GiGiZ 發財豬

SpaceX's $75 billion IPO is set to be the largest in history, with mainland China and Hong Kong investors barred from participating in the subscription.

The reason is: U.S. key technology export controls.

SpaceX's official website and IPO documents are simultaneously blocked in mainland China and Hong Kong; it's not that you don't want to buy, it's that you can't even look.

I think this matter deserves more serious attention than it appears on the surface.

This isn't the first time Chinese investors have been excluded from U.S. tech assets, but the scale and symbolic significance of SpaceX are different.

A $75 billion IPO covering Starlink's global satellite network, heavy rockets, and Starship—these assets are fundamentally about space infrastructure, not just a tech company.

The U.S. categorizes it under key technology export controls, and the underlying message is clear: space assets are not just commercial; they are strategic national assets.

Allowing foreign capital to have a stake means giving them a motive to observe, influence, or even indirectly intervene in the operation logic of these infrastructures.

With this line drawn, it will only widen in the future, not narrow.

What's more interesting is the reaction from Beijing; FT reports that Chinese regulators have warned brokerages not to assist domestic investors in circumventing the ban.

Both sides are simultaneously closing this door.

One side says: This is our technology; you're not allowed to buy it.
The other side says: This is our capital; you're not allowed to go out.

Caught in the middle are the ordinary investors who genuinely want to participate in one of the most important assets of this era.

There are still routes to participate; SCMP listed a few:
Through U.S. brokerages that can trade SpaceX, buying related ETFs, or betting on SpaceX partner companies. But these are all roundabout ways, not the front door.

The front door is already closed.

This isn't just an ordinary IPO restriction; it's a concrete demonstration of capital decoupling at its brightest moment.

SpaceX represents the infrastructure of the next century for humanity, while investors in China during this era can only watch from the outside.

DYOR, not investment advice.

#Spacex #SpaceX上市

BTC $60850, ETH down -9.7% today, SOL -6.9%. This isn't just a regular pullback; it's a systemic sell-off.

The most crucial signal to pay attention to isn't the price, it's the first time Strategy sold some coins.

Saylor's mantra of never selling is at the core of the entire narrative; the first sell-off, no matter how small, marks the start of a crack.

At the same time, $BTC spot ETF saw the largest net outflow for a single month in 2026, and the long-to-short ratio is still high at 2:1. With prices dropping here, the bulls haven't thrown in the towel yet; historically, this kind of structure usually means there's another wave of liquidation coming.

The macro chain is still in play:
US-Iran tensions rising → inflation expectations increasing → rate cuts delayed → dollar strengthening → risk assets under pressure. Crypto's immunity to macro factors isn't as strong as we thought.

Wait for signals, not faith.

DYOR not financial advice.

#BTC #ETH

Jensen Huang lands in Seoul, and the Korean stock market immediately rolls out the welcome mat: Hynix -10%, LG -7%, Naver -4%, SK Telecom -2%, and no shots fired, just a landing.

This isn’t a coincidence; it’s what we call the Jensen Huang visit tax.
Last week, Nvidia downgraded memory specs on some products, and Jensen Huang personally shows up in Seoul, so the market connects the dots between the two events.

Think about it: after monopolizing compute power, the next move is to squeeze the upstream profit margins. His visit doesn't necessarily mean collaboration; it could be about negotiating terms.

Historically, every time Nvidia deepens ties with memory suppliers, only one side benefits.

By the way, $NVDA dropped -4.7% today as well. Jensen Huang himself didn’t escape either; he just took a hit on his paper wealth, while Korea feels it in a different way.

Should we scoop up some bargains? First, let's clarify: is this just an emotional overreaction, or a revaluation? If it’s the latter, missing the opportunity won’t sting too much.

Jensen Huang’s got 4 days left, looking forward to what comes next.

DYOR, not investment advice.

#NVIDIA #海力士 #黄仁勋韩国行

$BTC current price $60,585, today down -5.33%, intra-day low hit $60,333. Gold, silver, and oil all took a dive.

Today's catalyst: US non-farm payroll report came in stronger than expected.

Then Trump said: the economy is strong, the stock market should be up, it's been that way for the last 200 years. Economic growth doesn't mean inflation. That's the logic from 200 years ago.

The market is giving us answers for 2026; the stronger the jobs, the further away rate cuts are, the stronger the dollar, and the more pressure on risk assets.

This is the modern version of good news being bad news; strong non-farm numbers mean one less reason for the Fed to cut rates, high rates stick around for another quarter, and global dollar liquidity continues to tighten.

👉 Gold is down because the opportunity cost of holding it has risen.
👉 Oil is down because a strong dollar suppresses commodity pricing.
👉 BTC is down because it's viewed as a risk asset in this environment, not a safe haven asset.

What Trump wants is rate cuts + a rising stock market + a strong economy, all at the same time. The issue is that within the current monetary policy framework, these three can't coexist. A strong economy is exactly the reason the Fed won't cut rates.

What's even more interesting is that underlying message: he's also stuck.

The Trump administration's endorsement of BTC, from strategic reserves to public support, has created a strong political expectation. Now that BTC has dipped below $61K, with daily losses over 5%, that expectation is being worn down by reality.

It's not that BTC's logic has broken down; it's that macro gravity has always been there, and any narrative has to pass through that.

Strong jobs → no rate cuts → strong dollar → tightening liquidity; this chain won't break just because someone endorses it.

There have indeed been many true patterns over the past 200 years.

But one pattern that never changes is that the market always knows the answer before the president does.

DYOR not investment advice

#美国非农就业超预期加息预期升温 #非农就业数据 #美国就业超预期比特币下跌

Since May 15, the US BTC spot ETF has seen continuous net outflows for 13 trading days, totaling $4.33 billion, with a 20-day window showing total outflows of $5.42 billion.

The 7-day, 10-day, and 20-day rolling outflow windows have all set historical records, marking the most severe ETF capital withdrawal on record.

Strategy holds 843,706 BTC, currently facing an unrealized loss of around $10 billion, with a cumulative buying loss of about 17% over 6 years. In the same period, the S&P 500 has risen by 116%.

Saylor's response is: this is capital rotation, not a detriment; funds are shifting towards AI infrastructure.

I believe what he says is true, but it's not the interpretation he wants you to have.

Capital rotation doesn't mean that $BTC is fine; it means BTC is losing out to a more enticing narrative in this competition.

Over the past 6 months, AI capital expenditure has been around $400 billion, and by 2026, US tech giants are expected to budget over $600 billion; this money won't flow into crypto simultaneously.

Institutional asset allocation isn't an infinite expansion; it's zero-sum. What AI takes, BTC misses out on.

The deeper issue is that when the BTC ETF was initially approved, the market narrative was about institutional entry, long-term allocation, and digital gold. However, the continuous 13-day net outflow indicates that a significant portion of these so-called institutional allocations is actually trend-based capital. They chase the highs and run from the lows, behaving no differently than retail traders, just on a larger scale with more destructive potential.

For the digital gold narrative to hold, it requires holding behavior that transcends cycles. What we see now is speculative capital disguised as ETF shell.

Saylor is down $10 billion yet still telling the story of capital rotation.

I don't deny his long-term logic, but one thing is true: with the same money, buying the S&P 500 over the past 6 years would have yielded 116% more today. Buying BTC has resulted in a 17% loss.

In complex systems, narratives can persist for a long time, but reality will ultimately align with some moment and price.

That moment could be a bottom reversal or a continued downward trend.
Waiting for signals, not faith 🫡

DYOR, not investment advice
#比特币etf溢价创两年新低

Anthropic's valuation at $965 billion, with a potential IPO as soon as October, surpassing OpenAI.

In the same week, a research report was released stating that by May 2026, over 80% of the main codebase has been written by Claude. AI is coding for itself and achieving a local feedback loop in small model training.

Also in that week, they publicly called for a pause on cutting-edge AI development. Three lines are simultaneously in play.

This is the deepest internal contradiction in the AI industry; those who understand risk the most are also the ones racing ahead the fastest. They know this could spiral out of control, but they also know that the one who hits the brakes won't be the winner. Business logic and safety rhetoric are being maximized simultaneously by the same company.

I don’t see this as hypocrisy; I see it as a dilemma.

People at Anthropic know better than anyone where this road leads, but they also know that OpenAI won't stop, Google won't stop, Meta won't stop, and the teams in China won’t stop. A unilateral brake will not make the world safer; it will only lead to your exit, allowing someone who cares less about safety to take the lead.

So they chose a third path, staying at the forefront while controlling the narrative on what safety means.

This strategy is incredibly smart from a business perspective; after a successful IPO, Anthropic will possess capital, technology, and a moral high ground—this combination is nearly unbeatable.

But the market only has one question: is the $965 billion valuation pricing in growth, or is it pricing in the assumption that this contradiction can be managed forever?

Historically, no company has maintained this level of valuation premium when its most core product simultaneously poses the greatest systemic risk.

If the fact that 80% of the code is written by Claude continues to deepen, one day it could trigger a regulatory, societal, or technological tipping point, making the safety narrative the sharpest boomerang.

The louder the initial claims, the harder the fall when it breaks.
Valuation premium will be the first place to come under pressure.

DYOR, not investment advice.
#Anthropic #Anthropic正式启动IPO近万亿估值到底贵不贵

NVIDIA announces that the Vera CPU has entered mass production, officially entering the PC chip market, which is a direct challenge to Intel and AMD.

On the same day, VOO's market cap surged past $1 trillion, making it the world's largest single ETF.

NVIDIA has announced a reduction in memory for certain products, causing Micron and Hynix to take a double hit.

Many people’s first reaction to the memory cut is whether AI demand has peaked. Quite the opposite～

NVIDIA's memory cut isn't about declining demand; it’s a strategic move to reshape supply chain power dynamics. When you monopolize computing power, you gain the leverage to dictate to upstream suppliers how much they can take from you — you call the shots.

Micron and Hynix are down not because AI is failing, but because the market has just realized that in NVIDIA's supply chain, no one is irreplaceable, except for NVIDIA itself.

Entering the PC chip space is an extension of the same logic; GPUs have conquered data centers, and the Vera CPU aims to dominate end devices. The moat that Intel and AMD built over decades is being breached by NVIDIA in just one product cycle.

This company is not merely making chips; it’s redefining the power structure across the entire computing industry chain.

Now, let's look at VOO's $1 trillion.

Retail investors think they are buying diversification, following the market, but within the S&P 500, NVIDIA's weight has already entered the top five. More and more passive funds are flowing in, meaning more money is unconsciously betting on NVIDIA to keep winning.

VOO's $1 trillion represents, to some extent, NVIDIA's $1 trillion.

Passive funds won’t actively make judgments; they will just follow the weightings. The problem is, when everyone is passively betting on the same winner, if that winner shows any cracks, the outflow will also be passive. No one will actively stop loss until the index falls to a point they can’t stand.

The winner-takes-all logic is accelerating, but it’s not without boundaries.
The only one who can make judgments is you.

DYOR not investment advice.

#NVIDIA #VOO #英伟达

The market never says 'you're doing great', it only says 'you need to do better'.

If growth isn't fast enough, it's a dip.
If expectations aren't strong enough, it's a dip.
If the story isn't sexy enough, you guessed it, it's a dip.

That's the pricing logic right now. $AVGO saw a 48% year-over-year revenue growth, but missed Wall Street's expectations by 85 million, leading to an 8% drop in after-hours trading. It's not bad, just not good enough—margin for error is nearly zero.

In a market that’s increasingly polarized, it’s like a sieve; the leaders will shine through, while the faux concepts will get kicked to the curb—there's no middle ground.

There are really only three questions that matter:

Have expectations been overshot? Can performance deliver? In this supply chain, are you irreplaceable?

If you can answer, stick around.
If you can't, time to exit.

Investing is like this, and so is life.

DYOR, this is not investment advice.

Crypto dips 7%, while US chip stocks hit a yearly high on the same day

This isn’t a coincidence, it’s the playbook

Oil prices plummeted 10% in one day, progress in Iran talks, US Treasury yields pulled back, and Dell, Marvell, Snowflake all posted earnings that exceeded expectations

US stocks today got a textbook-level hand of multiple positives

$MRVL hit a yearly high of $324.15 intraday, while $AVGO touched an all-time high of $495 on the same day
$BTC broke past $62K on the same day

This isn’t divergence; it’s capital making choices

Oil price drop → Inflation pressure eases → Interest rate expectations loosen → Institutional risk appetite rises

But the rising appetite hasn’t flowed into crypto; it’s continued to pour into AI infrastructure. Because there are earnings, growth, and Jensen Huang backing it

The era of broad-based rallies is over; similarly betting on the future, those with cash flow win, and those without lose

Only when interest rate expectations are truly confirmed to decline and a new anchor point in crypto narratives emerges might this capital return

For now, I’m still holding my ground and waiting patiently; it’s more valuable than blindly jumping in

DYOR not investment advice

SOL is at $70.38 today, down -5.23%, with a daily low of $66.59. It has dropped from $82 to $70 over the week, which is 1.3 times more than Bitcoin's decline.

The drop is sharper than others, and it's no coincidence; the tags for $SOL are high-performance blockchain + meme coin paradise + retail favorite.

These three tags are the first to get tossed when risk appetite wanes. BTC has institutional positions providing a floor, ETH boasts protocol infrastructure attributes, while SOL acts purely as an emotional amplifier—surging hard when bullish, but crashing just as mercilessly when bearish.

The deeper issue is that five years have gone by without a change in rank at #7, with a price drop of 43%. The ecosystem hasn’t regressed, yet the price has been cut in half.

Unlocking and dumping from the supply side has consumed all growth from the demand side. The gap between narrative and wealth is exemplified by SOL.

$65 is the key support level in this round; if it holds, there’s still a discussion to be had. If it breaks, there’s no solid support below, and $55-$60 are definitely on the table.

I’m not calling for a short on SOL; the long-term logic of the Firedancer upgrade, DePIN ecosystem, and on-chain DEX trading volume are all real. But this chart reminds you of one thing: no matter how good the narrative is, it has to align with the price.

In the short term, I’m not bottom fishing $SOL . I’ll wait for $BTC to stabilize and for ETF outflows to stop before SOL has a chance to rebound. Right now, each bounce is just a change of hands, not a trend reversal.

DYOR, this is not investment advice.

In the afternoon, I said $MRVL wasn't the time to chase, gotta wait for a pullback.
Now that the price has dropped, it's still not the time to chase.

$MRVL hit a new high today at $324.15, now it's at $306, down less than 6% from the peak.

Yesterday's surge of 30% was news-driven, today's pullback is just profit-taking, that's a normal rhythm, not a logic breakdown.

What Huang Renxun mentioned about that line is real; the more AI computing power stacks up, the interconnectivity of chips is the real bottleneck, and $MRVL is working on that. One statement could trigger a 30% move, which shows the market has been waiting for this narrative for a long time.

But now is not the time to chase. Today's trading volume is double the usual, and the chips are still swapping hands—the consolidation isn't over yet.

Wait for $280-290, wait for the volume to dwindle, and let it stabilize before making any moves.

DYOR, not investment advice.

S&P 500 breaks 7600 for the first time, total market cap $69 trillion
This year's gain is 11%, with nearly 80% coming from 10 AI chip companies

🤔 This isn’t a broad rally; it’s concentrated betting

Jensen Huang directly named Marvell at Computex $MRVL
Data center connectivity is key in the AI era, hinting it could be the next trillion-dollar company. $MRVL surged 26-32%, a single statement catalyzed a quarter's gain

Jensen was right again; both the tech and finance circles are buzzing, and those in the know understand, as he has previously named stocks that recorded gains

But I have a question worth pondering

Goldman Sachs' CEO says there’s enough capital in the market to absorb trillion-dollar IPOs from OpenAI, Anthropic, and others. This sounds impressive, but what does it imply? Is the market healthy enough, or is liquidity so abundant that we can inflate the bubble again?

With 80% of the gains concentrated in 10 companies, this structure itself is risky; if 1-2 of them miss earnings, the whole index will feel it

I can’t chase today’s gains; I’ll wait for a pullback. The main line of optical communication and AI computational connectivity is real, and Huang's endorsement isn’t just hype, but after a 30% jump in one day, the current position isn’t an entry point

Whether the S&P can hold 7600 depends on whether the earnings reports from AI giants in the coming weeks can support valuation expectations

Standing here, it’s not just about greed being right or fear being wrong. It’s about clearly seeing who’s rising, why they’re rising, and where the rise starts to become unreasonable

DYOR not investment advice

Over the past 12 months, the top 50 US stocks added $19 trillion in market cap, which is 13 times the total market cap of $BTC .
This is the reason for the crypto dip; it's not that crypto has a problem, it's that the smartest money globally is doing a valuation switch: moving from digital gold to AI infrastructure.

Both narratives are betting on the future, but AI has earnings reports, cash flow, and Nvidia's shipment numbers backing it up today.

BTC can't compete with this story, at least not right now.

However, that $19 trillion won't stay in the tech sector forever; the AI capital expenditure cycle will eventually slow down, and stretched valuations will hit resistance. That money needs a new home, and crypto is one of the most likely options.

What we should be doing now is not betting against AI, but waiting for it. Keep your positions light and stick to your strategy; wait for the first signals of a rebuild in interest rate expectations and a marginal slowdown in AI capital expenditures.

Liquidity won't disappear; it will just move places. Being ahead of the next stop is more important than chasing this one.

DYOR, not investment advice.

Bitcoin dipped 5%, while $BNB surged 12%
Same day, same market

$680 → $690 → $700
$BNB today feels like it's flipping the narrative of a total crypto meltdown on its head

Binance's moves over the past six months have been crystal clear: integrating US stocks into the app, pushing tokenized stocks, ramping up the super app strategy. This isn't just storytelling; it's about redefining what exchange tokens are all about

Previously, the logic behind holding $BNB was: fee discounts + ecosystem participation rights
Now the logic is shifting: if Binance really becomes the unified entry point for crypto + traditional finance, BNB will be the ticket to that gateway

This valuation framework is entirely different

Today, BNB is telling you not just about a trading opportunity, but that the market is repricing assets with real narrative anchors. Following this logic is more crucial than just chasing today's price gains

#币安 @CZ @Yi He

DYOR not investment advice

The three major US stock indices hit historical highs yesterday, while $BTC dropped by 5% on the same day.

This divergence isn't just a fluke; it's structural.

Marvell and HPE are leading the charge, MongoDB up +20% in a week, ARM +16%, and at Computex, Nvidia launched the RTX Spark, igniting the entire enterprise AI supply chain.

The smart money knows where to flow, into places with real profits, visible growth, and a narrative backed by computing power.

I don’t think crypto is losing, but it’s definitely in a narrative battle right now.

AI has given institutions a reason; I can bet on the future while enjoying cash flow, quarterly earnings, and clear regulations.

Bitcoin can’t offer these options, and until interest rates see a significant drop, the answer to this choice won't change.

When the day comes that rate cut expectations are back on the table, crypto funds will come flooding back harder than before, but until then, don’t go toe-to-toe with the US stock market.

Follow the money, not the emotions.

DYOR, not investment advice.

Durov reclaimed the name Gram

On the surface, it's a rebranding, but at its core, it's a declaration of sovereignty.
In 2020, the SEC forced him to back down $1.2 billion, abandon the project, and change the name.

Today, he’s out of the slammer and has reclaimed that name intact.
This move's significance outweighs any tech upgrade.

What I really care about isn’t the $TON pumping 10% today, but the logic behind this 7-step roadmap:

Telegram has 1 billion users, but these users have never truly interacted with Web3. Once in-app payments, wallets, and red packets completely transition to Gram, the user penetration path of this chain is something no other public chain can replicate, entering not through hype but through everyday usage habits.

This is where I believe #TON ’s ecosystem is long-term undervalued.

Of course, the risks are real. The SEC was initially eyeing the Gram name for litigation, and rebranding essentially means treading that line again. The regulatory environment is much friendlier now, but this shouldn’t be overlooked.

Of the 7 steps, 3 have yet to be announced, and each step is both a catalyst and a variable.

What you’re buying now isn’t today’s price; it’s betting on whether Durov can truly onboard these 1 billion users.


DYOR, not investment advice.

The start of June looks rough, but I don't think this is the end game

$BTC / $ETH kicked off the month weakly, with ETFs seeing significant outflows and MicroStrategy rumored to be selling coins

With these three factors stacking up, the short-term narrative looks ugly. If you're just looking at the price, it’s definitely not an exciting time right now

But what I'm really paying attention to is another line quietly unfolding

Japan's stablecoin legislation proposal is counting down to implementation, the U.S. ETF approval pace hasn't slowed, and Grayscale continues to share a bullish outlook for the medium to long term in public forums

These aren't sentiments from the crypto Twitter crowd; they're part of the regulatory framework coming together piece by piece. Such developments never reflect in the weekly prices, but each step is changing the entry barriers for institutions

Today, there are two technical aspects worth following: how the community reacts to Vitalik's new proposal will influence the confidence direction of the ETH developer ecosystem. The Sui upgrade launch is one of the few targets today with a clear catalyst

My judgment: cautious in the short term, not pessimistic in the medium term

What I'm most afraid of isn't a price drop; it's cutting off medium to long-term structural opportunities during a price decline. The noise from MicroStrategy selling coins will pass, but the Japanese legislation will not disappear

Distinguishing between volatility and direction is more important than guessing today’s ups and downs

DYOR not investment advice

Everyone's eyeing Nvidia, but the real winners this year aren't it.

Lumentum up 121%, Applied Materials up 67%, two names you might not have heard much about, but they supply the tools for making AI chips, outpacing everyone.

The market is quietly creeping upwards, not just buying computing power, but starting to buy the infrastructure that builds that power.

Nvidia itself is sending you a clear signal with its actions, just dropping $3.8 billion on two AI companies, while also making big bets on photonics, using light to transmit data instead of electricity, which is more efficient and has lower heat consumption. This could be the revolutionary underlying technology for the next generation of AI chips.

This isn't a short-term hype; it's institutional money betting on the infrastructure for the next 5 years. Following Nvidia's investments is more critical than chasing the stock price of #Nvidia .

DYOR, not investment advice.

Thanks to Binance for the Children's Day gift! Unboxing really gets the adrenaline pumping!

What’s also got everyone buzzing is today’s major announcement from Binance.

Binance is aggressively pushing its 'super app' strategy, officially adding US stock trading and planning to launch tokenized stocks.

This means crypto users are looking at a one-stop shop on Binance for trading US stocks + crypto + tokenized assets, once again blurring the lines between traditional finance and crypto.

The age of the super app is really upon us! 👀

iOS 3.15 and above / Android 3.15.7 and above to get in on it.

#Binance #SuperApp #TokenizedStocks #USStocks #Crypto