Author: Deep Tide TechFlow

On the first trading day of June, the market opened in an almost "split personality" manner, the three major indices all reached historic highs while the crypto market quietly passed one of the most symbolic days in the past three years.

Let's first lay out the core numbers for today:

• Dow Jones: +0.09% closed at 51,078.88 points (surpassing 51,000, creating a historic high)
• S&P 500: +0.26% closed at 7,599.96 points, historic high (at one point exceeding 7,600)
• Nasdaq: +0.42% closed at 27,086.81 points, historic high (first time closing above 27,000)
• Bitcoin: opened at $73,568 → intraday at $72,007, 24-hour drop -2.51%
• Ethereum: fell below the psychological threshold of $2,000, intraday reaching $1,976
• Strategy (formerly MicroStrategy) sold 32 BTC, the first sale since 2022

If we only look at the U.S. stock market, today is a textbook example of "risk appetite returning." If we only look at crypto, today is one of the heaviest days of 2026. If we simultaneously look at both sides, there are three things today, each representing an independent "paradigm shift":

First: NVDA extends the AI narrative from data centers to the PC market, cracks appear for the first time in Intel's thirty-year dominance in PCs;

Second: Strategy sold BTC for the first time since 2022, the "diamond hands" narrative in the crypto circle cracks for the first time;

Third: XLM was selected by DTCC, TradFi officially recognizes that public chains can serve as the infrastructure for securities clearing.

NVDA +6% enters PC: Intel's thirty-year moat shows signs of cracking

The most important story in U.S. stocks today is Nvidia releasing a new processor for the PC market, Huang Renxun's original words: "This will bring decades-old PC machines into the AI era."

This sentence translated into investment language: NVDA is directly attacking the last bastion that Intel has yet to lose.

Looking specifically at today's ripple effects:

Direct beneficiaries:

• Dell +10%, manufacturers of AI PCs
• HP +8%, same logic

Direct victims:

• Intel -4%, long-term leader in PC chips, evaporating approximately $15 billion in market value over the past 24 hours

Consider NVDA's market share expansion over a longer timeline:

• Before 2018: NVDA was a "GPU company," focusing on gaming graphics cards
• 2020-2023: NVDA became the de facto monopoly in AI training chips
• 2024-2025: NVDA enters the AI inference chip market
• 2026: NVDA enters the PC processor market, Intel's last bastion guarded for 55 years since inventing the microprocessor in 1971

The concern behind Intel’s -4% today is not just the single-day drop, but a structural narrative reversal. Northland Capital Markets warned of this when downgrading Intel last week: "We predict that overall data center spending will decline in 2027 as hyperscalers become increasingly cash-strapped."

If Intel can’t even hold its ground in data centers, and with the PC market being directly attacked by NVDA, Intel's situation in 2026 may be more passive than Nokia's was at the time of Apple's iPhone launch in 2007.

But today, what’s most noteworthy is not just NVDA as a single company, but a report released on Sunday by Evercore's chief investment strategist Julian Emanuel that pointed out:

"Micron, NVDA, and Alphabet contributed over 40% of the S&P 500 EPS revision for 2026."

Please say this number twice. Across all of S&P 500, 500 companies, over 40% of the EPS revision for 2026 comes from just three companies. This is an extremely rare historical "index concentration," and unlike Cisco/Microsoft/Intel/Oracle in 2000 and the "Magnificent 7" in Q3 of 2024, the concentration in 2026 is even more extreme.

Emanuel's original words: "Record levels of AI concentration are driving the index higher, masking challenging geopolitical/consumer backgrounds."

In Chinese, this means that the fact that the S&P 500 reached a historic high today was "artificially supported" by the earnings revisions of three companies. The underlying macro truth (geopolitical conflicts, consumer fatigue, stagflation shadows) has not improved.

JPMorgan CEO Jamie Dimon’s remarks on Friday (May 29) at the Reagan National Economic Forum were more direct: "Market risks may be underestimated. The current market is exuberant, in an environment of geopolitical and macro uncertainty."

A person of Dimon's stature saying "exuberant" in public is notable; this term was used once by Greenspan in 1996, referring to the later famous "irrational exuberance." He chose this word deliberately.

Crypto: Strategy sold BTC for the first time since 2022, "diamond hands" narrative cracks

Now let's move to the other side of the wall, the most symbolic event in the crypto market today.

Strategy (formerly MicroStrategy) sold 32 BTC, the first sale since 2022.

Why is this historic? Let me place this event on a timeline:

• August 2020: Michael Saylor (then CEO of MicroStrategy) bought 21,454 BTC as corporate treasury reserves for the first time
• 2020-2025: Strategy continued to buy and never sold, becoming the largest corporate holder of BTC globally (approximately 580,250 BTC)
• During the 2022 bear market (BTC fell from $69K to $15K): Strategy didn’t sell a single coin
• In October 2025, BTC peaked at $126K: Strategy didn’t sell a single coin
• In May 2026, BTC fell from $126K to $72K (-43%): Strategy didn’t sell a single coin
• On June 1, 2026: Strategy sold 32 BTC

32 BTC, worth approximately $2.3 million at today’s price, compared to Strategy’s total holding of 580,250 BTC, 0.0055%. In absolute terms, this is a negligible transaction.

But its symbolic significance is monumental.

The core narrative of Strategy over the past four years has been "never sell." Saylor has publicly stated multiple times: "I will never sell my Bitcoin." ("我永远不会卖出我的比特币"（he has even said he will burn his private keys after death.)

Strategy=BTC never selling pressure, this has been one of the strongest pillars of the crypto circle's "institutional HODL" narrative. Today, Strategy's sale of 32 BTC, whether to pay dividends (this has been warned as a possibility in the Deep Tide Daily numerous times over the past three weeks), to meet regulatory requirements, or for financial adjustments, this action breaks the "never sell" commitment itself.

Remember: in financial markets, once a commitment is broken, it can never be fully restored. Today, investors can interpret this as a "small adjustment," but the next time Strategy sells, and sells more, the "diamond hands" narrative will be thoroughly shattered.

This is interestingly contrasted with what we mentioned in the May 27 Daily about SpaceX's S-1 revealing 18,712 BTC:

• SpaceX: hid half its BTC holdings from being seen on-chain, indicating strategic buyers might be more than anticipated
• Strategy: publicly sold 32 BTC, showing that "never sell" diamond hands also began to move

Both discoveries point to the same truth: the "institutional narrative" relied on by the crypto circle is becoming more complex and less predictable.

Gold / SpaceX / Dimon warning: three side signals

Today there are also three significant events overshadowed by both NVDA and crypto, but they should not be taken lightly:

First, gold continues to weaken. Strong dollar + rising real interest rates + risk appetite returning, the role of gold as a traditional safe-haven asset continues to be eroded in 2026. Under this backdrop, gold should be bought, but it is being sold, and this itself is one of the most counterintuitive market structure facts of 2026.

Second, SpaceX IPO is scheduled for June 12. The target valuation is $1.75 trillion, the largest IPO in tech history. There are 10 trading days left. This will be the largest event competing for "narrative and liquidity" in the next two weeks, and what crypto fears most is this kind of "tech capital black hole."

Third, Jamie Dimon warned on Friday about the "exuberant market." This is one of the most "old Wall Street" warnings of 2026. Dimon has been warning "be careful" for the past two years, and the market has been ignoring it. But when old Wall Street says "the market is overexcited," what young traders need to do is not debate whether he is right, but think about how to respond if he is right.

After Greenspan's "irrational exuberance" speech in December 1996, the stock market continued to rise for 38 months. Dimon's warning today may also take 18-36 months to manifest. But whoever can continue to be "comfortably hypnotized" by "new highs" during that time will be among the most passive during the recession of 2027-2028.

Today's summary: Three paradigm shifts occurred simultaneously

The three major suspense points for the next two weeks:

First, the June 12 SpaceX IPO, how much liquidity will be siphoned from the secondary market and crypto with a target valuation of $1.75 trillion?

Second, the June 16-17 first FOMC under Warsh, the "silent Fed era" officially starts without a press conference or dot plot. The market is completely unprepared for this.

Third, the next script of the Iran war, Iran has just extended the war to Lebanon, what is the next war front? Will Hormuz really be "completely closed"?

The most important sentence for holdings:

When a company does something it has never done in the past six years, selling BTC on the same day it hits a new high, this company must have seen something others have not.

Today’s 32 BTC from Strategy may seem insignificant at first glance. But placed on Saylor's "never sell" commitment over a six-year timeline, this is a major event.

It may be for paying dividends on preferred stocks in 2027, for meeting capital adequacy regulatory requirements, or simply an ordinary financial adjustment. But it has opened a crack, from today onward, investors watching Strategy's next quarterly report or Saylor's next tweet will no longer feel as secure as they did in the past.