With 100 million dollars of capital leveraging trillion in market capitalization, how did AI stocks play tricks in the coin industry?
Author: Plus 6 Original title: 100 million dollars speculated out a market value of several trillion dollars. This year's AI stock market capitalization is beginning to be popular. Low circulation, big story, and high market value are becoming common features of this round of financial market speculation. It's been less than half a year since Smart Spectrum rang the bell on the Hong Kong Stock Exchange, and at one point its stock price rose 25 times. However, if you look at its share structure, you'll find a more critical, yet easily overlooked figure: in the early days of listing, only about 17.35 million shares were actually freely traded on the market, accounting for less than 4% of the total share capital. A company with a market capitalization of HKD trillion, the daily trading chip pool is actually only in the amount of HK$340 billion. This is a typical but not unique case, and can even be said to be the epitome of this round of market gameplay. SpaceX went public ten days ago, with a valuation of 1.77 trillion US dollars and only 4.3% of publicly traded shares. In order to coincide with its listing, NASDAQ directly abolished the 10% minimum public shareholding threshold implemented for decades. SPCX's market capitalization exceeded 2 trillion US dollars, but the daily trading volume was only about 100 million US dollars. Cerebras, an American AI chip company, sold only about 15% of its issued shares at the time of its May IPO, rising to more than double the issue price on the first day. Figma, the sum of the issuance and sale of old shares was less than 10% of the total share capital, up 250% on the first day. Low circulation, big story, high market value. The crypto market played with the structure for several years and is now being completely replicated by the traditional stock market. US stocks, Hong Kong stocks, and A shares have a similar structure at the same time, and the narrative extends from AI, chips, and big models to stablecoins. The era of pricing based on financial reports came to an end in February 2000. A hand puppet dog made of socks appeared in a Super Bowl commercial. It was a 30-second ad that PETS.com bought for $1.2 million. At the time, it earned less than $6 million a year and lost more than $60 million. Nine months later, the company liquidated, and the sock hand puppet became the most classic tombstone of the Internet bubble. The market lessons of that generation were written into almost every investment textbook: valuations without income support are bubbles, and narratives cannot replace financial reports. For the next twenty years, this lesson dominated the market. DCF, PE, PEG, free cash flow discounts, and pricing methods based on financial data have become orthodox. Buffett was re-enshrined after the 2008 financial crisis. “Buy without looking at financial reports” has become synonymous with speculation. But if we look at the new tech circuit from 2025 to 2026 today, we'll find a fact: the most sought-after companies in these industries are actually losing money. For example, CoreWeave, an AI computing power infrastructure company invested by Nvidia, with revenue of $16 million in 2022 and $5.1 billion in 2025, a 300-fold increase in three years. Revenue grew at an impressive rate, but net loss also widened from $31 million to $1.2 billion. In the first quarter of 2026, the company had revenue of $2.1 billion, net loss of $740 million, and a debt-to-equity ratio of 10.7 billion dollars. According to traditional banks' credit standards, such balance sheets are not healthy. However, once it went public, its stock price rose 190%. The situation with Nebius is similar. The company, formerly known as Russia's Yandex, split and switched to AI cloud services. Revenue for the first quarter of 2026 was $399 million, up 684% year over year, but adjusted net loss was still $100 million. Over the past 12 months, its share price has risen by more than 510%. Turn your gaze back to the Chinese market. Smart Spectrum's revenue for the full year of 2025 was 724 million yuan, about 100 million US dollars, but the net loss was 3.182 billion yuan, 4.4 times the revenue. In other words, for every dollar it earns, it spends far more than $1 on computing power and R&D. The AI Hong Kong stock MiniMax, which was listed in the same batch, rose 109% on the first day, and surged more than 700% at one point. Annual revenue of $790.38 million, or about 550 million yuan, is less than Smart Spectrum. Similarly, the Hong Kong-stock GPU company Bizao Technology, A-share domestic GPU Mu Xi shares, and the Science and Technology Innovation Board MoorThread rose 120%, 693%, and 425% respectively on the first day of listing. These new stocks, which had astonishing gains, were also in a state of serious losses or no profit. If you look at these companies using PE, many of them don't even have calculation prerequisites because profits are negative. On PS, the smart spectrum is over 1200...
