XiaoJiao.AI

习特会一共也就开了 2 小时 15 分，有些公司一个例会就要开三小时，还要占用下班时间。

$POET signed a supply and joint development deal with Lumilens for AI optics, including an initial $50M order for optical engines. The partnership could scale to $500M over five years, with samples expected in late 2026 and production ramp planned for 2027.

Already bought some 2X back when $MU tested 5d EMA. I think there will be bigger correction in the near future, but not in a direct way.

黑天鹅，谁也预想不到，这一波对商誉打击是蛮大的，但是还不至于破产。我认为，只要是技术路线走通了，困难和失误就是暂时的，毕竟后面还有富士康和立讯的单子，虽然可能延迟，但是不至于也取消。我会考虑在企稳后继续买入

I think many folks who had private market invement opportunities recently realized the same thing as I did. Investing into Anthropic at $900B in the private market wouldn't give me much upside but I have to bear the inconvience of it: high spv setup fees & lawyer fees if I set up the SPV. Or if I join other funds' SPV I would have to pay high management fee and carry interest. And most importantly I'd have to be locked up for 6 months post IPO. $VOYG almost killed me because of this. It doesn't worth it in terms of the risk/reward ratio comparing to just holding $DXYZ.

Updates on $DXYZ & $VCX since last Friday: - DXYZ premium rose moderately to 32% while VCX now commands a very rich premium of close to 200% - Anthropic primary round getting closer to being announced. Secondary market transactions clearing at well above $1T - SpaceXAI + Anthropic compute partnership announced - should strengthen valuation for both Attaching my dashboard updated with today's (5/6)closing prices. NFA. YMYD.

Actually, I think the ER/guidance was mostly priced in. But the earnings call mentioned the new business model, which introduced flexible multi-year contracts (1/3/5 years, locked price + adjustable price). Customers have to pay for the contracts continuously even if they don’t need the products anymore. To me, there is no difference from SaaS’s subscription business model. It’s a shame we give SaaS companies much higher PE multiples given their much lower growth rates and net margins. We all know SNDK’s price is capped by the low PE multiple as the market trades it as a pure cyclical name. But with this new business model, I believe things will change and we will see multiple expansion on SNDK. Bullish.

Cloudflare 牛逼，把 agent 当作用户了，有独立人格和民事行为

Google的所有对外投资（包含未IPO的公司）前八大持仓，主要集中在AI、太空领域。