US Treasury Secretary Bessent's "to be done note" was captured by Reuters camera — it prominently says Buy Japanese Yen $510 bil Would it be despicable to do so?
The real risk of Amazon: is the capacity utilization rate in 2028. If the growth curve of AI demand even shows up for six months of pause, the fixed cost of 220 billion will instantly go from vision to overinvestment. Currently, the market has chosen Narrative to trust Andy Jassy.
The correct attitude against $SK海力士(SKHY)$ [傲娇] The problem with the South Korean government is not that it allows such products, but rather that it is a dilemma. The South Korean market originally had no leveraged products. Seeing that Hong Kong Korean stocks attracted a lot of money, the government believed that the fat should not go to other people's land, so it allowed the local market to launch in the name of "protecting investors". Individual investors are investing wildly, and the government is struggling to get out. When the stock price of Hynix quickly returned to high levels, the government said it needed to regulate and restrict, so the market panicked and retail investors stepped on people. Some analysts believe
The biggest troubling of Tesla isn't the short-term free cash flow (FCF) turning negative—the market actually expects to burn $3.25 billion, but actually only $10.9 billion is a "handsome number"; the real chronic poisoning is that the gross margin of the car business has dropped to 16.3%, closer to the level of traditional car manufacturers BYD and Toyota.
What does it mean to turn negative free cash flow? These companies will have to start borrowing heavily, issuing corporate bonds, and even increase capital to support AI infrastructure investment. Credit risk will gradually increase. Alphabet has already led this—almost $50 billion in equity financing plus $100 billion in debt raising. When the arms race of AI forced the world's most profitable group of companies from cash cow to borrowers, the whole valuation framework of technology stocks was being rewritten.