Primary market chases dreams, secondary market crushes valuations—this bubble in the AI industry chain is really squeezing hard. SpaceX is actually super popular: 4x oversubscription. Capital always goes after the top-tier narratives.

SpaceX faces a frenzy of buying, but the AI industry chain is beginning to "bubble burst"?

In the past 24 hours, a very interesting phenomenon has appeared in the U.S. stock market:

On one side, SpaceX's IPO continues to ignite global capital enthusiasm. According to the latest news from Reuters, demand for SpaceX's IPO subscription has exceeded $250 billion, about four times the fundraising scale of $75 billion, making it one of the most watched tech IPOs in recent years. The market generally expects its valuation to approach $1.77 trillion, and the subscription enthusiasm is still heating up.

But on the other side, the AI industry chain has encountered a sudden valuation correction.

SemiAnalysis's latest research report points out that the commercialization progress of Co-Packaged Optics (CPO), which the market previously placed high hopes on, may be delayed, and the upgrade pace of some AI data center power architectures is also below expectations. After the news broke, the optical module and AI network infrastructure sectors experienced collective sell-offs. Companies like AAOI, Marvell, Coherent, and others saw declines of over 10% during trading, and AI concept stocks like AMD also came under pressure.

From a trader’s perspective, this actually reflects the most authentic state of the current AI market:

Capital is still crazily chasing the top-tier AI narratives.

Super unicorns like SpaceX, OpenAI, Anthropic are still the core targets of capital pursuit, with many institutions willing to prepay for the imagination space of the next ten years. The subscription scale for SpaceX has risen from about $150 billion a few days ago to over $250 billion, which is the most direct proof.

But for the secondary market, the story is no longer enough.

The market is beginning to reassess the actual landing speed of the AI industry chain, order fulfillment capability, and future profit cycles. If commercialization progress falls below expectations, valuation corrections will come very quickly.

In simple terms:

The primary market is crazily pricing for the "future";

The secondary market is starting to reprice the "reality."

For crypto investors, this situation is actually not unfamiliar. Just like in past bull markets, BTC and leading assets kept hitting new highs, but many concept coins had already entered the value reversion stage.

The AI track may be experiencing the same process.

Truly barrier-rich, cash-flowing, industry-leading companies are still attracting global capital, while those segments of the industry chain driven by expectations are undergoing the market’s harshest test.

In the coming months, the differentiation within the AI sector may only become more obvious. #Gate直通IPO认购SpaceX #SpaceX认购规模超2500亿美元 @Gate 广场