Lennon

[Athu @athuinvests]

$IREN isn't a good long-term hold.

A lot of people I respect in this community hold this company, so I want to be honest and fair about this.

Power is one of the hardest things to get in AI right now, and despite $IREN having it, I have genuine concerns about what it takes to turn that into a long-term profitable, cash-flowing business.

This comes right after SemiAnalysis' latest review and Goldman's note warning that rising opex and a capex plan that needs more financing could pressure the stock.

My concern isn't demand. I think IREN will get capacity online and find plenty of customers. It's what it costs to get there, whether the revenue and the business behind it are strong enough to turn into real profits and cash flow, and whether shareholders keep any of it at the end.

The money:

IREN guided $25-30B of capex for FY27. They have about $14B lined up in cash, committed GPU financing and customer prepayments, and they're targeting another $8B. There's still a gap of several billion, and that's only one year.

Jensen Huang puts an AI factory at $50-60B per GW, and IREN's pipeline is 5GW+. Where is that kind of cash going to come from? Definitely not traditional places.

How they're funding it (so far):

IREN has raised about $19B over the past year, with only around $3B coming from equity. Here's where the rest came from.

- Customer prepayments. The cheapest money there is, but only top-tier customers like Microsoft write those checks. Microsoft's alone was $1.9B.

- GPU-backed debt. $3.6B against the Microsoft contract, plus $2.4B from Blue Owl for Mackenzie.

- Convertible notes. $3B in May at a 1% coupon. Cheap in cash, paid for in future shares.

- Equity. Straight share sales through the ATM.

- Stock as currency. Acquisitions like Mirantis, paid in shares.

- Next up, data center financing against sites they've kept unencumbered.

The cheap sources are limited by how many Microsofts you have. Everything beyond that costs more, either in interest or in shares.

The cost of money:

Line the deals up and one thing is clear. In this industry, the interest rate follows the customer.

When Microsoft is behind it, IREN borrows like the leaders. Its Microsoft financing came in around 5.9%, due 2031, essentially the same pricing CoreWeave got on its Meta-backed loan in March, the first GPU loan ever rated investment grade. Nebius got SOFR+2.5% in July against an investment-grade customer, with debt and customer cash flows covering over 100% of the capex. Credit where it's due, the Microsoft deal is well structured.

The difference shows up everywhere else. Mackenzie, without Microsoft behind it, cost 9% from Blue Owl on a 30-month term. IREN has to pay that back in two and a half years, while its new contracts average about four. That's debt running off faster than the revenue that pays for it.

Now, someone will say the same applies to $NBIS and $CRWV. And they're right, the rule is the same for everyone. Nebius raised $5.75B in convertibles in August, and CoreWeave pays up too when the customer isn't investment grade. The difference is how many Microsofts each one has, and how long their money lasts.

- CoreWeave has over $100B of backlog, and even its riskier loan this August, priced about the same as Mackenzie, runs to 2031. It went from ~15% loans in 2023 to investment grade this year, and has cut GPU-backed loans from 73% of its debt in 2024 to 38% this June.

- Nebius has a Meta deal worth up to ~$27B and a multi-billion Microsoft contract, plus $40B+ of further customer commitments it can borrow against.

- IREN has Microsoft ($9.7B) and NVIDIA ($3.4B), roughly $2.6B of its contracted ARR. Beyond that, it's Mackenzie-style money, and that's what most of the 5GW pipeline will need.

Same rules, very different hands. SemiAnalysis also says Nebius can charge premium prices because of its software, which means more margin to service the same debt.

IREN's cheapest money today is really Microsoft's credit rating, and debt has already gone from under $1B to roughly $7.6B in one fiscal year.

What it means for shareholders:

Share count went from 258M to 394M in about 14 months, up roughly 53%, with ~$3.5B still left on the ATM.

The $3B convertible from May could add around 41M more shares if it converts at ~$73, partly offset by a capped call.

The $625M Mirantis deal is paid in shares too. And NVIDIA's "$2.1B investment" is a right to buy shares at $70.

With the stock around $40, that money only comes in if it rallies more than 70%.

Revenue growth, but at what cost?

I do think revenue grows massively. It could go from $707M in FY26 to roughly $7.3B in FY28 and $14B in FY29, and EBITDA looks incredible. But look at what's left after paying for the hardware and the debt.

On consensus estimates, depreciation and interest swallow almost all of it. FY28 pre-tax is still slightly negative, and FY29 is negative again at about -$478M, with ~$1.7B going to interest alone.

Kinder estimates show a modest profit in FY29 and real EPS only around FY30, with free cash flow still deeply negative.

That's my whole point. If tens of billions of capex turns into single-digit net margins at best, before more dilution, what is the shareholder actually getting?

And that's the base case. It assumes everything goes their way. Every gigawatt delivered on schedule, utilization staying high, financing markets staying open on similar terms, and opex kept under control.

Any slip in execution or the cost of capital lands directly on margins that are already thin, or still negative.

Management and communication:

This is the part I find hardest to get comfortable with, and I don't think anyone should be. Communication patterns tend to repeat, so they matter as much as the numbers.

- In May, the NVIDIA partnership led the same release as a quarter where losses widened to $248M and revenue fell again. The stock jumped ~9% after hours. Five days later, IREN priced a $3B convertible. Raising on strength is normal, but it shows where the focus is.

- On the Q4 call, management said they deliberately don't tie the $25-$30B capex to a specific number of megawatts, because data center spend runs ahead of delivery. That's a lot of capital without a clear measure.

- The co-CEO RSUs vest on time, not performance. The chair's explanation was that earlier performance hurdles were cleared too quickly. That's a reason to set harder targets, not drop them.

- The 10-K says IREN owns and operates every layer of the stack, while its CCO says no managed services are live yet. Explain that, please?!

The cloud layer (software matters, and IREN is behind):

Owning GPUs in a building is infrastructure. What customers pay a premium for is the software on top, the scheduling, health checks, monitoring and automatic fault recovery.

$CRWV and $NBIS built that and are rated Platinum by SemiAnalysis, while $IREN was placed in "Not Recommended - Underperforming."

Mirantis is a smart step toward closing that gap, but today the company mostly sells bare metal, the most commoditized layer of the stack.

Reliability:

The pushback on SemiAnalysis has fair points. Outages happen everywhere, including at Nebius this August, and Mackenzie is still being commissioned, so this is mainly about Prince George. My concern is narrower.

The multi-day outages reportedly came from grid brownouts the site couldn't ride through without enough backup generation, which is the design issue SemiAnalysis raised. And customers renewing during a GPU shortage shows strong demand more than it shows quality.

What's going right:

Childress and Sweetwater look far better than the Canadian sites, and even SemiAnalysis says so. The Microsoft financing is genuinely well structured.

Microsoft, NVIDIA, Perplexity, Figure and a frontier lab are real customers. Most of the $684M Q4 loss was non-cash mining write-downs. And nobody builds gigawatts cheaply. Nebius' own CEO put 5GW at around $250B of financing.

Where I land:

For me, $IREN isn't a good long-term hold. Not because AI demand is slowing, and not because the team hasn't executed on power, but because the financing structure makes it hard for shareholders to keep the profits from all that growth, and that burden looks set to weigh on the stock for years.

I can get exposure to this theme higher up the stack with less risk to underwrite. If you hold it, I'm not here to tell you you're wrong. I just think the risks deserve as much airtime as the upside, and I'd love to hear how you're thinking about them.

If you want this theme with a lot more peace of mind, $NBIS is where I'm at 🤝

[MQ @Mar364503]

After holding $INTC for three years, I can tell you for sure that there will be a number of rumours/talks/headlines about Intel’s potential deals. This happened a lot in the past and will surely continue to occur in the future. Those are noise you just have to ignore sometimes. But there are some indisputable facts about the company that I consider are the bases for my long term holding:

(1) it’s a bipartisan goal to make Intel foundry great so that US will not depend on Taiwan. Be it government equity investment or Chips Act policies. This goal will not be changed for the decade to come (unless IFS surpasses TSMC within the next a few years in terms of volumes, which I doubt). This goal will not be changed no matter who is the president or controls the senate/house.

(2) Intel is the ONLY US leading semi IP holder and will remain so. TSMC does not and will not have US IPs that are superior than their Taiwan HQs. This is required by Taiwanese government and laws. This is also the basis of so-called silicon shield that Taiwan wants to maintain to leverage US power to defend itself against China. For this reason, Terafab has to work with Intel, unless @elonmusk just wanted to build it as a second-class fab using TSMC inferior IPs, which I highly doubt.

(3) Intel has gone through several reorganization efforts - cut layers of middle management, brought in cost efficiency, changed the customer service culture, etc. Under Lip bu and current management’s leadership, Intel is ready to take advantage of opportunities.

(4) The opportunities are the AI compute shortage and CPU playing central roles in agentic AI. As AI chips are becoming larger, TSMC is now catching up on Intel’s EMIB packaging technologies. With the booming business in CPUs, advanced packaging and success of 14A, we will see foundry business to be profitable next year. This is not to mention the potential surprises from the memory and optical and ASIC business …

[Elon Musk @elonmusk]

@herbertong @thejefflutz No, we will build and run the fab. Let there be ZERO doubt about that.

Maybe TSMC subleases part of the Terafab if they want, but nothing more than that.

[Lennon @Thefool_0401]

@kyuu47427 @jukan05 @elonmusk 我也感觉是musk的谈判小技巧

[Lennon @Thefool_0401]

@elonmusk @xenocosmography 这个自动翻译，真是一言难尽🤣

[Lennon @Thefool_0401]

回复太晚了

[Bloomberg @business]

Intel will continue to work with Elon Musk on Terafab, an audacious attempt by the trillionaire to break into the production of cutting-edge chips, according to Chief Executive Officer Lip-Bu Tan. https://t.co/GPtBWq3MD0

[Echo Analysis @EchoAnalysis]

$AAOI This has been perfect 👀

Price is up 7% today and over 30% since I bought a week ago today.

If price tests the 50DMA, I'll be buying again.

Wave B target: 34% 🚀

[Kevin Xu @kevinxu]

I'm pretty sure bond yields have topped today and we'll be seeing non-stop green candles on all your favorite risk stocks for the rest of the month.

[Lennon @Thefool_0401]

@myway5678 你跑我也跑

[Nico投资有道 @tychozzz]

今天嘉信理财系列视频终于完结了，最后一期是嘉信理财出金教程，跨境汇款出金到香港银行，以及通过 ACH 转账出金到 Wise 美元账户。

视频中还会说明出金方式的手续费磨损、到账时间以及所有需要注意的事项。

本期出金视频教程：https://t.co/mDv7AAxdIh
本期出金文字教程：https://t.co/eO6j8SMy9c

这条推文顺便汇总一下往期所有嘉信理财相关的教程，有需要的朋友可以点赞收藏一下备用。

嘉信理财从 0 到 1 开户视频教程：https://t.co/MduZMqF7mr
嘉信理财从 0 到 1 开户文字教程：https://t.co/4XSg3fewyW

嘉信理财如何入金？4 大入金方式实操视频教程：https://t.co/UsgY4phJ2W
嘉信理财如何入金？4 大入金方式实操文字教程：https://t.co/tXpO8T3wNH

玩转嘉信理财 -> 新手基本操作入门视频教程：https://t.co/pmEVAtYIxu
玩转嘉信理财 -> 新手基本操作入门文字教程：https://t.co/684OEibbJj

嘉信理财美股期权 -> 20 分钟入门视频教程：https://t.co/OqtahSvp47
嘉信理财美股期权 -> 20 分钟入门文字教程：https://t.co/fgw0nNhFKG

[Gk @0xGky]

主流平台的下载工具全给你捋清楚了，8 个，基本一个都不落。X、抖音、TikTok、Instagram、Facebook、YouTube、B站，连字幕、连批量下载都有专门的家伙事儿。

1️⃣ X 和多平台通吃：🔗 https://t.co/EFzbcKrG12
2️⃣ TikTok 去水印，干净利落：🔗 https://t.co/313xsCvpi8
3️⃣ 抖音解析：🔗 https://t.co/qWfTgiaEuZ
4️⃣ Instagram 和 Facebook：🔗 https://t.co/QpXYN57GTy
5️⃣ YouTube 和多平台：YoutubeDownloader
6️⃣ B站和一堆网站：Bili23-Downloader
7️⃣ 光要字幕的：🔗 https://t.co/2ZEQteDYZ8
8️⃣ 想在桌面一次性批量下的：4K Video Downloader

[Z大诗 @Zh_Crypto517]

我整理了几个更适合中国宝宝体质，投资美股必看的博主

1. @aleabitoreddit 白毛女神 AI供应链分析师
- 一年战绩 4500% ，前RISC-V基金会AI研究科学家，现在专注AI/半导体供应链“未知瓶颈”交易。最近经常分享 $MRVL 仓位和行业新闻，AI科技股深度+实战预警拉满，信息差巨大，适合想挖供应链“暗池”机会的科技股玩家

2. @qinbafrank 前沿科技周期预言家
- 跟踪最前沿科技趋势+野生宏观政经+全球资本流动性+周期趋势。经常长线程拆投行/公司报告。最近对 $BB 困境反转到价值重估的复盘非常透彻，长线理性+前沿视角，深度线程超强，适合喜欢宏观+报告交叉验证的投资者

3. @xiaomustock AI期权实盘笔记王
- 自由AI股票+大宗期权纯二级交易员，只发个人投资笔记。实时分享半导体/存储/量子/光通信仓位调整+交易体感。推特纯作自身笔记，科技周期主题拆解透彻，适合想看真实操盘日记和风险控制的玩家

4. @maojietrading 纽交所老兵复盘师
- XTrader数据科技创始人，16年美股老交易员，曾驻纽交所交易大厅。五年收益率910%真实记录，逻辑清晰、风险控制强，还有Club频道教禅动指标/量化机器人，适合想学实盘执行和数据监控的同学

5. @morganhousel 金钱心理学导师
- 《金钱心理学》作者，Collab Fund合伙人+Markel Group董事。长线投资者必刷，读完直接升维思考框架，风格简洁有力、零情绪，适合想建立正确投资心态、避免人性陷阱的人

6. @charliebilello 市场数据图表帝
- Creative Planning首席市场策略师，数据+图表分析天花板。每天用历史数据、长周期对比和精美图表拆解市场趋势。理性客观、零情绪，理性派和数据爱好者最爱，适合想用硬数据验证趋势、避免情绪化决策的投资者

[qinbafrank @qinbafrank]

昨晚的美股债市总结下来就是一句话：弱非农把10月加息概率进一步压低，AI高beta继续主导市场，但债市给出的信号远没有股市乐观。这里的核心还是油价和长债收益率。
1、油价方面：
1）好的层面
美军护航部分油轮集中通过海峡，沙特阿美快速恢复每日通过东西输油管道输送约600万桶原油，约有450万桶/日的管道流量可用于出口。市场有实际出口能力正在恢复的预期。

同时G7领导人同意通过IEA协调释放1亿桶柴油和其他石油储备，川普也明确表态美国不会实施柴油出口禁令，如果未来两周柴油裂解价差明显回落，会比Brent单独回落更有利于Fed通胀路径。

2）但风险依然在
如1号推文聊到“伊朗应该还保有把某一批船打停的能力”，昨晚英国海上贸易办公室（UKMTO）就报告两艘油轮在海峡被袭击，也就说明了伊朗还有干扰南部航道的能力；
美军还在往中东部署第三支航母战斗群和第三支两栖陆战队远征军部队，威胁中期选举后动武；
同时沙特明显从前几周的“防御 + 空袭”往“准备改变地面控制线”推进。看路透社报道沙特开始认真筹划曼德海峡沿岸反攻计划。

这些都让昨晚油价出现V反、先跌再涨。
油价就在“航线可能恢复”和“战争升级”之间摇摆。

2、长债方面
油价又起来，然后长期资本成本、财政供给、期限溢价这些仍很高，所以美债收益率昨晚也是先跌后涨。

在现在这个位置上、长债收益率越往上市场压力也越大。

但另一方面，经纪名义GDP增速还可以，AI产业也还在继续快速进化（引用推文里有梳理最近一段时间产业上的进展），这种情况下基本面好盈利强劲业绩预期兑现节奏快的标的是能扛住宏观逆风的，而且稍有缓和就容易往上蹦。这也是有人感到最割裂的地方、看债市觉得摇摇欲坠、看道指、标普等权、罗素2000弱的一逼、但看纳指则是稳步震荡向上、核心就在这里。

所以这也是我在引用的推文聊的“当下市场最害怕的是收益率快上往上飙；
如果能稳住、市场也会缓缓；
现在的市场并不需要收益率大幅跌，只需要稳定小幅回落、那么那些业绩没问题股票就能起来，之前被收益率压制的板块也能起来。

所以综合起来就是：
1）当下收益率水平部分强势标的能扛住，如果长债收益率还要快速往上飙升，小盘股、价值股还得继续泄，AI和大科技也会被压制；

2）如果us10Y不能稳定下来（当下位置震荡），那么AI半导体和大科技里逻辑最硬的标的还是能扛住，还能震荡向上，碰到有波动调整逢低买。

3）但如果5.2~5.3%开始成为新的均衡水平，在这个基础上如果能小幅回落，估值受到的边际压力会明显减弱，那么不仅AI科技板块继续走强，而且资金可能开始从少数半导体、AI科技龙头向银行、周期和部分中小盘扩散。

当然更重要的点是10月下旬大科技的三季度财报陆续出来，市场应该会看到AI商业化进程还是远超预期的，美股基本面还是第一位的。

本条由@bitget_zh赞助，「Bitget 买美股：秒级入场，丝滑交易

[nini @nini_incrypto_]

这些美股博主到底准不准？

统计范围：YouTube财经频道，共63个频道，按公开发言时点统计（6个月观察周期）

1. Zac美股笔记｜观点准确率72.4%｜记录数29条｜平均+11.9%

2. 老汤美股财经｜观点准确率65.8%｜记录数111条｜平均+14.3%

3. 美股Alpha姐｜观点准确率63.4%｜记录数328条｜平均+8.2%

4. 阳光财经｜观点准确率62.8%｜记录数78条｜平均+13.3%

5. 视野环球财经｜观点准确率62.2%｜记录数577条｜平均+11.4%

6. 老李玩钱｜观点准确率61.6%｜记录数869条｜平均+14.8%

7. NaNa说美股｜观点准确率57.9%｜记录数209条｜平均+5.5%

8. Money or Life｜观点准确率51.9%｜记录数104条｜平均+12.3%

9. 一只居和鸭｜观点准确率48.5%｜记录数619条｜平均+2.0%

10. 刘翔的投资频道｜观点准确率35.7%｜记录数14条｜平均-11.0%

[Lennon @Thefool_0401]

@WangNextDoor2 请问第一层估值和风控怎么理解？什么叫守住风控？

[Gk @0xGky]

也不知道哪位老哥闲得发慌，整了个 X推特精选400女普萨全给扒拉归置好了，还贴心地把热门分类都分妥，这活儿干得是真到位。

我刚戳进去顺着榜单翻了一遭，随手点了排在头里的一个博主，一秒就直接蹦主页，连个弹窗广告都没冒出来，干净得我都有点不适应。

1️⃣ 没套路
2️⃣ 没那些花里胡哨的引流
3️⃣ 就是最纯粹的直达
这年头肯干这种脏活累活、还一分钱不图的，是真不多了。
捣鼓出这玩意的人才叫真功德无量，我个人建议，直接立地成佛。

🔗 https://t.co/JXCKU0dO4A

[M @Maggie191919]

AI 真正的大钱，可能不是继续追下一只 $NVDA，而是提前找到：世界下一阶段“不得不建设”的东西。

如果你想布局未来 3–5 年，甚至未来 10 年的 AI 浪潮，这张路线图建议留住。

因为 AI 的资本开支正在发生一个非常清晰的迁移：

算力 → 电力 → 实体世界。

大多数人永远在追已经涨起来的东西。

我更想知道的是：

下一笔几万亿美元的钱，被迫要花在哪里？

第一阶段：2026–2027

AI 基础设施大建设

这一阶段的核心只有一个：

让 AI 跑起来。

模型越来越大、推理需求越来越高，于是整个世界需要继续疯狂建设芯片、服务器、网络、光通信、存储和数据中心。

我的第一层 AI 地图：

超大规模云服务：$AMZN

AI 芯片：$NVDA $AVGO

EDA / 芯片设计：$SNPS

晶圆代工：$TSM

半导体设备：$ASML

内存 / HBM：$MU、SK海力士

网络：$ANET $ALAB

光通信：$LITE $COHR

高速互连：$CIEN

CPU / Edge AI：$ARM

AI 数据中心：$IREN

冷却系统：$VRT

服务器：$DELL $SMCI

企业存储：$PSTG

GPU Cloud：$CRWV

数字基础设施：$EQIX

数据中心建设：$FIX

网络安全：$CRWD
⠀
这就是今天大家最熟悉的 AI Trade。

但最大的问题也在这里：

第一阶段已经越来越拥挤。

$NVDA、$AVGO、$VRT、$ANET、$MU……

市场已经开始理解它们为什么重要。

真正有意思的，是第二阶段。

第二阶段：2028–2030

AI 从“缺芯片”进入“缺电时代”

当几十万、甚至上百万颗 GPU 部署完成之后，一个更现实的问题会出现：

电从哪里来？

全球数据中心用电到 2030 年预计将比现在翻倍以上，而 AI 会成为其中最重要的增量来源之一。

到了那个阶段，最大的瓶颈可能不再是：

“我能不能买到 GPU？”

而是：

“我的数据中心到底能不能接上电？”
⠀
所以资金链条会继续向下游移动：

电网建设：$PWR

电气设备：$ETN

公用事业 / 电网互连：$AEP

独立电力生产商：$VST

天然气 / 燃气轮机：$GEV

现场发电：$BE

储能：$EOSE

先进核能：$OKLO

铀 / 核燃料：$CCJ

铜：$FCX

锂：$ALB

稀土：$MP
⠀
为什么我一直认为“AI → 电力”是非常重要的第二阶段？

因为 GPU 可以扩产。

服务器可以增加。

数据中心可以继续盖。

但是：

变压器、电网、输电线路、天然气轮机、核电站、铜矿，没有办法一夜之间增加。

而且这些行业很多都有一个共同特征：

建设周期远远长于 GPU。

这意味着未来 AI 最大的瓶颈，很可能会从 Silicon（硅），逐渐转向 Electron（电子）。

第三阶段：2030+

AI 真正离开数据中心

这是我认为最终最重要的一步。

今天 AI 最大的价值仍然存在于屏幕里面：

聊天机器人
Copilot
代码生成
广告推荐
企业软件

但真正巨大的经济价值，会出现在 AI 开始控制现实世界的时候。
⠀
那时候我们建设的就不再只是 Data Center。

而是：

机器人
自动驾驶
自主无人机
智能工厂
国防系统
AI 医疗
卫星网络
太空基础设施
量子计算

也就是我所说的：

Physical AI Economy——实体 AI 经济。
⠀
第三阶段的地图：

AI 软件 / Agent：$PLTR $NOW

机器人：$TSLA

工业自动化：$ROK

自动驾驶 / 自主系统：$GOOGL $MBLY

无人机：$AVAV

国防科技：$KTOS

太空经济：$SPCX $RKLB

量子计算：$IONQ

AI 医疗：$TEM
⠀
所以如果把整个 AI 超级周期压缩成三句话：

2026–2027：解决算力。

2028–2030：解决电力。

2030+：AI 开始接管现实世界。
⠀
这也是为什么我不会只问：

“下一只 $NVDA 是谁？”

这个问题太小了。

我更想问的是：

如果 AI 最终变成像电力、互联网一样的基础设施，那么为了让它真正运行起来，人类未来十年必须建设什么？
⠀
芯片只是第一层。

下面还有：

网络
光通信
内存
服务器
冷却
数据中心
电网
天然气
核能
铜
机器人
自动驾驶
无人机
太空基础设施

每一层都可能产生新的大型公司。
⠀
而投资最有意思的地方就在这里：

最大的机会，往往不是等待一个行业已经成为共识后再追进去。

而是在资本开支真正爆发之前，先找到下一处瓶颈。
⠀
所以我未来几年会一直沿着这一条路线寻找机会：

Compute → Power → Physical AI

算力 → 电力 → 实体 AI。
⠀
大多数人会继续追逐今天已经最热门的东西。

我更想提前布局：

世界下一阶段不得不建设的东西。

[王长富 @wangchangfu88]

毁掉我人生的网站：

一、https://t.co/PY0E7RWjIg

[⧫ Alan Chen ⧫(alanchentsla.eth） @alanchen]

美光CEO刚刚放狠话：
2027、2028年的存储供需，会比2026年还要紧。
不是紧一点，是“much tighter”。

AI还在狂吃内存，HBM、DRAM、NAND全线供不应求。
工厂扩建跟不上，产能不是开关，是几年才能落地的事。
2026年已经够疯了。

美光刚交卷：营收、利润创纪录，下季指引还超预期。
CEO现在告诉市场：后面两年更缺。
$MU
盯着MU的人，记住这句话。

[Lennon @Thefool_0401]

@hanking66 要不是这个破宏观环境，起码10cm