CRCL 已经在崩塌，其整个结构很可能瓦解，只是时间问题。股价走低并未削弱做空逻辑——反而使其更强、故事更好，因为持有者是被动能和叙事驱动，而非真正了解自己持有的是什么。
逐段跳播
Cory 已经在崩了。好吧。整个结构被抽掉支柱只是时间问题。你没有看到这些回撤，比如核心资产跌了50%。几周前，两周前，就在事情闹大之前的那一周，我们实际上对核心仓位加了倍。我想，我想我们是在81的位置加仓的。
Cory's already imploding. All right. It's only a question of time before this before this the whole structure is is is it legs kicked out from under it. you're not looking at these draw downs 50% of core for example. a couple weeks ago, two weeks ago, the week before the you know what hit the fan, we actually doubled down on the core. I think I think we added to it at 81.
仅仅因为Coriv的价格下跌，并不意味着它就不是一个好的做空标的了。事实上，当Cory在107的时候，Cororee的债券收益率并没有15%。它们的收益率要低得多。所以我实际上会说，Cororoeave的做空逻辑正在改善。现在这个故事甚至更好了。
Just because the price of Coriv is down means it's less of a good short. As a matter of fact, when Cory was 107, you know, this the bonds of Cororee were not yielding 15%. They're yielding much lower.
So, I would actually say that the short argument in Cororoeave is improving. It's even a better story now.
Coror以及所有这些新兴云厂商的人，他们根本不知道自己持有的是什么。他们之所以在那里，是因为势头和叙事。
The folks in Coror and all these neo clouds, they don't know what they own. They're there because of the momentum and the narrative.
就像六个月前我们谈论AI的时候，Cororo还上不了头版。现在它上了。
Like Cororo was not page one six months ago when we talked about AI. Now it is.