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Two earnings reports, two clues on risk appetite: US consumption and AI capital expenditure Costco has disclosed Q4 net sales of $93.9 billion, a year-on-year increase of 11.3%; comparable sales grew 9.4%, and excluding gasoline and exchange rates, 6.7%. New information as of the early hours of September 25 focuses on membership and profits: last quarter, the US and Canada renewal rate was 92.2%, global was 89.7%, and membership fee revenue grew 10.7%; if renewal rates remain stable and gross margin improves excluding gasoline, consumption resilience will be more fully validated. But this is not a one-sided positive for Crypto. Strong consumption, if it raises growth and interest rate expectations, could instead push up US Treasury yields, suppressing $BTC. Profit growth mainly comes from membership stickiness rather than overheated demand, so the impact will be much milder. The next clock is Micron's earnings report at Beijing time early October 1, with official guidance of revenue $50 billion, gross margin about 86%, non-GAAP EPS $31. Costco decides the interest rate narrative, $MU Micron verifies AI risk appetite. Currently, OKX's BTC is about $83,484, down 2.41% in 24 hours; yields remain more sensitive than any single company's earnings.