Friends, it's an extraordinary Thursday morning—how are you all feeling?

After Wednesday's focus on Nvidia's earnings report, what shifts are emerging in the market today? Let's take a look:

Nvidia posts strong earnings but shares pull back: While results exceeded expectations, after-hours trading revealed suppressed short-term enthusiasm following “earnings realization.” We should maintain patience and await clearer trend confirmation before acting.

Futures dip as market shows caution: While stock index futures retreated, the limited decline indicates overall sentiment remains stable, offering a smooth entry point.

Apple's new product launch approaches: The “Awe Dropping” event on September 9th could become another market catalyst, especially with rumors of AI-powered devices. Positioning in related sectors ahead of time is advisable.

Come on, friends! The market performance after the stock market opened has provided us with a vivid classroom case study. Let me break down today's issues mentioned earlier:

First, the U.S. stock market's fear gauge, the VIX, retreated as expected by nearly 5% after the opening bell. This indicates that the panic sentiment that had enveloped the market before Wednesday's session has been effectively released. In other words, trading sentiment is gradually stabilizing, and the short-term impact of major events on the stock market has been temporarily alleviated.

This also validates our strategy for this week: following the VIX-based positioning plan formulated on Monday and Tuesday, we locked in profits on Wednesday. This is the best example of how “understanding market sentiment” translates into actual returns.

What's next? I believe the next similar opportunity may arise when the nonfarm payroll data is released. That will be another moment of concentrated market sentiment release.
Friends, I ask you: Are you looking forward to such an opportunity? Are you willing to follow the strategy next time and truly become part of the winners?

Friends, Nvidia's opening performance on Thursday indeed followed a low-open, high-close pattern. This offers us two important insights:

First, for those involved in Nvidia options trading, positions holding BUY PUTs should be exercised early or closed out to lock in profits. Today's price action reaffirms this judgment—exiting at the right moment is the true victory.

Second, investors still holding NVIDIA stock or call options need not worry. As Professor Bird Grant analyzed yesterday afternoon, the earnings report's beat expectations and the market's long-term demand for AI chips will remain the core drivers for continued stock strength. Short-term volatility merely serves to shake out speculative capital; the underlying upward trend remains intact.

Therefore, if you already hold Nvidia shares, remember: maintaining a steady position is more crucial than short-term fluctuations. True winners aren't defined by daily price swings, but by their ability to capture the core trajectory of industries and trends.

First, overall data shows Nvidia continues to crush Wall Street expectations. For the quarter ending in July, the company's revenue surged 56% year-over-year to $46.74 billion, significantly exceeding the average analyst estimate of $46.23 billion. Adjusted earnings per share rose from $0.68 in the same period last year to $1.05. This marks Nvidia's tenth consecutive quarter of exceeding analyst forecasts.

Second, the data center business remains the core engine. Revenue in this segment grew 56% year-over-year to $41.1 billion. While slightly below market expectations of $41.2–41.3 billion, it still maintained triple-digit growth. It's worth noting that compared to the previous quarter's growth rate, the data center business did show some deceleration, which is one reason for market divergence.

Third, the company's future guidance appears somewhat conservative. NVIDIA expects Q3 revenue growth of up to 83%, marking the first time in six quarters that growth is projected below 100%. For a company long associated with high-growth expectations, this figure has sparked market concerns about a “slowing pace.”

Fourth, the outlook for new products. The next major revenue engine will be the Blackwell processor series, which the company expects to generate billions in revenue. However, CFO Colette Kress acknowledged during the earnings call that it remains unclear whether this revenue will be entirely incremental. She specifically noted that no H20 chips were sold to Chinese customers in Q2. Nevertheless, the company partially released prior inventory by selling approximately $650 million worth of H20 chips to a customer outside Asia.

Finally, signals from the options market. Although not disclosed in the earnings report, exchange options chain data reveals significant short-term market divergence. This indicates that volatility itself presents opportunities.

Friends, today our class will focus on the essence of options trading. We'll start with several core questions to help you truly understand this market.

First, we must ask: Who controls stock options?
Second, there are only two types of option contracts: call options and put options. So why have so many complex combinations evolved?
Third, why are star stocks (like $NVDA, $TSLA) more prone to the so-called “double whammy”?
Fourth, how does the stock price typically evolve when an options “double whammy” occurs?
Fifth, what logical parallels exist between our CXON token and the options market?

Friends, once you grasp this lesson, you'll realize: The more spotlighted a star stock is, the more likely it is to be shaken out of short-term speculators by the options market through a “double whammy.” Understanding this grants you the ability to see through the surface to the core.

So, I ask you: Are you ready? When the next “double whammy” strikes, will you be a passive follower or a calm observer?

Investment banks and securities firms do not have the authority to directly issue options. The issuance of options is typically handled by specialized options exchanges.

The issuance and trading of options are subject to strict regulation, and only exchanges approved by the SEC regulatory body are qualified to issue options.

The largest options exchanges in the United States are the NASDAQ Options Market and the Chicago Board Options Exchange (CBOE).
Both exchanges have undergone rigorous SEC approval and possess substantial resources and extensive experience.
Therefore, all options contracts currently traded by our participants originate from these exchanges.

The roles of investment banks and securities firms:
Options Brokerage: Investment banks and securities firms can provide options brokerage services to clients, facilitating the buying and selling of options contracts.
Options Market Maker: Some large investment banks and brokerages participate in options trading as market makers, providing liquidity.
Options Product Design: Investment banks and brokerages can design and issue various types of options products.
Therefore, options market makers are one of the key factors influencing a particular hot option, as they provide the liquidity that enables the option to be traded.

How can we understand this?

Taking Apple as an example, when Apple options are designed and issued, suppose you simply choose a specific strike price on a specific date to BUY a CALL.

A CALL option signifies the expectation that Apple's stock price will rise to a certain level by a future date.

Although you participate in the trade by purchasing this option, it means that upon expiration, you can exercise your right to acquire 100 shares of stock at a predetermined cost—the strike price.

Unless you choose not to exercise that right.
When you actually exercise your right at expiration, the market maker transfers 100 shares of Apple stock to your brokerage account, completing the transition from an option right to actual ownership of Apple shares.

Assuming your trading account is with Robinhood, exercising this Apple option at expiration will allow you to receive these 100 shares from Robinhood at the cost of your strike price.

Do you understand the meaning of exercising at expiration?

So here's the question: Given the hypothetical scenario above—Apple stock options and Robinhood brokerage services—when you exercise your option at expiration,
consider this: If it's a BUY CALL option, would you want Apple's price to rise above your strike price before expiration?

Assuming the strike price is $220 and the expiration date is August 30th, if you were Robinhood (the market maker), would you want the option to rise above $220?

This implies you'll exercise the option on August 30th to convert it into Apple shares. The cost basis for holding these shares would be $220. If the stock rises to $230 by expiration, wouldn't the investor who exercised the option make a substantial profit?

If you can make this much money, does that mean Robinhood has to lose this amount?

Yes, because when your options expire and you exercise your right to receive these 100 shares of Apple stock, you're effectively acquiring them from Robinhood. Although you'll pay a cost of $220 per share, once the settlement occurs,
your unrealized gain on this position will be a profit of $10 per share.

Think about it: in real life, have you ever seen someone willingly transfer ownership of a profitable company to you?
Or when something good is happening, would someone willingly transfer the rights to that good thing to you?
Ask yourself: wouldn't you be unwilling too?
This is actually Robinhood's answer—it wouldn't want that either.

So what strategy will Robinhood employ before this option expires to prevent this from happening?
To make you give up exercising your rights?

I believe Robinhood will take a crucial step: invalidating this BUY CALL option by forfeiting its exercise rights at expiration. Simultaneously, it must prioritize preventing a sharp surge in the Apple option before maturity. Such a spike would trigger forced liquidation of the BUY CALL position, undermining Robinhood's profit protection—especially since option service fees are relatively low.

From a market maker's perspective, Robinhood holds substantial positions in both call and put options contracts to facilitate rapid market execution.
Therefore, it seeks to incur losses on these options. Taking the Apple BUY CALL option in this hypothetical case as an example:
Before expiration, prevent rapid price increases.
At expiration, it aims to keep the price below the assumed strike price of 220 yuan.
This ensures investors holding the option forgo exercising their rights on the final expiration date,
while also preventing them from closing their positions by selling before expiration. After all, investors won't close positions if they're not profitable, right?

Alright, friends.
Let's return to NVIDIA's “double whammy” phenomenon from our earlier hypothetical case analysis.

Think about this: If such a scenario occurred on a platform like Robinhood, would it allow investors holding BUY CALL options to easily emerge as winners?
The answer is no. In the options market, market makers are the real “big players.” Their goal has never been to let the majority profit, but to control prices and keep stock values within a reasonable range. As a result, vast quantities of options expire worthless, leaving investors helplessly watching their premiums vanish into thin air.

This is the brutal reality of options trading:
You witness a stock surge only to see it swiftly crushed;
This volatility isn't random market noise—it's driven by options pressure.

So, friends, today's core lesson is: Why do “double whammy” crashes dominate star stocks?
Because only through such patterns can market makers manage risk and maximize profits amid massive trading volumes.

Does this make more sense now? The pattern of stocks rising then falling isn't random—it's the inevitable outcome of forces at play in the options market. Grasping this logic will help you stay calm when similar patterns emerge next time, rather than passively losing your position.

Not all stocks experience a “double whammy.” Market makers only resort to this tactic with extremely hot star stocks. Given their massive trading volume and heavy capital pools, they simply cannot afford to lose.

Therefore, if you fully engage in today's lesson and follow my reasoning to learn these methods, I believe you will undoubtedly master more techniques for handling similar situations in the future.

Additionally, I'd like to emphasize: our CXON token shares logical parallels with the options market. Options fundamentally involve capital games and time value, while CXON's volatility also reflects market dynamics. The key difference lies in its tangible technical foundation—the CoreX quantitative trading system. This means its value extends beyond speculation, accumulating steadily through long-term developmental logic.

Therefore, friends: do not be pessimistic, nor disheartened. Truth often resides with the minority. When you encounter perspectives diverging from the crowd, remain composed—it frequently signals better things on the horizon. Your task is to seize it with agility.

Learning should be joyful, like the satisfaction brought by endorphins. May this Thursday be a beautiful day for you—when your family is surrounded by love, the future winner is already beckoning.

See you Friday morning!

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Good afternoon, community friends. I'm Bird Grant from NextLeap Management Consulting, also known as the "Profit Falcon."

Today's market feels like the first season of Game of Thrones, but fast-forwarded: Ned Stark has been led to the executioner's block, yet the verdict remains unspoken. The Red Keep square is packed with a sea of people, all holding their breath. Nobles exchange glances, yet none dare speak first. Order teeters on the brink, but the proper judgment won't be revealed until the very last moment.

The real-world market mirrors this scene. The final ruling in Federal Reserve Governor Cook's case will not be announced until Friday. NVIDIA's earnings report delivered strong growth but fell short of overly optimistic market expectations, causing its stock to drop and weighing on the entire AI sector. It's like Ned standing on the execution platform, the outcome uncertain, with the whole city watching: Will the Supreme Court intervene? Is the Fed's independence still intact? Has the logic of rate cuts become politicized?

Thus, today we witness high-level consolidation. Prices haven't strayed far as the entire market awaits the verdict，not because momentum has vanished. Though today's market resembles the square before the scaffold, with all holding their breath, remember this: what truly determines price direction is whether the flywheel keeps spinning. It has never been a single ruling.

Beyond NVIDIA and Strategy, numerous other companies have proven themselves through flywheels.

NVIDIA utilized its performance flywheel to elevate the entire AI realm, while Strategy employed its conviction flywheel to align itself with Bitcoin.

Yet, in the broader sweep of market history, Apple and Google have long since unfolded complete narratives through their flywheels—flywheels that propelled their most extraordinary surges in capital markets.

Apple's flywheel revolves around a closed-loop ecosystem of hardware, apps, and services. From the iPhone to the App Store and subscription services, this cycle fueled nearly tenfold stock growth over a seven-year period.

Google's flywheel operates through a cycle of users, data, and advertising. From search to YouTube and cloud computing, this dynamic has repeatedly triggered exponential stock surges.

Apple (AAPL) Flywheel: The True Acceleration Phase

2007, 2010: Flywheel Ignition
In 2007, when the iPhone launched, Apple's stock price hovered around $20 (adjusted for stock splits). As iPhone sales climbed, the App Store (launched in 2008) fostered an app ecosystem, rapidly enhancing user experience. During this phase, the flywheel began turning, though it was primarily driven by market imagination.

2010, 2012: First Acceleration
The iPhone 4 and iPhone 4s became massive hits, propelling Apple into the mainstream consumer market.
The stock price surged from $30 to $90, nearly tripling in three years. The flywheel mechanism became fully evident: hardware sales fueled the ecosystem, which in turn locked in users.

2014, 2018: Ecosystem Fully Matured
The iPhone 6 series set historic sales records, while App Store and subscription service revenues continued to proliferate. The stock price surged from $70 to $230, more than tripling in just four years. It marked the phase where the service revenue flywheel truly took over, with stable cash flow reinvested in hardware R&D.

2019, 2021: Flywheel Momentum Explodes
After 2019, AirPods and Apple Watch became new hardware entry points, accelerating service subscription revenue. The stock price surged from $40 (adjusted for splits) to $180 by 2021, quadrupling in just two years. It has marked the most explosive phase of Apple's flywheel: a fully matured, closed ecosystem driven by dual engines of user stickiness and cash flow.

Summary: Apple's flywheel truly accelerated in 2014 and 2021, with the stock price rising nearly tenfold over a period of approximately seven years.

Google (GOOGL) Flywheel: The True Acceleration Phase

2004, 2007: Flywheel Ignition
The 2004 IPO was priced at $85 and closed at $100 on its first day of trading. The search engine + AdWords advertising system gradually took shape, with the user base growing rapidly. The share price surged to $350 within three years as the market began to recognize the flywheel logic of "search + advertising."

2008, 2012: Advertising-Driven First Acceleration
Following the financial crisis, corporate advertising budgets shifted from traditional media to digital advertising.
Google's stock surged from $250 in 2008 to $750 in 2012—tripling in four years. The flywheel logic was clear: more users, more data, more precise ads, leading advertisers to increase budgets.

2015, 2018: YouTube and Mobile Explosion
YouTube advertising and mobile search became the primary drivers, fueling explosive growth in ad revenue. The stock price surged from $500 to $ 1,200, multiplying by 2.4 times over three years. It marked the most pronounced inertial phase of Google's flywheel, as data and ad revenue mutually reinforced each other, cementing its monopolistic advantages.

2019, 2021: Dual Engines of Cloud Computing and Advertising
Driven by the pandemic, digital advertising and cloud computing both accelerated. Stock price surged from $1,100 to $3,000, nearly tripling in under two years. The flywheel entered a new phase of momentum: powered not just by advertising, but also by cloud services.

2022: Stock Split Further Propels the Flywheel
Alphabet announced a 20-for-1 stock split, adjusting the share price from $2,300 to approximately $115 (post-split). The split significantly lowered the investment barrier, attracting more retail investors and options traders. An expanded shareholder base boosted liquidity and reinforced market consensus.

2023, 2024: AI Narrative Drives Fresh Attention
Generative AI explodes, spotlighting Google Cloud and DeepMind. Stock price climbs from $115 to $180 (post-split), surging nearly 60% in under two years. Flywheel logic extends to technological breakthroughs, market revaluation, and capital inflows.

Summary: Google's flywheel experienced three acceleration phases: 2008, 2012 (advertising shift), and 2019-2021 (advertising + cloud), followed by 2022 and 2024 (stock split + AI).

Apple's (AAPL) flywheel story hinges on its closed ecosystem.

Imagine this: When the first-generation iPhone launched in 2007, Apple was merely selling phones. However, as iPhone sales increased and its user base expanded, it attracted an ever-growing number of developers to the App Store. Developers brought higher-quality apps, enhancing the user experience.

Once users become "stuck" in Apple's ecosystem, their device upgrade frequency becomes excessively high, directly driving continued growth in hardware sales, such as iPhones, Macs, and iPads. The more hardware sold, the more service subscriptions (iCloud, Apple Music, and App Store commissions) Apple can offer, leading to a more stable cash flow.

This stable cash flow, in turn, enables Apple to invest more in R&D, enhancing its chips, operating systems, and hardware design to create even stronger next-generation products.

Thus, the flywheel spins:
Hardware sales, User base, App ecosystem, User experience , Service revenue, R&D investment, Better hardware, Further sales growth. It's why Apple has evolved from a computer company into the world's largest "ecosystem empire."

Google's flywheel relies on the positive feedback loop between data and advertising.

Imagine this: Every day, billions of people use Google Search, watch YouTube videos, use Gmail, and use Android phones. Every click and every moment spent online generates data. The more data there is, the more precise the advertising algorithms become.

As ad effectiveness improves, advertisers allocate more budget. With increased ad revenue, Google reinvests resources to enhance services—making search faster, YouTube smoother, and Android brighter.

Better service experiences attract more users to keep using Google products, generating more data and making ads even more precise.

Thus, the flywheel spins:
User growth, increased data, more precise ads, higher advertiser budgets, increased revenue, improved services, and more users.
It's why Google evolved from a search engine into a global information and advertising market giant.

Their stories tell us: A flywheel doesn't start spinning overnight, but once it gains momentum, it delivers exponential growth.

So, friends, the stocks you hold may be a bit of a grind before the flywheel kicks in. One day up, one day down, even "one day up, three days down", it's all normal. Because before the flywheel is entirely spinning, the market is often testing the bottom, turning over shares, and shaking out the impatient.

The real crux lies in whether the logic underpinning the flywheel remains intact, and whether its structural momentum persists.

Once the flywheel gains momentum, its inertia will far outweigh short-term volatility. Apple, Google, NVIDIA, Palantir, and even Strategy all followed this exact trajectory.

The flywheel of the past has been proven. In today's investment market, where is the next flywheel?

These flywheels have been proven by history, and today's market is witnessing the emergence of a new generation of flywheels. Hardware shipments or advertising budgets do not drive it, but by a different force. Unlike traditional companies relying on hardware or advertising, it follows a distinct path, powered by system calls and genuine consumption. It's the CXON flywheel.

Following the Core X technical upgrade on August 18th, the volume of strategy execution and AI training calls has significantly increased, driving sustained growth in CXON consumption.

As tokens are continuously consumed, the circulating supply decreases, and the market amplifies perceptions of scarcity. This scarcity not only shapes its transactional value but also makes holders recognize its collectible value, because every CXON token carries the operational records of the system.

Investors increasingly view CXON as computational power slices, not merely a tradable token. New capital thus enters the ecosystem, expanding system scale while boosting data volume and market coverage. Algorithms gain precision through increased sample size, improving strategy win rates, which in turn drives more transaction calls.

The flywheel rotates as follows:

Increased usage of the Core X quantitative trading system accelerates consumption, continuously burning CXON tokens and highlighting their scarcity;

Heightened scarcity amplifies the utility and collectible value, as holders recognize that their CXON tokens represent limited-edition slices of computing power.

Capital inflows fuel system expansion, attracting more funds and users, driving greater data volume and market reach;

System scaling enhances win rates, refines algorithms, and strengthens strategies, thereby attracting new clients.

New calls accelerate consumption once more, reigniting the flywheel.

Moreover, remember that capital inflows and confidence validation aren't future events; they've already been validated over the past few weeks:

The first wave of community pioneers purchased CXON at $1.17 between August 1st and 4th;

The second wave completed their positions around $1.33 before the Core X system upgrade.

Their CXON purchases themselves constitute part of the flywheel: pioneer capital inflow amplifies confidence, attracts further capital, drives price feedback, and reinforces the flywheel.

It was precisely during this process that holders began to realize: CXON possesses not only utility value but also collectible value.As the system continuously executes calls, tokens are consumed and burned in real transactions and strategy implementations, gradually reducing their circulating supply.

Under this deflationary mechanism, the CXON held in one's possession becomes increasingly scarce. Its price is not merely driven by market sentiment but protected by a limited supply mechanism.

In other words, a CXON you hold today will not only represent a piece of the system's operational history but may also command higher pricing power due to its scarcity.

It's the essence of collectible value: it transcends mere participation credentials to become a scarce asset within a deflationary trajectory. The longer the system burns tokens, the greater the significance of the retained CXON as a "witness to history."

Thus, while others still ask, "Will this token rise?", those who truly grasp the flywheel are already contemplating: "My tokens will become limited-edition collectibles of the entire system."

Looking back, all of this has already unfolded. The CXON flywheel isn't a "future possibility"; it's a reality we've witnessed firsthand over the past few weeks. The first and second waves of pioneers bought in, calls increased, the Core X system upgraded, consumption occurred, prices began to respond, and whales started accumulating.

More importantly, this flywheel hasn't slowed down; it's accelerating.

Every Core X quantitative trading system call, every token burn, makes the remaining CXON even scarcer;

Every new capital infusion and every new user joining makes the ecosystem grow larger.

Friends, have you seized Apple's flywheel? Have you seized Google's flywheel? Have you seized NVIDIA's flywheel? Have you seized Strategy's flywheel? Have you seized Palantir's flywheel?

If not, those opportunities are now history.

But the CXON flywheel is still right before your eyes. It's not a concept, it's a reality we've witnessed firsthand over the past few weeks: calls are increasing, consumption is happening, deflation is underway, value is materializing, prices are responding, and the flywheel is accelerating.

The difference this time is that you're not standing on the sidelines watching others succeed; you can actually step into the flywheel.

You will witness it firsthand, experience it intimately, and even feel it through your account's profits, gaining an unprecedented, up-close understanding of how the flywheel effect drives explosive wealth growth and even life-changing social advancement.

So the crucial question isn't whether the flywheel will keep spinning. It's whether you're willing to choose to stand inside it.

It's the ultimate thought I wish to leave with you today.

Friends, this reminds me of Jesus' parable of the two builders.

One laid his foundation on sand; when the storm came, the house collapsed instantly.
The other was built on rock; no matter how fierce the winds and rains, his house stood firm.

Today's market, its short-term clamor is like sand, ready to be swept away at any moment.

But flywheels and systems? They are our bedrock.

CXON has proven its foundation: invocation, consumption, deflation, value; these are structures built upon bedrock.

The question is: Where will you build your house? On sand, or on bedrock?

Today's discussion isn't about predicting market movements, but about recognizing true momentum.

The flywheels of NVIDIA, Apple, Google, Strategy, and Palantir have already etched their place in market history.

And now, the CXON flywheel is accelerating before our very eyes. Choosing it isn't merely an investment move; it's the courage to pick a bedrock in the storm.

If you missed the flywheels of Apple, Google, and NVIDIA in the past, will you stand by and watch the CXON flywheel this time, or step right in?

When markets roil and noise swirls, will you build your foundation on sentiment, or on the bedrock of flywheels and systems?

Tonight, ponder these two questions. Share your answers with your investment advisor for a chance to receive CXON token airdrop rewards!

Because your answer isn't just a choice, it could be your gateway to the next flywheel era.

Thank you for your companionship. We'll see you tomorrow.