My pick: D — Expectations are already high. I’m still bullish on Nvidia’s business, but at this stage, the biggest risk isn’t whether AI demand exists—it’s whether future growth can beat what the market has already priced in. The US$3–4 trillion AI infrastructure opportunity is enormous, and Nvidia’s move from GPUs toward full AI systems, networking, robotics and cybersecurity could expand its addressable market significantly. But a great company doesn’t automatically mean a great stock at any valuation. Rising competition, supply constraints, customer concentration and eventually slowing growth could all pressure the multiple. Burry closing his puts is interesting, but I wouldn’t treat it as a buy signal. For NVDA, execution must keep outrunning expectations.

I think the 50% share can hold in the near term, but it is becoming a much higher bar to clear. Goldman itself expects AI infrastructure beneficiaries to drive roughly half of S&P 500 earnings growth, while Q2 data showed AI infrastructure already contributing about one-third of EPS growth. The key question is no longer whether companies will spend on AI—they clearly are. It is whether that spending converts into recurring revenue and margins. If hyperscalers keep expanding capex, the suppliers can continue winning. But if financing costs rise or ROI disappoints, the earnings concentration becomes the market's biggest vulnerability. So my view: 50% can persist, but it probably cannot keep rising indefinitely. AI remains the engine; valuation and cash-flow discipline decide how far the

If I had to pick just one, I’d go with $SNOW. BE has the cleaner technical breakout, while HOOD, COIN and MSTR could deliver bigger gains if Bitcoin keeps climbing. But SNOW is the setup I find most convincing because the fundamentals are catching up with the price. Product revenue grew 37% YoY to $1.49B, and management raised FY2027 guidance to $6.07B. More importantly, AI is driving increasing customer consumption, suggesting this isn’t simply another AI-fueled valuation story. Still, a 16%+ one-day rally means expectations are now elevated. I wouldn’t chase the spike. I’d rather wait for consolidation or a pullback and see whether the earnings gap becomes a new support zone. My choice: SNOW. Not the fastest horse, but arguably the one with the strongest evidence behind its breakout.

I’d pick C. Both. The bigger opportunity isn’t MBS taking market share from RWS, but Singapore growing the entire tourism pie. MBS’s US$8 billion expansion is a major bet on luxury tourism, concerts and MICE. Its 15,000-seat arena could attract more global acts and overseas visitors, boosting spending across hotels, restaurants, retail and entertainment. Meanwhile, Genting Singapore’s RWS 2.0 provides its own growth catalyst through expanded attractions and hospitality. If both projects succeed, Singapore could create a powerful cycle: better attractions bring more tourists, while bigger events drive higher-value spending. By 2031, the real winner may be Singapore itself. For investors, however, I’d focus on ROIC, visitor growth, gaming revenue and valuation. A bigger tourism market is bu

AMD’s $1T milestone is impressive, but the real story is what comes next. The Meta Muse hype has shifted the AI narrative from “training models” to “AI agents doing work,” potentially creating another wave of demand for CPUs alongside GPUs. AMD is uniquely positioned on both fronts: EPYC for server workloads and Instinct for AI acceleration. Its Q2 Data Center revenue already surged 107% YoY to $6.7B. But here’s the catch: at $615, AMD is no longer priced like a challenger—it’s priced like a future AI infrastructure leader. The next leg higher therefore needs earnings to catch up with expectations, not just another AI narrative. I wouldn’t focus on whether $1T is “too expensive.” The better question is: can AMD compound Data Center revenue fast enough to justify today’s valuation? If yes,

Chart #12 probably hits hardest: losses are mathematically brutal. A 50% drawdown requires a 100% gain just to get back to where you started. That’s why avoiding permanent capital destruction matters more than chasing every hot trade. But Chart #14 is the bigger lesson for me: time is an investor’s greatest advantage. Compounding rewards those who start early, keep adding, and resist the temptation to constantly interfere. The market will always offer reasons to panic at the bottom and feel invincible near the top. The real edge is staying rational when everyone else is emotional. I’d rather own a few businesses with durable moats, strong ROIC and long reinvestment runways than constantly rotate into whatever is trending. Investing isn’t about being right every quarter. It’s about survivi

The most interesting takeaway isn’t that Dell, Palo Alto Networks, and Moderna are all benefiting from technology—it’s where the value is accruing. Dell shows AI infrastructure is still supply-constrained, with a record $95B backlog and $192B FY27 revenue guidance. Palo Alto shows the next layer: as AI expands the attack surface, cybersecurity becomes mandatory. But with FY27 growth normalizing to ~23–24%, valuation matters. Moderna represents the highest-risk, highest-upside frontier: turning personalized mRNA oncology from science into a commercial platform. My conclusion: AI creates the demand, security protects it, and biotech may ultimately redefine what technology can do. The winners won’t simply have breakthrough technology—they’ll be the ones that convert breakthroughs into scalab

[你懂的]  Meta’s Muse Is Getting Attention. But Who Could Be the Real Beneficiary? Everyone is watching $Meta Platforms, Inc.(META) after the launch of Muse. But I think there’s a more interesting question: If people eventually stop opening Amazon, Nike, or individual shopping apps and simply tell an AI agent, “Buy this for me,” which company could quietly benefit from that shift? One name I’m watching is $Shopify(SHOP)$. Most investors still think of Shopify as a company that helps merchants build online stores. That’s only part of the story. How does Shopify actually make money? Shopify has two major revenue engines. The first is Subscription Solutions — merchants pay for Shopify’s software, including online stores, management tools, POS, analytics, and other services. The second

[思考]  $100 Oil Is Back. But Is That Really the Problem? Oil is back above $100 a barrel. At first glance, the trade looks simple: Oil up → Energy stocks up. Oil up → Tech stocks down. But I think that misses the bigger picture. The real question isn't whether oil is above $100. The real question is: Why is it above $100 — and how long can it stay there? That distinction could determine whether this becomes a short-term market shock or the beginning of a much bigger rotation. 🟢 The Winners: Energy Is the Obvious One — But Not the Only One The clearest beneficiary is the energy sector. When crude prices rise, upstream producers can potentially generate much higher cash flow because their production costs don't necessarily rise as quickly as selling prices. That puts companies acros

The biggest opportunity here may not be nuclear itself, but reliable power. AI data centers are creating an electricity demand shock, while grid expansion and permitting simply cannot move at the same speed. That makes dependable 24/7 generation increasingly valuable. Hyperscalers are therefore securing long-term nuclear PPAs, while fuel cells and onsite generation can provide power closer to where demand actually exists. I would separate cash flow from speculation. Established nuclear and power producers offer stronger fundamentals, while SMR and microreactor stocks such as SMR and NNE offer potentially explosive upside—but also significant technology, regulatory, financing and valuation risks. To me, the bigger theme is not “nuclear is back.” It is that AI has turned electricity into st