HTX DeepThink: AI and Crypto are strengthening synchronously, but valuations and positions are becoming crowded According to TechFlow, on August 27th, Chloe, a columnist for HTX DeepThink and a researcher at HTX Research, analyzed that global risk assets are entering a critical pricing window: AI fundamentals continue to exceed expectations, but the demand for high valuation assets to exceed expectations is significantly increasing; BTC is approaching a key resistance zone after a rapid rebound, and the market is shifting from being driven by liquidity to being driven by macro data and policy expectations. Nvidia's latest financial report proves that the AI capital expenditure cycle has not cooled down yet. The performance in the second quarter of fiscal year 2027 exceeded expectations, and CFO Colette Kress predicts that revenue in fiscal year 2028 may still grow by about 70%. The current constraint on growth is not demand, but supply capacity - the growth rate of computing power demand is still higher than the expansion speed of GPUs, advanced packaging, HBM, and data centers. But the market reaction has released another signal: AI trading is shifting from 'whether growth exists' to' whether growth is enough to support valuations'. After the financial report was released, the stock price first came under pressure and then rebounded with stronger guidance, indicating that the extremely high growth has been partially included in the price. The subsequent rise of AI stocks requires not only excellent performance, but also sustained higher than expected profits and CapEx upward revisions. Crypto is in a similar but more liquidity dependent stage. BTC has risen by about 22% since August 20th, approaching $80000 again. The inflow of ETF funds and the repair of risk appetite have jointly driven this round of rise, but the rapid repair has also significantly increased short-term chip profits. Therefore, $80000 is both a technical resistance and a position game area. In the short term, the key confirmation range is $80000 to $83000: if ETFs maintain net inflows and inflation data does not reinforce high interest rate expectations, BTC may return to trend trading after stabilizing at $83000, with $95000 to $100000 observed above; On the contrary, if the long-term attack fails and US bond yields rebound against the US dollar, one should be cautious of profit taking. At present, it is not a comprehensive risk on, but closer to the stage of "strong fundamentals, improved liquidity, but crowded valuations and positions". What is truly worth paying attention to is not the daily rise and fall of NVDA or whether BTC can touch $83000, but whether three variables can resonate: AI profit expectations continue to rise, US financial conditions do not tighten again, and new funds continue to flow into Crypto. If all three are established simultaneously, there is still room for expansion in the market; If liquidity weakens first, overvalued AI and high Beta Crypto may become the first direction for funds to cash in profits. Note: The content of this article is not investment advice and does not constitute an offer, solicitation, or recommendation for any investment product.