Those who have planted trees know best the direction in which they grow.

Buffett's choice essentially says: in the second half of the AI trade, certainty is worth more than flexibility.

When the cost per inference drops and more businesses start calling on AI, the total volume of calls may actually increase instead.

Over 90% of shares remain locked on the first day of listing.

The real signal for the end of the bull market is "rising yields and falling bank stocks."

A few months ago, people dared to mock, "the old man is no match for me," but now they realize, "the master is still the master."

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FMS 2026 took place from August 4–6 in Santa Clara, USA, marking the 21st edition of the world's largest independent storage industry summit. SK Hynix and SanDisk jointly unveiled the first standard specification for High Bandwidth Flash (HBF), adding a new tier below HBM; Samsung introduced BV-NAND with over 400 layers, using a wafer bonding process for the first time to stack vertically; Kioxia, meanwhile, integrated direct-to-chip liquid cooling into enterprise SSDs for the first time, removing constraints on the cooling front.

The era of free without counting the cost is over. The free services that remain are all calculated to make business sense.

价格涨幅开始收窄，AI资本开支与长期协议成为高目标价能否兑现的关键

After having Claude review his own code, he decided to switch battlegrounds.

Let's sum up the conclusion: the expected peak has arrived, the fundamental peak has not yet come, and the time to go all-in is still ahead. This means storage stocks are likely to remain stuck in a "neither up nor down" range, with repeated tug-of-war in the near term.

Revenue has already hit the books, but capacity expansion continues to pull cash and profits in the opposite direction

Hedge fund performance diverged in July

The winning rate is extremely low, and the first-day float is extremely small.

"I spent two months in Silicon Valley and didn't hear a single negative quantitative metric."