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Going forward, we really need to see SpaceX as the leading player in the New Cloud arena. Reports indicate that Google has agreed to pay SpaceX $920 million each month from October 2026 to June 2029 to lease around 110,000 NVIDIA GPUs, along with CPUs, storage, and other systems within SpaceX's data center. Coupled with the previous deal with Anthropic, SpaceX's data center is set to rake in $2.12 billion monthly, already three times the business volume of CRWV and ten times that of Nebius, nearly half the scale of Oracle's cloud business.

In 2015, SpaceX's total revenue hit $18.6 billion, with a loss of $4.9 billion and an AI sector loss of $6.3 billion. The cloud business is a brand new venture, and if it adds up, the total revenue could reach $40 billion, completely covering the losses and even making the AI sector significantly profitable.

I must say, Elon Musk's engineering prowess has effortlessly built a cutting-edge new cloud provider.

This week the crypto market took a nosedive. On Monday morning, we were chatting on X about how bank reserves are starting to drop, Bitcoin ETFs have seen significant net outflows for several days, and the stablecoin issuance is plummeting. When these factors align, it's highly likely that prices will face further pressure. Then on Monday night, it came out that MSTR sold 32 Bitcoins, which might just be the straw that broke the camel's back.

Check out this chart to get the lowdown on FOTO, which is probably the smallest asset management ETF in the US stock market (only 3 trading days since listing, with a $500k AUM). But it's also the purest high-beta theme combo focused on the optical interconnect and photonics industry. The advantage of FOTO is its tight focus: its holdings are all core players in the AI data center optical modules, coherent optical communication, lasers, optical manufacturing, testing, and measurement. In contrast, EUV leans more towards large-cap semiconductors and optics (the optical interconnect and purity don't stack up to FOTO).

So, if MRVL, standing in the light and custom chips, is valued at a trillion market cap, how much should Nokia, positioned in light and edge computing AI-RAN, be worth? 🤔 Nvidia holds 2.4% of MRVL and 3.05% of Nokia. Just realized Nvidia's investment arm is called GPU Ventures, which is very on-brand for Nvidia.

We just talked this morning about the US and Iran getting close to a framework, but they’re still battling over the interpretation of key terms. Militarily, we’re entering a high-pressure phase of 'shooting while talking'. Can we hold it together? If the situation can't be contained in the short term, then the market will feel the heat too.

Of course, it’s unlikely to escalate into a full-blown conflict; small-scale frictions and low-level 'shooting while talking' are the most probable scenarios.

Let’s hope we don’t end up with egg on our face 😅

Why did Bitcoin not drop over the weekend and only fell on Monday (today the U.S. stock market is closed, but U.S. stock index futures are still trading. The Nasdaq 100 NQmain and S&P 500 index ESmain futures all plummeted)?
In fact, if you are familiar with K-lines and event correspondences, this situation has occurred many times over the past year. Here are two examples:
1) The weekend of November 1-2, 2025: On October 31, Friday, SOFR soared, and there were already signs of liquidity issues in the market. However, during the weekend of November 1-2, Bitcoin continued to rise, and when trading opened on Monday, November 3, it plummeted, falling for three consecutive weeks from 114,000 to just over 80,000. The U.S. stock market also experienced a minor adjustment in the first three weeks of November.

2) The weekend of February 1-2, 2025: In the early hours of January, equivalent to Friday night, Trump first announced tariffs on Canada and Mexico. During the weekend of February 1-2, the cryptocurrency market also experienced slight fluctuations and a bit of a downward trend. On Monday morning, the market began to plummet, with Bitcoin dropping to just over 90,000 and Ethereum just over 2,000.

This time, another macro event shock occurred over the weekend. Bitcoin did not react much over the weekend, but the impact only became apparent on Monday. My understanding is:
Over the weekend, the liquidity in the cryptocurrency market was limited, and the European and American markets were not trading. The intrinsic forces within the cryptocurrency market find it difficult to change the market trend; only when the European and American markets, especially the U.S. market, start up on Monday do external forces begin to drive Bitcoin's reaction. Simply put, the cryptocurrency market no longer has pricing power.

#比特币跳水29万人爆仓

The market has become extremely critical of US stock earnings reports. Broadcom's latest quarterly report shows both revenue and profit hitting record highs, with growth rates accelerating compared to the previous quarter. The revenue growth rate increased from 22% in the previous quarter to slightly above 28%, and EBITDA growth rose from 37% to 39%. The guidance for the new quarter is also very strong. This is partly because the CEO mentioned on the conference call that the company currently has $73 billion worth of AI product orders backlog. Some investors feel disappointed by the scale of these orders, although the CEO stated that this backlog value is a 'minimum value,' leading to a 5-point drop in after-hours stock price.

From another perspective, this extremely picky scrutiny gives a sense that whenever the stock price seems to have a little bubble, it gets squeezed clean, #美股2026预测