Huang Renxun believes that predicting when a qualified AGI will appear depends on how you define AGI, and AI illusions can be easily resolved by ensuring that the answers undergo sufficient research

Huang Renxun: AI hallucinations can be solved, AGI is expected to be achieved in five years

比特币自跌破 65000 美元整数关口之后，虚拟货币市场整体的波动率和风险溢价均有所上升，反映出市场存在一定数量的短期恐慌盘。比特币减半也将在 4 月份到来，小摩认为还有可能继续导致暴跌！

超 24 万人爆仓！比特币为何又遭遇一夜闪崩？

ANT GROUP initiates organizational upgrade. The world's largest pension fund explores Bitcoin. "The most bullish AI stock" Super Micro Computer plans to issue 2 million shares, causing a sharp drop in stock prices. AMD and MicroStrategy both see insiders selling stocks at high prices. Xiaomi's car pricing may be a bit expensive, with Xiaomi phones expected to break through the price range of 6,000 to 10,000 yuan this year. BYD's Indonesian factory aims to start commercial production in early 2026

Breakfast | SPDR S&P 500 hits a new high, "most bullish AI stock" drops for the fourth consecutive time, NVIDIA options speculation is outrageous

MicroStrategy's stock price plummeted by 20% amid the violent fluctuations in Bitcoin, revealing the hidden leverage risks behind it. As the largest corporate holder of Bitcoin, the company's investors purchased its stock to increase exposure to Bitcoin. However, the sharp fluctuations in Bitcoin prices led to a significant drop in MicroStrategy's stock price. The company's decline over the past two days reached 20%, marking the largest two-day decline since 2022. Despite holding around $14 billion worth of Bitcoin, MicroStrategy's stock price carries a premium of over 90% relative to the value of its Bitcoin assets. Investors now face the question of whether they should buy MicroStrategy's stock on dips

A 20% plunge in two days! The leveraged risks behind "Bitcoin shadow stock" MicroStrategy are starting to emerge

比特币跌破 6.2 万美元关口，以太坊跌破 3200 美元。

20 年期美债的市场需求通常远不如 10 年期和 30 年期国债，本次拍卖多个数据亮眼，对市场构成提振。分析称，这是一次出色的美债拍卖，需求井喷的消息将各期限美债收益率推至日内低点，标普 500 指数上涨。

美联储决议前夕，最让市场担心的 20 年期美债拍卖意外强劲，美股美债上涨

比特币在周二一度跌至不到 63,000 美元，因为比特币交易基金出现了自 3 月 1 日以来的首次净流出。过去七天比特币下跌了 7.8%，但今年迄今仍上涨了 50% 以上。投资者正在关注美联储会议的结果，可能会影响比特币的短期价格走势。

比特币一度跌至 6.3 万美元下方 ETF 现 3 月初来首次净流出

期权交易商减少对美股看涨押注，看跌期权需求相对走高。根据数据显示，近几周来，与标普 500 指数挂钩的看跌期权需求上升，导致偏度指标走高。交易者对股市下跌的可能性稍微更加担心了。与此同时，股票在上涨日的波动性比下跌日更大，挑战了传统观念。期权市场相关的期权以及指数跟踪交易所交易基金的期权都出现了类似的模式。

期权交易商减少对美股看涨押注！看跌期权需求相对走高

Fusion Pharmaceuticals(FUSN) rose 99.06%, with a trading turnover 867.0 Million USD, and a year-to-date rose 120.4%. Crinetics Pharmaceuticals(CRNX) rose 19.11%, with a trading turnover 136.8 Million USD, and a year-to-date rose 27%. EHang(EH) rose 15.55%, with a trading turnover 80.6 Million USD, and a year-to-date rose 6.6%.

Top 10 US Stock Gainers (3.19)

NuScale Power(SMR) fell 34.85%, with a trading turnover 108.5 Million USD, and a year-to-date rose 100%. Root(ROOT) fell 21.29%, with a trading turnover 89.1 Million USD, and a year-to-date rose 344.1%. Dlocal Uruguay(DLO) fell 17.49%, with a trading turnover 137.3 Million USD, and a year-to-date fell 15.2%.

Top 10 US Stock Losers (3.19)

Microvast(MVST) rose 16.54%, with a trading turnover 7.2 Million USD, and a year-to-date fell 54.9%. EHang(EH) rose 15.55%, with a trading turnover 80.6 Million USD, and a year-to-date rose 6.6%. GigaCloud Tech(GCT) fell 13.71%, with a trading turnover 179.2 Million USD, and a year-to-date rose 61.4%. Yiren Digital(YRD) fell 7.89%, with a trading turnover 1.9 Million USD, and a year-to-date rose 68.3%.

Top 5 CDRs Gainers/Losers (>100M) (3.19)

Unilever(UL) rose 2.76%, with a trading turnover 239.0 Million USD, and a year-to-date rose 3.8%. Toyota Motor(TM) rose 2.37%, with a trading turnover 84.7 Million USD, and a year-to-date rose 33.2%. AMD(AMD) fell 4.84%, with a trading turnover 15.1 Billion USD, and a year-to-date rose 23.1%. ARM(ARM) fell 3.98%, with a trading turnover 1.0 Billion USD, and a year-to-date rose 65.8%.

Top 5 US Stock Gainers/Losers (>100B) (3.19)

Analysis suggests that AMD's poor stock performance may be related to internal personnel selling $16 million worth of shares in the past year, lack of AI infrastructure hype, and stagnant PC sales, causing market concerns about its prospects

Intraday plunge of 7%! AMD insiders selling stocks attracts market attention

As of the Tuesday's closing of the US stock market, there are over 37,000 open contracts for NVIDIA call options expiring this Friday with a strike price of $1940. NVIDIA is becoming a casino for YOLO traders

NVIDIA's options speculation is outrageous! Someone is betting that the stock price will double this week

NVIDIA leads the volatility of large technology, AI, and chip stocks, with the S&P Nasdaq reversing its decline in the afternoon and the Dow posting its largest gain in three weeks. However, chip stocks have fallen for five consecutive days to a two-week low, with AMD dropping by about 7% before closing down nearly 5%. Oracle hit a new high for the second consecutive day. Chinese concept stocks narrowed their losses, with XPeng opening 7% higher before closing up 0.7%. Ahead of the Fed's decision, the US bond yields fell by about 5 basis points, with the 10-year Treasury yield moving away from a nearly four-month high. Oil prices remained at a five-month high for two consecutive days, with Brent crude closing above $87 and US crude rising by nearly 1%. The US dollar index hit a two-week high, as the Bank of Japan ended its negative interest rate and YCC policy, but the yen approached 151. Bitcoin briefly fell by 7% and dropped below $63,000

After falling 4%, NVIDIA rebounded by 1%, driving the SPDR S&P 500 to a new high, while the Japanese yen suffered a defeat, hitting a four-month low

Huang Renxun said that he expects the data center to be a very large business. The global annual expenditure on data center equipment is expected to total $250 billion, with NVIDIA's products occupying a larger share than other chip manufacturers

Huang Renxun confidently stated: The data center business is worth 250 billion yuan a year, and NVIDIA will grab the majority of the "cake"

菜鸟正在加快推进全球 5 日达业务，计划在 2023 年第四季度实现三位数增长。该业务是行业首个规模化落地的跨境电商快线产品，已成为拉动速卖通订单增长的主要动力。菜鸟在国际物流方面具有优势，是全球最大的跨境电商物流企业之一，收入已与国内物流收入持平。通过与速卖通合作，菜鸟加强了物流时效，提升了消费者的购物体验和电商平台的竞争优势。

菜鸟海外疾飞

Financial Report 2024 | Sales of high-end liquor increased by 60%, CHINA RES BEER claims no impact from consumption downgrade

华尔街对于美国股市是否存在 “狂热” 情绪持不同意见。美国银行的策略师认为，虽然存在一些风险，但美股的强劲盈利和美国经济韧性使其有进一步上涨的空间。然而，首席投资策略师却认为，“科技七巨头” 和加密货币领域正在形成泡沫。这一观点与前者相左。总的来说，美股的反弹并没有反映出之前股价与价值之间的巨大差距或大量使用杠杆的情况。

美银策略师对美股是否存在 “狂热” 情绪意见不一

中信证券同意放弃对华夏基金 10% 股权的优先购买权，股权转让金额不低于 4.9 亿美元。这是中信证券两年内第二次股权变更，此次将协助天津海鹏办理股权转让及工商变更手续。华夏基金的股权结构中，中信证券持有 62.2%，加拿大 POWER CORPORATION 和 MACKENZIE FINANCIAL CORPORATION 分别持有 13.9%。2022 年 12 月，迈凯希金融公司成为华夏基金主要股东。

头部公募再启股权转让，小股东将易人？

On Tuesday, the blockchain sector of the US stock market experienced a general decline. As of the time of writing, MicroStrategy fell by over 17%, Coinbase fell by over 9%, and Riot Platforms fell by over 7%. Bitcoin dropped by more than 7%, trading at $62,602.8

US Stock Market News | Blockchain sector generally down, MicroStrategy drops more than 17%

数字货币概念股盘初普跌，追随比特币下挫的表现。Mercurity FinTech 目前跌 21.6%，微策投资跌 15.8%，CleanSpark 跌 12.2%，数字货币交易所 Coinbase 跌 8.3%，“网红券商” Robinhood 跌 7.6%。Grayscale 比特币信托跌约 6%，刷新日低至 56.18 美元。

美股下挫，英伟达跌 3% 拖累人工智能概念股。日元跌穿 150。市场下调美联储 6 月降息押注，费城半导体指数跌幅扩大至 2.4%。超微电脑跌 12.7%，英伟达 GTC 开发者大会开幕，AI 盛宴继续进行。

美股仅道指涨，英伟达跌 3% 拉低人工智能概念股，日元跌穿 150

Nvidia fell by 2.2%, chip stocks across the board collapsed, with most "Nvidia concept stocks" falling

Expectations of interest rate cuts fall, with mixed performance in the three major US stock indexes. Chip stocks across the board suffered losses, while XPeng-W rose by 3%

This collaboration can solve short-term headaches for both companies

AI joins Apple, Apple seeks Google, the market is very happy, the reasons are very sufficient?

市场消息：微策略以约 6.23 亿美元现金购买了约 9245 个比特币。

GWMOTOR needs a major transformation

Q4 smartphone business ended 7 consecutive quarters of year-on-year decline, returning to positive growth

Mobile business rebounds, XIAOMI-W's Q4 revenue hits a 7-quarter high, with adjusted net profit soaring by 236.1% year-on-year | Financial Report Insights

加密货币交易所 BitMEX 正在调查导致比特币闪崩的异常交易活动。比特币价格在 BitMEX 跌至 8900 美元的低点，而在竞争对手交易所的价格超过 6.6 万美元。BitMEX 发言人表示，发现了涉及极少数账户的激进抛售行为。比特币价格下跌了约 14%。比特币周二下跌 6.3%。

交易所 BitMEX 调查比特币周一闪崩原因：发现 “激进抛售行为”

比特币短线跌破 63000 美元，日内跌超 6%；以太坊触及 3200 美元，日内跌超 8%。自 3 月 14 日见顶以来，比特币累计回落超 10000 美元。数据显示，规模为 250 亿美元的灰度比特币信托周一流出 6.43 亿美元，这是自 1 月 11 日转换为 ETF 以来的最大流出量。

比特币自历史新高回落超 1 万美元 日内跌超 6%

Equilibrium, opportunity cost, rational individuals, trade makes everyone's economic situation better

The Ten Principles of Economics by Mankiw, helping you to think rationally

XPeng fluctuated, rising more than 4% before the performance report, dropping more than 2% before the performance report, and now surging 4%; Bilibili fell more than 3%, NetEase and JD.com fell more than 2%; among the seven technology giants, only Tesla and Apple rose; Microstrategy fell more than 10%, Marathon Digital fell more than 6%, Coinbase fell more than 5%

Pre-market trading in US stocks: XPeng-W surged 4% after earnings, while cryptocurrency-related stocks plummeted

Apple is striving to break into the AI arena, planning to embed Alphabet-C's Gemini large model. Alphabet-C surged over 4% overnight

WSB Hot Discussion | BTC leaked? 12% drop on the 7th day

小鹏汽车预计第一季度交付量 21000 至 22500 辆，市场预期 54268 辆。

小鹏汽车 2023 年 Q4 营收 130.5 亿元，市场预期 133.94 亿元，上年同期 51.4 亿元；预计第一季度营收 58 亿元人民币至 62 亿元人民币。

小鹏汽车第四季度净亏损 13.5 亿元人民币

NVIDIA takes a crucial step in entering the sovereign AI market

Teaming up with Oracle, NVIDIA aims to sell "Sovereign AI" to countries worldwide

AI unicorn Astera Lab is adding fuel to the hot AI market, with an IPO price per share between $32 and $34, potentially valuing the company at over $5 billion

"The Little Nvidia" is here! Plans to IPO this Wednesday

In response to the latest delivery forecasts, production situation, as well as unfavorable factors such as the stoppage caused by the red sea conflict and power issues at German car factories, Goldman Sachs has lowered Tesla's target price from $220 to $190, with a "Neutral" rating

Rating Quick Look | NVIDIA's target price has been significantly raised again! Tesla faces price cuts, NIO-SW receives positive outlook

Compared to its competitors, Blackwell demonstrates outstanding performance, but in order to fully unleash Blackwell's potential, switching to liquid cooling has become almost necessary

A comprehensive understanding of NVIDIA's "new GPU": 5 times faster than H100? 1200W power consumption? Liquid cooling? How does it compare to MI300X?

IMOTIONAUTOTECH(01274) rose 9.29%, with a trading turnover 72.1 Million HKD, and a year-to-date rose 111.3%. XTEP INT'L(01368) rose 9.03%, with a trading turnover 236.0 Million HKD, and a year-to-date rose 12.2%. CONANT OPTICAL(02276) rose 8.8%, with a trading turnover 13.6 Million HKD, and a year-to-date rose 15.6%.

Top 10 HK Stock Gainers (3.19)

YANKUANG ENERGY(01171) rose 1.94%, with a trading turnover 550.7 Million HKD, and a year-to-date rose 20.2%. CNOOC(00883) rose 1.49%, with a trading turnover 1.4 Billion HKD, and a year-to-date rose 36.3%. LI AUTO(02015) fell 7.99%, with a trading turnover 2.5 Billion HKD, and a year-to-date fell 13.1%. WUXI APPTEC(02359) fell 7.49%, with a trading turnover 801.2 Million HKD, and a year-to-date fell 50.2%.

Top 5 HK Stock Gainers/Losers (>100B) (3.19)

HIGHTIDE-B(02511) fell 17.06%, with a trading turnover 8.9 Million HKD, and a year-to-date fell 50.8%. ESR(01821) fell 12.32%, with a trading turnover 200.1 Million HKD, and a year-to-date fell 28.1%. HONGJIU FRUIT(06689) fell 10.3%, with a trading turnover 152.2 Million HKD, and a year-to-date fell 48.6%.

Top 10 HK Stock Losers (3.19)

临床阶段生物制药公司 Fusion Pharmaceuticals 盘前飙涨 94%，报 20.65 美元。

美股异动 |Fusion Pharmaceuticals 盘前飙涨 94% 阿斯利康拟溢价近一倍收购

人工智能发展带来投资机遇与挑战。AI 主题 ETF 产品受追捧，规模飙升。

“英伟达浪潮” 中，AI 主题 ETF 过去一年规模已翻倍

Overnight hottest contract: Tesla with a maturity date of March 22 and a strike price of $175, with a trading volume exceeding 110,000 contracts! Google's A call options surged to 820,000 contracts, with a 72% call option ratio; Google's C call options soared to 400,000 contracts, with a 66% call option ratio

US Stock Options | NVIDIA, AMD, SOUN Trading Volume Halved! Alphabet-C Trading Volume Surged

XIAOMI-W will announce its financial report after the Hong Kong stock market closes today

Financial Report Preview | Will Xiaomi Motors contribute to a market value of 900 billion RMB?

Fintech company Robinhood has fully launched commission-free trading services in the UK, but has postponed its plans to increase leverage lending functions. UK customers can access over 6,000 US-listed stocks through the Robinhood app, and enjoy benefits such as non-investment cash interest, zero trading commissions, and no foreign exchange fees. However, the launch of margin investment services has been temporarily put on hold due to discussions with regulatory authorities. The President of Robinhood UK stated that the company will continue to provide local products and services that meet customer demands

Robinhood enters the UK market with commission-free trading, while its margin lending plan is temporarily suspended

比特币延续跌势，导致全球最大的比特币交易所交易基金流出创下记录。规模为 250 亿美元的灰度比特币信托周一流出 6.43 亿美元，是自 1 月 11 日转换为 ETF 以来的最大流出量。此外，对新上市的现货比特币 ETF 的需求也在减少，资金流向富达和贝莱德等巨头产品也减少。货币政策的不确定性和资产泡沫风险也令市场人士担忧。比特币价格下跌约 3%，至 65380 美元。

比特币延续跌势 灰度基金单日 “失血” 逾 6 亿美元

荷兰合作银行放弃将土耳其子公司出售给加密货币公司的交易。