To The Moon

France has little room left for extravagance. According to data from France's National Institute of Statistics and Economics (INSEE), the government deficit will account for 5.1% of GDP in 2025, and the accumulated public debt will reach 119% of GDP by the end of the second quarter of 2026. The former represents the annual revenue and expenditure gap, while the latter represents outstanding debts. These are not entirely caused by welfare expenditures, but continuing to borrow money to maintain commitments will only further reduce public services such as schools.

inevitable 

1 4 The $19.59 billion capex exceeded the CFO's own guidance and is expected to double in Q4. This company is using its IPO fundraising as a war chest to build compute infrastructure at an unprecedented speed. If AI compute's pricing power begins to decline over the next 12 months due to increased supply, SpaceX's burn rate will become a critical weakness. The ultimate goal of merging Tesla may not be synergy, but Tesla's cash flow. If the Robotaxi business can be realized, it could generate hundreds of billions of dollars in free cash flow each year—exactly what SpaceX needs most. $特斯拉(TSLA)$  $SpaceX(SPCX)$  

$SpaceX(SPCX)$  FY27 Q1 Revenue Guidance: $33–$37 billion, significantly exceeding the market's expectation of $24.5 billion. This means a 127-154% increase compared to the previous period. If this guidance is implemented, SpaceX's annual revenue will approach $150 billion, directly reshaping the landscape of the AI compute market.

Under the triple pressures of high inflation, high interest rates, and fiscal austerity, the living standards of the middle class are being systematically eroded. France is not an isolated case; it is merely the most prominent outlet for the breakdown of the European social contract.

coming earning result , fsd progress r more important

$香港交易所(00388)$  

The CET1 ratio determines the room banks can do three things: loan, buy back shares, and take losses JPM: CET1 from 14.8% → 13.9%, RWA increased $51 billion GS: CET1 from 14.3% (early year) → 12.4%, both market and credit RWA rose WFC: CET1 from 10.3% → 10.0%, target range bottom line Citi: CET1 maintains 12.8% but is only about 120 basis points higher than requirement

The gap between revenue growth and cost growth is narrowing or even reversing.

Asymmetry of risk: If any of the AI story breaks – capital spending slows down, model performance bottlenecks, regulatory tightening – the higher the concentration, the sharper the pullback. In a market where the yield of ten-year treasury bond is already higher than the stock earnings yield, why does it still refuse to call back despite soaring nearly 70% in oil prices this year, and the 10-year bond interest rate still remains near 5.24%?