Today we mainly discuss three things: whether the market's strength is due to genuine bulls entering or if it is a rebound caused by shorts being squeezed; whether there is still incremental capital willing to chase in the AI chip sector; and what the outcome of the $17 million SPCX long position in commercial aerospace will ultimately be.

The income structure has shifted: humanoid robots are expected to contribute over half of the revenue by 2025, with a high proportion coming from scientific research and educational scenarios. High margins are derived from vertical integration (in-house developed motors, reducers, etc.) and cost control. The IPO plans to raise approximately 6.1 billion yuan (exceeding the original plan), with about 85% directed towards research and development (embodied large models, entities, etc.), reflecting a "mass production before iteration" approach.

The key short-term factors remain the Nasdaq, semiconductor stocks, and the ten-year US Treasury yield.

Why are Backpack's transactions cheaper for Solana tokenized stocks?

Bitcoin is absent from the global rebound, with 594 BTC stolen yet without a reaction; bottom signals rely on boring accumulation, with options pricing "still" but sentiment is hypersensitive. Under deep pressure, the market waits for direction.

Funds have not left AI; they have merely shifted seats. NVIDIA has risen for five consecutive days, and Micron has returned to a trillion-dollar valuation. The market is rearranging its order.

With rising interest rate expectations combined with increasing bond yields, can Bitcoin hold up at the sixty-four thousand level?

Bitcoin is experiencing narrow fluctuations, with Coinbase maintaining a negative premium for 79 consecutive days since May 19, while non-farm payrolls and the Clarity bill are key to the market outlook. The three major U.S. stock index futures continue to be optimistic, with technology stocks showing slight fluctuations in night trading, as AMD and SpaceX dropped by 8%, while Arista surged by over 13%. The Q2 financial reports of mining companies Cipher and Hut8 both fell short of expectations, dropping by 15.65% and 9.74% respectively. China's AI large models MiniMax, Zhihu AI, and WanGuo Data have received favorable views from Goldman Sachs.

This trend characteristic is becoming more and more like the volatility logic of meme coins in the crypto space—driven not by fundamentals, but by emotions and expectations.

Is the bull market really "coming back soon"?

Market analysis, strategies, news.

"The four most expensive words in the history of financial innovation: This time is different."

The upcoming week is crucial.