Mastering "Gold, Silver, and Copper," the "Beijing Big Short" emergesPeople's Bank of China Shanghai Headquarters: Enhance the international currency functions of the Renminbi in pricing, payment, investment and financing, and reservesAI fear leads to a sharp decline in software stocks: Is it a "completely illogical" panic, or the end of SaaS?After eight consecutive days of selling, Goldman Sachs trading desk indicates: the sell-off is basically cleared, and software stocks are building a bottomUnderstanding the Market | Alibaba-W fell over 3%, Qianwen's first round of free order activity system crashed, and the red envelope sharing link was blocked by WeChatThe culprit behind Bitcoin's plunge on Thursday: massive IBIT-related leveraged options being liquidated?"Is a rate hike on the way?" Bank of Japan board member sends hawkish signals, market expects action in AprilThe worst performance since November! Foreign capital dumped $3.4 billion, with South Korea and Indonesia leading the decline in emerging marketsThe State Administration for Market Regulation announced five typical cases of unfair competition in the field of artificial intelligenceThe desktop Agent of TENCENT Cloud is a form of subtractionAfter the US-India tariff agreement, the Reserve Bank of India maintains the key interest rate unchangedThe world's largest jewelry retailer states it wants to "break free from reliance on silver jewelry," and its stock price surged by 16%Intel and AMD are reportedly informing Chinese customers about CPU supply shortages, with delivery times potentially extending up to six monthsCapital expenditure exceeds GDP! Silicon Valley giants bet $660 billion on AI, but the market becomes more anxious as it burns more cash"Simply dystopian"! This website allows AI to rent humans for work, with 80,000 people currently "available for rent."Dan Bin: We are still in a year of significant development for artificial intelligence. Even if stocks decline this year, the bubble is just noise. Focus on the supply chains of NVIDIA, Google, and TeslaVolatility exceeds 100%, and silver has plunged 11 times in a month. When will it stop bleeding?Weak job market boosts interest rate cut expectations, U.S. Treasury yield curve approaches steepest level in four yearsReminder: Please pay close attention to the following (all times are in Beijing time)Understanding the Market | GDS Holdings-SW rose nearly 3% in the morning as Morgan Stanley expects AI data center construction projects to accelerate in 2026After ten years of effort, "all efforts were in vain," Glencore and Rio Tinto's "mining century merger" ultimately did not succeedThe market is becoming increasingly picky about AI: NVIDIA's performance exceeding expectations this year is no longer enough; the key is to look at the revenue visibility for 2027AMZN (Trans): All incremental capacity was absorbed by customers immediately---Apple shelves AI health coach plan, shifting towards incremental feature iterations under strategic contractionAfter four consecutive limit-downs, there is still a 37% premium! The sharp decline of the silver LOF questions the product design logic, and can it withstand pressure again in the face of extreme market conditions?The guide prices for some Mercedes-Benz models have been reduced by 10%, and the sales of BBA in China are expected to decline in 2025RBLX (Trans): GenAI won't solve 3D online multiplayer issuesTencent officially enters the desktop Agent market, WorkBuddy starts internal testing todayUnderstanding the Market | LI AUTO-W rose nearly 3% and will launch the all-new generation LI L9 Livis version, with a significant increase in the level of intelligence in the new generation modelCICC: Maintains outperform industry rating on MEITUAN-W with a target price of HKD 125200bn Arms Race: AMZN Raises the Bar in AIRoblox vs. Genie: A Closed Ecosystem That Can’t Be BeatenThe Hang Seng Index opened down 1.97%, and the Hang Seng Tech Index fell 2.42%Bitcoin has halved, altcoins have collapsed, and retail investors who believe in the "Trump market" are "footing the bill."The center of the "Software-PE" death spiral, the three giants of American PE continue to plummet, KKR and Blue Owl acknowledge financial challenges in conference callsLearning from history, can Bitcoin still drop significantly?Galaxy Securities: Optimistic about the continued rise of copper prices, the core investment value of copper mines is highlightedCGS: The Federal Reserve led by Waller may initiate a profound shift in the role of central banksCryptocurrency market crash "focal point": MSTR reports huge losses, Saylor says open to "selling coins"The South Korean stock market fell by 5%, and Bitcoin briefly declined to near the $60,000 markCME "the sixth margin increase in this round," gold and silver continue to plunge, with silver falling below the $70 markArgentina's statistics chief resigns, and Milei also wants to "manipulate inflation data"?Breakfast | All asset classes fell across the board! U.S. stocks, gold and silver, cryptocurrencies, and crude oil were all affectedWeak employment data triggers a "risk-off tsunami"! U.S. Treasury yields see the largest drop in months, with rate cut expectations brought forward to JuneCME has raised margin requirements again, gold and silver continue to plunge, with silver dropping 5% and falling below the $67 markSpending big on AI surpasses Google! Amazon's spending guidance for this year unexpectedly exceeds $200 billion, plunging over 10% in after-hours trading | Earnings Report InsightsAmazon's stock price fell nearly 10% in after-hours trading, raising concerns over massive capital expendituresNovo Nordisk plummeted 8%, as the new weight loss pill faced "knockoffs" right after its launch, with telemedicine company Hims introducing a $49 generic versionThe hottest trades on Wall Street are all retreatingPanic in software stocks spreads to Asian stock markets, with South Korean stocks falling over 3%, silver plummeting 16%, and gold dropping below $4,800