Author: Victor (@vcmktasa) · Mr. Z (@168MrZ)
Guest: Chris Lee Li Shufei (@ViewsOfChris)
In the capital markets of 2026, the main focus has shifted from Crypto over the past decade to AI computing power, semiconductors, storage, and optical interconnects. 168X invited early OG from the cryptocurrency world, current co-founder of Merkle 3s Capital, former CEO of OKEx (now OKX), former CFO of OK Group, and former CFO of Huobi, Chris Lee (Li Shufei), to share his perspective transition from exchanges and cryptocurrency funds to fully embracing the mainstream of US stocks in AI.
Chris connected from Palo Alto, the center of AI in Silicon Valley, and had a conversation with Mr. Z and Victor for over an hour. He candidly stated: “The biggest Alpha is not in altcoins now, it’s in Nvidia’s earnings report, in Musk’s space narrative, in the supply-demand gap of AI storage and semiconductors.” From position discipline, the valuation differences between optical modules versus storage, and the reassessment logic of the HBM Super Cycle, to the possibility of Bitcoin dipping to 70,000 in the short term, the real opportunities in Web4 (Web3 + AI), and geographical and industrial advice for young Chinese, Chris conducted a comprehensive review of his experiences over the past few years.
Table of Contents
1. From Cryptocurrency OG to AI US Stocks: The Perspective Shift Following Real Money
2. US Stocks "Twisting the Towel" Style Correction: Healthy Correction in a Bull Market vs. True Signals of Bubble Burst
3. Position Discipline in the Major Uptrend of AI: Why 20–30% Cash is "Offensive" Rather Than Defensive
4. Optical Modules vs. Storage: Valuation Differences, Smart Money, and Business Timing
5. HBM Super Cycle: Storage Transitioning from Cyclical Stocks to AI Pricing Power Estimates
6. Can Chinese Storage Shake the Three Giants? What is the Ceiling for CXMT and YMTC?
7. Why Invest in US Stocks and Not Coins: The Biggest Alpha is Not in Altcoins
8. Bitcoin Technicals: Possible Dip to the 65,000-70,000 Range
9. Two Conditions for the Next Bull Market in Crypto: AI Stage Tops + New Institutions Entering
10. The Historical Mission of Crypto: From Casino to Financial Infrastructure
11. Web4 = Web3 + AI: Stablecoins, Cross-Border Payments, and AI Agents
12. Nasdaq Correction Path and Conditions for US Stock Bull Market Return
13. Geographical, Industrial, and Capability Choices for Young Chinese in the AI Era
14. Final Advice for the Young Generation: Choosing is More Important Than Effort, Peace of Mind, Sleep Well, and Have a Home
1. From Cryptocurrency OG to AI US Stocks: The Perspective Shift Following Real Money
Mr. Z: Can we ask Chris to briefly introduce himself? You have transitioned from early exchanges and the cryptocurrency space to paying great attention to US stocks, AI semiconductors, and storage; how did this investment perspective form?
Chris: Hello everyone, I am currently in Silicon Valley, at the center of the AI universe, Palo Alto, it’s evening here.
I entered Crypto in 2016. I first worked at OKX, which was then called OKCoin and OKEx; later, I went to Huobi as CFO; then to Blackhole Capital as president, where Blackhole Investment was one of Binance’s earliest investors. CZ and He Yi were also from OK at the time. After I got to know them in 2017, I have maintained a very good relationship with them, and we've met separately over the years.
I started my own fund in 2020, after leaving Blackhole, establishing my first fund called TKX Capital, investing in about seventy to eighty cryptocurrency projects, and of course, incurred a lot of tuition. Now I am managing the second phase of the fund, called Merkle 3s Capital, mainly focusing on “Web4,” which is Web3 + AI. Additionally, we have another secondary AI-themed fund managed by another partner, which has performed quite well this year.
Regarding this perspective shift, it’s actually not as dramatic as many imagine. I have always believed in one thing: the only factor that determines price is the flow of funds. In the past decade, the flow of funds was towards Crypto, which is why we focused on exchanges and funds in that area; but in recent years, it’s clear that funds are flowing towards AI computing power, storage, and optical interconnects.
Coming from a background in traditional management, my method is basically to follow the real money. This is very important. But please don't misunderstand, I am not abandoning Crypto, but must acknowledge a reality: the biggest Alpha is no longer in altcoins; it’s in Nvidia’s earnings reports, in Musk’s space narratives, and in the supply-demand gaps of AI storage and semiconductors. I am still in Crypto, just incorporating AI thinking into the mix, that's it. To sum it up simply, it’s about following the flow of funds.
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