Amid macroeconomic uncertainty and AI's continued siphoning of liquidity from the crypto market, RWA is emerging as the industry's strongest growth engine.

Marvell's revenue and adjusted EPS both beat expectations this quarter, with the data center business serving as the core growth driver, posting a 46% year-over-year revenue increase and rising to 79% of total revenue.

IREN's quarterly revenue slightly beat market expectations, but its net loss far exceeded expectations, primarily due to a large non-cash impairment from the accelerated exit from Bitcoin mining.

Over the past week, several tokens that still haven't leveraged the momentum to pump their prices—what are they waiting for...

Code volume is up 220%, but features delivered to users are up only 36%.

Chips, models, and distribution now sit under one roof.

NVIDIA remains NVIDIA. After completing its leap from chip supplier to builder of the computing world, it is now laying the groundwork ahead of time for an era that has not yet fully arrived.

Gold and Bitcoin are being bought up simultaneously, indicating that a significant portion of capital has already begun preparing for a new world order.

业绩全面超预期。

Demand is far from peaking; the real bottleneck remains supply.

Bank of Korea announced a 25 basis point rate hike.

AI时代下的Builder、长期主义与投资哲学

OpenAI's first in-house inference chip, Jalapeño, has surpassed Nvidia's Blackwell in real-world tests on core metrics such as energy efficiency and throughput, with a development cycle far shorter than the industry average. The deeper significance lies in AI tools being deeply integrated into chip design itself, creating a positive flywheel of "AI building chips, chips running AI," and posing a structural challenge to CUDA's software moat.

Nvidia beating expectations this quarter is already the market's default script. Whether the stock price can rise depends on whether management can simultaneously deliver on three positive factors: improved profitability for cloud providers, manageable financing risks, and large-scale capital returns.

The intersection of these two reassessments is this Friday’s Jackson Hole. A single statement from Waller could simultaneously determine the valuation anchor for AI stocks and the interest rate anchor for U.S. Treasuries.

Options Market Pricing Tells a Different Story