Midnight thunder! As soon as Nvidia's earnings report was released, the entire market was instantly ignited. Revenue reached $68.1 billion, a 70% year-over-year increase; data center revenue hit $62.3 billion, a 75% surge YoY; and the guidance for the next quarter hit a new high—each figure is wildly signaling positive signals. A chain reaction immediately erupted: the three major US stock indices all closed higher, the AI sector was in the green across the board, the crypto market heated up simultaneously, ETH long positions疯狂增仓, and whale accumulation traces were fully visible!

Amid the cheers, a soul-searching question struck everyone: Is this really the beginning of a new狂暴牛市?
Don’t rush to follow the trend and jump in. From the perspective of the I Ching, the answer is clear—this is not the start of a bull market at all, but a “泰中藏否” pattern. Beneath the lively surface, a sober truth is hidden.
First, look at the fundamentals: definitely a “乾卦” sign! The heavens move vigorously, and the gentleman strives for self-improvement. The demand for AI computing power is not a castle in the air; it’s real orders, real performance in hard cash. The momentum of the entire AI industry chain is still climbing, and this is beyond doubt.
Next, look at the market reaction, which is a典型的“未济之象”: it has risen, but not yet完全疯狂; it’s hot, but hasn’t triggered全民FOMO (blind following). As the I Ching says: “阳极则疑，势成未必即飞.” Translated, it means: the trend is correct, but emotions and capital haven’t fully synchronized; the timing isn’t right yet, no need to rush.
The current AI track is more like“复卦二爻”: positive energy has returned, the trend shows signs, but it’s far from the main upward wave. Rushing in now will likely only step on the oscillation rhythm. Not to blow or blacken, the bullish logic is indeed solid: 超预期的业绩是真的, 爆发的算力需求是真的, AI的长期价值也是真的; but the risks of being bearish are equally real and painful: valuations have already risen to high levels, and this round of good news is likely提前透支; even the social buzz around AI narratives hasn’t fully爆发.
One sentence to reveal the core: Nvidia has given AI a second生命, but hasn’t given us a signal to闭眼冲.
The real main upward wave is never caused by a single piece of good news. It requires three things happening simultaneously:持续爆发的基本面, 持续流入的资金, and市场情绪的全面点燃. Missing any one of these is just a strong rebound, not a全面牛市. In the I Ching, this is the most classic state—势已起，运未满.
Finally, a word for all investors: don’t FOMO, don’t follow blindly, patiently wait for resonance—that’s the most稳妥的选择 right now. $BTC ‌$ETH ‌