Under the same AI sky: buyers in the ICU, sellers at a party

This market is completely split in two.

On one side, Tesla is down 14%, Google is down 7%, and the Nasdaq wiped out $797B in a single day. Buy-side stocks are being squeezed by capital expenditures, unable to breathe.

On the other side—on the same day—Samsung and SK hynix signed a long-term supply agreement with Anthropic; NVIDIA announced a $1B investment in Naver to expand AI data centers; and it also teamed up with SK Group on a more-than-$500B AI cooperation plan.

SK hynix will provide U.S. companies with $750B in long-term storage chips, while Samsung will supply Broadcom with $200B in chips.

Add them up: a combined $950B mega-deal.

Buyers are lying in the ICU getting beaten by the market, while sellers signed one of the largest chip orders in human history on the same day.

Is this TM reasonable?

First, look at the buyer side—dire, really dire.

Tesla’s Q2 free cash flow was -$1.09B, Google -$5.9B, and it turned negative for the first time since listing.

The market’s logic right now is extremely simple and brutal: you burn cash, I throw cash. Revenue beating expectations? Doesn’t matter. AI business exploding? Get lost. I only ask one question—can your free cash flow hold up?

Now look at the seller side—awesome, really awesome.

Anthropic CEO Dario Amodei announced it personally, and it also signed Samsung and SK hynix at the same time. Pay attention to the word “at the same time”—Anthropic’s strategy isn’t picking sides, it’s double insurance.

On the same day, NVIDIA announced a $1B investment in Naver, expanding the scale of AI data centers by more than twofold. Brookfield followed with $9B.

Still not done. SK Telecom plans to build a 2 GW AI factory in South Korea, using NVIDIA’s Vera Rubin chips and SK hynix’s HBM4 memory. What does 2 GW mean? Enough to supply 1.5 million households’ electricity at the same time.

NVIDIA also plans to help SK hynix design the next-generation HBM chips.

This isn’t cooperation at all—this is locking everything down from all angles.

Intel also jumped in.

Q2 revenue was $16.13B, up 25% year over year, the fastest growth in nearly 15 years. The data center business surged 59%. Q3 guidance was $15.8B to $16.8B, far above analysts’ expectation of $15.1B.

Shares rose more than 13% after hours.

Qualcomm also announced double-digit percentage price hikes.

Supply-side demand signals are so dense that they’re hard to ignore.

But what matters most is this set of divergence.

Buy-side stocks are falling, while seller orders are flying. The correlation between the two is approaching zero.

This means the market’s worry about AI hardware demand is—emotional. And the actual orders—are real.

SK hynix and Samsung aren’t waiting for AI demand; they’re already locking in orders.

What does this mean for AI-related crypto assets?

In the short term, market sentiment is still dominated by the buyers’ cash-flow anxiety. Tesla and Google’s plunge is still spreading, and the Nasdaq is still bleeding. “Selling shovels” assets like AI computing power tokens and storage concept coins will likely be dragged down by the broader market in the short term.

But in the medium term—this is where the seller fundamentals are visibly getting stronger.

A $950B order locks in revenue for the coming years. A 2 GW data center is under construction. HBM4 is on the way.

When the market finally reacts, “Oh, so the shovel-sellers are actually making money,” what will happen?

My view is: this divergence won’t last forever.

Either buyer sentiment repairs and lifts the whole AI sector—sellers rise along with it.

Or seller orders keep beating expectations and ultimately pull the market out of “cash-flow anxiety”—sellers strengthen independently.

No matter which path, the seller logic is tougher than the buyer’s.

Yesterday’s pullback was the market digesting anxiety. But this batch of orders—directly gives a fundamental-level rebuttal. #直通IPO第二期JerseyMikes #夏日创作营 #Gate事件合约首发狂欢 $SAMSUNG $SKHY $NVDA