Chips, models, and distribution now sit under one roof.

NVIDIA remains NVIDIA. After completing its leap from chip supplier to builder of the computing world, it is now laying the groundwork ahead of time for an era that has not yet fully arrived.

Gold and Bitcoin are being bought up simultaneously, indicating that a significant portion of capital has already begun preparing for a new world order.

业绩全面超预期。

Demand is far from peaking; the real bottleneck remains supply.

Bank of Korea announced a 25 basis point rate hike.

AI时代下的Builder、长期主义与投资哲学

OpenAI's first in-house inference chip, Jalapeño, has surpassed Nvidia's Blackwell in real-world tests on core metrics such as energy efficiency and throughput, with a development cycle far shorter than the industry average. The deeper significance lies in AI tools being deeply integrated into chip design itself, creating a positive flywheel of "AI building chips, chips running AI," and posing a structural challenge to CUDA's software moat.

Nvidia beating expectations this quarter is already the market's default script. Whether the stock price can rise depends on whether management can simultaneously deliver on three positive factors: improved profitability for cloud providers, manageable financing risks, and large-scale capital returns.

The intersection of these two reassessments is this Friday’s Jackson Hole. A single statement from Waller could simultaneously determine the valuation anchor for AI stocks and the interest rate anchor for U.S. Treasuries.

Options Market Pricing Tells a Different Story

NVIDIA will report Q2 earnings after market close on August 26. After seven consecutive days of declines, the options market is pricing in a ±5.4% post-earnings move, corresponding to a market cap swing of over $280 billion. Wall Street expects revenue of $92 billion (up 97% year-over-year), with the core question being whether NVIDIA can surpass the highest buy-side expectations.

Strategy BTC持仓账面盈利约25.3亿美元。

With a training and feedback environment in place, and with authorization and execution resolved, Web3 AI Agents can truly complete a real job.

Computing power is being gradually transformed into a financial asset that can be priced, traded, and collateralized.

Phase I saw CBRS and SPCX successfully list and trade, Phase II saw Anthropic and Polymarket enter premium buybacks, and now Phase III stands at a brand new starting point.