Recently, $NVIDIA(NVDA)$ s stock price has been somewhat "underappreciated." While the company itself remains strong, its performance has lagged noticeably behind its AI peers in terms of market sentiment. Why? To some extent, the market's imagination has been sidetracked by ASIC custom chips and the growth potential of its longtime rival AMD. In my view, secondary narratives driving up valuations are merely symptoms of overheated sentiment. The true "AI chip king" remains the fundamental driver of valuation. With the Blackwell "game-changer" ramping up production at full speed, could NVDA deliver a "breakout" quarterly performance in Q3 as the king returns?The key focus is: Blackwell's demand acceleration exploding at full throttle.First, two key

Up until yesterday, $Qualcomm(QCOM)$ was the awkward outsider at the AI party: everyone from NVIDIA to AMD was getting cozy with the big dogs, but Qualcomm? Crickets. Then BAM – they drop AI 200 and AI 250, two data-center beasts aimed straight at the AI accelerator arena. Stock rockets 21%+, slapping on $20 billion in market cap like it's no big deal. But here's the kicker: this wasn't your typical "news dump and dump" frenzy.Trading-wise, the surge didn't spike in the first frantic minutes like some algo-fueled sugar rush. Nah, it simmered for a solid 20+ minutes, building that sweet, torturous upside before the inevitable cooldown. Contrast that with $Advanced Micro Devices(AMD)$ 's October 6th OpenAI o

$Microsoft(MSFT)$ While it hasn't surged in this wave of semiconductor FOMO, it perfectly embodies the old adage: "A journey of a thousand miles begins with a single step." Recent Microsoft research offers eye-opening insights from direct feedback of 300 CIOs. The standout data lies in software spending: 2025 IT budgets remain steady at +3.6%, with software leading the charge at +3.8%; the 2026 outlook shows overall budgets accelerating slightly to +3.8%, and software to +3.9%. Microsoft's steady, "slow-burner" growth—averaging +4.1% over the past decade—hits the sweet spot.For MSFT, the biggest prize is GenAI.AI/ML remains firmly atop CIOs' priority list, with hyperscalers emerging as preferred partners and Microsoft leading the pack. Research in

Investors Are Paying a Premium for $NVIDIA(NVDA)$ and $Oracle(ORCL)$ Not Because They're Making Money, But Because They're Spending ItListen up, folks—when investors shell out extra for Nvidia and Oracle, it's not about the profits rolling in today. It's about the cash they're burning through like there's no tomorrow. That's the hallmark of a classic cycle: when an industry hits that "strategically irreplaceable" sweet spot, capital rewards the spenders first, not the earners. The AI investment loop is so damn resilient because this "spending makes sense" vibe is holding strong—for now.Over the past year, the flow of AI capital has flipped on its head, hard.Phase one? Software frenzy—big models, agents, C

Summary $Advanced Micro Devices(AMD)$ announced a multi-year partnership with OpenAI worth more than $100 billion in aggregate, involving the phased deployment of up to 6GW of compute capacity powered by AMD Instinct GPUs. In exchange, OpenAI will receive up to 160 million AMD warrants, roughly equivalent to 10% equity, tied to deployment and performance milestones.The deal has sparked euphoria on Wall Street, driving AMD to near-term highs — before the stock retraced roughly 10%. The key question: Is this truly transformational for AMD’s fundamentals, or just another hype-driven re-rating?The Facts: What’s in the DealThe structure is straightforward but nuanced. AMD will supply OpenAI with up to 6GW of GPU compute capacity across several product g

过去几个月，市场对 AI 算力基础设施的热情只增不减。从 $英伟达(NVDA)$ 的市值突破4万亿，到电力紧缺成为算力扩张的瓶颈，大家都在问：谁来提供AI 时代的“新石油”——电力？ $Fermi LLC(FRMI)$ 横空出世。9 月公司向 SEC 递交了 IPO 申请，计划在纳斯达克上市，发行价区间 18–22 美元，最多融资 5 亿多美元。如果承销商行使绿鞋，规模可能更大。市场传言它的目标估值高达 130 亿美元——要知道，这是一个尚无收入的公司。所以问题来了：Fermi 是一个空中楼阁的 PPT 项目，还是一张高风险高回报的彩票？我们不妨拆开看看。公司故事：不仅是数据中心，更是能源巨兽Fermi 的定位不是一家单纯的数据中心运营商。它想做的是一个 “能源 + 数据中心一体化” 的巨型综合体。公司已经拿下了德州 5,000 多英亩的土地，规划了一个名为 Project Matador 的超大园区。核心理念是：在园区内部建设发电厂（包括天然气、太阳能、电池储能，甚至未来的核电机组），然后“behind-the-meter”直接供电给园区里的数据中心。目标电力容量：11 GW。这是什么概念？差不多能顶得上几个中等国家的总电力负荷。未来，这里将为 AI 超算、云计算企业提供“低碳、稳定、独立于电网”的算力基础设施。一句话：他们不是在建数据中心，而是在建“能源驱动的超级算力新城”。募资与结构：REIT 的外壳，AI 的故事Fermi 的架构比较特别——它选择了 REIT（房地产投资信托） 的路径。这意味着它未来的收入模式，不是卖 GPU，而是靠“租金”——租用机房空间、供电容量。IPO 计划：发行 25,000,000

On the summit of the Himalayas, a "Rising Dragon" fireworks display intended as a romantic encounter between art and nature instead ignited a global firestorm of environmental outrage. On September 19, Arc'teryx collaborated with artist Cai Guoqiang to illuminate a fireworks pattern symbolizing the Chinese dragon at an altitude of 5,500 meters on the Tibetan plateau near Shigatse. The slogan proclaimed: "Awaken mountain conservation awareness." But netizens weren't buying it—"An outdoor brand using fireworks to protect nature? Isn't that shooting itself in the foot?" Overnight, the hashtag #ArcTeryxFireworks flooded social media as criticism poured in like an avalanche. The brand apologized, authorities launched an investigation, and its stock price took a tumble.Arc'teryx's move may appea

$Apple(AAPL)$ has been one of the weaker performers among the Mag7 stocks so far this year, until last week when this sense of "seeing through a haze" suddenly cleared up.Previously, performance had been dragged down by the sluggish trade-in market for iPhones. However, looking beyond the iPhone 17 series, we can see the potential for foldable screens and AI innovations to reignite growth. Under such pressure, once the innovation cycle ignites, valuation elasticity is no joke.Product Cycle: Current Stagnation vs. Future IgnitionIn the short term, the iPhone has failed to meet market expectations. While many had bet on another wave of device upgrades in 2025, reality has poured cold water on those hopes—the June 2024 quarter saw the first signs of

Hey option traders! If you’ve dabbled in buying calls or selling puts and want to level up with Delta-based strategies, let’s dive into $Oracle(ORCL)$ , the hottest AI downstream play right now. Buckle up—this one’s a wild ride!Why ORCL is the Talk of the TownEarnings Bombshell: RPO Hits $455B, Up 359% YoYORCL dropped a jaw-dropping Q1 FY2026 earnings report, with Remaining Performance Obligations (RPO) soaring to $455 billion, a 359% year-over-year explosion. For the uninitiated, RPO is the “future revenue backlog” for cloud/software firms, signaling rock-solid customer demand. This surge screams enterprise adoption of ORCL’s AI cloud, database, and AI server services—think massive orders for AI infrastructure. The market went nuts, with a single

$Netskope, Inc.(NTSK)$ This IPO has finally taken center stage. With the latest disclosures laid out, the market immediately grew restless. The ticker is "NTSK," listed on the Nasdaq.The company plans to issue 47.8 million Class A common shares at a price range of $15 to $17 per share. If priced at the upper end, the offering could raise up to $813 million, targeting a valuation of $6.5 billion. Compared to the $7.5 billion valuation from its 2021 private placement, this represents a slight downward adjustment—essentially reflecting market conditions that no longer permit overly "lofty" valuations.What about the fundamentals?Netskope's growth trajectory remains smooth. By July 2025, its ARR reached $707 million, marking a 33% year-over-year increa

1. Klarna Group $Klarna Group plc(KLAR)$ has filed for a U.S. IPO on the NYSE, planning to offer 34.3M shares (5.6M new, 28.8M from existing holders) at $35–37 per share, targeting up to $1.27B. Underwriters include Goldman Sachs, Morgan Stanley, and Citi.Valuation: Peaked at $45.6B in 2021, fell to $6.7B in 2022, now aiming for ~$14B.Business: Founded in 2005 by Sebastian Siemiatkowski, Klarna is a leading BNPL fintech, offering payments, shopping insights, and banking services. As of 2024, it serves 111M active users, 790K merchants, across 26 countries. BNPL market is expected to grow 15% CAGR (2024–2029).Products:Pay in Full – core checkout servicePay Later – buy now, pay later, 99% interest-free in 2024Fair Financing – 3–48 month installment

$Alibaba(BABA)$ The key highlights of its Q1 earnings report are twofold: a robust recovery in its cloud business and a significant ramp-up in capital expenditures. In contrast, domestic e-commerce performance remained stable but offered no surprises. While the cash-burning food delivery wars did impact profits, the market has largely priced this in, making it less of a current focus.Cloud Services: The True Growth Engine Powered by AIAlibaba Cloud's revenue grew by 26% year-over-year, not only exceeding market expectations (22%-23%) but also maintaining the same growth rate as external cloud services. This demonstrates that even amid policy headwinds and overseas chip restrictions, the explosive demand for domestic AI computing power has been suf