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Everyone really should stop blindly chasing the Nasdaq ETF with high premiums. Take the 159509 Nasdaq Technology ETF as an example, the on-exchange premium has already reached about 22%. You might think you're buying Nasdaq tech, AI, and the future of US stocks, but in reality, you may have first bought a 22% "sentiment tax invoice." What does this mean? The underlying asset is originally worth 1 unit, but now you have to pay 1.22 units to buy it. The extra 0.22 units is not because Nasdaq rose 22%, but because the on-exchange funds in the A-share market are too frenzied, forcibly pushing the ETF trading price up. Many people easily misunderstand this: An ETF rising doesn’t necessarily mean the underlying asset is rising. It could just be the on-exchange premium increasing. And the scariest part about a high premium is that it can reverse and eat into your returns. Suppose the underlying asset stays flat, but the premium drops from 22% to 10%. You might think if the underlying asset hasn’t fallen, you won’t lose money? In reality, you could lose nearly 10%. The calculation is simple: 1.10 / 1.22 - 1 = -9.84% In other words, Nasdaq tech didn’t fall, US tech stocks didn’t fall, but just because the market sentiment cooled from extremely frenzied to less frenzied, you’ve already lost a chunk. Even worse is the double whammy. If the underlying asset corrects normally by 5%, and the premium shrinks from 22% to 10%, the loss isn’t 5%, but about 14.3%. 0.95 × 1.10 / 1.22 - 1 = -14.34% This is the most frustrating aspect of high-premium ETFs: If the underlying falls, you lose. If the premium shrinks, you also lose. If both the underlying and premium fall, it’s a double loss. Even if Nasdaq tech later rises 8%, as long as the premium drops from 22% to 10%, you might still end up losing. 1.08 × 1.10 / 1.22 - 1 = -2.62% So the problem isn’t that these Nasdaq ETFs can’t rise, nor that US tech stocks have no opportunity. The problem is that the price you pay now already includes a large chunk of sentiment premium. What you’re buying isn’t pure US tech stocks, but: A package of US tech assets, A-share on-exchange buying frenzy sentiment, and the risk of high premium retreat. In the end, even if the underlying rises, you might not profit; If the underlying stays flat, you might lose money; If the underlying falls, you get hit by a double loss. Want to buy Nasdaq? No problem. Want to allocate US tech stocks? Also no problem. But at least take a look at the premium rate first. #Nasdaq

#BTC #USStock It's been a week, and Bitcoin's price hasn't changed While the US stock market mentioned last week has gone crazy again How do smart funds choose?

Many big opportunities initially don’t come from “new tracks,” but rather from new forms forced to emerge after the old order is shattered. In 2021, after the Double Reduction policy was implemented, New Oriental’s stock dropped 70% in one month. A large number of extracurricular tutors suddenly lost their original career paths and had to find new outlets. Later, live-streaming e-commerce took off, and the rise of Dong Yuhui was essentially an unexpected product of that industry’s sharp contraction. Now, exchanges doing US stock RWA (Real World Assets) is somewhat similar. The real demand isn’t absent; on the contrary, domestic users wanting easier access to buy US stocks is itself a huge market. The problem is that many exchanges are still launching US stock contracts in large volumes, but what retail investors truly want may not be contracts. Contracts have leverage, liquidation risks, funding fees, and high trading costs; they are more like short-term speculative tools rather than instruments for long-term holding. If exchanges really want to build a large market for US stock RWA, the core isn’t launching more contracts but creating tokenized products that are closer to the “actual stock experience,” possibly even extending to options. Whoever can handle liquidity, compliance, custody, mapping relationships, and trading experience well is the one who can capture this wave of demand. After the Double Reduction policy, education companies were forced to find a second growth curve. This time, the US stock users who were cleared out almost have no choice but to treat RWA as their only option. The real opportunity isn’t in “adding more contracts,” but in who can truly provide retail investors with US stock exposure in a product that is low-threshold, low-friction, and suitable for long-term holding. At this critical moment, whichever crypto exchange can accommodate the returning US stock users will become the future largest crypto exchange.

Short-term market trading is driven by sentiment Long-term asset realization is driven by logic

Optical Communication Edition #ETF #DRAM #EUV DRAM is the memory edition ETF EUV is the optical communication edition ETF A new segmented industry ETF, #DRAM focuses on memory, #EUV focuses on lithography + semiconductor photonics industry chain If you think "As AI data centers grow larger, not only do chips need to be stronger, but data transfer between chips also needs to be faster" then you can pay attention to the EUV ETF, which can be understood as the "AI Hardware Bottleneck ETF": betting on advanced manufacturing on one side and optical interconnects on the other Mainly targeting lithography + semiconductor photonics industry chain Representative holdings TSM 9.7%, ASML 7.88%, GLW 5.03%, LRCX 4.91%, AMAT 4.91%, LITE 4.36% But this ETF has just been launched, and its holdings are concentrated in the popular AI hardware chain. Current liquidity is still insufficient, similar to the early #DRAM. The expansion of optical communication is slower than storage, so it requires continued attention

There are opportunities in the market every day But not every opportunity belongs to you

#SpaceX #USStocks A basically money-grabbing opportunity, everyone hurry up. Brothers with the following brokers remember to take action. The brokers for SpaceX's IPO are the following: Charles Schwab Fidelity Robinhood SoFi E*TRADE This is the "anticipated" retail channel arrangement in SpaceX's initial S-1 prospectus.

Being able to stay out of the market is a skill Being able to avoid missing out is a practice Being able to act without chaos is true enlightenment

#SPACEX #SPCX SpaceX just released its IPO prospectus last night. The community was given the first opportunity to subscribe, with a 30% subscription rate, which is decent considering the low-risk returns—can't expect too much. SpaceX's S-1 filing publicly presents rockets, Starlink, and X/xAI/Grok as one integrated company for the first time. 2025 Revenue of $18.67 billion, up 33% year-over-year, but a net loss of $4.94 billion. The losses mainly come from capital investments in AI. Q1 2026 Total revenue of $4.69 billion, with Starlink alone contributing $3.25 billion, accounting for 70%. Key data: A total of 650 launches, with over 540 Falcon reuses. In 2025, over 80% of global orbital mass share. Starlink has 9,600 satellites in orbit. 10.3 million users covering 164 countries. X has 550 million monthly active users, with 350 million pieces of content daily, which directly feed Grok's training. Now we are all betting on whether Musk can integrate rockets, satellite internet, social data, and AI computing power into a super platform. If successful, it will be the greatest company in human history. Musk’s management style is breathtaking—wishing him success. I will keep tracking #SPCX in the community long-term; this is truly a groundbreaking IPO.

#NVDA NVIDIA's earnings report met and exceeded expectations. The most important point is that it indicates there will be no issues with short-term AI capital investment. Don't chase before the earnings report. The post-earnings drop is an opportunity.