AI x Crypto Dynamic Research

AI has accelerated attack efficiency and also promoted the upgrade of defense systems. The security audit sector is undergoing a transition from a dividend model to a competitive model.

In this wave of AI, capital is clearly more inclined to pay a premium for segments that have real orders, visible supply bottlenecks, and quantifiable profits, which also puts the Crypto AI narrative under more direct scrutiny regarding the certainty of value realization.

In the field where company alpha operates, expert-tuned open models have simultaneously outperformed the cutting edge in terms of accuracy and cost, and the infrastructure to build it in a privacy environment is arriving node by node.

The AI laboratory is not just a money-burning research ivory tower. It can be a high-margin, high-retention, high-growth commercial machine.

As the leader in HBM with a market share exceeding 56%, SK Hynix's listing in the U.S. is seen as a "referendum" on the sustainability of AI demand. Despite the volatility of its underlying stock and limited arbitrage opportunities, due to its valuation being significantly discounted compared to its U.S. counterparts, institutions expect that the ADR will show a premium of 5% to 30% relative to Korean stocks, becoming a new barometer for testing the valuation debate of AI on Wall Street.

The internet has been shouting for so many years about devouring everything. Has it really devoured everything now? Is it the internet that devours everything, or is it the large models that devour everything? Both are devouring, and nothing is left?

Morgan Stanley's chief equity strategist Wilson pointed out that the momentum in the semiconductor sector is waning, with the Philadelphia Semiconductor Index having dropped nearly 14% from its peak. Funds are shifting towards AI supercomputing giants like Microsoft, Amazon, and Meta, as well as sectors such as consumer and biotechnology. The year-end target price for the S&P 500 remains at 8000 points, indicating about 7% upside potential, but it is under short-term pressure, with the rotation logic echoed by strategists at JPMorgan.

Language gives machines a way to talk about the world. The world model is the means by which machines ultimately understand, imagine, reason, and interact with it.

The emergence of giants signifies a mature business model. Although it will reduce speculative space, there is also enough room for error, allowing for the continuous emergence of new forces.

Coinbase CEO publicly stated: the company has fully switched its AI to a Chinese model, cutting expenses in half while usage has doubled. Snowflake and Lindy are also doing the same thing—an unnoticed "AI model migration wave" is happening.