随笔 · 43

Chen Maobo: Hong Kong can provide about 180,000 PFLOPS of computing power in 2032. The AI layout has entered the system layout stage

Comparing news, Hong Kong's Financial Secretary, Chan Mao-po, published an essay by the Secretary, which pointed out that artificial intelligence is being applied at different levels, including from chat and conversation to physical intelligence in the physical world, and is moving from the digital world to the physical world, penetrating different aspects of life. The Hong Kong AI+ and Industry Development Strategy Committee has discussed key aspects such as scientific research and innovation, data flow and security, computing power construction, application scenarios, talent development, and capital investment, marking that Hong Kong's AI layout has progressed one by one and has entered the system layout stage. In terms of computing power, Hong Kong can provide about 180,000 PFLOPS of computing power by 2032, equivalent to 36 times the current total computing power of Hong Kong. Hong Kong Investment Management Co., Ltd. invested 56% of the capital in various projects last year in hard technology, including AI, and promoted the ecosystem construction of the RISC-V open source architecture. This article is sponsored by GENG, Build Your Fortune on GENG (https://geng.one)

34d agoburnking

With just one subordinate, Anthropic CEO devotes half of his energy to building company culture

Comparatively, according to monitoring, Anthropic is implementing extremely flat management, with CEO Dario Amodei managing only the personal chief of staff. This is in stark contrast to the model where OpenAI CEO Sam Altman has about 6 subordinates and Nvidia's Hwang In-hoon reports as many as 60 people. The executive team reports uniformly to President Daniela Amodei (sister of Dario Amodei), who is responsible for day-to-day operations and reports to the Board. Dario Amodei, who freed up management time, focused on research and spent about half of his time communicating company culture with employees. Faced with a large influx of external employees under rapid expansion, he tried his best to avoid the team copying the work habits of his former owner, personally hosted employee meetings known as vision quests (vision quests), and wrote lengthy philosophical essays. To support business expansion, the company has brought in external executives such as Chief Financial Officer Krishna Rao and Chief Commercial Officer Paul Smith in 2024 and 2025. Even though senior management began introducing professional managers, all seven co-founders in the early days of the company have remained in office.

72d ago

Chen Maobo: Hong Kong leads Europe in digital asset development and regulation and can provide a reference for global governance

Comparing news, Hong Kong's Financial Secretary Chan Mao-po issued “Secretary's Essay” stating that making good use of blockchain and artificial intelligence technology is an inevitable trend in future financial development, yet it also poses practical governance challenges, such as criminals and terrorists trying to use international regulatory differences to carry out money laundering and fund-raising activities. Hong Kong's principles, practices and experience in digital asset development and regulation are ahead of Europe, and there is plenty of room for mutual cooperation and mutual appreciation. Apart from promoting the healthy development of the industry, they can also contribute to global governance.

89d ago

Don't touch the parabola: three “asymmetric” ways to smartly short bubbles

Author: Campbell, Macro Analyst Compiled by: Yuliya, PanNews Original title: When a bubble hits, how to “smartly” short? Editor's note: Recently, the US stock memory chip sector has become the main focus of the technology market, and the stock prices of companies such as Micron Technology, SK Hynix, and SanDisk have continued to rise sharply. Meanwhile, the debate over whether AI has entered the bubble phase is heating up again. There are many opinions in the market: Dan Niles, a well-known chip analyst during the Internet bubble, believes that the current development of AI is closer to the mid-sprint period of Internet infrastructure construction in 1997, rather than the end of the bubble in 1999. He pointed out that the rise of AI agents is driving a sharp increase in demand for computing power. Although short-term valuations of chip stocks are high, they still have potential for the long term. Hedge fund legend Paul Tudor Jones also predicts that the AI bull market is now about 50% to 60% over, and may continue for another year or two. In contrast, Michael Burry, the prototype of the main character in the movie “The Big Short,” warned that the current market is highly similar to the day before the Internet bubble burst in 2000. At a time when fanaticism and concern are intertwined, and the bosses are holding their own opinions, if a bubble does exist, how exactly should we deal with it? The author of this article shared a hard-core practical guide on “How to Empty a Bubble” based on his own experience. The following is the original article: Honestly, I don't know if we are in a bubble now, and I'm not even sure if this is a known issue. I'm pretty much what you've learned: the AI revolution is real. Although I quit my professional investment career and have been writing relevant content for the past three years, I still don't think I've done enough. I looked around like you and saw that many people became extremely rich just by connecting tokens in series to create AI applications (or investing in infrastructure projects that provide garlic grains to generate these tokens), which made me feel cold and jealous. This then led to a feedback loop where I couldn't tell if my views were being influenced by jealousy or if jealousy was telling me a fact I already knew: “Keep going long.” To some extent, I do think “the future is here, we need massive computing power”, so you really want to buy these assets. I don't think software stocks are performing well, and the market is selling off these stocks, so there's nothing to be gained from that area. Like you, I am also concerned about the ultra-undervaluation of Korean stocks, and I am very interested in opening up their market. This is obviously inextricably linked to the recent rise in the stock market. I was also surprised that the government quietly relaxed the supplementary leverage ratio (eSLR). Banks and funds were allowed to hold less regulatory capital to buy US bonds. This is simply a classic release of water covered in sheep's clothing. I can imagine one day interest rates rising enough to remove this “liquidity feast,” but that's not yet the time. I can also imagine that the war would end this feast. The sharp fluctuations there shocked me from the rising market, so who knows what the future holds. I can also imagine that Bank of Canada stocks, which have a net market ratio of up to 3 times and low volatility, are an excellent shorting opportunity, but due to lack of trading channels and long-term enough options, I can't write a good article to provide everyone with something interesting. Frankly speaking, there's a lot more I can't say here. This doesn't change my fundamental view of trends, but it does greatly limit the people and things I can talk about here. If you know Andreesen's “stop domestic consumption” theory, you'll know that my worried personality meant I'd never become a billionaire. But there's one thing I know how to do. This is also a little bit of alpha benefit I can give you. We're not going to discuss whether we're in a bubble today, but rather how you can empty a bubble if you want to. Why is it so difficult to empty a bubble? What is a bubble? If something looks like a bubble, sounds like a bubble, moves straight into the sky like a parabola, and requires higher and higher expectations and leverage to keep prices rising, then it's a bubble. Why is the bubble so difficult to short? The problem is that the easiest thing to short is the kind of thing where the fundamental shortfall is gradually known to the public, and then it falls all the way down and eventually collapses. In the process, you may run short (bears are forced to buy and close positions, leading to a sharp rise), but this instead provides you with a good opportunity to increase and short positions, because sooner or later, this thing will return to zero. But shorting the bubble is something else entirely. When the price of an asset soars in an unsustainable manner, your exposure to shorting increases exponentially as the price rises. If you don't believe me, ask about the 2008 air protection period...

100d agoburnking#US stocks #chips

Chen Maobo: ETFs on topics such as digital assets provide investors with highly transparent investment tool options

Comparing news, Hong Kong's Financial Secretary Chan Mao-po published the Secretary's essay “Gathering Greater Energy through Innovation and Cooperation”, which indicates that global investors are speeding up diversification of asset allocation and reducing their dependence on a single market and single asset. With the development of hot topics in the investment market, the types of assets linked to exchange-traded funds (ETFs) continue to increase, from precious metal spots, futures, technology companies, semiconductor companies, and even digital assets, etc., to provide investors with efficient and highly transparent investment tool options.

118d ago

Hong Kong Finance Department: Listed platforms raised more than HK$103 billion in the first quarter, and emerging industries such as artificial intelligence went to Hong Kong

Comparatively, the Financial Secretary of the Hong Kong Special Administrative Region Government of China published an essay by the Secretary General reviewing the economy in the first quarter of 2026, which mentioned that trading in the Hong Kong market was active. The average daily turnover in the first two months of this year exceeded HK$260 billion, an increase of 17% year-on-year. Market conditions became more active in March, with the average daily turnover of Hong Kong stocks exceeding HK$300 billion, an increase of more than 8% over the same period last year. Investors have increased their asset allocation in Hong Kong. Apart from viewing Hong Kong as a safe haven for capital, it has also provided a large number of investment opportunities due to the steady growth of the mainland economy and the large number of high-quality enterprises listed in Hong Kong. At the same time, global competition in cutting-edge technologies such as artificial intelligence has entered a heated stage. From research on core technologies, the development of upstream and downstream industrial chains, to exploration of a wider range of application scenarios, all require huge financial support. Hong Kong listed platforms are playing a key role in this regard. In the first quarter of this year, the IPO market continued to be strong last year. As of March 27, the amount raised had exceeded HK$103 billion, ranking first in the world; together with follow-up financing, etc., the total amount raised was about HK$237 billion. Companies listed in Hong Kong are increasingly in emerging industries — artificial intelligence, semiconductors, robotics, autonomous driving, biotechnology, etc. Currently, there are more than 500 applications awaiting listing in Hong Kong. More companies see Hong Kong as an important window for financing and overseas development.

139d ago

Hong Kong Financial Secretary: Hong Kong will build a gold and commodity trading ecosystem

Comparing news, Hong Kong's Financial Secretary, Chan Mao-po, published the Secretary General's essay “The 15th Five-Year Plan - Better Integrating and Serving the National Development Agenda with Unique Advantages”, which states that Hong Kong is committed to consolidating and enhancing the advantages of an international financial center in the financial sector. More importantly, under the premise of safety and control, it empowers thousands of industries, supports the accelerated development and application transformation of innovative technology, so that finance can better support the real economy to unleash its potential. Specifically, key areas will include fund-raising and patient capital development centered on technology enterprise start-ups; strengthening offshore RMB business hubs; developing green finance, and building a gold and commodity trading ecosystem.

167d ago

Chen Maobo: Blockchain, AI and other technologies enable financial services and create a more efficient transaction system

Comparing news, the Financial Secretary of Hong Kong, Chan Mao-po published the Secretary General's essay “AI+” and “Finance +”, which points out that artificial intelligence is currently at a critical juncture of technological innovation. Artificial intelligence is not only the core technology of the future, but also a huge force that can influence thousands of industries. Innovation in financial services itself also further helps the real economy expand incrementally and break through pain points. Technological innovations such as AI and blockchain are continuously empowering financial services, creating more efficient and convenient transaction systems, and opening up new channels for different companies' trade, financing, and risk management activities.

174d ago

Hong Kong Financial Secretary: Safe-haven assets such as gold have experienced a “brave advance and sharp retreat” correction

Comparing news, Hong Kong's Financial Secretary, Chan Mao-po, published the Secretary's essay “Stay Positive and Prudent”, which states that turbulence in the global market situation triggers drastic movements in international capital, and even when viewed as safe-haven assets, there is a correction after prices have repeatedly reached new highs. Take the price of gold as an example. Taking on the increase of the past four years, it surged by nearly 30% in January of this year, challenging the record high of 5,600 US dollars, but there has been a significant rebound in the past few days. At one point, it fell more than 12% from a high level. Hong Kong's financial system has maintained steady and smooth operation, with total bank deposits exceeding HK$19 trillion. The global political and economic situation is rapidly changing, and there will be no shortage of risks and fluctuations in the coming year.

202d ago

Chen Maobo: The “Port Community” system using blockchain and AI technology has been officially launched

Comparing news, Hong Kong's Financial Secretary, Chan Mao-po, revealed in his Secretary General's essay that an important digital infrastructure “Port Community System” (Port Community System), led by the Hong Kong government, has been officially launched, and more than 2,300 companies have participated in using it. This system uses artificial intelligence and blockchain technology to provide one-stop real-time cargo tracking around the clock to support trade finance innovation.

215d ago