On June 18, SanDisk (SNDK.US) saw its stock price increase by 11%, reaching $2,175 per share, setting a new all-time high. The total market capitalization surpassed $320 billion, marking an impressive year-to-date increase of 814%.
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SanDisk Soars 11% to Set New All-Time High, Up 814% Year-to-Date
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Oaktree Capital Founder: Cautionary Investors May Miss Historic Investment Opportunities
On June 18, Howard Marks, co-founder of Oaktree Capital, discussed whether the current market is experiencing 'irrational exuberance' and the opportunities and risks under the AI investment boom in a recent podcast. He noted that the current market can be described using Alan Greenspan's words from 30 years ago; we are in a 'boom,' but no one can definitively say whether it is 'irrational.' Using SpaceX's impending IPO with a valuation of nearly $2 trillion as an example, he stated that deciding whether to participate and at what price is purely a matter of 'guessing,' and cannot be calculated like traditional value investing. Howard mentioned his favorite saying: 'Cautious individuals struggle to achieve great things.' He pointed out a current investment dilemma: investing in tech giants may lead to significant mistakes, but it can also yield remarkable successes. Those who hesitate out of fear of risk may miss out on the greatest investment opportunity in human history. In contrast, investors in traditional industries such as transportation, retail distribution, and real estate are unlikely to make catastrophic investment errors, but they also cannot seize the monumental benefits of this transformative era. In terms of valuation, Howard provided a key reference: the current price-to-earnings ratio of the S&P 500 is about 23 times, which is approximately 50% higher than the 80-year average of 16 times, but far lower than the 32 times during the 2000 internet bubble and below the 60 to 90 times level of the 'Nifty Fifty' era, indicating that overall it is 'high but not out of control.' Regarding AI investments, he proposed a three-tiered investment strategy: investing in large-scale tech companies is a low-risk approach due to their established business and cash flow; investing in vertical AI companies like Anthropic and OpenAI carries higher risks but also a higher probability of survival; while investing in early-stage startups is akin to gambling, where most will lose everything, but a few will become extremely wealthy. He advised investors to choose where they want to invest on the risk spectrum, mix different positions along the spectrum, and then determine what proportion these companies should represent in their overall investment portfolio. -
Ethereum Foundation Co-Executive Director Hsiao-Wei Wang Announces Resignation
Hsiao-Wei Wang, Co-Executive Director of the Ethereum Foundation, issued a statement announcing her decision to formally resign from her positions as Co-Executive Director and board member of the Ethereum Foundation, effective immediately after her leave. Wang stated that her time off allowed her to reassess her personal priorities and future plans, leading her to step back at this juncture and dedicate more time to her family and personal life. In her statement, Wang reflected on her contributions to the Ethereum ecosystem over the past decade, emphasizing that the true strength of Ethereum comes from the decentralized infrastructure maintained by global developers, researchers, validators, node operators, and community builders, rather than any single role or organization. She noted that although she is leaving the foundation's management, she will continue to support ecosystem development as a community member. Vitalik Buterin subsequently expressed his gratitude, stating that Wang has been one of the most steadfast contributors to the Ethereum ecosystem over the past ten years, not only advancing research and consensus mechanisms but also establishing an active local community in Taipei, Taiwan. Vitalik remarked that during a critical transformation period for Ethereum, Wang took on the foundation's most challenging management responsibilities and completed her mission with a high degree of professionalism and prudence. -
Accenture Plummets Over 17%, Dragging Down IT Services Sector
On June 18, the IT services sector declined, with Accenture dropping over 17%. Wipro and Cognizant fell nearly 8%, IBM decreased by 6.6%, Infosys dropped by 5.7%, and Global Data fell by over 3%. In news, Accenture reported an unexpected 2% decline in third-quarter orders, indicating that the industry continues to face fundamental uncertainties amid the 'AI disruption' superstorm led by AI application leader Anthropic. The company expects fourth-quarter revenue to be in the range of $17.75 billion to $18.4 billion, below the analyst consensus estimate of approximately $18.47 billion. -
SpaceX Drops Nearly 8%, Marking Second Consecutive Day of Decline
On June 18, SpaceX experienced a decline for the second consecutive day, with intraday losses nearing 8%, bringing its price down to $176.6. Dan Taylor from Invesco commented that SpaceX's valuation does not reflect the overall health of the AI sector. The stock performance of the rocket company appears to be more of a bet on CEO Elon Musk rather than an AI narrative. Taylor stated that the company is unlikely to achieve Musk's $1 trillion revenue target before 2030, but his previous entrepreneurial ventures indicate that investor confidence in him is not lacking, which should be a supportive factor for SpaceX. -
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