#分享美股交易赢英伟达股票 Former Lehman Brothers trader and founder of The Bear Trap Report, Larry McDonald, warns that investors chasing SpaceX's massive IPO could repeat the mistakes made before the collapse of Amazon's internet bubble.
He believes investors are blinded by SpaceX's valuation, and if it reaches $2 trillion, it would require $15 trillion to $19 trillion in revenue to achieve similar returns as Tesla, which is "extremely unrealistic."
SpaceX may be the largest IPO in Wall Street history, seeking at least a $1.8 trillion valuation, planning to raise up to $75 billion. Its IPO documents show revenue of $18.7 billion in 2025, and $4.7 billion in the first quarter of 2026, along with ambitious goals across multiple sectors.
McDonald states that the market is overly reliant on artificial intelligence narratives, with investors pricing in future earnings prematurely and insufficiently concerned about risks. He calls the wave of IPOs for SpaceX, OpenAI, and Anthropic the "event of the century," with their combined valuation soaring from about $760 billion a year ago to $3.5 trillion.
McDonald worries about risks in passive investing and retirement accounts, noting that accelerated inclusion in indices could force index funds to buy SpaceX stock regardless of valuation. He urges investors to stop this and protect 401(k) retirement accounts. Nasdaq and FTSE Russell have already amended their rules, and S&P Dow Jones Indices is also considering similar changes. Bloomberg estimates that if S&P adopts fast inclusion, passive funds could absorb nearly $20 billion in SpaceX stock. $SPCX

#GatePartnersWithAlpacaToBridgeCryptoAndStocks
On June 3, 2026, Gate announced a strategic partnership with Alpaca, offering eligible users access to real US stocks and ETFs through the Gate platform. Alpaca will provide regulated brokerage infrastructure, including order execution, clearing, settlement, custody, dividend processing, and institutional transactions. Gate will remain the platform that directly interacts with the customer.
Gate integrates a unified account system, allowing you to invest USDT directly in stocks without manually converting it to fiat currency, transferring it to an old brokerage, or waiting for payment.
This isn't an isolated incident; it's part of a rapidly accelerating convergence between digital assets and traditional finance (TradFi). Large platforms are realizing users no longer want to hold separate capital across three different applications to protect a crypto portfolio with an index fund or a tech stock.
What does this mean?
One account for multiple asset classes: Users can access both cryptocurrencies and US stocks from the same platform.
Access to over 10,000 US stocks and ETFs listed on exchanges like the.
Fractional stock investing is expected to be supported with purchases starting at $1.
USDT-funded stock trading is planned, reducing the need to move funds to a separate brokerage account.
The significance of the partnership
The important development is not just Gate adding stock trading. Gate connects a cryptocurrency-based platform to traditional securities markets through a compliant framework, using regulated US brokerage infrastructure. This is part of a broader trend of cryptocurrency exchanges expanding into multi-asset financial services.
Points to note:
Availability may depend on your country of residence and regulatory restrictions.
The phrase "single account" does not mean that crypto and stock assets are held under the same legal framework; core brokerage services are still provided through Alpaca's regulated infrastructure.
The announcement describes an upcoming launch, so eligibility, supported regions, and exact features may change as the launch progresses.
From an investor's perspective, Gate's partnership with Alpaca presents both attractive advantages and significant risks.
Potential Benefits
1. Unified portfolio management
You can hold cryptocurrencies and US stocks within a single ecosystem.
Easier asset allocation between traditional and digital assets.
Potentially faster switching between investment themes (e.g., AI stocks, cryptocurrencies, ETFs).
2. Lower friction
Traditional brokerage firms often require separate registration, funding, and account management.
Crypto users gain access to stocks without leaving a familiar platform.
3. Partial investment
Access to high-priced stocks like NVIDIA, Microsoft, and Amazon with small amounts of capital through partial investments.
4. Regulatory infrastructure
Alpaca is a regulated US brokerage infrastructure provider.
Transaction execution, clearing, custody, and institutional operations are handled through a regulated framework, not directly by a crypto exchange.
Key Risks
1. Regulatory Uncertainty
Cryptocurrency regulations continue to evolve globally.
The availability of stock trading features may vary depending on jurisdiction.
2. Counterparty Complexity
You are interacting with two entities:
Gate (front-end platform)
Alpaca (brokerage infrastructure)
If disputes or operational issues arise, understanding who is responsible can be important.
3. Platform Concentration
Keeping all investments in a single ecosystem provides convenience, but it also increases reliance on a single platform experience.
4. Currency and Payment Considerations
If stock trading is funded through stablecoins like USDT, investors should understand:
Conversion Mechanics
Fees
Payment Timing
Risks associated with stablecoins
Gate originated in the crypto world and is expanding into equities; other platforms, on the other hand, originated from traditional brokerage firms and later added crypto.
Strategic Outlook
If Gate progresses successfully, this partnership could help position it as a broader financial platform rather than just a cryptocurrency exchange. The long-term opportunity lies in the convergence of:
Cryptocurrencies
Equities
ETFs
Tokenized assets
Global investment
For investors who view Gate as a business (rather than using the platform), the key question is whether integrated multi-asset investment will become a significant growth engine and whether it will drive users away from both independent crypto exchanges and traditional brokerage firms.
The biggest advantage for platform users is convenience.