CJ_Blockchain

There are three important updates today
Google earnings, Microsoft earnings, and Oracle Investor Day
Google: Actual Capex this quarter: about $51.36 billion, below analysts’ expectations of about $55.09 billion; full-year 2026 Capex guidance remains unchanged at $195 billion–$205 billion
Google didn’t say why it fell short of expectations this quarter, but it also didn’t lower its full-year guidance, and said it would increase significantly in 2027
Microsoft: Actual Capex this quarter: about $45.2 billion, below the company’s own prior expectation for the quarter (about $50 billion), and also

I’ve seen many people say AMZN and GOOGLE’s PEs are at historical lows and that they’re currently undervalued.
But these two companies’ PEs this quarter are artificially low because of profits from one-time gains on their Anthropic investments.
So if you’re looking at PE, you should look at adjusted PE.
Of course, after the recent pullback, adjusted PE is also below its average over the past 2 years.

Microsoft plans to lay off 60,000 employees.
Where will it cut capital expenditures from? Of course, human resources.

Anthropic's stock ticker is $ANT
Remember Ant Financial?
A cycle. Haha

2026.10.25 Review and Outlook
U.S. Stocks
This week, U.S. stock indexes, individual stocks, and semiconductor indexes all suffered brutal declines. We discussed the reasons for the drop last week, and this week the U.S.-Iran situation deteriorated again.
Volatility will be even greater next week. There is an FOMC meeting, and on the AI demand side, Microsoft, Amazon, and Google will report earnings. On the AI supply side, there are SK Hynix, SanDisk, and INTC.
The short-term technical picture is actually very poor. Many semiconductor stocks have broken down, and the SOXX index has also broken

I don't know when it started,
but it's become okay to let others watch, just not to let them see your conversations with AI.
😂😂😂

SOXX experienced a bloodbath this week.
Countless people are saying the semiconductor cycle has peaked.
The current low PE is a cyclical stock trap, and future EPS cuts will lead to a double whammy of valuation and EPS declines.
But the fact is, the market can never predict what will happen two years from now.
Since 2022, if you look at institutions' forecasts for NVIDIA's revenue and EPS two years out,
institutions have consistently and significantly underestimated NVIDIA's performance.
By how much? Revenue was underestimated by an average of 53%, and EPS by an average of 66%.
Even institutio

Is a mechanism like metric really suitable for on-chain?
Markets close on weekends, oracles stop providing quotes, and trading is paused.
So why bring it on-chain? What's the point—because on-chain fees are high?

Ukraine, Russia, and the US are about to hold trilateral talks?
Are Ukraine and Russia going to cease fire? Is this Trump's midterm election card?
Make a feint in one direction while secretly advancing in another.
Iran is just the card on the surface.

Lei Jun!
Can you make an alternative to the Roadster!
I won't accuse you of copying this time!
Make one!
Please!

STRC, which was previously trading at nearly a 30% discount, has almost returned to its $100 face value.
Meanwhile, Coreweave’s corporate bond yield has surged to 15%.
Does the market trust MSTR too much, or hate Neocloud too much?
I can’t tell.