③ 投资者无需被动等待 IPO，可通过三层逻辑进行布局：核心底座，关注 Google 等持有 SpaceX 股权的被低估巨头；基础设施追赶者，聚焦 Rocket Lab (RKLB)；商业应用层，重点追 踪 ASTS、RDW 等具备高运营杠杆的赛道先锋。 RockFlow 本文共4160字， 阅读需约14分钟 想进群看深度投研？现在就行动！ 划重点 ① SpaceX 计划在 2026 年开启全球最大规模 IPO，这是人类历史上第一次对"地外文明基础设施 层"进行定价。其核心壁垒在于星舰（Starship）带来的成本锐减，以及星链（Starlink）形成的 全球带宽霸权。 ② 太空赛道的演进已完成从"愿景"到"实操"的闭环。随着入轨成本骤降，太空 AI 数据中心、轨 道制造及卫星直连手机（D2D）有望从科幻变为现实。 点赞＋推荐＋分享到朋友圈，截图发给 Fafa（微信：rockflowfafa），马上开通 RockFlow 社群资格。 额外福利：年度 AI 报告合集，先到先得。 2026 年，当我们谈论 SpaceX 时，传统的 P/E 或 P/S 估值模型已经失效。这家公司计划以 1.5 万亿美元的市值登陆资 ...

Core Insights - The article emphasizes that true investment opportunities lie outside of consensus, as demonstrated by significant returns from stocks like GDXU, which achieved a 500% return, and the importance of identifying these opportunities before the market does [3][5] - The company focuses on redefining company fundamentals, exemplified by transforming AppLovin from a "gaming advertising company" to an "AI advertising engine," resulting in a 129% return, and recognizing Palantir's AI positioning, which yielded a 46% return [3][6] - Investment is portrayed as a commitment to common sense and a cognitive journey, with a focus on identifying "invisible champions" that the market has not fully priced in for the uncertain year of 2026 [3][14] Group 1: Performance Highlights - Over the past year, the research team identified three categories of stocks based on their returns: - Explosive Alpha stocks with returns over 200%, such as OKLO (+543%) and GDXU (+500%), benefiting from nuclear energy revaluation and operational leverage in gold mining [6][7] - Industry trend analysis stocks with returns between 50%-150%, including Robinhood (+150%) and AppLovin (+129%), showcasing the ability to capture turning points in company fundamentals [6][7] - Forward-looking coverage and major player analysis stocks with returns between -10%-50%, such as Palantir (+46%) and Tesla (+50%), achieved through in-depth analysis of core assets [6][7] Group 2: Logic and Research Methodology - The core of the research capability lies in constructing a self-reinforcing chain of reasoning, as illustrated by the identification of power limits in data centers leading to investments in OKLO and NNE [8][10] - The article highlights the importance of challenging existing labels, as seen with AppLovin, which was redefined as an undervalued AI real-time bidding model, leading to significant price appreciation [10][11] - The research also emphasizes the transformation of silver from a safe-haven asset to a strategic asset in the AI era, which is crucial for its excess returns [12][13] Group 3: Future Outlook - The company aims to continue identifying opportunities in less crowded markets, demonstrating the ability to find "invisible champions" globally, as evidenced by insights into regional monopolies and emerging trends in sectors like space economy [13][14] - The article concludes that the value of research lies in discovering non-obvious opportunities before they become mainstream, advocating for a focus on cognitive differences rather than price chasing [14]

RockFlow 2025 人间交易观察 Rockers 的多巴胺 "1/3 都是期权给的 99 Rockers 全年交易狂欢! 每 3 次交易，就有 1 次来自期权 这届期权玩家，简直火力 权 开! Hi Rockers！ 在今年的最后一天，邀你来看一份 《RockFlow 2025 不正经年度报告 》 这可能是全网最懂你的数据盘点 2026，祝你做空焦虑，做多自由 哪怕生活偶尔横盘震荡 也能给好运加满杠杆！ 人间交易观察 RockFlow 2025 莫得感情的 DeepSeek 创下最快"百万跟单"里程碑 1小时内,跟单规模突破 100万美元 RockFlow 2025 人间交易观察 收益疯狂! 彻底疯狂!! " 在RockFlow的收益率，比初恋更让人心动 99 今年最疯狂的一笔订单, 收益率高达 4650% Top 10 的平均收益率, 达到了 2573% RockFlow 2025 人间交易观察 年度热门股单 Top 3 66 z 世代投资者'躺赢' 的关键赛道 33 TMT 新能源 1 z世代 日常 2 3 RockFlow 2025 人间交易观察 用户最想要的 Bobby Al 功能是 "喝多以 ...

划重点 ① 白银价格在 2025 年屡创新高，这是宏观流动性与工业需求双重驱动下的估值修复。美联储 降息和金银比修复是白银上涨的宏观动力。实际利率下降降低了白银的持有成本，而金银比向 60:1 的中枢回归，将为银价提供巨大的上涨弹性。 ② 长期以来，白银的工业价值被低估，但全球能源转型和 AI 数据中心对高性能电子组件的需 求激增，使其战略价值日益凸显。面对需求端如此明显的变化，白银供应端的反应却极度迟 缓。供需严重失衡，将使得白银价格迎来更大的波动。 ③ 新手投资者可通过三种策略参与白银行情：基础配置可选择现货 ETF 如 SLV 或 PSLV；进阶 配置可关注白银矿企 ETF 如 SIL 或高弹性的 SILJ；寻求 Alpha 收益则可挑选 PAAS、AG 或 WPM 等优质白银个股。 本文共2580字， 阅读需约9分钟 想进群看深度投研？现在就行动！ 点赞＋推荐＋分享到朋友圈，截图发给 Fafa（微信：rockflowfafa），马上开通 RockFlow 社群资格。 额外福利：年度 AI 报告合集，先到先得。 白银价格在 2025 年不断刷新阶段性高点，这并非偶然，而是由宏观流动性补涨与工业刚性需求合 ...

划重点 ① AI 正在从"数字助理"进化为"自主执行集群"。2026 年将见证 AI 从"对话工具"向"多智能体系 统（Multi-Agent）"的跨越。a16z 预言屏幕时代即将终结，Agent 原生基建将重定义云端速度， 开启企业运营杠杆的历史性飞跃。 ② 科技正在溢出屏幕，"比特"开始全面接管"原子"。电气化、材料科学与 AI 融合而成的"电子 工业堆栈"将成为物理世界运行的底层逻辑。通过软件定义制造与 AI 自动化，美国有望迎来工 厂复兴的黄金时代。 ③ SaaS 正经历从"被动记录"到"主动推理"的范式转移，个性化服务将实现从"为所有人优 化"到"为每个人定制"的飞跃。加密货币将化身为互联网的基础结算层，稳定币与 RWA 将重构 金融底层；而预防性医疗将开启长效变现的新蓝海。 RockFlow 本文共2810字， 阅读需约10分钟 想进群看深度投研？现在就行动！ 点赞＋推荐＋评论本文，截图发给 Fafa（微信：rockflowfafa），马上开通 RockFlow 社群资格。 额外福利：年度 AI 报告合集，先到先得。 在美股市场，预见趋势的能力往往决定了 Alpha 的成色。作为硅谷风投界的"定海 ...

Core Viewpoint - Netflix's acquisition of Warner Bros. Discovery (WBD) for approximately $82.7 billion signifies a shift in the streaming industry towards profit consolidation and oligopoly, addressing Netflix's IP weaknesses and establishing its position as a vertical integration super-oligarch in the entertainment sector [5][6]. Group 1: Reasons for Acquisition - The acquisition is a response to industry trends and Netflix's strategic shortcomings, showcasing the victory of internet scale advantages over content scarcity [6]. - Netflix's long-term success has been built on its global distribution network and algorithmic recommendations, but it lacks the cultural depth and derivative value of original IP, which WBD possesses [7][11]. Group 2: Transaction Structure and Risks - The transaction structure is complex, involving $59 billion in new debt and a $5.8 billion breakup fee, designed for tax optimization and risk isolation [5][12]. - The deal faces significant antitrust scrutiny, with estimates suggesting that the combined entity could control 45-50% of the U.S. paid streaming market [13][15]. Group 3: Execution and Cultural Integration Challenges - The primary challenge lies in merging Netflix's data-driven culture with WBD's IP-focused creative approach, which may lead to conflicts [16][20]. - If Netflix imposes its operational model on HBO, it risks alienating top talent and undermining the value of its core assets [17][20]. Group 4: Future Implications and Milestones - If successful, the acquisition will allow Netflix to gain pricing power, enhance advertising revenue, and achieve operational leverage, potentially leading to a market-leading position [21][22]. - Key milestones to watch include the completion of the Discovery Global spin-off, regulatory review outcomes, HBO leadership decisions, and the realization of synergies [21].

划重点 ① 英特尔的复苏已升级为地缘政治刚需，不再是纯粹的商业叙事。连续错失 AI 浪潮后，其代 工厂（IFS）成为美国本土尖端制造的最后希望。投资英特尔，本质上是在投资其国家安全溢 价。 ② CEO 陈立武推动 IDM 2.0 战略，聚焦 Intel 18A/14A 节点，这是技术上的生死线。为实现规 模经济，IFS 需以"亏本定价"抢占市场。NVIDIA 50 亿美元注资，是这场高风险、高回报资本豪 赌的开始。 ③ 英特尔能否成功，取决于其能否克服台积电的"信任壁垒"和成本优势。如果能成功将 IFS 从"成本中心"转变为盈利的"制造工厂"，英特尔将从一家衰退的 CPU 巨头蜕变为万亿市值巨 头。反之，它将永远失去尖端制造能力。 RockFlow 本文共3404字， 阅读需约12分钟 想进群看深度投研？现在就行动！ 点赞＋推荐＋评论本文，截图给 Fafa（微信：rockflowfafa），开通 RockFlow 社群资格。 额外福利：Mag7 巨头投研合集，先到先得。 作为曾经塑造了整个硅谷和 PC 时代的先驱，英特尔（Intel）在连续错失移动互联网和 AI 浪潮后，正面临着自安迪·格罗夫（Andy Gr ...

Core Insights - Google is overcoming the "innovator's dilemma" with the launch of Gemini 3 and Nano Banana Pro, leveraging its TPU computing cluster as a significant competitive advantage in the AI era [3][5] - The market underestimates the destructive impact of "inference costs" on AI business models, with Google holding pricing power due to its self-developed TPU, contrasting with competitors reliant on Nvidia [3][6] - Concerns that AI would kill search advertising are being alleviated as Gemini 3 transforms search from "link finding" to a "decision engine," potentially increasing ad conversion rates [3][19] - Google has achieved a "full-stack sovereignty" with the combination of the strongest model (Gemini 3), the best computing power (TPU), and the largest entry points (Android/Chrome), positioning it for a market cap of $5 trillion [3][22] Group 1: TPU and Inference Costs - TPU is a critical asset for Google, allowing it to transition from being a "compute buyer" to a "rule maker" in the AI infrastructure war [6][8] - The AI semiconductor market is shifting focus from training to inference, with predictions indicating that by 2030, 75% of AI computing demand will be in the inference layer [6][7] - Google's TPU v7 (Ironwood) has shown a 100% improvement in performance per watt compared to its predecessor, and its inference performance is four times better than Nvidia's H100 [7][8] Group 2: Gemini 3 and Software Integration - Gemini 3 demonstrates Google's ability to convert talent from "Brain + DeepMind" into unmatched product capabilities, showcasing native multimodal abilities [9][10] - OpenAI and Meta are shifting towards Google’s TPU to reduce reliance on Nvidia, indicating a growing trend among competitors [10] - Gemini 3 can handle long context windows, evolving from a "chatbot" to a true "agent," capable of multi-tasking across platforms [11][13] Group 3: Investment Perspective - Warren Buffett's investment in Google signals confidence in its potential for value appreciation, with a current PE ratio of around 27, offering a non-symmetric return opportunity [14] - Google's stock buyback strategy enhances shareholder value, similar to Apple's approach, making it an attractive investment in a volatile tech market [14] Group 4: Business Model Evolution - Google's search advertising business remains robust, generating significant free cash flow, while AI opens new avenues for high-value decision-making [15][16] - The introduction of Gemini-driven SGE (Generative Search Experience) allows for structured comparisons in search results, enhancing ad value [19][20] - As long as Google can demonstrate higher ad conversion rates with AI assistance, advertisers will be willing to pay a premium, indicating that search is evolving rather than dying [20][21]

划重点 ① 云计算正在经历一场暴力更迭。当 AWS 等传统巨头在忙着 AI 转型时，CoreWeave 等 Neocloud 正凭借极致效率，成为 AI 时代的"新基建"。RockFlow 投研团队认为，Neocloud 正在 打破旧秩序，填补算力黑洞，成为继 NVIDIA 芯片之后，AI 产业链中爆发力最强的 Alpha 赛 道。 ② CoreWeave 是这场大戏的绝对主角。从加密矿工到估值 370 亿美元的独角兽，其营收两年暴 涨 100 倍。这背后是英伟达"权力的游戏"——黄仁勋通过扶持"亲儿子"来制衡科技巨头，赋予 其优先配货权和百亿产能保底。它不仅是英伟达的超级分销商，更手握 AI 时代最深的护城河： 稀缺供给和与 OpenAI、微软的深度绑定。 ③ CoreWeave 的终局会是下一个亚马逊，还是当年的思科泡沫？市场在狂热，但逻辑需冷峻。 投资 Neocloud，本质是博弈算力的"供需周期"。它既有成为 AI 时代"超级公用事业公司" 的潜 力，也面临着高杠杆带来的生死考验。 RockFlow 本文共3192字， 阅读需约11分钟 2025 年 3 月，当 CoreWeave (CRWV) 敲响 ...

Core Insights - The article emphasizes a "storage crisis" emerging as a significant challenge in the AI landscape, shifting focus from GPU computing to memory and storage solutions [3][4] - The demand for high-bandwidth memory (HBM) is driving a competitive race among memory manufacturers, with potential implications for future technology wealth distribution [3][5] - The article identifies Micron and SanDisk as undervalued companies with strong fundamentals, presenting unique investment opportunities in the evolving storage market [3][5] Group 1: Storage Crisis and Market Dynamics - The AI industry's transition to large-scale models has created a bottleneck in storage, leading to inefficiencies in GPU utilization and increasing total cost of ownership (TCO) [4][6] - AI workloads require storage solutions with high capacity, bandwidth, and low latency, pushing the market towards structural growth in both bandwidth (HBM/DRAM) and capacity (NAND/SSD) [6][9] - The shift towards HBM is causing traditional DRAM supply constraints, with manufacturers reallocating resources to produce higher-margin HBM products, resulting in a significant price increase for DDR4 memory [9][10] Group 2: HBM and NAND Developments - The competition for HBM4 dominance is critical for memory manufacturers, with SK Hynix currently leading, while Micron and Samsung are in pursuit [11][12] - The rise of QLC NAND flash storage is being driven by the explosive data growth from AI applications, positioning it as a preferred choice for data centers [12][18] - CXL technology is enhancing memory capacity and bandwidth flexibility, addressing the memory wall issue in AI workloads, with over 200 companies joining the CXL alliance [12][13] Group 3: Investment Opportunities - Micron Technology (MU) is highlighted as an undervalued leader in AI memory, with strong growth potential driven by its HBM business and significant revenue growth [13][15] - Micron's DRAM revenue is projected to grow significantly, with estimates showing a year-over-year increase of nearly 69% in Q4 2025 [15][16] - SanDisk (SNDK) is positioned as a key player in the NAND flash market, benefiting from its strategic focus on enterprise SSDs and AI-driven demand [18][19] Group 4: Additional Investment Candidates - Other potential investment opportunities include Western Digital (WDC), Intel (INTC), and NVIDIA (NVDA), which are positioned to benefit from the AI storage ecosystem [21][22][24] - ETFs like iShares Semiconductor ETF (SOXX) and VanEck Semiconductor ETF (SMH) provide diversified exposure to the semiconductor and storage sectors, mitigating risks associated with individual stocks [25][26] Conclusion - The article concludes that the storage industry is entering a multi-year super cycle driven by AI demand, with a shift from cyclical to structural growth patterns [27] - Investors are encouraged to focus on companies that effectively manage capital allocation and achieve breakthroughs in high-end storage solutions, as the current market presents a favorable environment for investment in AI storage leaders [27]