SanDisk's stock surged from 1460 to 1578 in the last 45 minutes of trading, up 5.5%. Did they uncover some major positive news again? Pharaoh directly said, don't overthink it, this rally has nothing to do with the company's fundamentals—no new orders, no technological breakthroughs. Behind this is a very mature capital flow mechanism—MSCI's quarterly rebalancing took effect. Massive passive funds tracking the index have no value judgment, no need to analyze sector prosperity; the rules are clear: near the close on the effective date, they must fully buy their positions. A large number of buy orders clustered in the last few minutes, with trading volume in ten minutes soaring to more than ten times the usual. So what impact does this have on NAND valuation? In the short term, this is a one-time "clock-in" rather than institutions collectively bullish on storage. Passive funds exit after buying; if no new active funds take over the next day, a rise and fall is basically the usual script. Don't mistake the mechanical buying by passive funds as a long-term bullish signal from the market. But the mid-term logic is still solid. SanDisk's inclusion in the MSCI Global Index can indeed provide long-term support for liquidity and valuation levels. Storage is a core part of AI computing infrastructure, and SanDisk's inclusion also reflects the global index compilers' ongoing recognition of the AI industry chain. Currently, 16 analysts have a consensus rating of "Strong Buy" for SanDisk, with the highest target price at $3050 and an average target price of $2201. Citibank has a target price of $2500, and JPMorgan sees $2250. On the NAND side, prices are still rising in Q3, but

Pharaoh said: What exactly has Treasury Secretary Yellen's "deregulation" medicine done to Bitcoin? Friends, the financial world has been very lively recently. U.S. Treasury Secretary Yellen (that tough one, a Soros protégé and former hedge funder) directly fired shots during the G20 finance ministers' meeting. What did she say? She said the Dodd-Frank Act was originally intended to solve the "too big to fail" problem, but ended up creating a "too small to succeed" issue—community banks are suffocated by regulations, and since 2010, over 3,600 small and community banks have disappeared in the U.S. Pharaoh shook his head after hearing this. The pyramid has lasted thousands of years because it never relied on borrowing to survive. But modern finance is all about borrowing; the question is—who borrows, how they borrow, and what they do with the borrowed money. What does Yellen plan to do? Three major moves. First: loosen restrictions on community banks. Adjust capital requirements so qualifying banks reduce capital holdings, freeing "hundreds of billions of dollars" for lending. Second: count borrowing from the Federal Reserve's "discount window" towards banks' liquidity coverage. If this works, it could release an additional $500 billion to $1 trillion in lending capacity. Third: expand long-term bond repurchases, and possibly even use the $950 billion "emergency cash" in the TGA account to directly buy long-term bonds. The calculations are clear—more bank lending means more liquidity for the economy; more bank purchases of long-term bonds will suppress long-term yields. The pressure from high interest rates is being eased through a different approach. But the market's reaction is just one word: Oh. U.S. Treasury yields briefly fell for a day, then bounced back.