The information flow is too fast, and in-depth analysis articles can easily be drowned out by trending topics. The "Weekly Editorial Selection" column sifts through a vast amount of information to bring you these judgments of value, helping you filter out the noise, leaving insights, and providing inspiration.
Macro Situation
US stocks are the country's fate, Trump is transforming America into a fund
In the past 18 months, this president from a real estate background has done three seemingly unrelated things: the government directly invests in companies, opens investment accounts for newborns, and seeks equity in AI companies, but they point to the same goal: binding US stocks deeply to the fate of the United States.
To solve the anxiety about US national debt, there are traditionally three solutions: increasing taxes, cutting expenditures, and inflating liabilities, which means raising prices to dilute real debt. Trump's solution is to use the powers the government has: subsidies, appropriations, government orders, export controls, and regulatory powers as costs and negotiation chips to acquire low-priced shares in large companies.
The shell of the US sovereign fund hasn’t been "properly named," but "the bullets have already flown out." The US government has zero-cost purchased shares in at least 20 companies. OpenAI has even voluntarily offered $42.6 billion in shares. Because the dependence of AI companies on national-level infrastructure is structural, not temporary. Government shareholders are not a cost; they are the strongest backing.
Trump's account will greatly cultivate a generation's faith in "American growth."
The KOSPI plunged over 8% in a single day this Monday, triggering the seventh circuit breaker of the year, with the market pointing its finger directly at single stock leveraged ETFs. These products, by amplifying the daily fluctuations of a single stock, accelerate price deviations during extreme market volatility, creating a "bullish momentum when rising, and bearish momentum when falling" amplification effect.
The regulatory authority's wording has escalated, and the term "regret" is rarely spoken. Three pathways may be advanced simultaneously: increasing margin requirements, implementing price limits, and adjusting the upper limits of leverage ratios. However, these may merely be temporary fixes rather than addressing the structural root causes of market volatility.
Wolves of Wall Street, do not rush into 2x, 3x SK hynix anymore
The risks of single stock leveraged ETFs are becoming apparent, and the South Korean government is starting to feel tense.
The continued decline of the South Korean stock market for nearly a week is driving retail funds toward the crypto market. The seesaw effect between the South Korean stock market and the crypto circle is becoming a trading logic that is continuously validated.
Investment and Entrepreneurship
Why does SK Hynix's US ADR trade at a 50% premium? A pressure test of market structure
Strong demand in the US market encounters limited initial supply of SKHY shares, while arbitrage channels cannot immediately create enough new securities or short positions to keep the prices of the two markets aligned. In other words, the fundamentals of SK Hynix create demand, but the structure of the ADR market determines how far prices can deviate from the Seoul market in the short term.
Did SpaceX fall below the $135 issue price, is the bottom time here?
$135 is just the price set by the underwriters, not the bottom market value. SpaceX is facing challenges to its technical position and trust issues arising from launch failures. In terms of equity structure, the 5% float and the August lock-up expiration loom like a sword over its head.
The BIT lending function allows shorting an equivalent amount of SpaceX shares, providing a hedging tool for shareholders.
Related reading: "With share prices breaking the issue price, and first flight post-IPO facing setbacks, where is SpaceX heading?".
The decline in stock prices is a combination of "selling news" events and cyclical panic, with no change in the fundamentals.
Also recommended: "Sun Yucheng's favored nuclear energy track quietly starts the IPO wave" and "Dialogue with the founder of Robinhood: The will of retail investors surpasses all 'smart money'".
Web3 & AI
AI is not a bubble, but it depends on whether profit growth can be realized.
Prediction Market
Western markets have incorporated prediction markets into the regular financial system, while limited participation in Asia is leading to capital outflow, loss of information sovereignty, and lack of user protection. The current task for Asia is not to block these markets, but to think about how to responsively utilize this data within the regular system. Because by avoiding the discussion, it has effectively handed over the leadership to foreign countries.
CeFi & DeFi
8000 BTC can’t hold the stock price, can reverse stock splits save American Bitcoin?
The core differentiated advantage of American Bitcoin is its ability to scale mining and hold coins at low cost; however, the core pressure point is whether this model can continue to increase holdings without relying on issuing new shares, thus avoiding dilution of existing shareholders.
The upcoming tests are whether the individual stock transaction volume and liquidity can stabilize, whether the company can release detailed documents explaining the custody and holding methods of the 8000 BTC, and whether subsequent financing actions can enhance the ownership of bitcoin per share, rather than purely relying on fresh capital to buy assets.
Earning $46 million with staked ETH, why is BitMine still stuck in massive losses?
Losses from derivative options totaling $92.1 million completely offset staking income, coupled with the continuous rise in asset management costs and the company’s aggressive stock issuance, significantly compressed the profit margins for existing shareholders.
Bitcoin and its Ecosystem
With support below 1%, will BIP-110 still push Bitcoin towards a soft fork?
Ethereum and Scalability
The success of Robinhood Chain proves that Ethereum is not dead
Multi-Ecosystem and Cross-Chain
NOXA exits, who will own the coin issuance crown for Robinhood Chain?
This Week’s Hot Topics Review
Policies and Macro Markets
Iran claims the US has entered a formal state of war;
US CFTC Chair supports the CLARITY Act: must pass legislation;
US CFTC investigates Trump's staff, suspected of utilizing insider information from the teleprompter to participate in predictive trading;
Views and Statements
The big short: "Is the Lehman moment approaching?" (Ed Zitron’s long article) OpenAI is bound to collapse, global stock markets may face liquidation, now is an excellent time to bottom fish Hong Kong stocks;
David Sacks responds to Chinese AI model Kimi K3 topping code reviews: US regulation may weaken competitiveness;
Serenity: Institutions are beginning to reprice humanoid robot businesses, and Chinese manufacturers may achieve a total capacity of 100,000 units by the end of the year;
JPMorgan: Tencent remains the highest-quality compound growth stock in China’s internet, reiterating "overweight" rating;
Coinbase stock price has dropped 30% this year, Wall Street believes it is nearing the bottom;
Bitwise: RWA and prediction markets continue to hit new highs, crypto is building its bottom;
a16z: Traditional finance does not want DeFi, they only want the blockchain infrastructure layer;
Institutions, Large Companies, and Leading Projects
DeepSeek advances plans for IPO preparation, aiming to submit IPO application by the end of this year at the earliest;
Coinbase opens registration for Chinese users (interpretation);
Uniswap initiates governance proposal to activate protocol fees on Robinhood Chain and destroy UNI;
Base abandons the social direction, its founder admits strategic failure (interpretation);
Data
The true cost of the US-Iran conflict has been revealed to be as high as hundreds of billions;
Hyperliquid's Changxin Memory's market valuation reached $540 billion, surpassing Tencent;
Over 6000 employees received shares, Changxin Technology is set to make many rich with its IPO; Changxin Technology's online issuance had a final winning rate of approximately 0.4714%; Changxin Technology "winning one share" has a profit margin of approximately 3000 to 26,000 yuan;
SpaceX has first dropped below the IPO price of $135;
SK Hynix stock price continues to rise 22%, reaching a new high since listing;
Exchange stablecoin reserves have risen to $93 billion, with Binance accounting for 57%;
After ten days online, Robinhood Chain has surpassed 38.72 million transaction counts...
Attached is the series of "Weekly Editorial Selection". See you next time~
免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。
