Hope no one got stuck at the CBRS high point above $300... That said, I’m still optimistic about Cerebras’ long-term development. After all, it’s a unique path in the chip industry, and if it succeeds, the ceiling will skyrocket. Of course, in the short term, this price is still not appealing. I might start considering an entry if it drops below $200 someday. What really surprised me, though, is that Hyperliquid’s HIP-3 didn’t just serve as price discovery before the CBRS IPO. Even so many days after the IPO, I checked the data, and the daily trading volume is still in the millions of dollars, with OI (open interest) nearing $40 million! Logically, shouldn’t people have shifted to brokers or tokenized US stock spot markets by now? Why are so many people still playing Perps here? After thinking about it carefully, I guess this is one of the reasons why HYPE’s recent surge has been so rapid – it’s meeting real user demand. Those trading US stock Perps and those trading US stock spot markets are probably not the same group of people. Stock traders are playing with assets, focusing more on asset allocation needs, while Perp traders are playing with volatility, focusing more on trading needs. Plus, Hyper offers features that spot markets don’t, like 24/7 trading, no KYC, and high leverage. This is also why I’m bullish on platforms like Ondo, StableStock, and BIT – because there’s massive real demand. Account opening and identity restrictions, stablecoin deposit/withdrawal channels, tax considerations… In my view, these are far more real and substantial needs compared to Meme, PVP, or big gambling platforms. In the business world, isn’t it just about who meets real user needs and gets to eat the pie?