Notes from XT Exchange’s Chinese-language AMA, “SpaceX, Chips, and the AI Frenzy: Has Market Sentiment Changed?” (June 18, 2026)

The week of this AMA, the macro news cycle was unusually loud. A new Federal Reserve chair pick had traders re-pricing rates and inflation. Tension around the Strait of Hormuz had everyone re-pricing oil, shipping, and the inflation that follows both. Even the 2026 Football Championship was pulling money into sports sentiment and prediction markets. Different headlines, same underlying question: where does the market’s next theme actually live?

For one hour, XT Exchange’s Chinese-language X Space tried to answer that question for the trade most people already assume they understand: AI. Hosted by Bella (@croyane921), the conversation opened with a contrast that set up everything after it. A year ago, “the AI trade” had an easy translation: buy chip stocks, buy whatever made GPUs. A year later, the money hasn’t stayed there. It has moved downstream, into memory, power, networking, and the unglamorous buildings that house all of it.

That migration, and what it means for telling a real trend from a borrowed label, became the spine of the night. It’s also the reason SpaceX, of all names, ended up at the center of the conversation.

From chip stocks to a full supply chain

The panel’s opening move was to strip “the AI trade” of its laziest meaning. 0xMeg (@DuoMeg), an independent crypto KOL, described the shift through the people around him rather than through theory:

“A lot of people around me who are in the AI trade aren’t just watching the headline chip names anymore. They’re buying basic power utilities, things like Yangtze Power.”

Jack (@astarterdefihub), XT Exchange’s senior community pathfinder, extended the point down a layer. Once GPUs are secured, he argued, the bottleneck doesn’t disappear: it moves into power supply, cooling systems, ultra-high-voltage transmission, fiber, switches, and land development, none of which are as easy to put on a chart as a chip logo. A data center that can’t get power onto the grid doesn’t run, no matter how many chips sit inside it.

The framework that emerged: AI capex isn’t one trade, it’s a supply chain (chips, memory, packaging, power, and physical infrastructure), and the chain is only as strong as its least-discussed link. That lens carried directly into the name that dominated the night’s second half.

The SpaceX test

If any name fits “label versus layer” right now, it’s SpaceX. Nobody on the panel disputed that the company is fascinating: Starlink, launch capacity, government demand, a brand that radiates “the future.” What they disputed is whether any of that makes it an AI stock.

Jack’s answer was the sharpest:

“What matters is how much of SpaceX’s revenue actually comes from AI-related business. If that’s one percent of the company, calling it part of the AI compute build-out isn’t really accurate.”

He pushed further into why the label sticks anyway:

“The minute people hear ‘compute,’ they think ‘AI.’ That one word is doing most of the work in binding SpaceX to the AI narrative.”

That’s the mechanism the AMA kept circling back to: a name gets a strong, simple, exciting story attached to it, and once it has one, almost nobody checks what percentage of revenue is actually behind it. The panel’s read on SpaceX was consistent: a strategic-infrastructure company with a thin, early, expensive AI-adjacent branch, not the clean AI ticker the market keeps trying to make it.

Bubble, or just early?

The SpaceX problem is a small version of the night’s bigger question: is the entire AI buildout overvalued, or simply early? Crypto Pan Weibo / 加密潘玮柏 (@ZC_XT_666), known on XT as its self-styled “Chief Lottery Officer,” opened with the structural reason this is hard to answer cleanly: AI capital spending is running ahead of AI revenue, and that gap is normal, not damning, in the early years of any infrastructure cycle. The harder question is what to check while waiting for revenue to catch up:

“The core question for any ordinary user is simple: is this a company generating real revenue from orders, prepayments, and actual usage, or a company telling an AI story? That distinction is the real test for whether something is a bubble.”

He added a macro layer most retail traders skip:

“If the market starts pricing in rate hikes, risk appetite drops, and AI-related assets, including whatever froth is in them, get hit right along with it.”

Jack tied the framework to something concrete: tracking hyperscaler capex guidance, order books, and prepayments rather than headlines, and watching whether memory, packaging, and power bottlenecks are easing or tightening. He pointed to the recent run in memory and storage names (Micron, SanDisk, Western Digital) as a case where the supply chain signaled the trend before the news did. Put together: bubble talk and real value aren’t mutually exclusive, and neither is fixed. Both move with rates, liquidity, and whether an “AI story” converts into an actual contract.

From watching to positioning: AI Stock Pioneer Season

XT Exchange’s message tonight doubled as the panel’s: decide whether to trade something based on what you’re actually getting exposure to, not on whether its name is hot. The action hook is XT’s AI Stock Pioneer Season, live through June 24, with up to 10,000 USDT in draw rewards. Through XT Futures TradFi Zone, users can trade AI-themed, equity-tracking perpetual futures (not traditional stocks) without opening a separate brokerage account. Prizes also include futures vouchers and an Anthropic equity airdrop. These are perpetual contracts, so leverage and funding costs apply: the downside is as real as the upside. Participation isn’t investment advice. Review the campaign’s rules, eligibility, and risk disclosures before trading.

What “trade the layer” actually means

Asked to leave the audience with one filter, 0xMeg’s answer is the cleanest way to close the night:

“Someone chasing headlines asks, every day, what’s the hottest thing everyone’s talking about right now. Someone who actually understands the trend asks where a company sits in the supply chain, where its real money is coming from, what the actual demand is, and where the upside and the risk really are.”

The headline will keep telling you that AI is moving the market. This AMA’s point was that only the layer you’re actually standing on tells you what you’re holding.

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Speakers

• 0xMeg (@DuoMeg): Independent crypto KOL. Watches what retail is actually buying as the AI trade moves downstream, not just which name is trending.
• Crypto Pan Weibo / 加密潘玮柏 (@ZC_XT_666): XT Exchange’s self-styled “Chief Lottery Officer.” Tracks the gap between AI capex and AI revenue, plus the macro variables, like rates and stablecoins, that move AI asset pricing.
• Jack (@astarterdefihub): Senior Community Pathfinder, XT Exchange. Breaks a label like “AI stock” down into which layer of the supply chain it actually touches.
• Bella (@croyane921): Host.

Based on XT Exchange’s Chinese-language X Space, “SpaceX, Chips, and the AI Frenzy: Has Market Sentiment Changed?”, held June 18, 2026. Educational only: not financial, investment, or trading advice.

About XT Exchange

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