The financial report data of major chip manufacturers often reshape the entire industry outlook. This earnings season, the judgment logic of Wall Street analysts and investment banks is truly concerning — their understanding of fundamentals such as supply chains, mining costs, and chip capacity always seems to lag two steps behind the market. The hardware cost structure in the crypto industry is critically tied to this link. Earnings figures directly influence hardware cost expectations, thereby changing the economic model of the entire ecosystem. But looking at their research reports, they are either overly optimistic or completely miss the key logic. That’s why the market often moves ahead of Wall Street — data speaks for itself.