AI infrastructure is evolving from a "CapEx cycle" within the tech industry into a financing cycle jointly borne by the entire financial system.

Bank of America Securities Chief Investment Strategist Michael Hartnett argues in his latest report that there is no need to pick sides between bulls and bears; investors might instead consider allocating to two asset classes simultaneously.

The financialization of computing power is moving from product narratives to real demand, with debt financing and public procurement driving genuine hedging needs.

Computing power is transitioning from an IT cost to a capital asset, and the uncertainty surrounding future rental income and residual value is turning it into a new financial risk exposure.

Breaking Down Three New Cloud Models: CoreWeave, Nebius, and Cerebras

In just 82 days, the valuation has surged more than fivefold — what's Stripe's rationale?

Chips, electricity, depreciation, and debt are eating into profit margins

Gold is the best hedge against dollar depreciation, bond market collapse, and political risk.

Acquired by Stripe.

Bull comes, money comes, leeks come.

Situational Awareness has released its holdings report from the eve of its downfall. Unfortunately, it had prematurely shifted to an all-in bullish stance.

AI inference is driving memory investments to extend beyond GPUs and HBM into high-capacity NAND. Growing demand, long-term customer agreements, and new technologies such as HBF are elevating NAND's role in AI infrastructure while smoothing out traditional memory cycle volatility.

Looking ahead, we remain bullish on Q3-Q4 for rigidly constrained resources in the global supply chain, such as copper and electricity, as well as gold, which continues to price in the trend of monetary credibility erosion. For the digital asset market, we believe it will be difficult to see significant outperformance until excess liquidity is released and the marginal growth rate of AI is fully priced in.

Quickly forward this to your friends—I can't be the only one suffering.

优质深度分析文章及一周热点恶补。

Next, beyond storage chip demand itself, two finer indicators deserve the closest attention: renewal pricing for older cards and utilization rates of older cards.