According to BlockBeats , on August 13, Cerebras (CBRS) saw a rapid drop after releasing its earnings report this morning. The contract fell from $261.81 to $224.64, a 14.2% drop in one hour, with a maximum decline of 18%.

The earnings report itself showed positive data, but CBRS had already risen from about $195 to $263 in the previous few days, an increase of nearly 35%, so the positive impact may have already been priced in. After the earnings report was released, the lower gross margin and profitability may not have matched the current valuation.

Both of the major short sellers, holding tens of millions of dollars, did not reduce their positions before the earnings report and maintained their positions throughout the recent decline, resulting in a combined profit of approximately $3.646 million for the two largest short sellers.

The address starting with 0x999 held short positions worth approximately $11.604 million, and within just one hour, it recorded a profit of approximately $1.983 million, currently showing a floating profit of approximately $1.35 million.

The address starting with 0xe0f held short positions worth approximately $9.733 million, and within just one hour, it recorded a profit of approximately $1.663 million, currently showing a floating profit of approximately $1.952 million.

No large whale liquidations have been detected among the bulls. Between 4:00 AM and 4:30 AM this morning, a total of 66 small CBRS liquidations occurred, involving 61 addresses, with a total notional amount of approximately $389,000 liquidated. The largest single address liquidated approximately $105,000, resulting in a loss of approximately $6,908.

The on-chain Perp and address analysis tool TradingBeats are now live, supporting real-time viewing of Hyperliquid data, from address tracing to whale operations, providing in-depth analysis and a complete overview.

According to BlockBeats, on August 13, Fu Peng, chief economist of Newfire Group, pointed out that Tencent's latest free cash flow turned negative , similar to Alibaba and other major companies such as Silicon Valley Meta and Google. The large amount of AI capital expenditure has broken the previous model of high free cash flow plus stable repurchase and dividend .

Fu Peng believes that the market's tolerance for the mismatch between AI "investment and return" has decreased significantly since Q2 of this year . Revenue from applications is still in the validation phase relative to the cumulative investment of hundreds of billions, and investors need to see quantifiable long-term returns. Current investor sentiment has shifted from previous euphoria to caution, and the next few quarters are a crucial window . This shift from the euphoria of previous years to caution means that only truly quantifiable and certain revenue growth can dispel these investor doubts .

Therefore, during this waiting period of "ROI proof or disproof", as long as there is no huge external systemic shock, the market will remain in a dilemma of "not investing is not an option, but investing is also not an option" . The market's performance will be: supported by fundamentals below/not daring to be short easily, and scrutinized by ROI above/not daring to blindly go long .

The capital market is waiting for a "killer app," while the industry is actually waiting for a "breakthrough point in unit computing power cost" and a "critical point in workflow restructuring."