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Saying they're not in a hurry, but the competitor has quietly submitted their prospectus. Altman said he "just heard" that Anthropic secretly filed for an IPO, with a tone that carried a hint of passivity. He emphasized there is no "race to be the first to go public," and OpenAI will IPO when the "time is right"—which translates to: we're still waiting for a more attractive valuation window. But Anthropic's early S-1 submission is not just a formal lead. In the AI track, going public first means securing pricing power in the public market first, locking in institutional allocation positions first, and occupying the brand mindshare as the "first AI stock." Altman says no rush, but the market will rush for them—when competitors start roadshows, set valuations, and raise funds, OpenAI's silence will no longer be composed but forced to catch up. A deeper difference lies in the IPO logic of the two companies. Anthropic recently achieved operational profitability for the first time, and the B2B stickiness of Claude Code provides the capital market with a calculable growth model. OpenAI's revenue scale is larger, but profitability and customer structure still require a clearer narrative. Altman's response is not a casual remark but a strategic composure after being preempted. The IPO is not the end, but the one who goes public first can define what "the right time" means for themselves. #星球日报 $OPENAI $ANTHROPIC

Missiles land, technology soars, crypto under pressure Iran's Revolutionary Guard launched a retaliatory strike on a US military base at dawn, causing WTI crude oil to surge 6.2% instantly, reaching $92.60. South Korea's KOSPI dropped 3%, with global funds rushing to safe havens. The crypto market is simultaneously under pressure. The most striking is the Nasdaq, which, driven strongly by Nvidia RTX Spark, defied the trend to hit a historic high of 27,087 points. On one side are the artillery fires, on the other is computing power; the market is redrawing the asset map with real money. Crypto is caught in the middle—it neither has the AI narrative baton passed on by tech stocks nor can it directly benefit from geopolitical premiums like oil. When the risk-off logic meets stagflation shadows, $BTC is temporarily classified as a risk exposure to be cut. But the deeper variable lies in tonight. If Iran's retaliation ends here and oil prices give back their gains, BTC may follow suit and recover. If the US military retaliates, escalating the conflict spiral, crypto will bear a new round of sell-off along with global risk assets. The essence of market divergence is not the sector but the speed of transmission of geopolitical shocks. Tech stocks price the future, oil prices the present, and crypto prices uncertainty itself. Tonight's oil price is the starting gun for all assets. #美伊谈判：双方态度仍强硬

Security audit all green, yet still zeroed out Radiant shut down, $EDGE ankle cut, two major crashes in one day. Radiant was once the largest lending protocol on Arbitrum, with a TVL peak exceeding $2 billion. The $50 million hacker funds were chased for 18 months, ending in vain, and ultimately declared closed. $EDGE was even harsher, plummeting 70% in a single day, turning from an "innovative protocol" into a "death spiral" in just 24 hours. The common root cause of these two incidents is that despite passing security audits, having high TVL, and institutional backing—they still ended up zeroed out. Radiant’s problem lay in cross-chain bridge permission management; the specific vulnerability of $EDGE is still under investigation, but it is most likely an attack on the oracle or staking logic. For ordinary users, the signal from these two events is brutal: on-chain protocol security audits can only prevent known vulnerabilities, but cannot stop new types of attacks and governance corruption. The $50 million from Radiant cannot be recovered, not because of technical failure, but because the on-chain recourse mechanisms are almost nonexistent. On-chain innovation hasn’t slowed down, but security infrastructure is still using 2022 frameworks. Until the audit system truly evolves, any protocol could become the next Radiant in the early hours of some day. #星球日报

BTC hemorrhaged $2.4 billion, HYPE attracted record inflows $75.8, HYPE continues to hit new all-time highs. The two spot ETFs, THYP and BHYP, saw a net inflow of $1.277 million against the trend, while BTC ETFs experienced a total outflow of $2.43 billion in May. Under the same macroeconomic sky, two completely different capital flows. This is no coincidence; it’s a brutal "asset beauty contest" within crypto. $BTC is treated as a macro hedge tool; as stagflation and interest rate hike expectations rise, institutions first cut their most liquid positions. $HYPE is regarded as a high-growth protocol’s revenue warrant, with 99% fee buybacks and 180,000 tokens staked on-chain locked up. Fundamentals are tightening, chips are concentrating, and capital is pricing in the expansion of an exchange’s market share. But above the new highs, divergence is a double-edged sword. How long HYPE’s independent rally can last depends on whether Hyperliquid’s trading volume and buyback engine can maintain momentum during macro contraction. If BTC continues to bleed, dragging down overall crypto valuations, it will be difficult for HYPE to remain unaffected forever. Currently, this round of divergence is accelerating. The money hasn’t left crypto; it’s just switching horses. #HYPE再次突破历史新高

$WLD surged another 17%, but don’t just focus on the bullish candlestick Partnerships are landing, and use cases are emerging. Whales are gobbling up large amounts off-exchange, stacking their holdings. MACD has turned positive, and volume has picked up. But insiders are secretly shorting, this signal is glaring. RSI has dropped from 93, but the short-term remains hot. 5.3 million tokens unlock daily, selling pressure is steady and continuous. Upwards driven by stories, downwards by unlocks. It’s easy to follow the hype, but hard to act after thinking it through. #波动雷达：币种异动观察

Don't chase after the night session breaking $1000. $1000 is a psychological barrier, not a valuation anchor. The night session has thin liquidity, making pricing prone to overshoot, and the official opening the next day often sees a pullback. Chasing at the night session's high point has a low success rate. Has the logic behind HBM been fully priced in? In the short term, the market has already digested most of the 2026 capacity sell-out, long-term contract price locks, and Samsung strike gaps. The considerable rise in MU since the beginning of the year is driven by the revaluation of HBM from a "cyclical commodity" to a "strategic material," and this part of the valuation correction is basically complete. However, two aspects remain underpriced: first, the share competition for HBM4E—if MU can secure an above-expected share in the next generation validation, the current valuation will need to be revised upward; second, whether Micron's dominance in AI server memory can extend into the supply chain of major companies' self-developed chips. So the strategy is clear: wait for a pullback. If support is confirmed in the $950-$980 range, then build positions in batches. The logic is not yet complete, but the price has already run ahead of the logic. The pricing power in the night session lies in calmness, not speed. #美股洞察：美光科技夜盘突破$1000

Short-term follows the decline, long-term takes over Trump wants to cut interest rates, data doesn't allow it, Powell draws a red line—the core of the three-way deadlock is not the interest rate itself, but whether the Federal Reserve can still independently set prices. When the market begins to question the Fed's policy autonomy, the "risk-free" label of U.S. Treasuries will be discounted. This is the most fragile link in the dollar's credit and also the fuel for $BTC's long-term narrative. In the short term, the deadlock puts pressure on BTC. In a stagflation environment, rate cuts are far off, liquidity taps are tightly shut, and BTC, as a zero-yield asset, falls along with risk assets. The bottoming around 74K is digesting this layer of pressure. But if the deadlock continues, the market will be forced to accept a fact—the Fed's decisions are becoming increasingly politicized—and capital will start seeking alternatives without sovereign backing. BTC is not competing with gold for safe haven status; it is competing with U.S. Treasuries for the role of "credit hedge." This is not noise; it is a shift in the anchor point of long-term logic. The current market is still trading inflation, not yet trading trust. Once the latter takes over, BTC's pricing logic will switch from "liquidity-sensitive asset" to "sovereign credit hedge." Short-term pain, long-term gain. #鲍威尔就美联储独立性问题发出警告

This clause remains unchanged, oil prices won't come down The right to designate civil aviation routes and navigation fees—this clause, unexpectedly leaked in the draft, is the most lethal bargaining chip in the entire US-Iran standoff. Trump quickly submitted amendment proposals. Because this touches not only on US maritime dominance but also on a bottom line absolutely unacceptable to the pro-Israel camp and congressional hawks. Once acquiesced, it would be equivalent to handing the keys to global energy logistics to Tehran. If this clause is rejected, the timetable for Iranian crude oil's return will be indefinitely postponed. Sanctions won't ease, crude oil will be blocked from the market, and the downward space for oil prices will be welded shut. For $BTC, this means a short-term cutoff of the inflation pressure relief medicine. High oil prices, combined with interest rate hike expectations, will only tighten the macro pressure over BTC. The paper friction at the negotiation table is directly affecting the pain nerves of the crypto market. #美伊谈判：双方态度仍强硬

Arthur Hayes' statement is not a valuation judgment, but emotional fuel. Shouting that it will surpass SOL is not because the numbers have been calculated, but because he sees leverage and short squeeze sentiment gathering on HYPE. Loracle's short position was cut from 108 million to 60 million, with a loss of nearly 47.4 million still holding on stubbornly; a new giant whale precisely entered at $68 to force a short squeeze—this is when calling the trade has the most spread. But SOL's 90 billion market cap is built by its ecosystem. A complete DeFi, stablecoin depth, developer community, and institutional recognition—these are things HYPE does not yet have. Hyperliquid's fundamentals are rapidly improving, but the path from a "high-growth exchange" to a "public chain-level ecosystem" is still long. So this is not a reasonable anchor point in the near term; it is a common emotional gauge in a bull market. Its value is not to be reached but to motivate the bulls. When the market cap truly approaches SOL, the market will compare the ecosystem's depth itself, and the price will adjust accordingly. Emotion can push prices up but cannot replace the ecosystem. #HYPE再次突破历史新高 $HYPE $SOL

The AI boom is being realized layer by layer along the industry chain. Marvell exceeded expectations, Dell's AI server orders surged by 757%, Micron broke through the $1000 mark—not isolated good news, but a chain of mutual confirmations. Those selling shovels, making shovels, and storing data are all booming. Now all eyes are on NVIDIA. It is not just a chip supplier but the pricing anchor for the entire AI computing demand. Once guidance confirms that the demand gap is still widening, the boom will pass from hardware infrastructure to cloud services and software layers. But the longer the chain, the narrower the margin for error. The market has already priced in very high growth expectations, and any slight slowdown could trigger a reverse resonance along the chain. NVIDIA's earnings report is both a baton and a magnifying glass. It will either confirm the long-term logic of AI infrastructure or cool down the expectations that have already begun to be overdrawn. #美股洞察：美光科技夜盘突破$1000