2025-11-22 08:41:03

#比特币波动性 Last night, the global Capital Market suddenly went silent, $BTC plummeted close to the panic threshold. But what really made people break out in a cold sweat is the hidden collapse chain behind this big dump - the financial doubts of a certain tech giant are forcibly tying the AI bubble and the encryption world together.

**What exactly went wrong with that $3 trillion chip empire?**

The AI chip leader with a market value of over 21 trillion RMB has recently been simultaneously pressured by three sharp blades:

First, let's look at the accounts. Accounts receivable accounted for a staggering 58% of revenue, amounting to 33.4 billion dollars. What does that mean? It means that a lot of orders have been signed, but very little actual cash has been seen. Even more absurd is that a certain AI unicorn has to borrow money from this chip manufacturer just to buy chips—issuing invoices with one hand and taking out loans with the other. How long can this apparent prosperity last?

Look at the warehouse again. While claiming that demand is exploding and supply cannot keep up, the actual inventory has surged by 32% over three months, reaching 19.8 billion dollars. The signals of overcapacity are already so obvious, why is the stock price still hanging in the clouds?

Finally, let's look at cash. The profit statement shows 19.3 billion, but the actual cash in hand is only 14.5 billion, with a conversion rate of 75%. Peers can easily exceed 90%, this figure is really hard to justify.

**How does the collapse chain transmit to the crypto circle?**

The key lies in a crazy capital game: AI startups use $BTC as collateral to borrow over 26.8 billion dollars from banks, and then invest it all in chips and computing power. Now, if that chip giant's stock price falls another 40%:

The funding chain of the AI company directly breaks → the bank initiates a forced liquidation process → a large amount of collateral $BTC is being concentrated and sold off → the encryption market may face a cascading collapse, with some predicting that $BTC will head straight for $50,000.

The tech bubble and the encryption bubble have never been so tightly intertwined as they are today. When the financial data of the chip empire begins to loosen, the nerves of the entire market are twitching.

BTC-1.49%

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TokenDustCollector

· 11-25 03:53

Ah, I was saying, that pile of accounts receivable is bound to cause trouble sooner or later. Wait, who owes whom this 33.4 billion, it feels a bit messy. Really? 26.8 billion BTC collateral just thrown out like that? The banks must be crazy. Are we supposed to buy the dip or should we run, brothers? I'm a bit confused right now. Left hand invoices, right hand loans, isn’t this just self-indulgent financing? Haha. Inventory surged 32% and they’re still bragging about supply not meeting demand, typical empty talk. The cash conversion rate is only 75%, this data clearly has some tricks. If this wave really crashes, I don’t know how many people will be forced to Close Position. 50,000 dollars? I feel like it can go even lower. Once the chip sector’s financial report shakes, the whole market trembles, dragging each other down. The problem is when will the banks really start liquidation, right now it feels like they are just treading water. Bubbles stacking on bubbles, it’s bound to be a hole sooner or later. A 26.8 billion BTC loan scale is that large? I’ve never heard of it.

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SandwichTrader

· 11-22 09:10

Damn, just looking at these numbers on paper, it's obviously fake. --- Cash flow conversion rate is only 75%? How much fluff is in there, seriously? --- An AI unicorn borrowing money to buy chips... If this chain breaks, the crypto world is done for. --- Inventory surged by 32% and they're still bragging about demand outstripping supply? Stop fooling yourselves. --- $26.8 billion worth of BTC as collateral—if that really gets liquidated, I’d like to see who can take it. --- If the chip empire collapses, I’ll bet $50,000 this prediction comes true. --- Accounts receivable make up 58%—that ratio is so ridiculous it’s almost funny. --- Issuing invoices with one hand and borrowing money with the other—I can’t figure out how long this business can last. --- Honestly, nothing good has ever come from tech and crypto being tied together.

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GasGuzzler

· 11-22 09:10

Wait, 58% accounts receivable? This is just selling dreams. --- Issuing invoices with one hand and loans with the other—aren't they just lending to themselves and playing number games? --- Inventory surged by 32% and they still claim there's more demand than supply? Do they think we're all blind? --- $26.8 billion in BTC collateral... If chip stocks crash, the crypto space will go down with them. Unbelievable. --- 75% cash conversion rate? That number seems a bit fishy to me. --- It's just bubble upon bubble, capital really dares to play with anything. --- By this logic, $50,000 isn't the target—it's the baseline. --- If financial irregularities are exposed, the whole chain will shake.

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CoffeeOnChain

· 11-22 09:03

Damn, issuing invoices with one hand and issuing loans with the other, this operation is incredible, purely a self-entertaining game. --- Wait, 33.4 billion dollars in accounts receivable? How can you still brag about supply shortages and mountains of inventory? I'm laughing to death. --- Is it true, a 26.8 billion dollar BTC mortgage loan? If this chain breaks, it's a direct domino effect, I have to reduce my position. --- So now we're waiting for that 40% drop to trigger a chip stock explosion, then the crypto world will be buried with it, this trick is definitely not a coincidence. --- On paper, it looks prosperous, but the cash flow is so poor. No wonder some people see through this act, those who left early must have made a fortune. --- No, this AI bubble being tied to the crypto world is really absurd, sooner or later, there will be a price to pay. --- A 26.8 billion dollar mortgage sounds dangerous just by hearing it, just waiting for the day it suddenly gets liquidated. --- Ah, with a conversion rate of only 75%, how can you still have the nerve to benchmark the industry? Once the financial data wobbles, it's all over.

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BetterLuckyThanSmart

· 11-22 09:02

It's all a trick of capital; the crypto world has once again fallen into the hands of dumb buyers. On paper, prosperity is shown while invoices are issued with one hand and money is borrowed with the other; how many times has this trap been played, and yet people still believe it. Inventory exploded, piling up to 19.8 billion in just three months; this is basically printing money. With 26.8 billion USD in BTC collateral... once the chip stocks fall again, we'll go straight to 50,000; this is fate. If 50,000 per BTC really comes, I'll accept it; anyway, I'm already numb to it.

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