李翔 × 李丰

两轮risk off后，资金重新涌入中美最拥挤的AI与机器人交易，英伟达市值升至5.5万亿美元。美国增长预期约一半建立在大型公司AI Capex持续增加之上，但低成本旧产能、企业FOMO与囤货放大了一季度表现。亚马逊可能已进入Capex超过自由现金流阶段，微软等或于明年一至二季度跟随，而token收入尚未证明商业闭环。

Avi Felman × Jonah Van Bourg

Oil's $120 spike appears driven by consensus short covering, while force majeure leaves physical traders with naked financial hedges and July implied daily volatility near $6.50 versus $1 normal.A 90% chance of resolution within weeks points to Saudi supply and forced re-hedging as downside catalysts, while prolonged Hormuz closure remains the 10% stagflation risk behind six-month gold calls.

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

SpaceX’s proposed IPO would raise $75 billion at a $1.75 trillion valuation, potentially creating the external mark Chamath sees as necessary before a “99.999%” likely Tesla combination.That merger would unify xAI, robotics, chips, factories, launch, and satellite communications, while SpaceX infrastructure could support orbital logistics, stations, mining, power generation, and communications.The IPO window may narrow as SpaceX, OpenAI, and Anthropic absorb finite capital, while Friedberg estimates Bitcoin has five to seven years to complete quantum-resistance migration.

李翔 × 李丰

美以伊目标缺乏交集，短期停火困难，战争已引发所有资产齐跌、仅美元上涨的极端risk off，并将市场推向滞胀交易。若伊朗政权被颠覆，中国将面临石油结算、能源定价与西部安全三重压力；未来5—10年能源多元化、生物制造和核能力重估值得跟踪。

Shanghao Jin

伊朗和谈行情缺乏物流验证：只要石油尚未大规模通过霍尔木兹海峡，局势仍有变数。高盛路径显示，时间加权油价每升10%将使PCE升0.04、GDP降0.1，base case或削减年内增长0.2–0.3个百分点，危机即刻停止也无法避免损害。市场或先经历油价恐慌与衰退交易，随后迎来买债窗口；极端情形是危机拖过六月、加权油价超150并触发美国衰退。

Shanghao Jin

霍尔木兹海峡断航令市场面临约16M/天净缺口，GS base case为持续21天并消耗全球商业库存约一半，而油价尚未定价两三个月的中断。油价传导至核心通胀有限且失业走弱可能抵消冲击，CTA卖压本周或见顶；需监测地缘谈判进展、负gamma加速风险及private credit对AI capex的拖累。

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

The panel’s most aggressive macro signal is 5%-6% U.S.GDP growth in 2026, supported by AI productivity, tax refunds, capital investment, and possible rate cuts, while California’s proposed 5% wealth tax creates a migration and asset-pricing risk.Copper, Polymarket, Huawei, and Amazon supply the clearest upside calls, but software maintenance, entry-level white-collar work, oil, the dollar, and California luxury property remain key disruption or downside themes.

泓君 × 郑迪

美国AI数据中心未来数年或缺46—47GW，矿场转型虽有争议，却可能成为18—24个月内最快的补电路径。1GW全成本约450亿—500亿美元且GPU占70%—80%，但矿企能否把电转成24×7供电、订单和现金流，仍取决于交付、融资与AI应用兑现。

Chamath Palihapitiya × Jason Calacanis × David Sacks × David Friedberg

Congress’s removal of federal AI preemption leaves roughly 70 state laws and more than 1,000 proposed bills, potentially creating a compliance moat for incumbents and slowing startups.America’s power race is increasingly constrained by supply chains and permitting: gas turbines ordered today may wait until 2030, while new nuclear may arrive in 2032-33, making AI-driven growth dependent on capacity execution.

David Sacks × Larry Summers × Ezra Klein × Chamath Palihapitiya

The 90-day retreat left a 10% universal tariff, sectoral duties, fresh threats, and a 125% China tariff, preserving policy risk rather than restoring the old trade regime.Summers estimated roughly $6 trillion in erased equity value and warned tariffs could weaken purchasing power, demand, and confidence, while the debate set a two-year test of growth, resilience, and trade outcomes.