芯片股彻底meme化：想求稳又不想错过AI，还有什么美股能买？

Another piece of positive data, yet chip stocks experienced another bloodbath.

Yesterday, the U.S. Department of Labor reported that the June PPI annual rate was 5.5%, far below the market expectation of 6.2%. Combined with the CPI the previous day also coming in below expectations, two consecutive reports of cooling inflation should, in theory, allow risk assets to continue their rally.

That was indeed the case at the market open. Major U.S. stock indices opened higher, and many stocks rose on the news.

However, AI chip stocks charted a completely opposite trajectory – SK hynix closed down 9%, SanDisk closed down 8.12%, and Micron closed down 8.02%. Furthermore, they continued to decline in after-hours trading. For companies worth trillions of dollars, swinging by double-digit percentages seemingly every day, this trajectory no longer resembles the script for "blue-chip stocks"; it's more akin to the volatility pattern of a crypto meme coin.

The reasons behind this rollercoaster ride for chip stocks have been analyzed many times before: AI capital expenditure growth may be peaking, stock prices have severely outpaced fundamentals, macroeconomic uncertainties persist... But when a trillion-dollar stock's daily volatility rivals that of an altcoin, more and more investors are asking a very practical question:

If you don't want to be tortured by the heart-stopping swings of chip stocks every day, what else is there to buy right now? Something that offers relative stability without missing out on the AI era's dividends?

The 95-year-old "Oracle of Omaha" happened to provide an answer yesterday.

1. Buffett Says: The Market is Becoming a Casino, But This Stock "Can Beat 95% of Recommendations"

On July 15th, Warren Buffett made a rare appearance on CNBC.

Over the past year, the 95-year-old investment legend had remained largely silent. But this time, he chose to speak out against a market backdrop of retail investors flooding in, zero-day-to-expiration options trading exploding, and chip stocks surging and crashing with the volatility of meme coins:

"When everyone likes to gamble, it's hard to find value."

He compared the current market to a "church with a casino attached," specifically criticizing the explosive growth of zero-day-to-expiration options trading as pure gambling. He pointed out that humans are naturally gamblers, making it "more profitable to cultivate gamblers than investors."

But simultaneously, he gave a clear contrarian signal by endorsing Alphabet (Google's parent company):

"Alphabet has a better chance of being a winner than 90% to 95% of the stocks Wall Street is pushing, because Wall Street only cares about whether it can sell."

This statement is both an affirmation of Alphabet and a criticism of some sell-side analysts who are obsessed with next quarter's data rather than genuine long-term returns.

2. Why Alphabet? The Hard Logic of Fundamentals

Buffett's endorsement of Alphabet isn't based on some technical concept or market sentiment, but on a set of solid data:

Strong revenue growth. In the first quarter of this year, Alphabet's revenue grew 22% year-over-year to $110 billion. Notably, Google Cloud revenue jumped 63% – direct proof that AI demand is translating into real income.

Ample cash flow. Over the past 12 months, the company generated $174 billion in operating cash flow. This means it not only has sufficient funds to support its massive annual capital expenditure plan of $180 to $190 billion but also has substantial leftover cash for shareholder returns after completing investments.

Significant holdings. Berkshire currently holds over $31 billion in Alphabet stock, making it the third-largest holding in its equity portfolio after Apple and American Express. Berkshire's position in Alphabet was built in three stages: starting purchases in Q3 2025 and continuing to increase holdings until early 2026; in June 2026, it added another $10 billion via a private placement linked to Alphabet's $80 billion AI financing. According to SEC filings, Berkshire purchased Class A shares at an average price of $351.81 and Class C shares at $348.20.

Furthermore, Alphabet was just added to the Dow Jones Industrial Average three weeks ago, on June 29, replacing telecom giant Verizon. This adjustment further expands the index's coverage in high-growth areas like artificial intelligence, cloud computing, and digital advertising.

3. Alphabet's Valuation: Not Cheap, But Not Crazy Either

Bolstered by Buffett's endorsement, Alphabet's stock surged 3.6% on the day to $370.2.

Using a traditional DCF (Discounted Cash Flow) model, Alphabet's current fair value range is roughly between $308 and $355. This means the current stock price around $370 has indeed exceeded the upper limit of a "conservative valuation" and carries a certain premium.

However, the magnitude of this premium is on an entirely different scale compared to the valuation bubbles seen in some AI chip sectors:

• Micron's DCF valuation is around $185-$275, yet its stock price once soared above $1,200 – a premium of over 400%.
• SK hynix's P/E ratio once exceeded 6 times its historical average.
• SpaceX's valuation briefly spiked from an issue price of $135 to over $200, but its DCF valuation is only $50-$60, lacking earnings support.

In contrast, Alphabet's premium is within a controllable range. It isn't a "balloon inflated by narratives" but a giant supported by real revenue, real cash flow, and genuine AI commercialization progress. The $370 stock price contains some emotional elements, but its weight is predominantly in fundamentals.

4. July 22nd: The Earnings Report Will Validate Everything

Of course, Buffett's endorsement is not a golden ticket. Whether Alphabet can continue to meet market expectations will ultimately be proven by the numbers.

After the U.S. market close on July 22nd, Alphabet will release its latest quarterly earnings report. This will be a crucial moment to test whether the "Buffett effect" can be sustained. The market will be closely watching:

• Whether Google Cloud's revenue growth can continue at a high pace
• Whether AI investments are starting to generate quantifiable returns
• The resilience of the advertising business
• Whether there are any signals of adjustments to the capital expenditure plan

If the earnings report can deliver another set of solid numbers, Alphabet could become one of the few assets in the current AI wave that "participates in the narrative without being severely detached from fundamentals" – for investors who want to capture the AI dividend but are unwilling to endure the rollercoaster volatility of chip stocks, this is precisely a rare option.

5. Final Thoughts: Finding "Real Investing" in a Casino

Buffett says the market is turning into a casino, and this statement isn't an exaggeration.

When zero-day-to-expiration options trading hits record highs, when chip stocks swing by double-digit percentages daily, when retail investors flock to Micron and SpaceX chasing get-rich-quick narratives – the speculative atmosphere in the market has indeed reached an extreme level.

But in this environment, Buffett chose to step forward and point to an asset he considers a "real investment." He isn't shilling; he's using his reputation and $31 billion position to convey a message: Even in a casino, some people can find assets worth holding onto through solid fundamentals.

On the BIT Securities platform, users can directly buy real Alphabet shares (GOOGL) listed on Nasdaq. These are not tokenized certificates or price-mapping derivatives, but genuine equities registered within the DTC system, entitling holders to full shareholder rights. Paired with a 24/7 near-instant USDT deposit channel, you can fund your account and establish a position before the earnings report is released, missing no critical window. Whether you choose to participate in the volatility game of chip stocks or, like Buffett, seek AI giants with solid fundamentals, the BIT Securities platform offers you both completely different options.

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