The market is celebrating Musk's SPCX "turning losses into profits", but this financial report is a typical "blood money" ❗ ️ After waking up, I roughly reviewed the SPCX financial report and had my six dimensional stock trading system AI analyze it. The more I looked at it, the colder my back felt. On the surface, SpaceX's third quarter revenue was 14.58 billion yuan (+161% year-on-year), with a net profit of 4.4 billion yuan, marking its first profit since going public. The AI business (SI) has exploded, with a surge of 830%, becoming the largest source of revenue for the first time. But as I dug down the data, I saw several extremely piercing truths. Firstly, the value of profit cannot withstand scrutiny. Made 4.4 billion yuan, but the main business only contributed 2.79 billion yuan. The remaining large portion consists of interest income, investment income, and tax credits. This was not earned with real knives and guns, it was fabricated on paper. Secondly, the money earned is simply not enough to cover the expenses. Single quarter capital expenditures amounted to 19.59 billion yuan, higher than revenue! In the first three quarters, the operating cash flow was 13.1 billion yuan, but the capital expenditure was as high as 48.1 billion yuan, with a gap of 35 billion US dollars in between. This huge hole relies entirely on financing in the capital market. The third and most fatal blow is hidden in the customer list. One of the biggest contributors to this wave of AI revenue is Anthropic. Pay 125 million computing power fees per month. But when I looked through the contract, I found that there was a clause hidden inside that stated '90 day notice termination'. This means that on paper, it may seem like a long-term contract worth tens of billions, but in reality, they can leave at any time after three months. When its computing power is built, will you still be able to earn this money? This is the current false prosperity in the AI industry. Giants are investing money, cloud providers are buying cards, and computing landlords are reporting good news. But the terminal enterprises that really pay for it have not yet seen any shadow on their profit and loss statements. Can I still buy SPCX stocks? I often say a sentence: Stock investment, buy on expectations, sell on facts! SPCX's stock price has risen ahead of schedule for this "beautiful" financial report, priced ahead of schedule! Based on the market and trading logic, my judgment is very clear: look at the lifting of restrictions in the short term, and look at the growth rate in the medium to long term. Short term (1-2 weeks): Financial reports are the catalyst, but lifting restrictions is the ceiling. The pre-market surge of 161 indicates that the market has recognized the financial report. But don't forget, from late August to December 8th, there is a stepped wave of lifting restrictions. In the next 90 days, theoretically, about 1.6 billion shares and over 200 billion US dollars of chips will be thrown into the market. The person who wants to sell has already placed an order in front of the window. So, the stock price is likely to fluctuate and fall repeatedly within the range of 150-165, making it difficult to soar to the sky. The real direction choice will have to wait until all restrictions are lifted and implemented on December 8th. Medium to long term (3-6 months): Focus on one variable. How much of the 830% growth rate is supported by consolidation and one-time agreements? If the Q4 growth rate falls back to 100-200%, the market will instantly wake up. At the same time, whether the starship can be successfully fully recovered is the lifeline for it to transform from a "burning money project" to a "printing press infrastructure". The institutional consensus target price is $222, but that's just a pie in the sky, and revisions will come at any time. I think it's best not to touch the location near 160. I would rather wait until the lifting of the ban in December and the release of Q4's AI revenue data to see clearly before pulling the trigger. In the cryptocurrency and stock markets, living long is always more important than running fast. Remember a very practical rule for trading stocks and currencies: Buy on expectations, sell on facts!