SpaceX's IPO has hit a liquidity turning point, with the Nasdaq already at -6.3% in the first 4 days, while gold has fallen 25% from its February high. This is not because SpaceX is pumping liquidity, historically Facebook and Coinbase have both recorded positive returns for the Nasdaq after going public. The difference is that when SpaceX hits a liquidity inflection point, it amplifies the redistributive pressure on all existing assets. After SpaceX, there are also OpenAI and Anthropic in line, with a combined valuation of nearly $3.6 trillion. They collided with a market that was simultaneously cracking three cracks. Crack 1: Profit reaches a new high, cash flow returns to zero, and can only rely on borrowing to survive. The financial reports of the giants in Q1 2026 are impressive, but free cash flow tells a different story: Amazon's FCF plummeted 95% year-on-year, and the four giants burned a total of $2 billion per day. What if I don't have enough money to spend? Issuing bonds. Google, Amazon, Meta, Microsoft, and Oracle have issued $159 billion in debt in the first five months of this year, exceeding the total for 2020-2024 and a 47% increase compared to the same period last year. Morgan Stanley expects the global issuance of AI related bonds to reach $570 billion by 2026. CapEx/revenue ratio will reach 34% in 2026 and 37% in 2028, officially exceeding the historical peak of 32% of the Internet foam in 2000. The total AI infrastructure expenditure of the five giants from 2026 to 2028 is expected to be $2 trillion, with nearly $1 trillion in off balance sheet leasing commitments not on any balance sheet. Crack 2: The call volume has skyrocketed, but the effective output is questionable. CEOs of companies are heavily brushing tokens in FOMO, and Uber is burning its annual AI coding budget for the first four months of 2026. MIT research shows that AI coding tools have increased code output by 180%, but actual delivery has only increased by 30%. A significant amount of systematic redundancy from the Agent architecture is consumed. The call volume is the core anchor point for the valuation of model companies: Anthropic is valued at 965 billion and OpenAI is valued at 852 billion, both of which have been secretly submitted for IPO. If this indicator itself is inflated, how reliable is the trillion dollar valuation built on it? Crack Three: Smart Money is retreating. Thiel will clear all NVDA positions in Q3 2025, cutting Tesla by 76% and reducing total holdings by 65%. Buffett's cash holdings have expanded to a historic high of $397.4 billion, accounting for 59% of total assets. They are not bearish on AI itself, but bearish on 'the current price has fully priced all optimistic expectations'. In the past two years, AI foam theory has been resolved three times: reasoning paradigm, Blackwell financial report Agentic AI。 The market has formed a dangerous consensus: doubts will always be falsified. But the fourth time, three cracks appeared simultaneously. There is only one question left: Can AI's revenue growth outperform the speed of expansion of these three cracks? Data sources: Morgan Stanley, MIT, Tencent Technology ARK Invest、Coin Bureau、Forbes