With SpaceX going public on 6/12, followed by anticipated IPOs from Anthropic and OpenAI, combined with the Fed's rate hikes amid U.S. inflation pushing Treasury yields above 4.5%, AI stocks have entered an overbought bubble phase. The U.S. market is poised for a stormy technical correction. 🤑 Reduce leverage, maintain ample cash flow, and wait patiently for this 👉 historic portfolio rebalancing storm to squeeze tech valuations back into reasonable territory—that’s the optimal strategy under sound investment thinking.

🤑 After two years of research, Master Jiao sold for the first time this year
Options (holding underlying stocks).
Expiration date is March 20, 2026, with a strike price of $15.00. Avoided the risky February period: This is a March contract, avoiding the SPAC extension vote on 2/20.
Premium: One contract receives $210, offering a fairly good return rate (if the margin is $1500, the monthly return > 10%).
Break-even point: $15.00 (strike price) - $2.10 (premium) = $12.90. As long as the stock price remains above $12.90 at expiration, there will be no loss. 🤑
🤑The 2026 investment strategy is 👉 holding underlying stocks while hedging volatility through options; still learning.

Tonight the broader market declined, but ONDS, APLD, and RZLV all
showed significant gains; BBAI, which had been quiet for a while, also surged consecutively. Based on the outcomes of several recent military actions by Trump, the US stock market is expected to perform well in 2026.

To all of you in 2026,
may you fall gently like the peaceful snow on Christmas Eve,
sharing warmth and happiness with the world 🎄❄️

🤑Rewards for the Faithful
The scarcest resource in the capital markets is not stocks, but eligibility.
SpaceX is not a company short on funds; what it lacks is capital aligned with its long-term mission.
TSLA shareholders are precisely those who:
• Can endure long-term volatility
• Understand the principle of “spending first, then changing the world”
• Will not waver due to short-term financial reports
The essence of SPARC’s design conveys one message:
You support me through the toughest phase, and I’ll give you the earliest access to the next era.
This is not a dividend; it is a mechanism of faith-based rewards. The essence of this design is not short-term arbitrage:
• Not a dividend payout
• Not a stock dividend
• But rather, the rarest investment opportunities of the future are reserved for those who believed earliest.
Holding TSLA equates to simultaneously holding 👇
🚗 Energy 🚀 Space 🤖 AI
👉 TSLA shareholders are not buying into a car company but a membership card that continuously grants access to future technology.

Most people buy stocks based on whether the next quarterly earnings report will "beat expectations." However, using first principles to evaluate stocks involves considering:
1. What is the theoretical end-state of this industry? (For example: All cars will inevitably become electric and intelligent.)
2. Whose technological approach best aligns with the optimal solution in terms of physics and economic efficiency?
3. Is the current stock price still being valued using an "outdated map"?
If these three conditions hold true, fluctuations in between are merely noise, not risk.
🤑Conclusion for Investors
Review the stocks in your portfolio and try asking three questions:
1. Is this company's competitive advantage based on being "slightly better than competitors," or on "rewriting the cost structure"?
2. Is the CEO explaining "why we're as bad as our peers," or are they discussing "how we are approaching physical limits"?
3. Does this company's business model rely on "information asymmetry" (earning spreads), or on "maximizing efficiency" (creating value)?
👉 In the U.S. stock market:
Coca-Cola excels in top-tier analogical thinking (brand, distribution channels, and mental occupancy).
Tesla, Palantir, and Amazon (in its early days) focus on first principles (deconstructing supply chains, data-driven decision-making, and pushing the physical limits of logistics).

Google (ASTS/SpaceX) and Apple (Globalstar) in this interstellar competition: an analysis of technological strengths and economic moats 👇
Google’s cost model: equity leverage + revenue sharing, representing a strategic investment (Equity) in ASTS. ASTS’s business model involves a 50/50 revenue-sharing agreement with telecom operators (AT&T, Verizon, Vodafone).
Advantages: Google does not bear the full depreciation of satellites. Through system-level support on Android (Android 15/16), it positions ASTS as a “space base station” for telecom operators. Google profits from the prosperity of the ecosystem and potential data traffic, rather than mere communication fees.
Apple must continuously fund the satellite launches and maintenance for Globalstar. This is considered a service operating cost beyond the iPhone BOM (Bill of Materials).
Risks: Globalstar’s satellite constellation is relatively outdated with limited bandwidth. To upgrade to support voice/data services, Apple would need to invest billions of dollars to rebuild the entire constellation, resulting in extremely high marginal costs.
🤑 Bullish on GOOGL + SpaceX + ASTS 🚀

If SpaceX reaches a valuation of $1.5 trillion, the value of SATS’s SpaceX shares will be as high as 154% of the company's current total market capitalization.
Deep Value: If SpaceX truly achieves a $1.5 trillion valuation, the value of SATS’s SpaceX shares alone ($41.6 billion) would already be 1.5 times the current value of the entire SATS company ($27 billion). 👉 The current price per share of SATS is $103.
Buy-one-get-one-free concept: This means that if one buys SATS now at its market capitalization of $27 billion, not only are they acquiring future SpaceX shares at a 65% discount, but they are also getting SATS’s satellite communications business, spectrum assets, and cash flow for free.
🤑 The market has yet to fully reflect this: Although the current stock price (market cap of $27 billion) has risen sharply from previous lows, it appears to only reflect a SpaceX valuation of around $800 billion to $900 billion. If the market becomes convinced that SpaceX can reach a $1.5 trillion IPO valuation, SATS’s stock price 👉 theoretically still has significant room for a catch-up rally (at least rising to a level that reflects the $41.6 billion value of its stake plus the value of its core business).

DXYZ is a typical 'story stock,' where the premium can surge instantly following successful SpaceX launches or OpenAI's release of new models (such as GPT-5), causing it to deviate from its NAV.
Shortly after DXYZ's initial public offering, the market exhibited extreme enthusiasm for purchasing shares linked to the SpaceX concept, driving the stock price above $100, while the net asset value (NAV) per share at the time was only around $5.
Net Asset Value (NAV) per share: Approximately $11.37 (as of Q3 2025)
Current Stock Price: Approximately $26 (recent fluctuation range)
👉Current Premium Rate: >130%
If you purchase DXYZ now, it means you are willing to spend $2.40 to acquire assets of OpenAI or SpaceX worth $1.
For investors firmly optimistic about SpaceX and OpenAI, a premium rate falling below 100% (i.e., the stock price being approximately within twice the NAV) is typically considered a relatively "safe" accumulation range in the stock's historical context.
🤑The Master bought between September and October 2024 at prices ranging from 12 to 15, liquidated at around 70, and has retained 10% of the shares until now.