MLCC: The Next 100 Billion-Dollar Industry Reshaped by AI GPU → HBM → MLCC As computing power becomes the oil of this era, MLCC, which controls every drop of electric current, is the pipeline that no one notices but no one can do without. #MLCC #AI #Samsung

Grateful to Satoshi Nakamoto! At least we tried. Don’t forget the road we traveled to get here — the "Big Dipper " will light the way forward. I was planning to take a couple days off to rest, but I saw so many friends losing confidence in Bitcoin and blockchain. So I’m sharing a conversation I had with a friend in a group chat to lift everyone’s spirits! Friend: "When everyone else is talking about narratives, Bitcoin can still talk about passion and belief. But when everyone starts talking about revenue, Bitcoin can’t even talk about narratives anymore!" Chris: It’s the decentralized store of value — Digital Gold, the undisputed king of virtual assets backed by global consensus. There will only ever be 21 million bitcoins. Scarcity plus portability. A 4-year halving cycle that runs all the way to 2140. Adoption is rising, states, central banks, and big players are all accumulating. This is already a royal-flush product. Don’t forget why we started. When the price is low, just stack. Allocate according to your own portfolio ratio. One harvest every four years. Don’t forget the road we traveled to get here — the Big Dipper will light the way forward. Blockchain is just a tool. It can be used for good or bad — it depends on how people use it. The crypto space is definitely a mixed bag, but there are also solid people in it like Leon Li, Ramble, and others. We’re now in the institutional era: real-world assets getting tokenized (RWA), stablecoins, assets moving on-chain, etc. I’m grateful for this decentralized dream that brought together so many ambitious people to participate in one of the greatest experiments in human society. Grateful to Satoshi Nakamoto! At least we tried. Bear markets are a good thing! You can grab high-quality assets at a discount! bitcoin:native

Merkle3s Weekly Recap: PCE inflation hits a three-year high as US-Iran tensions escalate, dragging BTC below $68K; Binance launches bStocks to go all-in on tokenized equities, igniting a triple flywheel across the BSC ecosystem; #Hyperliquid hits ATH $74, #HYPE flips $DOGE to crack the top 10. 1️⃣ Macro: Sticky Inflation Geopolitical Shock — A One-Two Punch for Risk Assets ➡️ PCE data released: Headline PCE rose 3.8% YoY (a three-year high), while core PCE came in at 3.3% YoY (vs. 3.2% prior). MoM readings were benign, but the annual figures remain well above the Fed's 2% target. ➡️ The Fed turns hawkish: Powell officially stepped down, and incoming Chair Kevin Warsh struck a hawkish tone in his first public remarks. CME FedWatch shows the June FOMC is all but certain to hold rates steady at 3.50%–3.75%. ➡️ Geopolitical tensions drive risk-off: Following reports of US airstrikes on Iran on June 1, BTC slid to ~$67.5K and ETH dropped to $1,975. 2️⃣ On-Chain: Launchpads Cool Off, Pre-IPO Theme Expands ➡️ Pump Fun remains in a slump: Solana DEX volume cratered 82% over two weeks to $18.8B, with new meme coin issuance cut in half. ➡️ Hyperliquid Pre-IPO contracts keep expanding: Following Cerebras and SpaceX, the platform listed Quantinuum ($QNT). Quantinuum, a Honeywell-backed quantum computing firm, priced its IPO at $53–$55 and is set to debut on Nasdaq on June 4. 3️⃣ Binance Ecosystem: bStocks 42 Space Binance Life — Triple Flywheel Ignites ➡️ On June 1, Binance announced commission-free trading of 7,000 US stocks and ETFs for non-US users (minimum $5 entry), with Nest Trading as broker and Alpaca handling custody. Simultaneously, Binance is planning tokenized equities ("bStocks") on BNB Chain via Ondo Finance. BNB surged over 5% to $722 on the announcement, gaining ~10% on the week. ➡️ 42 Space serves as Binance's event-financialization layer, positioning itself as "any event can launch a coin" — the event-driven counterpart to Pump Fun's "any narrative can launch a coin." Sports events, breaking news, KOL narratives, and project FDV ranges can all be tokenized and traded via bonding curves. The platform is deeply integrated into Binance Wallet's "Event Rush" gateway. 4️⃣ HYPE: Flips DOGE — Pre-IPO Narrative Meets Institutional Validation ➡️ #HYPE kept printing ATHs, touching the $74.04–$74.67 range. Market cap reached ~$16.1–17B, ranking #10 — officially flipping $DOGE. Weekly gain of ~17% ($61.50 → $72.17). Hyperliquid cracked the top 10 just ~1.5 years after launch. ➡️ Ecosystem metrics are compelling: accounting for ~44–70% of perp DEX volume, $800M in full-year 2025 revenue, and $2.9T in cumulative perp trading volume. RWA product OI broke through $3B, setting a new all-time high. ➡️ Pre-IPO contracts remain the core catalyst: Cerebras drove HYPE from $40 to $70, and the Quantinuum IPO lands this week. HIP-4 prediction markets are advancing in parallel.

Merkle3s 每周回顾: PCE 通胀创三年新高叠加美伊冲突升级，BTC 跌破 $68K；币安推 bStocks 全面进军代币化股票，BSC 生态三重飞轮启动；#Hyperliquid ATH $74，#HYPE 超越 $DOGE 挺进前十。 1️⃣ 宏观：通胀黏性 地缘冲突，双杀风险资产 ➡️ PCE 物价指数公布：整体 PCE 同比 3.8%（创三年高位），核心 PCE 同比 3.3%（前值 3.2%）。环比温和但年度数据远超 2% 目标。 ➡️ Fed 态度急转：Powell 正式卸任，Kevin Warsh 接任后首次表态偏鹰。CME FedWatch 显示 6 月 FOMC 几乎确定按兵不动（3.5%-3.75%）。 ➡️ 地缘冲突加剧避险：6 月 1 日美军轰炸伊朗消息传出后，BTC 跌至 ~$67.5K，ETH 跌至 $1,975。 2️⃣ 链上数据：发射台冷却，Pre-IPO 扩张 ➡️ Pump Fun 持续低迷：Solana DEX 交易量两周暴跌 82% 至 $188 亿，新 Meme 币发行量腰斩。 ➡️ Hyperliquid Pre-IPO 合约继续扩张：继 Cerebras、SpaceX 后上线 Quantinuum（$QNT）。Quantinuum 为 Honeywell 旗下量子计算公司，IPO 定价 $53-55，预计 6/4 登陆 Nasdaq。 3️⃣ Binance 生态：bStocks 42 Space 币安人生，三重飞轮启动 ➡️ Binance 6/1 正式宣布：面向非美国用户开放 7000 美股及 ETF 零佣金交易（最低 $5 起），Nest Trading 做经纪商、Alpaca 负责托管，同步在 BNB Chain 上通过 Ondo Finance 规划代币化股票"bStocks"。消息公布后 BNB 单日涨超 5% 至 $722，周涨约 10%。 ➡️ 42 Space 作为 Binance 生态事件金融化层，定位为"任何事件可发币"（对标 Pump Fun 的"任何叙事可发币"）。体育、新闻、KOL 叙事、项目 FDV 区间等均可通过 bonding curve 发行为可交易代币。深度整合 Binance Wallet"Event Rush"入口。 4️⃣ HYPE：超越 DOGE，Pre-IPO 叙事 机构认可双加持 ➡️ #HYPE 持续刷新 ATH，触及 ~$74.04-$74.67 区间。市值 ~$161-170 亿，rank #10——正式超越 $DOGE。周涨幅约 17%（$61.50→$72.17）。Hyperliquid 仅上线约 1.5 年即跻身前十。 ➡️ 生态数据亮眼：占据 Perp DEX 市场 ~44-70% 份额，2025 年全年收入 $8 亿、Perp 交易量 $2.9 万亿。RWA 产品 OI 突破 $30 亿历史高位。 ➡️ Pre-IPO 合约是核心催化剂：Cerebras 推动 HYPE 从 $40 涨至 $70，Quantinuum IPO 本周落地。HIP-4 预测市场同步推进。

Merkle3s Weekly Recap: New Fed chair sworn in amid CPI/PPI overshoot ; Hyperliquid stacks catalysts as HYPE hits a new all-time high. Privacy sector rips broadly; NEAR surges on privacy-preserving AI compute. 1️⃣ Macro: New Chair Hot Inflation — Risk Assets Under Pressure ➡️ The new Fed chair was sworn in last week. Compounding post-election policy uncertainty, market views on the rate path have split ➡️ This week's CPI and PPI prints both came in above expectations, putting inflation stickiness back in the spotlight and weighing on risk assets ➡️ BTC traded in a tight $74,200–$78,100 range this week, currently at $76,600. Options positioning is crowded, with onchain support levels and options expiry creating a tug-of-war — near-term direction remains unclear ➡️ Trump announced over the weekend that a Middle East peace deal is imminent. Oil prices and Treasury yields opened sharply lower on Monday, but BTC's reaction was muted — it has yet to follow risk assets higher 2️⃣ Hyperliquid: Catalysts Stack Up as HYPE Hits ATH ➡️ #Hyperliquid had a blowout week. HYPE surged 32% ($47.7 → $62.9), hitting a new all-time high ➡️ Three catalysts hit at once: ① SEC Innovation Exemption policy tailwind ② Bitwise BHYP ETF listed on NYSE ③ Coinbase officially took over USDC Treasury management for the Hyperliquid ecosystem ➡️ The pre-IPO contract pricing narrative keeps building momentum, with onchain price discovery for private assets earning market validation ➡️ New product line: Hyperliquid launched HIP-4, enabling traders to bet on macro events like inflation and interest-rate decisions onchain — a direct challenge to Polymarket, but using validator arbitration instead of UMA-style external dispute resolution 3️⃣ Privacy Sector: ZEC Leads, NEAR Surges on AI × Privacy Compute ➡️ The privacy narrative is heating up again. #ZEC surged from $563 to a $688 peak before pulling back to $606, lifting the broader privacy coin sector ➡️ The privacy concept is branching into a new direction: #NEAR has emerged as a key beneficiary of privacy-preserving AI compute, rallying from $1.62 to $2.78 ( 72%) this week as the market begins to price it as an emerging narrative 4️⃣ Base Ecosystem: AI Sector Leadership Shifts as VVV Overtakes Virtual ➡️ The Base AI Agent sector saw a leadership rotation: VVV's momentum kept building, attracting capital and attention, overtaking Virtual as the new leader in Base's AI vertical. VVV moved from $15 → $17.8 ( 19%) this week ➡️ The broader Base ecosystem is expanding beyond pure meme trading into two narrative lanes: V4 Hooks / novel issuance mechanisms and AI Agents ➡️ However, onchain launchpad activity continues to cool: PUMP's average daily revenue is down 27% from its peak, declining further week-over-week 5️⃣ Prediction Markets & Regulation: Kalshi Volume Drops Multi-Country Crackdowns, But Innovation Continues ➡️ Kalshi's average daily trading volume fell 13% week-over-week, impacted by a lull in the sports calendar, with volume fluctuating alongside the event schedule ➡️ Regulatory tightening: Spain and Indonesia have imposed back-to-back bans on Polymarket and Kalshi, while the US Congress launched a sweeping insider-trading probe into both platforms ➡️ But product-side innovation hasn't stopped: Polymarket rolled out parlays (combinatorial contracts), the SEC is soliciting public input on prediction market ETFs, and Polymarket plans to enter Japan by 2030

⚡️@ViewsOfChris 对话 168X：从币圈 OG 到 AI 美股，下一轮牛市主线在哪里？ Chris 是华人币圈早期交易所核心人物，曾深度参与 crypto 最野蛮生长的年代。如今，他的关注重心明显转向美股 AI 主线：半导体、存储、CPO、LLM。 为什么一个币圈 OG 现在更关注美股，而不是 crypto？AI 美股连涨后的“拧毛巾”回调，是健康调整，还是 AI Bubble 爆破前兆？光模块和存储，谁被高估，谁还被低估？ Micron、SK Hynix、Samsung、SanDisk，为什么可能不再只是传统周期股，而是 AI super cycle 的核心资产？ 从交易所时代到 AI 美股时代，Chris Lee 如何判断资金流向、市场周期与下一轮牛市？明天中午来听听 Chris 的分享！ 主持：@168MrZ @vcmktasa 嘉宾：@ViewsOfChris 直播时间：5/27 12 PM (东八区） 直播链接：x.com/i/spaces/1pKdRRDrPWNJW

不可思议 Unbelievable! 即使在AI SuperCycle里， 作为AI战略资源的内存股市盈率仅为GPU/代工巨头的约1/4，PEG比率更是低至约1/10。 前四家公司（SK海力士、三星、Micron、SanDisk）是领先的AI内存制造商（HBM、DRAM、NAND），而NVIDIA是全球第一GPU生产商，TSMC是全球第一晶圆代工厂。 PE与PEG估值核心观察 1. AI内存股的远期市盈率极低 - SK海力士：4.55倍 - 三星：5.31倍 - Micron：5.74倍 - SanDisk：9.355倍 → 四家内存公司均处于个位数远期市盈率（2027财年）。 2. NVIDIA与TSMC的估值是内存股的3–4倍 - NVIDIA：18.70倍 - TSMC：20.38倍 投资者为每1美元2027年预期收益支付给NVIDIA和TSMC的钱，是支付给内存巨头的近4倍。 3. PEG比率显示内存股严重低估PEG比率（市盈率 ÷ EPS增长率）是衡量“增长调整后估值”的最佳指标： 公司明年 PEG点评Micron0.05全球最便宜的高增长股票之一，SanDisk 0.04极具吸引力, SK海力士0.17非常便宜, 三星0.23仍属合理, NVIDIA0.55增长定价合理, TSMC 0.73相对偏贵 内存公司每单位增长对应的估值远优于两者。 4. 内存股的盈利增长极为强劲 Micron： 120.7%（2027年EPS增长） SanDisk： 220.3% SK海力士： 26.5% 三星： 23.2% 即使增长如此惊人，市场仍给予内存股极低的估值。 总结 AI内存制造商（SK海力士、三星、Micron、SanDisk）相对于NVIDIA和TSMC，明显被低估。 内存股的市盈率仅为GPU/代工巨头的约1/4，PEG比率更是低至约1/10。 这种估值差距表明，市场可能低估了HBM/DRAM/NAND在整个AI生态系统中的关键作用和定价能力。 附图表格清晰显示了AI供应链中显著的估值差异。作为例子说明，重估会带来的股价提升对比。 非投资建议，仅供参考交流之用，DYOR。