To The Moon

The market has begun to distinguish between "AI beneficiaries" and "AI funders." The former can drive stock prices, while the latter is regarded as a dilution risk.

As of July this year, Amazon, Alphabet, Meta, and Oracle collectively issued $194 billion in bonds—compared to $108 billion for the entire year of 2025. The reliance on financing for AI infrastructure is rising sharply, while the appetite in the credit market is shrinking.

The Financial Times of the UK reported last week that the U.S. special envoy to the United Nations stated bluntly that Washington is "ready to fight Iran for at least another year."

$香港交易所(00388)$  

$黎氏企業(02266)$  

WONG :「 The demand for capital is much greater than the availability of capital. 」

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.