币界网报道：Paolo Schiavone, a senior macro trader at Goldman Sachs, said that the market has moved from the crisis stage in April to the "response stage" to the Fed's rate cuts, driving a significant upward revaluation of risk assets. He believes that the core driving force of the current market is a keen insight into the changes in the macro environment, rather than a trend-following strategy. Schiavone pointed out that the dominance of systematic macro strategies is fading, and market behavior is more dependent on subjective judgment and position allocation. He is particularly optimistic about the fields of Bitcoin and artificial intelligence, and believes that the total capital expenditure of US hyperscale data center operators will increase to US$1.15 trillion in fiscal years 2025-2027. Schiavone emphasized that in this era shaped by beliefs, the wisest investment is not deterministic assets, but the power that can shape the future.