To The Moon

The recent US stock market $S&P 500(.SPX)$ $NASDAQ(.IXIC)$ $Dow Jones(.DJI)$ is truly an unprecedented wealth-creation phenomenon. Among the four major sectors, artificial intelligence has driven two trillion-dollar IPOs, along with a large number of super-performing stocks in the memory, chip, and software/hardware markets. Ordinary employees of these companies have seen their wealth increase by at least several million dollars in just a few months, with some even seeing their company stock increase by a million dollars in a single day. Executives have become billionaires due to their skyrocketing wealth. In the US aerospace sector, many satellite, rocket,

$Goldman Sachs(GS)$ maintains its overweight rating on A-shares and downgrades its rating on Hong Kong stocks to neutral. [Key Takeaway] China tech stocks have fallen from early-year highs to near lows. On the surface, it's a pile-up of negative headlines. But beneath lies a clear throughline: Traditional tech giants are trading short-term profits for long-term AI positioning, while the market only wants to pay for "profits today." This temporal mismatch, compounded by HK liquidity being siphoned into pure-play AI names, is reshaping the entire valuation framework for China tech. 1. The Root of Valuation Collapse: A "Temporal Mismatch" Standoff Traditional tech giants ( $TENCENT(00700)$ ,

The market is panicking over $Alphabet(GOOG)$ monumental $80 billion fundraising drive, dragging shares down below the $350 mark. This is officially the largest stock-raising campaign in corporate history. Wall Street is treating this massive creation of new shares like an emergency alarm. However, CEO Greg Abel, Berkshire Hathaway stepped up as the anchor buyer, injecting an astronomical $10 billion of its own cash directly into the deal. Google is fundamentally transforming. It is shifting from an advertising company into the dominant, high-yield digital utility grid for the global AI economy. The Optical Illusion: The Myth of "Dangerous Dilution" The loudest voices on social media are warning that this historic share issuance will permanently d

[Key Takeaway] Top macro strategist Hong Hao on Tencent and China tech majors: Not bearish, even slightly bullish. But this isn't a blind "buy the dip" call. His more nuanced view: the current selloff isn't the "end of a mispricing" — it's a necessary phase in a valuation logic transition. 1. Stock Price Pressure ≠ Fundamental Deterioration Hong Hao makes it clear: "The stock price pressure is unrelated to company fundamentals." What does this mean? Tencent's earnings power and business model haven't been disproven. The market isn't worried about WeChat's monetization or the gaming license pipeline. The selloff is driven by sentiment, narrative shifts, and capital flows — indiscriminate selling as global allocators rebalance portfolios and market themes rotate. 2. "Buy Good Companies When

OpenAI is poised to become the highest-valued IPO in history. According to our latest research, OpenAI is about to go public and is expected to become the highest-valued AI company in its class—this "expensiveness" isn't reflected in its market capitalization, but rather in the price investors pay for every unit of the company's "business quality." The company's upcoming financial disclosures will test whether this high premium is well-deserved or merely a product of market hype. Anthropic, a leader in artificial intelligence, has already achieved profitability and its revenue is growing exponentially. In contrast, OpenAI continues to lose money under Sam Altman's leadership. The company is essentially a non-profit organization, founded by Musk to contribute to humanity, but Altman inexpli