The contrarian strength of AAOI on June 4 should not be interpreted as a counterexample to AI valuation concerns, but rather as an early signal that the market has begun to engage in "differentiated pricing" within the AI sector.

How Wall Street Is Dissecting SpaceX’s $1.77 Trillion Valuation

The plunge in AI memory stocks may not be due to weakening demand, but rather a question of who can still capture the profits.

Only when the market simultaneously believes that AI, orbital data centers, next-generation satellite networks, and longer-term space infrastructure can become real sources of revenue can this pricing logic be plausible.

SpaceX Locks IPO Price at $135; Fidelity Lowers Minimum Account Requirement for SpaceX IPO from $500,000 to $2,000.

Bitcoin dropping below $70,000 is not the end of the crypto industry, but a historic turning point where crypto completely breaks free from Bitcoin's dominance.

As AI enters the infrastructure construction phase, these server, network, fiber, and storage companies, once seen as low-growth, are experiencing a «blooming of old trees».Core Thesis: The AI market narrative is shifting from focusing on the scarcity of models and GPUs to a phase of large-scale infrastructure construction. This has led legacy tech stocks like Dell and Nokia, which possess capabilities in system integration, network connectivity, and storage delivery, to be revalued by the market as key participants in AI infrastructure. Their ability to handle complex projects, from chips to deployment for AI data centers, is the driving force.Key Elements:Change in Valuation Logic: Market focus is shifting from AI's "imagination" to orders, revenue, and delivery capabilities, benefiting system integrators like Dell (USD 24.4 billion in AI server orders) and HPE.Prominence of Network Connectivity: As AI clusters scale up, companies like Corning (optical communications revenue up 36% YoY), Nokia (receiving investment from NVIDIA), and Cisco (data center switch orders up over 40%) are being revalued for providing critical connectivity infrastructure like fiber optics and wireless networks.Surge in Storage Demand: AI model training and data archiving create substantial rigid demand for storage. Hard drive manufacturers like Western Digital (revenue up 45% YoY) are seeing a resurgence in value for their high-capacity products, which offer cost advantages in cold data storage scenarios.Verification Standard for Revaluation: Genuine revaluation needs to meet three conditions: clear order and revenue realization, upward revision of full-year performance guidance by management, and sustainable conversion into healthy profit quality, rather than just short-term inventory restocking.Dual Narrative Nature: This revaluation is not market nostalgia or simple hype. Rather, it is a systemic repricing of the value of the infrastructure segment as AI enters its deployment cycle, though it will not be distributed evenly among all "legacy tech stocks."

When AI steps out of the chatbox: three.ws begins to shape a body for Agents.

To understand how NVIDIA uses capital to weave the AI ecosystem, one must start with the "three-track architecture" of its investment system.

TSMC as the foundation, AMD on the offensive, ARM as a supporting player, Intel only as a lottery ticket, Qualcomm waiting for repricing, and Nvidia avoiding the FOMO after news-driven price surges.

A familiar narrative has emerged: "The carry trade is about to collapse, and August 2024 will repeat itself."

The core conclusion is simple: In the AI PC battle, don't bet on camps, bet on toll booths. TSMC is the foundation, AMD leads the offense, ARM joins as a supporting runner, Intel is only a lottery ticket, Qualcomm awaits repricing, and Nvidia is not worth chasing the FOMO following the news pulse.

A Blockbuster IPO Destined for the Headlines, and a Group of Buyers with No Choice

For the A-share optical module sector, a statement from CEO Hock Tan regarding the AI networking business during the earnings call may have been more damaging than the overall AI guidance.

Old assets thrive, cultivating a new path on-chain; the era of native asset inflation is over, and perpetual contracts carry the torch forward.

Don't just look at MRVL and NOK