#宇树科技上市首日大涨629%
If you're not shorting now, when will you? A bubble stock on the A-shares market, a remote-controlled toy company—there's no way it won't fall. One winning IPO allocation earns more than ¥400,000; wouldn't you dump it and lock in the gains for the New Year?
Unitree $UNITREE surged 629% on its first trading day: opening at ¥1,100, with its market cap nearing ¥450 billion, but...
On its first trading day, the robotics sector saw the largest capital inflow, but it was only ¥500 million
Across the entire sector, everything except Unitree was in the red—I'm speechless
I was calling on everyone to short it early this morning. I felt this thing couldn't sustain this price. It has already pulled back, and sure enough, it failed to break higher
Unitree Technology officially debuted on the STAR Market, surging 629.44% from its offering price of ¥150.80. Based on the total share capital after issuance, the company's market cap has already climbed to approximately ¥444.9 billion. Unitree's IPO raised approximately ¥6.1 billion, while retail subscriptions before listing exceeded 8,000 times, setting a record for the SSE STAR Market. The market had already bet on a major surge before the listing, but its first-day performance still significantly exceeded off-market expectations.
Where can you short it? Of course, Gate! Look here, I'm already short—do as you please: https://gate.com/zh/futures/USDT/UNITREE_USDT/?ref=VgJCUQ

#我的七夕交易分享 Global tech is falling across the board, but memory is taking the hardest hit: Is faith in AI wavering, or is this just a cyclical pullback?
On August 18, Nasdaq futures fell 1.23%, while SanDisk and Western Digital dropped more than 6%—is this AI-driven memory boom still “on the way,” or already nearing its end?
On August 18, U.S. stocks were broadly in the red before the opening bell. Nasdaq futures fell 1.23%, and S&P 500 futures fell 0.54%. But the real eyesore was memory chips—SanDisk and Western Digital fell more than 6%, SK hynix, Micron, and Marvell all dropped more than 5%, and even optical communications names Lumentum and Coherent followed with declines of more than 6%.
Many people are asking: Global tech is falling across the board, so why is memory getting hit the hardest? Today, we’ll break down the logic and discuss what to expect next.
There are three layers to consider: The first is the macro story, which you probably already know; the second is memory’s own “exclusive negative catalysts,” which is the key; and the third is what to expect going forward.
I. The macro layer: All tech stocks are taking a beating
Tensions in the Middle East have escalated, the navigation agreement for the Strait of Hormuz has yet to materialize, and oil prices have been pushed higher. When oil rises, inflation expectations rebound; as inflation expectations recover, the 10-year U.S. Treasury yield has climbed to 4.75%, reaching a multi-year high.
When interest rates rise, high-valuation growth stocks that rely on “discounting future cash flows” suffer the most. Funds therefore rotate from growth into defense, putting tech stocks under collective pressure. This explains “why tech stocks are falling together,” but not “why memory is falling twice as hard as the Nasdaq.” To answer that, we need to look at the second layer.
II. Four memory-specific negative catalysts: This is the real reason for the sharp drop① Wavering faith in AI—the real incremental catalyst is hereA detail in today’s news: DoubleLine Capital’s Gundlach warned that the more than $500 billion AI infrastructure financing package being promoted by Nvidia and Wall Street could very likely signal that the AI frenzy has peaked; “The Big Short” investor Burry has also repeatedly warned of excessive AI investment, saying these chips will be obsolete in a few years. Memory—especially HBM, or high-bandwidth memory—has been the strongest-performing segment of this AI rally. As faith in AI weakens, the most crowded trades are unwound first, and memory is the first to take the hit. This is not a genuine collapse in fundamentals; the positioning is simply too crowded.
② A post-earnings selloff—expectation gaps hurt more than the resultsSanDisk’s latest quarterly revenue surged 372% year over year, while Western Digital’s rose 44%; the figures looked excellent. Yet both stocks plunged after hours. There was only one reason: The guidance for the next quarter failed to meet the market’s already sky-high expectations. Even more importantly, SanDisk had risen more than 460% this year and Western Digital about 200%, so the optimistic expectations that could be reflected had already been fully priced in. Once the results landed, profit-taking was concentrated. This is what is known as an “earnings selloff.”
③ Rising rate-hike expectations—high valuations take another hitThe 10-year U.S. Treasury yield has surged to 4.75%, and the market has begun to fear rate hikes—there are reports that Fed Chair Waller is already prepared to initiate hikes as soon as inflation data rebounds. For high-valuation growth stocks already under pressure from high rates, this is a second blow. As a high-beta sector, memory is reacting even more sharply.
④ Internal cyclical disagreement—worries about “capacity expansion leading to oversupply”Memory is a classic cyclical industry: demand surges → prices rise → capacity expands → supply exceeds demand → prices fall. The market is now fiercely divided. Citi believes inventories remain low, the supply-demand sufficiency rate has fallen from 70% to 50%, and enterprise AI demand can absorb weak consumer demand, so it remains optimistic; the opposing camp believes the industry is transitioning from “capacity expansion” toward “oversupply.” This disagreement alone is enough to send stock prices sharply up and down.
III. Expectations going forward: Short-term volatility, medium-term focus on three things
In the short term: Volatility will only get worse. As long as the question of whether “AI financing has reached its limit” remains unresolved, memory’s high-beta characteristics will continue to amplify both gains and losses. If Treasury yields fall or either oil prices or tensions in the Middle East ease even slightly, there could be a technical rebound; but a true reversal will require concerns over AI financing to be disproved, or major companies to validate the story with tangible capital spending.
In the medium term: The market is split into two camps.
The optimists, including Citi, say inventories are low and enterprise AI demand is only just getting started, so the cycle is not over; the cautious camp says the capacity expansion cycle has peaked and prices are set to fall.
To really distinguish between the two, watching three indicators is enough: HBM price trends, major manufacturers’ guidance for the next quarter, and whether AI capital spending is actually being implemented.
In summary, this looks more like “the rally went too far and needs to catch its breath + expectations need to be reset” than “AI is over.” As a cyclical stock, memory is about watching for the bottom rather than the ceiling; but as the most crowded AI trade right now, it will still be driven by unwinding pressure in the short term.$SNDK ‌

#Web3SecurityGuide
Web3 Security Is Bigger Than Your Wallet: Build a Counterparty Risk Map Before You Move Funds
In Web3, security is often reduced to private keys, hardware wallets, 2FA, withdrawal whitelists, and phishing protection. These controls are essential, but they protect only one layer of the system: you.
The bigger question is what happens when the companies, banks, custodians, payment processors, stablecoin issuers, or infrastructure providers connected to your transaction fail.
Your wallet can be perfectly secured while your funds are still trapped somewhere between the exchange and your bank.
1. Map Every Dependency, Not Just the Exchange
A withdrawal rarely moves directly from an exchange to your destination. Depending on the route, it may involve an exchange, custody infrastructure, payment processor, settlement bank, correspondent bank, stablecoin issuer, blockchain network, and your receiving institution.
Every additional dependency creates another potential failure point.
Before transferring significant funds, identify the complete route and ask:
Who controls each step?
What happens if that provider stops operating?
Is there a backup?
How quickly can the route be replaced?
2. Banking Concentration Creates Hidden Single Points of Failure
An exchange may appear globally diversified while relying heavily on a small number of banking or payment partners.
If one major partner is suspended, loses access to banking infrastructure, becomes insolvent, or faces regulatory restrictions, thousands of customers can experience withdrawal disruption simultaneously.
The lesson is simple: platform diversification is not enough if the underlying banking infrastructure remains concentrated.
3. Custody Structure Matters More Than Marketing
“Your assets are safe” is not the same as legally segregated custody.
Understand whether assets are held directly, through an omnibus structure, or through multiple custodial entities. Also investigate what legal protections may apply if a custodian or platform becomes insolvent.
Proof-of-reserves can provide useful transparency, but it does not automatically establish legal segregation or guarantee recovery priority.
For large balances, custody structure deserves the same attention as security features.
4. Stablecoins Add Another Layer of Counterparty Risk
USDT, USDC, and other stablecoins introduce issuer and redemption dependencies.
Even if an exchange remains solvent, disruptions involving a stablecoin issuer, banking relationships, reserves, regulatory access, or redemption mechanisms can affect liquidity and exits.
Holding exposure across more than one reputable settlement asset can reduce dependence on a single issuer, although diversification cannot eliminate stablecoin risk entirely.
5. Fiat Rails Can Become the Weakest Link
A withdrawal method may work perfectly for months and suddenly become unavailable because of banking restrictions, compliance reviews, correspondent-bank issues, or payment-network disruption.
That is why experienced users should test alternative routes before they are urgently needed.
A small test transfer can reveal whether a backup route actually works in practice.
6. KYC and Compliance Infrastructure Also Matters
Identity verification, transaction monitoring, and compliance systems often depend on external technology providers.
An outage, false positive, delayed review, or data synchronization problem can temporarily interrupt legitimate transactions.
Users cannot control these systems, but they can understand which parts of the withdrawal process depend on external infrastructure and avoid unnecessary concentration.
7. Smart Contracts Create Technical Counterparty Risk
DeFi users face another category of dependency: protocol governance.
Upgrades, contract migrations, oracle failures, paused contracts, or emergency governance actions can change how assets move.
Before making large transfers through complex protocols, check upgrade schedules, contract status, governance activity, and emergency mechanisms.
8. Build Exit Optionality Before You Need It
The strongest strategy is not predicting which provider will fail.
It is preparing for the possibility that one will.
Maintain verified alternatives, understand multiple withdrawal routes, test them periodically, and avoid keeping all operational liquidity dependent on a single platform, bank, stablecoin, or settlement rail.
The Core Principle
Web3 security is not simply a personal OpSec problem. It is a network topology problem.
2FA can stop an attacker. A hardware wallet can protect your keys. A whitelist can reduce unauthorized withdrawals.
But none of these controls can prevent a bank from freezing a settlement route, a custodian from becoming insolvent, a stablecoin from experiencing redemption stress, or a payment processor from disappearing.
The safest fund-management strategy combines strong personal security with counterparty awareness, infrastructure redundancy, custody transparency, and multiple exit options.
Map the dependencies while everything is working.
Because the best time to discover your backup withdrawal route is before your primary route fails.
#股票交易分享挑战 @Gate_Square #C2C #MyQixiTradingShare #GateSquare