The era of AI is booming, and recently the US stock market's storage sector has been talked about every day, with NAND, DRAM, and HBM flying everywhere. Do you all know what they are? 😂 Here's a popular science post to boost your knowledge 1. NAND Pronounced /nænd/, roughly like "Nan-de" in Chinese. Full name NAND Flash, which is flash memory. Its main feature is that data is not lost when power is off, providing persistent storage. It's everywhere around us: SSD solid-state drives, USB drives, memory cards, the 256G or 1TB internal storage in phones—all of these use it. Large SSDs in enterprise servers also use NAND. SanDisk's core asset is NAND; AI datasets and vector databases ultimately rely on it. In short, it's used for storing data. 2. DRAM Pronounced /ˈdræm/, roughly like "Dram." Full name Dynamic Random Access Memory, which is the running memory. All data is cleared when power is off, but it's much faster than NAND. Corresponding products include computer RAM sticks, 12G/16G phone RAM, and server memory. Temporary data during GPU computations is stored in DRAM. In short, it's used for running processes; it doesn't store data long but runs fast. 3. HBM No need to memorize the pronunciation; just say the letters one by one. Full name High Bandwidth Memory, a high-end upgrade of DRAM. While regular DRAM chips are laid flat on the motherboard, HBM stacks multiple layers of chips vertically, maximizing bandwidth. High-end AI GPUs like Nvidia H100/H200 and AMD MI series come standard with HBM. Note that HBM is not a separate category; it is still part of the DRAM family, just a high-end form. Production mainly relies on three companies: Micron MU, Samsung, and SK Hynix. Finally, just remember roughly: NAND is for storage, DRAM is for running processes, and HBM is a special fast-running memory for AI. Is everything clear now? #AI 🦧 #USStockMarketKnowledge

#黄金突破4600美元，债券避险地位受挑战 A brief chat about gold~ Gold has risen above $4650, hitting a three-month high, with New York futures touching $4700 intraday, and domestic gold futures surging 2.86% to break above 1000 yuan again. Four days ago, gold prices were still hovering around 4500; this $150 acceleration is entirely driven by safe-haven funds. US Treasuries are now being questioned for their "risk-free" status. Last week, Bassett attempted a "Treasury version of twist operation" to suppress long-term yields, but it only worked for a day. Long-term bond yields rebounded, with the 30-year yield stuck above 5.2%. The market is starting to worry that administrative measures distort pricing, ultimately eroding the dollar's credit. As a result, capital is voting with its feet: selling US Treasuries and buying gold. Even Asia has shifted from "capital flowing back to Europe and the US during crises" to becoming a "local safe-haven pool," shaking the dollar's traditional strongholds. Gold and bonds are competing for the same "safe-haven" label, and this time the competition is fierce. Bonds remain bonds, but the definition of "safety" is being rewritten.

Pop Mart's financial report stunned me. Revenue was 17.173 billion, up 23.8%, net profit was 5.038 billion, up 10.1%. The numbers aren't bad, but the market expected more and it fell short, causing the stock price to drop over 8%, halving from its peak. It's really a tough situation. Wang Ning was quite candid, admitting that last year's surge had some luck involved, and the LABUBU proportion is also declining. Then they announced a 2 to 5 billion buyback plan. Goldman Sachs is still pouring cold water, saying demand is weak and inventory is high. But offline, the scene is completely opposite: Star People sell out instantly, second-hand prices are 13 times higher, and even Duan Yongping said the business is doing extremely well when visiting stores. Who to believe? I'm confused too. The buyback is real money, at least the boss is confident; but the hurdles of growth rate and inventory remain. Whether they can launch another hit after LABUBU is the most important issue for this stock going forward, with Star People being a sign of hope. Today it rebounded 4% to HKD 155, sentiment is recovering, but a full return in one go seems unlikely. #FinancialReportObserver

Seeing everyone taking off one by one playing contracts in the recent bull market, I recall my two liquidation experiences—could it be that the timing was just off? Although I still feel a bit eager to play, I really dare not get in anymore. I'm wondering if I can pick up alpha again? I realize that once a person stops persisting and becomes slack, it's easy to not want to do anything, but there’s no passive income either. I have to set sail again~

Alibaba's HKD 80 billion placement pricing is out, at HKD 112.70 per share, raising about USD 10.2 billion, with the announcement clearly stating all funds will be invested in AI infrastructure. This is Alibaba's first new share placement since its Hong Kong listing in 2019, expected to complete on August 26. The placement price is about 8% below last Friday's Hong Kong stock close, and the US ADR even dropped in advance, closing down 8.57% on Friday. As a result, Caixin reported that sovereign funds from the Middle East, Europe, and Asia are on the subscription list, while the "big short" Michael Burry is calling Alibaba overvalued at this time, liquidating his position to switch to JD.com, even saying he won't return unless the stock price falls by half. Wow, discounting while grabbing shares, and some still shorting—this drama I really don't get. This time, the full HKD 80 billion is bet on AI infrastructure; Alibaba is determined this round. Let's wait for the Hong Kong stock to resume trading on the 26th to see the outcome. #AI押注受挫，华尔街交易巨头月亏150亿美元