SpaceM+

Longbridge AI 发布会

$SK Hynix - WI(SKHYV.US)

Opened the account and took a look, what the heck is this?🤦‍♂️

$Tesla(TSLA.US)

AI infrastructure stocks are rising, and physical AI Tesla is holding steady. There's not much activity in the community either. It's particularly quiet.

- DELL: 234%

- HPE: 79%

- MU: 240%

- SNDK: 614%

- DRAM (ETF): 128%

- ARM: 223%

- QCOM: 47%

- AMD: 141%

- AVGO: 29%

- MRVL: 141%

- SOXX (ETF): 89%

Just now, both brokerage firms held conference calls with analysts and announced the penalty amounts. Overall, the two types of regulatory actions this time—fines and stock clearance—are relatively mild:

Fines: The pre-processing fine amounts for both institutions have been publicly announced, which are overall lower than market expectations (Futu: 1.85 billion yuan, Tiger Brokers: 410 million yuan).

Stock Clearance: This control measure is centered on the actual place of residence (physical jurisdiction). Overseas trading and fund transfers for existing mainland clients are unaffected; on the domestic platform, only selling and fund withdrawals are allowed.

Details of Stock Clearance: It does not require mainland clients to liquidate their stocks and close accounts within two years. Instead, after two years, domestic web servers will be shut down, prohibiting trading within the mainland. Clients located overseas can still deposit funds and trade normally.

Scope of Application: The new regulations apply to all overseas institutions, covering all overseas financial entities providing securities services to mainland clients. It is not only targeting Futu and Tiger Brokers but also includes overseas banks offering securities-related services.

Longbridge, being a non-listed company, should face relatively lighter penalties, and it's estimated that it won't be required to disclose them. In short, after two years, it's the crypto treatment—use a VPN.

$Futu(FUTU.US) $UP Fintech(TIGR.US)

Just support it once$Futu(FUTU.US)

$Tesla(TSLA.US)

Haven't talked about Tesla for a long time. Little Tesla is probably going to explode soon, right?

Last time I was in Hangzhou, I unlocked FSD through a module, which should be a version between V12-13. In actual testing, it was more human-like than Huawei or Li Auto. When I took friends to Longjing, they completely didn't realize I wasn't driving.

Buy when no one is interested, sell when it's all the rage.

Duan Yongping's top five holdings (by weight):

• AAPL (Apple): 36.72% (Largest holding, still the core position, but reduced quarter-over-quarter)

• BRK.B (Berkshire Hathaway Class B): 21.91% (Second largest, a defensive core holding)

• NVDA (NVIDIA): 12.07% (Third largest, significantly increased allocation for AI computing power)

• Pinduoduo: 10.09% (Fourth largest, buying more as it falls)

• TSLA (Tesla): 6.34% (Newly entered as the fifth largest)

AI Full Industry Chain ETF Purchase Guide

(For personal use only, please do not buy recklessly)

$Roundhill Memory ETF(DRAM.US)

The "cheap era" for memory chips is over. It's not temporary; it's structural.

It has gone from a "cyclical gamble" to a sector that can be held for the long term. Sell off the options, and keep holding the underlying shares.

SpaceX IPO reserves 30% for retail investors, Musk is genuinely helping ordinary people this time.

Everyone knows the unwritten rules of US stock IPOs: when a good company goes public, institutions get the meat, retail investors get the broth. Retail investors typically only get allocated 5%-10% of the shares. By the time you can buy in, the first wave of gains has already been scooped up by the institutions.

But this SpaceX IPO is different. Musk wants to reserve 30% of the IPO shares for retail investors. This isn't just for show. He's serious.

According to Reuters, SpaceX plans to IPO with a valuation of around $1.75 trillion, raising up to $750 billion—if successful, it would surpass Saudi Aramco's $294 billion record from 2019 to become the largest IPO in human history.

In this deal, Musk's team is pushing to allocate 20%-30% of the shares to individual investors. Based on $750 billion, 30% is $225 billion directly accessible to ordinary people.

When Facebook went public in 2012, it only gave retail investors about 15%, which was already called "unprecedentedly retail-friendly" by the media. SpaceX is doubling that.

The execution is also practical: Bank of America handles the high-net-worth client channel, while Morgan Stanley covers ordinary retail accounts through E*TRADE. These two pipelines ensure the shares actually reach individual investors' hands, not just get snatched up by institutions under a different name.

Why is Musk doing this? Honestly, any other CEO would never do this. Giving shares to institutions, locking in large orders, ensuring a smooth IPO day—that's the standard Wall Street playbook.

But Musk never plays by the rules.

Recall the Tesla story. During the 2020 surge, it wasn't Goldman Sachs or BlackRock that held off the short sellers; it was the millions of retail investors holding onto their few hundred or thousand shares, refusing to sell. They encouraged each other on Twitter, analyzed fundamentals on forums, and voted with their real money. Throughout Tesla's rise from $40 to $400, retail investors were the most steadfast allies.

Musk remembered that. Musk doesn't want "smart money"; he wants "conviction money." And history has shown that conviction money often holds on longer than smart money.

What does this mean for retail investors?

This might be the first time ordinary investors get a truly meaningful allocation in a super-unicorn IPO.

SpaceX's fundamentals also justify this trust. Starlink is already profitable, with 2025 revenue projected to exceed $120 billion, covering over 100 countries globally. Starship holds long-term NASA contracts, with commercial launch orders booked into the year after next. This isn't a company burning cash on stories; it's a space infrastructure giant with real cash flow, technological moats, and government backing.

Of course, a $1.75 trillion valuation isn't cheap, and the subscription threshold and lock-up period details haven't been announced yet. But the mere act of "reserving 30% for retail" has already changed the game.

For decades, wealth distribution in the IPO market has been tilted towards institutions. Retail investors are always the last to the table, and by the time you sit down, the good dishes are already gone.

This time, Musk has at least left a few hard dishes on the table.$Tesla(TSLA.US)

$Tesla(TSLA.US) The turning point in human transportation history

FSD, Musk is re-evaluating its value

Elon just posted an X, the tweet was simple, but there's a lot to unpack behind it.

1. Financially, converting volatile hardware profits into stable, high-margin recurring revenue. Tesla is essentially an AI and robotics company, not a traditional manufacturer. A one-time purchase is a single transaction, while a subscription turns the vehicle into a terminal that continuously generates cash flow. A one-time purchase creates a psychological account where the value of FSD is fixed. Ending one-time purchases means no longer treating FSD as an "accessory" but defining it as a "utility service" or "operating system license."

2. Lowering the barrier to accelerate the network effects of the "data flywheel." The key to winning in autonomous driving isn’t the sophistication of the algorithm but the scale of training data. More subscribers → more miles driven → more edge-case data → stronger algorithms → attracting more subscribers. A single fatal edge case in autonomous driving could destroy a physical AI company.

3. Paving the way for Robotaxi. If cars can achieve true full self-driving, vehicle ownership will become less important—what matters is the car + FSD. Are taxis expensive, or are drivers expensive? If drivers are expensive, then FSD is expensive, meaning FSD brings you more income, making it more feasible to add your car to Robotaxi. More people using Robotaxi → owners/carmakers profit → more owners join → more FSD cars available → more people willing to hail Robotaxi.

If you can buy it outright, just buy FSD!

$Tesla(TSLA.US) Longbridge seems to be offering grey market price options products

$Tesla(TSLA.US) This is the starting point of Tesla's second wave.

$Tesla(TSLA.US) Come on HK, as a temporary resident of Hong Kong, I sincerely hope HK can develop better.

$Tesla(TSLA.US)

TSLA's NVDA moment

Elon Musk personally pointed out:

- 🧠Major valuation changes when unsupervised autonomous driving is deployed at scale

- 🤖Even more significant valuation changes when Optimus goes into mass production

14.3 FSD = The moment to sleep with eyes closed (mentioned at shareholders meeting)

$Tesla(TSLA.US) Even as strong as Lao Duan, he has to iterate his own understanding.

What a man says doesn't matter, it's where he puts his money that counts

$Tesla(TSLA.US)Elon Musk purchased approximately 2.57 million shares of Tesla (TSLA) stock on September 12, 2025, with a value of about $1 billion, at a price range of approximately $372 to $396 per share.

Make an observation line.