S&P 500 buy-and-hold delivered a cumulative return of 392% over the past 10 years, while Bitcoin trend-following strategy averaged 25% annual returns over the past 5 years. Different markets require different investment strategies.

US stocks extended their decline, with the Dow down 1.23% and the Nasdaq down just 0.21% as the AI selloff cooled; Brent crude rose 3.1% to $116.72, a new high since April; the 10-year Treasury yield rebounded to 4.99% as the market awaits the Fed's decision on October 28.

In its Q3 earnings report, Meta announced the creation of a non-voting Class C common stock, to be distributed to holders of Class A and Class B shares at one share per share held—an effect similar to a 2-for-1 split—without changing shareholders' voting rights. The amended charter is set to take effect on January 19, 2027. The move, driven by capital expenditures exceeding cash flow and aimed at AI competition, was introduced.

Meta's Q3 revenue grew 26% year-over-year, yet its stock fell nearly 7% after earnings. This article examines advertising business growth, AI capital expenditures, free cash flow, and the Class C stock arrangement to analyze why the market is focusing more on the cost of AI investment and whether it can translate into sustained cash returns in the future.

A testable interpretation is this: U.S. AI stocks are earning money from the compute shortage, while Hong Kong AI stocks are earning money from traffic and scenarios. These two kinds of money move at different speeds, so their valuations should not be the same.

The market is not only seeking safe assets due to rising risk, but also beginning to worry that AI investment sustainability and energy price shocks could affect the overall economic outlook.

Geopolitical conflicts persist, the 10-year U.S. Treasury yield falls back to 5%, AI stocks see massive sell-offs.

Overall, this earnings report does not show that Tesla has entered a new phase of high-speed growth, but it does demonstrate that the automotive business can still improve profit margins and generate cash flow sufficient to support part of its AI investments.

Super Micro Computer raised its quarterly revenue and gross margin estimates, driving SMCI up 15.54% after hours. Beyond revenue growth, whether the gross margin improvement can be sustained and whether orders can be converted into cash are the key points to watch. The article breaks down the product mix, customer bargaining power, and working capital changes to analyze the quality of this earnings upgrade.

SpaceX is transforming from an aerospace company centered on rocket launches and satellite internet into a comprehensive infrastructure platform spanning AI compute, communication networks, and space transportation.

SpaceX reported third-quarter revenue of $14.575 billion, up 161% year-over-year, with net profit of $4.404 billion. The Superintelligence (SI) business has contributed more than half of the group's revenue, emerging as a highlight of the business mix, but massive capital expenditure remains a key market concern.

SpaceX will report its third-quarter earnings after the U.S. market close on October 20, its second quarterly report since its IPO. Wall Street expects revenue of roughly $12.7 billion to $12.9 billion, with the market focused on AI infrastructure, Starlink revenue, and massive capital expenditures as a test of the company's profitability.

Total deposits rose to over $10 billion, and the scale of crypto "treasuries" continues to expand.

The market will focus on whether AI investments can translate into actual profitability, as well as the impact of inflation, employment and other data on interest rate expectations.

The first threshold for tokenized U.S. stocks lies not with regulators, but with issuers' silence or opposition, venue by venue.

Solana will activate the Alpenglow upgrade on October 21, reducing finality from 12.8 seconds to 150 milliseconds.