’ll take sustained buying to break through.

Mira (MIRA) is up 8%, hitting its 24-hour high, with around $800,000 in trading volume and a $17 million market cap. It’s an AI project focused on verifying model outputs and carries a Binance HODLer airdrop tag. Much of the selling pressure likely comes from people cashing out after farming the airdrop. Volume is up more than threefold, but absolute trading volume remains low, and the order book is thin, so the price can move sharply in either direction. It’s still 15% below its 30-day high, and those who bought near the previous peak are still underwater.

Apple’s first foldable iPhone, the iPhone Duo, went on sale yesterday. Preorders outstripped available stock, its share price hit an all-time intraday high, and its market value briefly surpassed Nvidia’s. It still closed slightly lower, at $347, with a market cap just over $5 trillion—$10 billion behind Nvidia.

Long lines formed outside stores, but the resale premium couldn’t hold up even for a day. In Huaqiangbei, buyers were still paying above retail in the morning, but prices fell below retail by the afternoon. The lower-capacity model plunged by 2,500 overnight, while the higher-capacity one was still holding firm, with scalpers sitting on their stock. We’ve seen this launch-day frenzy a few times: prices go up for the first three days, then a week later you can pick one up at retail whenever you like.

On launch day, one owner posted a photo showing a crack in the inner screen. The screen is the most expensive part of a foldable phone, so seeing this happen on day one is worth thinking about—even more so than how quickly the resale premium evaporated.

IRYS touched $0.32, then slumped back to $0.075, yet it’s still showing gains of more than 2x on the leaderboard. One straight line up, then another straight line down. No consolidation, no change of hands—just a pure pump.

The last time I chased a coin making a move like this, I watched the candlesticks and thought I was quick enough to get out. I was left stunned at the open the next day. This time, looking at it feels like a lesson in reading the order book: the top bid can’t even add up to $100, and the top ask is about the same. With liquidity this thin, it wouldn’t take anyone pushing to knock it down a level.

It’s still a long way from today’s high. Who’s going to fill that hole? We’ll see what the order book looks like tomorrow.

TREE is up a little over 10%, with volume at seven times its usual level. At 0.0413, over 2 million U changed hands in a day, while its total market cap is only a little over 10 million. Treehouse works on on-chain interest-rate benchmarks and ETH yield in DeFi. The price is bouncing up from the lows, still a long way below its 30-day high, with most of the gains concentrated in the past two days. There’s no obvious news behind the move—it’s purely volume-driven. The order book is thin; just tens of thousands of U can knock the price down by two percentage points. The faster a small-cap coin like this rises, the harder it is to get in.

LA is up 12% on four times its usual volume, with a market cap of over 20 million—another small-cap token. Lagrange builds infrastructure for things like cross-chain proofs and zk light clients. It barely moved over the past seven days, and this entire rally happened yesterday, with overhead supply from holders who bought at higher prices waiting just above. It usually sees very little trading, so today’s activity is unusually lively.

WCT is up a little over 10%, with a market cap of just $18 million and trading volume 2.5 times its seven-day average. WalletConnect is an established infrastructure project that provides the connection protocol wallets use to link up with dApps. Its order book is usually so thin you can count the orders, so a little money coming in is enough to move it. The price is still 13% below its 30-day high, and there’s a wall of bagholders who bought higher during the recent slide. When it rises this quickly, people sell at every step up.

BOME is up more than 8%, with trading volume 1.5 times its seven-day average. It’s a long-running Solana meme coin, but it’s still sitting 40% below its 30-day high—today’s move is no more than a bounce off the bottom. After the earlier drop, the buzz around it had all but disappeared. Volume hasn’t really picked up this time around, so there are more bargain hunters than people chasing the rally.

BONK is up 6% in 24 hours, with over $4 million in trading volume—2.6 times its average over the past 7 days. Among meme coins, that’s a sign that real money is coming in to do some work. The old dog coin on Solana has a market cap of around $280 million.

The price is still 17% below its 30-day high, with layers of underwater holders overhead. This rally looks more like a climb out of a hole than a run to new highs. Turnover is only 2%—most holders are sitting tight, and few are chasing.

No major new developments; it’s just trading volume picking up.

There’s a new detail in Tesla’s earnings report that’s easy to miss: the Optimus humanoid robot has actually begun production at the Fremont factory, with its status shifting from production-line setup to an initial ramp-up. Musk said on the earnings call that deliveries to outside customers could begin by year-end, and that Robotaxi will launch in Dallas next month. The stock still fell 3% that day. The report didn’t say how many units the production line is expected to ramp up to.

PHA is up 12%, with just over five million in trading volume—but volume is only 0.9 times the seven-day average. It’s climbed this much on shrinking volume. I stared at that number for a couple of seconds.

It’s in the privacy-computing sector, using TEE for encrypted computing. Its market cap is 57 million, so it’s not a particularly large project. The current price is 0.0664, still more than 20% below its 30-day high, with layer upon layer of underwater holders overhead.

A rally on low volume usually means the order book is thin: just a few trades can push the price up. With this kind of move, one look at the buy-side depth tells you what you need to know.

WAXP is up 5%—nothing remarkable—but volume is nearly three times the seven-day average. Yet trading volume is only around 700,000, and turnover is so low there’s barely a ripple. It’s an older blockchain focused on games and NFTs, with a market cap of 22 million.

At this scale, a single large order can create that kind of gain. The multiple looks impressive, but not much money has actually flowed in.

COTI is up 6%, with trading volume of over 1.7 million. It’s the only one here seeing a real surge in volume, with volume reaching twice its 7-day average. It’s an old payment-chain project, and I couldn’t find any news behind this move—volume is simply picking up. The price is still near the bottom: it’s down 30% over the past month, so this looks like the first leg of a climb out of the hole. Its market cap is small, turnover is only 5%, and the order book is thin, with layers of underwater holders overhead.

INIT is up 6.7% to 0.13, just 5% below its 30-day high. It’s gained half its value this month. It’s a Layer 1 project focused on connecting different application chains, and it has previously been featured on Binance Launchpool. But trading volume is only 1.4 million, just over the 7-day average, so volume hasn’t kept pace with the price rise. It’s hugging the highs, mainly because there’s little selling pressure overhead. The bid depth is thin, matching the low trading volume.

Unitree Technology became the first A-share stock to hit the 20% daily limit today. Institutions bought 240 million yuan worth, according to the Dragon-Tiger List, and its share price overtook Zhongji Innolight. The token moved even faster, gaining 20% in a day on $88 million in trading volume.
A-shares only locked in the limit-up at the close, while the token had already completed its 20% move intraday. The same event played out half a day apart in the two markets. If you wait for signals from the A-share candlestick chart, you often end up paying the second-wave price.

Apple was the only mega-cap to close higher last night, gaining 1% and setting record highs for two consecutive trading sessions, with its market cap topping $5 trillion. The first foldable iPhone, the iPhone Duo, goes on sale today, starting at 16,000 yuan in mainland China and reaching 26,000 yuan for the top model.

PEPE is up 10%, with its price breaking above the 30-day high and no trapped holders overhead. Trading volume is only 1.9x, with just over $50 million changing hands—hardly a frenzy. The price is being propped up entirely by the fact that nobody wants to sell. If someone makes the first big dump, there aren’t many bids waiting below.

SOPH is up 19% in a day, with nearly $2 million in trading volume and a market cap of just over $9 million. Turnover is above 20%, which means lots of people are trading in and out, but few are holding on. It’s clawed its way out of a deep hole: it lost more than half its value over the previous month, and today’s move has merely lifted its head a little. Binance still has it under a monitoring tag, so the delisting risk is very real. For a small-cap token like this, the order book is so thin you can count the orders.

AVA is up 9%, gaining more than 50% over the past month, with a market cap of 27 million. Yesterday, Travala announced that member buyback rewards could be boosted by up to 4x. That’s a real catalyst, but volume hasn’t followed through: trading volume is only half the 7-day average, with turnover at 14%. The coin still carries a monitoring tag on Binance and faces delisting risk—that stands out more than the price gain itself.

ERA is up 9%, gaining 28% in seven days, with a market cap of 13 million and trading volume of just over 4 million. Turnover is above 30%, and it’s only 5% below its 30-day high. Volume is just 60% of the 7-day average, so it’s edging higher on shrinking volume. There’s no real news; it’s just volume driving the move. Buy orders are thin for a small-cap coin, and the 30-day high is right overhead. There aren’t many trapped holders, but there aren’t many buyers stepping in either.

On the first day after the lockup expired, SpaceX shares fell 9%, wiping nearly $200 billion off its market value in a single day. Third-quarter revenue was $14.5 billion, up 161% year over year—not bad results, but the selling pressure from the lockup expiration had little to do with earnings. At the same time, the company is negotiating to lease 80,000 communications base stations in the US, aiming to become the country’s fourth-largest carrier.

AMP is up 8.9% over the past 24 hours, trading at $0.00083. Trading volume is only a little over $1.3 million—just 30% of its 7-day average. It’s hovering near its 30-day high: the price has climbed, but volume hasn’t followed. AMP is the collateral token for the Flexa payments network, backing merchants’ crypto payments and advances made by the network. It’s an established project that doesn’t get much attention day to day. It’s testing the highs on declining volume, with plenty of sell orders overhead from holders waiting to break even, and the order book is thin.

ATOM is up 4.6%, with trading volume of over $4 million, nearly twice the average for the previous seven days. But turnover is still below 1%, and that kind of volume isn’t enough to move an asset with a market cap of over $900 million. Cosmos is a long-running cross-chain network, and ATOM is used for staking and governance. It’s still some way off its 30-day high, so this is a climb back from a trough, not a breakout to new highs.

DOT is up 4.3%, with over nine million in trading volume, and is now only about 7% below its 30-day high. There’s no major new news, and volume is roughly in line with the 7-day average. This doesn’t look like a sudden influx of capital so much as a gradual rise alongside the broader market. It’s an old L1 with a $2 billion market cap, and its position here is a little tricky.

ARK is up 2.4%, with over 600,000 in trading volume. There’s actually some volume here—nearly twice the 7-day average. Its market cap is only a little over $30 million, and it’s still 28% below its 30-day high, so it’s climbing out of a hole. The order book for coins like this is thin: a few tens of thousands of dollars can send the price shooting up, but it can fall just as quickly. Binance has it under a monitoring tag, so the risk of delisting is still hanging over it.

IRYS is up 28%, trading at $1.30, with over $8.2 million in 24-hour volume and a total market cap of $53 million. That’s heavy turnover for a small-cap coin worth just over $50 million. It’s one of the few near the top of today’s gainers list where price action is backed by volume.

A few others on the list are up just as much, but their trading volumes are pitifully low—the price has climbed without volume following suit. With a coin like IRYS, that kind of market cap means it’s easy to get hit with slippage when buying or selling. It may look lively, but if you really place a market order, your execution price could be quite a bit worse.

It’s at the top of the leaderboard today, but whether it can still pull in over $8 million in volume tomorrow will tell us more than today’s 28% gain.

DYM is up 4.7%, with around 2 million in trading volume, a market cap of 13 million, and a turnover rate of 0.16—the most active of the three candidates. It’s a modular public blockchain that lets projects launch their own RollApp chains. There’s no specific news behind this move; volume is just 70% above the seven-day average. The price is still 8% below its 30-day high, consolidating near the top.

Renzo is up 7%, leading the list, with over 1.9 million in trading volume, a market cap of 35 million, and a turnover rate of just 0.05. It’s a restaking protocol on EigenLayer: deposit ETH, receive ezETH, and earn an additional layer of yield. The price has risen more sharply than volume, which is only 1.5 times its usual level. It’s still 15% below its 30-day high, with plenty of holders who bought at higher prices.

#股票财报季
Google's Q3 market consensus is for revenue of approximately $127–128 billion and EPS of approximately $2.94–$3.02.
I predict another modest beat, with revenue around $128 billion and EPS around $3.05–$3.10. There are three reasons:

First, revenue is relatively stable. Last quarter, revenue was $119.8 billion, up 24.2% year over year. Search revenue grew about 16.8%, suggesting AI has not yet significantly disrupted search advertising. As long as Search continues to grow at a double-digit rate and YouTube and subscriptions maintain their momentum, reaching around $128 billion should not be difficult.

Second, Cloud is the main source of potential upside. Last quarter, Cloud revenue was $24.77 billion, up about 82% year over year, with operating profit of $8.8 billion. If Cloud revenue approaches $28 billion this quarter and its margin holds at around 35%, both revenue and profit could exceed expectations. Conversely, if Cloud comes in below $27 billion, the market may start worrying about AI demand and capacity.

Third, we shouldn't be blindly optimistic about profits. Capital expenditures were $44.9 billion last quarter, and free cash flow was already negative $5.86 billion. This spending won't all be expensed in the current quarter, but it will gradually weigh on profits through depreciation. Fortunately, the market isn't extrapolating last quarter's unusually high EPS of $9.11; instead, it has brought normal quarterly expectations back to around $3. So a modest EPS beat shouldn't be too difficult.

Chip and memory stocks took the biggest hit last night. The Philadelphia Semiconductor Index fell nearly 7%, while Lam Research dropped nearly 12% in a single day. The trigger was a disappointing outlook in its earnings report, even though revenue was up more than 50% year over year. AMD and Intel fell 8%, while SanDisk and SK Hynix dropped even more. Micron wasn't spared either. Western Digital was the outlier: after its earnings report, shares initially rose 4% in after-hours trading, then fell more than 8%.