TechFlow reports, July 02, "1011 Insider Whale" representative Garrett Jin published an analysis pointing out that market structure has undergone significant changes this week, with capital within the AI industry chain being reallocated. Signs of a phase top are emerging in the memory chip market; Micron's stock price encountered resistance near $1,250 and retreated. Despite earnings performance exceeding expectations, the stock price still fell on heavy volume, exhibiting typical top characteristics of "weakening after good news is realized." SK Hynix and Samsung Electronics in the South Korean market also weakened. Data shows that in the past two months, foreign capital has withdrawn over 100 trillion KRW (approximately $65 billion) from the South Korean stock market. The true direction for capital absorption is not small-to-mid cap AI concept stocks, but core cloud computing giants represented by Google, Microsoft, Amazon, etc.
Garrett Jin believes that the logic behind this round of capital migration is the "Token Optimization Trend": as increasingly more simple tasks are handled by low-cost models, value will gradually concentrate in the cloud service layer, rather than the foundation model layer, which also constitutes the core moat of hyperscale cloud providers.
