# Tech Related Articles

HTX News Center provides the latest articles and in-depth analysis on "Tech", covering market trends, project updates, tech developments, and regulatory policies in the crypto industry.

If the AI Bubble Is Already Bursting, Who Will Truly Survive?

If the AI Bubble is Bursting, Who Will Remain? The debate over an AI bubble is intensifying, with figures like Ray Dalio warning of high levels and Jensen Huang seeing immense, early-stage opportunity. Both views hold truth: a speculative bubble in capital markets likely exists, mirroring the dot-com era, but the underlying technological shift is real and transformative. History shows that while bubbles burst—wiping out overvalued companies and speculative capital—they often leave behind critical physical and digital infrastructure. The dot-com bust, for instance, eliminated many firms but left the global fiber optic networks and data centers that enabled the rise of Amazon, Netflix, and cloud computing. Today's massive AI infrastructure investments (projected at trillions by 2030) in data centers, power, cooling, and GPUs may follow a similar path, creating the foundation for future applications. A key divergence from past bubbles is the "Jevons Paradox" effect in AI. As the cost of AI inference has plummeted by over 99.7% since 2023, enterprise spending on AI has skyrocketed. Cheap "tokens" have unlocked vast, previously uneconomical use cases, moving AI from simple chatbots into core business workflows—code generation, legal document review, scientific simulation, and financial analysis. The market is now in a phase of self-correction, weeding out superficial "API-wrapper" startups, but this cleansing process strengthens the ecosystem. The long-term trajectory is clear. The value is gradually shifting from capital expenditure (CapEx) on hardware to operational expenditure (OpEx) on transformative applications. As AI becomes a utility, the winners will be firms that deeply integrate it to solve vertical industry problems in law, healthcare, finance, and manufacturing. The泡沫 will recede, but the foundational shift towards an AI-powered era across all sectors is irreversible. The underlying productive force of AI contains no bubble.

marsbit06/15 04:42

If the AI Bubble Is Already Bursting, Who Will Truly Survive?

marsbit06/15 04:42

Market Adjusts Following Google's $84.7 Billion Fundraising, AI Valuations Now Focus on Payback Speed

After Alphabet's announcement of an $84.75 billion equity financing round, market focus for AI investment is shifting from pure growth narratives to capital efficiency and payback periods. The core argument is that AI is being re-priced from a software-like growth story into a heavy-asset infrastructure cycle, requiring massive capital expenditure (CapEx) on chips, data centers, and power grids. While Alphabet's financing itself is not a distress signal—part of it is for administrative purposes like tax obligations on stock compensation—it highlights the enormous capital demands of AI infrastructure. This demand extends beyond tech giants to pure-play AI model companies (like OpenAI, Anthropic), data center REITs, and utilities. Major tech firms are projected to spend heavily on AI data centers in 2026, signaling a broad-based capital cycle the market must absorb. Consequently, valuation logic is changing. Investors are moving away from questions about who has the strongest AI narrative and are now prioritizing clear visibility into orders, stable cash flows, and the cost of capital. This has led to recent pressure on high-multiple AI software and semiconductor stocks, while "picks-and-shovels" hardware, data center, and power assets with firmer near-term demand may see relative support. The key going forward will be monitoring whether rising CapEx guidance across companies is matched by a timely monetization of AI investments into revenue and cash flow. The market's tolerance for high spending depends on demonstrable returns. While the long-term AI thesis remains intact, the valuation framework has fundamentally shifted to emphasize capital discipline and payback speed.

marsbit06/12 05:48

Market Adjusts Following Google's $84.7 Billion Fundraising, AI Valuations Now Focus on Payback Speed

marsbit06/12 05:48

Trillion-Dollar Valuation Test: Are the Three Super IPOs a Tech Stock Frenzy or a Crypto Market Nightmare?

Title: Trillion-Dollar Valuations at Stake: Super IPOs of SpaceX, OpenAI, Anthropic – Tech Boom or Crypto Nightmare? TL;DR: A wave of mega-tech IPOs is approaching, featuring SpaceX (targeting a $1.75 trillion valuation), OpenAI (~$852B), and Anthropic (~$965B), with a combined potential valuation exceeding $3.5 trillion. This tests the market's pricing of innovation and sparks debate on liquidity impact. * **SpaceX**'s valuation is now driven more by its Starlink global communications infrastructure than its core rocket business. * **OpenAI & Anthropic** offer the first major public investment opportunities in foundational AI models, potentially repricing the entire AI sector. * Concerns about a market-wide "liquidity drain" are likely overblown; history shows large IPOs mainly cause fund reallocation, not disappearance, and rarely trigger systemic risk. * Crypto markets, especially some AI-themed tokens, may face short-term fund competition, but their long-term trajectory depends more on macro liquidity, regulation, and Bitcoin cycles. * The real risk lies not in the IPOs themselves, but in whether these companies can justify their sky-high valuations with future revenue growth and profitability. Unmet expectations could lead to significant repricing pressure. Ultimately, these IPOs represent a massive market pricing of next-gen tech infrastructure, not a prelude to a market crash. The broader market direction will be determined by macro conditions, corporate earnings, and risk appetite.

marsbit06/12 01:26

Trillion-Dollar Valuation Test: Are the Three Super IPOs a Tech Stock Frenzy or a Crypto Market Nightmare?

marsbit06/12 01:26

Behind Musk and Huang Jen-hsun's 'AI Factories', an Unseen Battle for Freshwater Has Begun

Behind the "AI factories" of Elon Musk and Jensen Huang lies a hidden battle for a critical resource: fresh water. As AI models like ChatGPT and Claude process billions of prompts daily, they consume vast amounts of water for cooling. By 2030, global AI infrastructure is projected to use 9.3 trillion liters annually—enough to meet the basic needs of 1.3 billion people. This "water grab" stems from the massive heat generated by high-powered GPUs. Over 70% of data centers use evaporative cooling systems, where water absorbs heat and evaporates into the atmosphere, depleting local groundwater. Training models like GPT-4 can consume over 600 million liters of water. Tech giants like Google and Microsoft report skyrocketing water usage, sparking conflicts with local communities over resources. A flashpoint occurred in Memphis, Tennessee, where Musk's xAI built the Colossus supercomputer. It draws nearly 3.8 million liters of drinking water daily from local aquifers, leading to public outrage and legal action. In response, xAI is building an $80 million water recycling plant to use treated wastewater instead. Facing pressure, companies like Microsoft promote "waterless" closed-loop cooling systems. However, these systems increase electricity consumption by 20-30%, shifting the water burden to power plants, which require immense cooling water themselves—a case of indirect water footprint transfer. For China's AI industry, this crisis offers a strategic warning and opportunity. Instead of replicating the West's resource-intensive model, China can leverage its "East Data, West Computing" policy to locate data centers in cooler, water-rich regions like Guizhou. Furthermore, developing lightweight edge computing for smart homes and embodied AI robots can drastically reduce the need for constant cloud queries, cutting both water and energy consumption at the source. The freshwater war underscores a fundamental question: Will AI be a tool for human advancement or a silicon-based monster competing for our planet's last drops of clean water? The answer is becoming clearer as the water vapor rises.

marsbit06/11 05:23

Behind Musk and Huang Jen-hsun's 'AI Factories', an Unseen Battle for Freshwater Has Begun

marsbit06/11 05:23

Want to Follow SpaceX? Data Shows 30 Star U.S. IPO Stocks Mostly Halve in First Year

"SpaceX is set for a historic IPO on June 12 under ticker SPCX, pricing at $135 per share to raise $75 billion at a valuation of about $1.75 trillion. However, data from Motley Fool on 30 high-profile tech IPOs since 2012 reveals a challenging pattern for new investors. Median returns were -9% after six and twelve months, with a median maximum drawdown of 54% in the first year. No company avoided a significant decline, including later successes like Meta and Palantir. Morningstar estimates SpaceX's fair value at only around $780 billion, less than half its IPO valuation. Despite SpaceX's dominant market share in U.S. rocket launches and a profitable Starlink subscriber base, its financials show a $4.9 billion net loss in 2025 and a trailing twelve-month revenue of $18.7 billion, resulting in a price-to-sales ratio exceeding 90. Analysts caution that while the IPO may see initial gains, historical trends suggest a high probability of substantial price declines and volatility in the following year."

marsbit06/11 01:52

Want to Follow SpaceX? Data Shows 30 Star U.S. IPO Stocks Mostly Halve in First Year

marsbit06/11 01:52

Trading Time: Bitcoin Remains Under Pressure, Gold Price Falls Below Key Moving Average, Market Focus on Tonight's CPI

**Market Overview: Risk Assets Under Pressure Ahead of Key US CPI Data** Major risk assets faced selling pressure on Tuesday, with heightened geopolitical tensions and caution ahead of pivotal US inflation data weighing on sentiment. The Nasdaq fell 0.97%, led lower by a sharp sell-off in major tech stocks like Apple. Oil prices (WTI) plunged over 3% to around $88.50. **Key Assets in Focus:** * **Gold:** Spot gold tumbled to the $4,200 level, breaking below its 200-day moving average. Analysts cited ETF outflows and higher real yields, with support now eyed near $4,100. * **Bitcoin:** Continued its decline, with ETFs seeing net outflows. Analysts warn a break below $60,000 could trigger a move toward $50,000. * **Stocks:** Tech and semiconductor stocks were hit hard. Super Micro Computer sank on dilution fears, while a bearish research report triggered a crash in optical communication stocks like AAOI and Coherent. **Tonight's Macro Catalyst: US CPI** All eyes are on the US May CPI report. Headline inflation is forecast to rise to multi-year highs (~4.3%), driven by energy, while core CPI is expected to show moderation. **Asia-Pacific Markets Tumble** Asian markets followed US tech losses. South Korea's KOSPI index crashed 6.46%, briefly triggering a trading halt, and Japan's Nikkei 225 fell 2.49%. Semiconductor stocks like Samsung Electronics and SK Hynix led declines. **Crypto Market Notes:** Ethereum shows weakness with declining open interest. Two tokens, SAHARA and Humanity (H), suffered extreme volatility due to a misreported "sell-off" and a hack involving massive token minting, respectively. Key upcoming events include potential SpaceX stock listing and token unlocks for Magic Eden and HOME.

marsbit06/10 08:19

Trading Time: Bitcoin Remains Under Pressure, Gold Price Falls Below Key Moving Average, Market Focus on Tonight's CPI

marsbit06/10 08:19

TechFlow Intelligence Agency: Anthropic Calls for Global Pause in AI Development While Preparing for Trillion-Dollar IPO; SpaceX IPO Roadshow Heats Up, But S&P 500 Rejects Fast-Track Inclusion

In today's TechFlow Intelligence Briefing, several major tech stories highlight a growing theme of trust and credibility gaps across AI, crypto, and finance. AI company Anthropic has publicly called for a global pause in AI development, citing risks from Claude's "recursive self-improvement." Ironically, this coincides with reports the company is preparing for a massive IPO targeting a near $1 trillion valuation. This perceived hypocrisy, coupled with widespread user complaints about Claude's declining performance, is sparking debate over whether the safety warning is genuine or a competitive tactic. Meanwhile, in a substantive security move, Anthropic open-sourced a framework for AI-powered vulnerability discovery. In the crypto market, Bitcoin's price drop below $61,000 triggered over $1.16 billion in liquidations, flipping the market into a state where more BTC is held at a loss than at a profit, a historical bearish signal. On the corporate front, SpaceX's highly anticipated IPO is generating immense Wall Street excitement, with Goldman Sachs projecting 100x revenue growth by 2030. However, the S&P 500 has refused to fast-track the company's inclusion post-IPO, potentially limiting immediate institutional demand. Separately, ByteDance's AI app Doubao lost over 6 million monthly active users after introducing a subscription model, highlighting the challenges of AI monetization. Other notable developments include Nvidia certifying HBM4 memory from Samsung, SK Hynix, and Micron; Cloudflare's acquisition of front-end tooling company VoidZero; and its CEO warning that bot traffic now exceeds human traffic online. The underlying narrative connects these events: a trust crisis. From AI firms' contradictory actions and crypto volatility to the clash between SpaceX's hyped narrative and institutional rules, a pattern is emerging where stated intentions and actual practices are increasingly misaligned.

marsbit06/05 10:52

TechFlow Intelligence Agency: Anthropic Calls for Global Pause in AI Development While Preparing for Trillion-Dollar IPO; SpaceX IPO Roadshow Heats Up, But S&P 500 Rejects Fast-Track Inclusion

marsbit06/05 10:52

Shanghai's Leading Large Model Company Initiates A-Share Listing

Shanghai-based AI large language model leader MiniMax has initiated the process for an A-share listing in China, having filed a pre-IPO tutoring report with the Shanghai Securities Regulatory Bureau on May 29. This move positions it to compete with Zhipu AI for the title of the first major domestic LLM company to list on the A-share market. Having already completed an IPO in Hong Kong in January 2026, MiniMax's stock price has surged approximately 409% since its debut, with its market capitalization reaching around HK$263.45 billion (approximately RMB 227.55 billion) as of May 29. The company's rapid growth is supported by strong business performance. Its Annual Recurring Revenue (ARR) has grown over 100% in the past two months and now exceeds $300 million. It serves over one million global enterprise and developer clients and has around 300 million users worldwide. For the full year 2025, MiniMax reported revenue of $79.038 million, with a gross margin of 25.4%. While it reported an adjusted net loss of $250 million, the loss rate has narrowed significantly year-over-year. On the product front, MiniMax has released several flagship models this year, including MiniMax-M2.5, M2.6, and M2.7, with the first and last being open-sourced. Its models gained significant traction earlier in the year, briefly becoming the top model provider by usage share on the OpenRouter platform in February. The company has also upgraded its AI agent product, now named Mavis, and is preparing to launch its next-generation MiniMax-M3 model. Technical previews indicate M3 will feature a novel "MiniMax Sparse Attention" mechanism, promising substantial improvements in inference speed. MiniMax's push for an A-share listing reflects a broader trend among China's leading AI firms, including Zhipu AI, Moonshot AI, StepFun, and 01.AI, to seek public listings. This strategy aims to secure broader financing channels to support the immense computational costs and ongoing commercialization efforts inherent in developing advanced large language models.

marsbit05/30 02:45

Shanghai's Leading Large Model Company Initiates A-Share Listing

marsbit05/30 02:45

Jensen Huang Joins Tsinghua, But Did Musk Actually Arrive Ten Years Ago?

Jensen Huang, founder of NVIDIA, is set to join the Advisory Board of Tsinghua University's School of Economics and Management. This marks his first appointment to an advisory body at a mainland Chinese university, following similar roles at institutions like National Taiwan University, Stanford, and Harvard. The article explores why his entry comes now, a decade after Elon Musk joined the same prestigious committee in 2015. The Tsinghua advisory board, established in 2000, is a high-level strategic body comprising global business elites like Apple's Tim Cook (Chair), Tesla's Elon Musk, Microsoft's Satya Nadella, and Meta's Mark Zuckerberg, alongside financial giants and leading Chinese entrepreneurs. The timing is attributed to a confluence of factors: Huang's current eligibility driven by NVIDIA's dominant role in AI, a recent vacancy on the board, the rising challenge from domestic Chinese chips necessitating stronger local ties, and a recent thaw in U.S.-China relations following high-level diplomatic visits. In contrast, Musk's 2015 entry occurred during a period of warmer bilateral ties, where his disruptive innovation profile aligned well with the board's needs without significant political friction. Huang is noted for his active engagement with academia, holding several honorary doctorates and advisory roles at other universities. His appointment is framed as a reflection of shifting geopolitics, market dynamics, and strategic recalculations over the past decade, underscoring the enduring importance of the Chinese market for NVIDIA.

marsbit05/29 02:51

Jensen Huang Joins Tsinghua, But Did Musk Actually Arrive Ten Years Ago?

marsbit05/29 02:51

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