BIG MAG

That 5-star outfit has some great stats, right? #ノエラート

有个人把自己的全部积蓄，都压进了英伟达和存储芯片，结果越追越深，最后亏了20多万美元。 最开始，他在英伟达接近高点时全仓买入，股价回落后，账户亏了9.13万美元，然后他卖掉英伟达，马上把剩下的钱转去追存储芯片反弹。 他买进SNDK股票，亏1511美元就卖了，偏偏第二天股价反弹，如果晚卖一天，原本能赚2万美元，错过这次反弹以后，他更急着回本了，开始把股票换成期权。 2027年1月到期的SNDK看涨期权，又让他亏掉9.48万美元。 DRAM看涨期权再亏1万多美元，他随后反手押SNDK下跌，仍然亏了2018美元。 亏损就是这样失控的。 每次割肉以后，他都想靠下一笔立刻赚回来，股票换成期权，做多亏了再做空，最后把亏损一层层叠到了20.2万美元。 SNDK一个月跌约40%后，他终于卖掉期权，保住11万美元，现在准备停掉期权，改做股票波段。

ありがとうございました💟

Day89 #Muelsyse #明日方舟 #アークナイツ #Arknights

「団長こんなに清楚なのに…っ」 ＃ノエラート

Day 191 of asking for Mumu in Endfield!!!! Artist of the day: @xianyuliangryo #Muelsyse #ArknightsEndfield‌

💕

I think today and tomorrow would be great opportunities to observe which software names are just the short covering of hw/sw pair trade vs real buyer showing up. ✅ $SNOW $DDOG $MDB $CRWD $PANW $INOD ❌ $NOW $WDAY $ADBE $INTU $CRM $TEAM

#AzurLane #NieR

#アークナイツ #明日方舟 ミューちゃん

@MrsRhombus 生日快乐🫡

【约稿展示】 今天是我20岁生日，约了一张塞雷娅的稿件庆祝。居然已经年龄二字头的人了，人一旦过了20岁这个坎就有种享乐不该吃苦无能的紧迫感。不管怎么样，希望我还能继续创作关于你和你的同事们的故事 ，干杯，为新一岁🍻 #アークナイツ #Arknights #명일방주 #明日方舟

This has been an absolutely brutal month for the Kospi. Here’s how I read it as an engineer/speculator: SK’s earnings aren’t noise they’re a preview of the whole sector and what’s coming for other companies earnings. It’s clear that the revenue miss is due to the memory mix shifting from DRAM to HBM, and that’s dragging blended ASP growth down. Counterintuitively, HBM pricing has been roughly flat while DRAM has gone vertical. This means every bit share HBM takes is a bit share that isn’t compounding. This is why I’ve said time and again that most of the memory makers’ earnings growth has come from DRAM, not HBM. Why is this? Well It takes ~3 DRAM wafers to make one equivalent HBM wafer, kinda like how in Minecraft you need three bushels of wheat to make one loaf of bread 🥖. The HBM demand thus eats commodity DRAM supply and drives that price up. That’s why SK was comfortable adding DRAM capacity because worst case, they convert it to HBM and everybody wants that shit. This dynamic has been well known for a while and has been why for the longest time people have been memory and chill maxxers the math just worked out beautifully. But what I missed and I think many others did is that there is one flaw here. Because all else being equal, more HBM PER ACCELERATOR actually means less DRAM demand despite the cannibalization dynamics to make HBM. Everyone would prefer more HBM on each chip if they could and all the roadmaps point to that. H100s shipped with 80 GB of HBM, b200 with 148GB, and Rubin is ramping with 288 GB as standard or 1.5x the HBM of Blackwell. Those extra HBM bits come out of DRAM’s share of bits. The reason is pretty simple, we aren’t using DDR because we want to it’s cause we have to. Ask any engineer if they could put 1TB of HBM on every accelerator, they would do that rather than spec more server DDR. Every roadmap points to more HBM per accelerator and thus more bits migrating to that tier. Whether we can package it is the open question because past 8-high stacks it’s gets hard. So in summary, rational actors are moving bits off extortionately priced DRAM, up to HBM and down to flash. Although flash offload is still mainly a Chinese lab thing, i just mention it to point out that it’s coming and is going to squeeze DRAM from both sides. SK’s LTAs & were timed perfectly and should mask falling spot prices for the near term. Longer term, every new generation of accelerator should shift more bits onto HBM and that’s going to hurt the commodity DRAM players who can’t make good quality HBM like Micron. Looks like SK knew what they were doing the whole time and it looks like they timed the top perfectly with their ADR issuance. Let me know what you think of this bubblicious model by commenting below ! 👇

fangyi.. i dont really like this piece, but i didnt want to abandon it halfway either 😭

喜欢自然感 （实际是不会画太复杂的了🏳️）

Day 184 of asking for Mumers in Endfield!!!! Artist of the day: @Rattan0339 #Muelsyse #ArknightsEndfield‌

momoka #アークナイツ

지연이💙 #명일방주엔드필드

Autumn Rain and Li Zhiyan. #ArknightsEndfield #Endfield #Arcane #Lizhiyan

#Endfield‌ 실례지만 새의 깃털을 만진적있습니까? 되게 보들보들합니다..