BlockBeats reported on July 25th that renowned analyst PlanB voiced his opposition to the Bitcoin BIP-110 proposal: "I oppose the BIP-110 fork. In my opinion, the fork's supporters haven't truly grasped three points: Bitcoin is a decentralized, anonymous asset; Bitcoin enthusiasts hate spam even more than they do; and why the previous BCH fork failed."

BIP-110 is a temporary soft fork proposal that plans to add seven consensus restrictions within a period of about one year. These restrictions include limiting the length of new script public keys, the size of some push data and witness items, and disabling some Taproot extension paths. The aim is to significantly reduce the amount of arbitrary non-payment data that can be embedded in transactions, such as inscriptions and runes, thereby reducing the burden on nodes, suppressing junk data, and allowing Bitcoin to focus more on its monetary uses.

BIP-110 currently has only about 1% miner support, far below the 55% required for approval, making its prospects for approval bleak and virtually impossible to become an official rule of the Bitcoin main chain. The final result will be revealed around August 7-8 after the mandatory signal window opens.

According to BlockBeats, on July 25th, based on BIT (bit.com) market data, Nvidia's stock price has only risen 10% this year, making it the worst-performing heavyweight stock in the Philadelphia Semiconductor Index, which has surged 71%. Morningstar analyst Brian Colello pointed out that the current pricing of approximately $212 implies that Nvidia will see almost no further growth after 2027, and its fair value is actually closer to $280, approximately 16 times its projected sales for fiscal year 2029.

Nvidia's current forward P/E ratio based on EBITDA is approximately 17, well below the five-year average of 36, and at its lowest level since July 2021. Competitor AMD has a forward P/E ratio of 53 and has risen 142% year-to-date. John Belton, a fund manager at Gabelli Funds, stated that investors are chasing targets with the strongest supply-demand imbalances and untapped growth opportunities, and Nvidia currently does not meet any of these criteria.

The logic of Nvidia short sellers is that it faces a surge of challengers and a ceiling on scale: startups such as SambaNova and Cerebras have launched their own chips, while Google, Amazon, Meta, Microsoft, OpenAI, and Anthropic are all advancing their own chip development plans, and AMD's first AI server rack system, Helios, will ship later this year, directly competing with the Grace Blackwell and Vera Rubin series.

Nvidia bulls, however, believe that Nvidia's revenue is expected to grow by 42% to $560 billion in the next fiscal year and by another 23% the following year, far exceeding AMD's projected $78 billion in 2027. This valuation premium of more than double cannot be explained by the difference in growth rates. More importantly, Nvidia's market share in the inference chip market has actually increased; its counter-cyclical resilience has also been underestimated—once AI investment cools down, many companies that have just ventured into chip development may abandon their own research and development and return to the Nvidia ecosystem. Therefore, the impact of the AI winter on Nvidia may actually be less than that on emerging chip designers. Colello predicts that Nvidia's annual revenue and adjusted earnings per share will both grow by more than 45% annually until fiscal year 2029, believing that the market has overpriced the competitive threat.