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伯恩斯坦解读:三家吃掉九成市场,MRDIMM为何更利好澜起?TL;DR · 伯恩斯坦维持澜起科技 Outperform,H 股目标价 520 港元,A 股目标价 400 元。 · 其更宽口径测算显示,2030 年内存接口芯片 TAM 可能接近 200 亿美元。 · Rambus 同样受益 AI 服务器升级,但份额、客户和费用结构限制弹性。 据公开报道及伯恩斯坦最新报告,澜起科技(Montage Technology)被维持 Outperform 评级,H 股目标价上调至 520 港元,A 股目标价上调至 400 元人民币。 这份报告把一个相对隐蔽的 AI 硬件环节推到台前。AI 服务器升级后,CPU、内存和加速芯片之间的数据搬运压力上升,内存接口芯片的价值量被放大。尤其是 MRDIMM 进入服务器平台后,单个模块需要的接口硅含量约为传统 RDIMM 的 10 倍。 RDIMM、MRDIMM 与 SOCAMM2 接口芯片结构 伯恩斯坦给出的判断是,到 2030 年,全球内存接口芯片市场规模在其更宽口径下可能接近 200 亿美元。这里需要加一道限定,港交所文件及弗若斯特沙利文此前口径显示,全球 memory interconnect chips 市场 2024 年至 2030 年约从 12 亿美元增至 50 亿美元,明显低于伯恩斯坦口径。两者差异主要来自市场边界和产品纳入口径。 近 200 亿美元空间,靠 MRDIMM 把单模块价值量拉上去 内存接口芯片原本不是 AI 产业链中最显眼的一环,但服务器架构变化正在让它变得更贵。 在伯恩斯坦测算中,全球内存接口芯片 TAM 在 2025 年至 2030 年间复合增速约为 65%,2030 年接近 200 亿美元。其中,MRDIMM 相关的 MRCD 和 MDB 芯片贡献约 73% 的市场空间。 背后的逻辑并不复杂。服务器需要更高内存带宽,传统 RDIMM 升级到 MRDIMM 后,接口芯片数量和复杂度都提高。公开报道提到,MRDIMM 单模块接口芯片价值可能从约 7 美元升至 70 至 80 美元。 全球内存接口芯片 TAM 从 2021 年约 8 亿美元增至 2030 年约 199 亿美元,MRDIMM 相关芯片贡献约 73%。 这轮扩张主要来自三条线。AI 服务器带动服务器 CPU 需求恢复,CPU 侧内存通道和模组升级带来更多接口芯片。DDR5、MRDIMM 等 DRAM 技术迭代提高单模块价值量。AI ASIC 增长也会推高 CXL、PCIe、内存控制器和安全 IP 等配套需求。 但近 200 亿美元并不是确定结果。它依赖服务器 CPU 出货量、MRDIMM 渗透率和新一代 MRDIMM 放量节奏。如果 CPU 出货恢复慢,或 MRDIMM Gen2 落地慢于预期,市场扩容速度会被压低。 伯恩斯坦的敏感性分析给出一个下限参考。即便到 2030 年服务器 CPU 出货量只有 6000 万颗、MRDIMM 渗透率只有 10%,内存接口芯片 TAM 仍约为 80 亿美元。 2030 年 TAM 敏感性分析显示,服务器 CPU 出货 6000 万颗、MRDIMM 渗透率 10% 的熊市情景下,市场仍约 80 亿美元。 三家吃掉九成市场,澜起站位更靠前 内存接口芯片市场已经高度集中。 按伯恩斯坦收入口径估算,2024 年澜起科技、瑞萨和 Rambus 三家公司合计占据核心内存接口芯片市场 90% 以上份额。其中澜起科技约 37%,瑞萨约 36%,Rambus 约 21%。港交所文件也显示,澜起科技 2024 年全球内存接口及互连芯片收入份额约 36.8%。 2024 年核心内存接口芯片份额为澜起 37%、瑞萨 36%、Rambus 21%、其他 7%,前三合计超过 90%。 AI 服务器升级带来的新增市场,大概率先流向现有头部供应商。但三家公司位置并不一样。 澜起科技在 DDR5 RDIMM 和 MRDIMM 路线图上更靠前,也更贴近 DRAM 厂商的共同验证需求。高速内存接口芯片对互操作性要求很高,客户往往倾向于从同一供应商获得更完整的芯片组合,以降低验证和量产风险。 Rambus 也在追赶。伯恩斯坦预计,Rambus 在 MRDIMM 接口芯片组的份额可能从 2026 年的 2% 提升至 2030 年的 18%,但起点较低,追赶需要时间。它的优势在于产品线更宽,已经推出 SOCAMM2 接口芯片组,并覆盖 SPD、PMIC、温度传感器等配套产品。 Rambus 与 DRAM 厂商的关系也更复杂。过去 20 年,公司通过与三星、SK 海力士、美光等 DRAM 厂商的专利诉讼和解,建立了长期 DRAM 版税收入。稳定合同带来现金流,但未必能帮助它在新一代 MRDIMM 共同验证中拿到最有利位置。 Rambus 也吃到 AI 增量,但收入结构拖慢弹性 Rambus 不是被 AI 服务器行情排除在外的公司。按公司官方 2025 年收入口径,Product 收入约 3.478 亿美元,Royalties 约 2.794 亿美元,Contract and other 约 8050 万美元,占总收入比例约为 49%、39% 和 11%。 这也说明问题所在。Rambus 接近四成收入来自版税,稳定但增长不快。DRAM royalties 通常受长期合同约束,公司管理层也指引该业务大体持平,因此它很难完整分享 DRAM 量价上行带来的弹性。 IP 和授权业务同样能受益于 AI ASIC、边缘 AI 和安全需求。Rambus 可以提供内存控制器、CXL/PCIe 互连和安全 IP。但相较澜起科技集中押注高增长接口芯片,Rambus 业务更宽,增长落到利润上的速度更慢。 费用端差异更直接。Rambus 2025 年研发支出约 1.88 亿美元,研发收入比约 27%。伯恩斯坦报告口径下,澜起科技同期研发支出约 1.27 亿美元,研发收入比约 17%。业务更宽意味着投入更重,每一美元研发投入转化为收入的效率也更受考验。 Rambus 2025 年研发支出约 1.88 亿美元、研发收入比 27%,澜起约 1.27 亿美元、研发收入比 17%。 这也是两家公司估值和目标价差异背后的核心分歧。澜起科技低增长业务占比较低,收入更集中在高增长内存接口芯片。Rambus 有 AI 增量,但版税和授权业务让整体弹性打了折扣。 大市场打开后,分歧落在份额和落地节奏 这份报告最有新闻性的地方,不是简单说内存接口芯片都受益 AI,而是把公司差异拉开。 如果 MRDIMM 放量顺利,单模块接口芯片价值量从个位数美元提升至 70 至 80 美元,澜起科技、瑞萨、Rambus 这些头部供应商都会进入更大的市场。但谁能多吃一口,取决于 MRDIMM 共同验证、客户关系、产品组合和研发效率。 对 Rambus 而言,未解决的问题是 MRDIMM 份额能否从低起点追到双位数以上,DRAM 厂商是否愿意在双源供应和共同验证中给它更多位置,以及授权业务能否进入更大规模 AI ASIC 项目。

伯恩斯坦解读:三家吃掉九成市场,MRDIMM为何更利好澜起?

TL;DR
· 伯恩斯坦维持澜起科技 Outperform,H 股目标价 520 港元,A 股目标价 400 元。
· 其更宽口径测算显示,2030 年内存接口芯片 TAM 可能接近 200 亿美元。
· Rambus 同样受益 AI 服务器升级,但份额、客户和费用结构限制弹性。
据公开报道及伯恩斯坦最新报告,澜起科技(Montage Technology)被维持 Outperform 评级,H 股目标价上调至 520 港元,A 股目标价上调至 400 元人民币。
这份报告把一个相对隐蔽的 AI 硬件环节推到台前。AI 服务器升级后,CPU、内存和加速芯片之间的数据搬运压力上升,内存接口芯片的价值量被放大。尤其是 MRDIMM 进入服务器平台后,单个模块需要的接口硅含量约为传统 RDIMM 的 10 倍。
RDIMM、MRDIMM 与 SOCAMM2 接口芯片结构
伯恩斯坦给出的判断是,到 2030 年,全球内存接口芯片市场规模在其更宽口径下可能接近 200 亿美元。这里需要加一道限定,港交所文件及弗若斯特沙利文此前口径显示,全球 memory interconnect chips 市场 2024 年至 2030 年约从 12 亿美元增至 50 亿美元,明显低于伯恩斯坦口径。两者差异主要来自市场边界和产品纳入口径。
近 200 亿美元空间,靠 MRDIMM 把单模块价值量拉上去
内存接口芯片原本不是 AI 产业链中最显眼的一环,但服务器架构变化正在让它变得更贵。
在伯恩斯坦测算中,全球内存接口芯片 TAM 在 2025 年至 2030 年间复合增速约为 65%,2030 年接近 200 亿美元。其中,MRDIMM 相关的 MRCD 和 MDB 芯片贡献约 73% 的市场空间。
背后的逻辑并不复杂。服务器需要更高内存带宽,传统 RDIMM 升级到 MRDIMM 后,接口芯片数量和复杂度都提高。公开报道提到,MRDIMM 单模块接口芯片价值可能从约 7 美元升至 70 至 80 美元。
全球内存接口芯片 TAM 从 2021 年约 8 亿美元增至 2030 年约 199 亿美元,MRDIMM 相关芯片贡献约 73%。
这轮扩张主要来自三条线。AI 服务器带动服务器 CPU 需求恢复,CPU 侧内存通道和模组升级带来更多接口芯片。DDR5、MRDIMM 等 DRAM 技术迭代提高单模块价值量。AI ASIC 增长也会推高 CXL、PCIe、内存控制器和安全 IP 等配套需求。
但近 200 亿美元并不是确定结果。它依赖服务器 CPU 出货量、MRDIMM 渗透率和新一代 MRDIMM 放量节奏。如果 CPU 出货恢复慢,或 MRDIMM Gen2 落地慢于预期,市场扩容速度会被压低。
伯恩斯坦的敏感性分析给出一个下限参考。即便到 2030 年服务器 CPU 出货量只有 6000 万颗、MRDIMM 渗透率只有 10%,内存接口芯片 TAM 仍约为 80 亿美元。
2030 年 TAM 敏感性分析显示,服务器 CPU 出货 6000 万颗、MRDIMM 渗透率 10% 的熊市情景下,市场仍约 80 亿美元。
三家吃掉九成市场,澜起站位更靠前
内存接口芯片市场已经高度集中。
按伯恩斯坦收入口径估算,2024 年澜起科技、瑞萨和 Rambus 三家公司合计占据核心内存接口芯片市场 90% 以上份额。其中澜起科技约 37%,瑞萨约 36%,Rambus 约 21%。港交所文件也显示,澜起科技 2024 年全球内存接口及互连芯片收入份额约 36.8%。
2024 年核心内存接口芯片份额为澜起 37%、瑞萨 36%、Rambus 21%、其他 7%,前三合计超过 90%。
AI 服务器升级带来的新增市场,大概率先流向现有头部供应商。但三家公司位置并不一样。
澜起科技在 DDR5 RDIMM 和 MRDIMM 路线图上更靠前,也更贴近 DRAM 厂商的共同验证需求。高速内存接口芯片对互操作性要求很高,客户往往倾向于从同一供应商获得更完整的芯片组合,以降低验证和量产风险。
Rambus 也在追赶。伯恩斯坦预计,Rambus 在 MRDIMM 接口芯片组的份额可能从 2026 年的 2% 提升至 2030 年的 18%,但起点较低,追赶需要时间。它的优势在于产品线更宽,已经推出 SOCAMM2 接口芯片组,并覆盖 SPD、PMIC、温度传感器等配套产品。
Rambus 与 DRAM 厂商的关系也更复杂。过去 20 年,公司通过与三星、SK 海力士、美光等 DRAM 厂商的专利诉讼和解,建立了长期 DRAM 版税收入。稳定合同带来现金流,但未必能帮助它在新一代 MRDIMM 共同验证中拿到最有利位置。
Rambus 也吃到 AI 增量,但收入结构拖慢弹性
Rambus 不是被 AI 服务器行情排除在外的公司。按公司官方 2025 年收入口径,Product 收入约 3.478 亿美元,Royalties 约 2.794 亿美元,Contract and other 约 8050 万美元,占总收入比例约为 49%、39% 和 11%。
这也说明问题所在。Rambus 接近四成收入来自版税,稳定但增长不快。DRAM royalties 通常受长期合同约束,公司管理层也指引该业务大体持平,因此它很难完整分享 DRAM 量价上行带来的弹性。
IP 和授权业务同样能受益于 AI ASIC、边缘 AI 和安全需求。Rambus 可以提供内存控制器、CXL/PCIe 互连和安全 IP。但相较澜起科技集中押注高增长接口芯片,Rambus 业务更宽,增长落到利润上的速度更慢。
费用端差异更直接。Rambus 2025 年研发支出约 1.88 亿美元,研发收入比约 27%。伯恩斯坦报告口径下,澜起科技同期研发支出约 1.27 亿美元,研发收入比约 17%。业务更宽意味着投入更重,每一美元研发投入转化为收入的效率也更受考验。
Rambus 2025 年研发支出约 1.88 亿美元、研发收入比 27%,澜起约 1.27 亿美元、研发收入比 17%。
这也是两家公司估值和目标价差异背后的核心分歧。澜起科技低增长业务占比较低,收入更集中在高增长内存接口芯片。Rambus 有 AI 增量,但版税和授权业务让整体弹性打了折扣。
大市场打开后,分歧落在份额和落地节奏
这份报告最有新闻性的地方,不是简单说内存接口芯片都受益 AI,而是把公司差异拉开。
如果 MRDIMM 放量顺利,单模块接口芯片价值量从个位数美元提升至 70 至 80 美元,澜起科技、瑞萨、Rambus 这些头部供应商都会进入更大的市场。但谁能多吃一口,取决于 MRDIMM 共同验证、客户关系、产品组合和研发效率。
对 Rambus 而言,未解决的问题是 MRDIMM 份额能否从低起点追到双位数以上,DRAM 厂商是否愿意在双源供应和共同验证中给它更多位置,以及授权业务能否进入更大规模 AI ASIC 项目。
COHRUS+4.16%
BlockBeats Message, July 27: Iran’s Ministry of Foreign Affairs Spokesperson Baghaei said at a press conference on July 27 that Iran and Oman are currently holding talks on the Strait of Hormuz issue, and that the talks are not related to the United States. (Xinhua)
BlockBeats Message, July 27: Iran’s Ministry of Foreign Affairs Spokesperson Baghaei said at a press conference on July 27 that Iran and Oman are currently holding talks on the Strait of Hormuz issue, and that the talks are not related to the United States. (Xinhua)
Major market events this week: The U.S. stock earnings season is entering its final stretch, and the Fed and BoJ will announce interest rate decisions in successionBlockBeats message: On July 27, this week’s global markets will face a dual test of macroeconomic data and earnings reports. According to BlockBeats’ weekly market events calendar, from July 27 to August 2, the Federal Reserve and the Bank of Japan will announce their interest rate decisions in succession. Technology giants including Meta, Microsoft, Apple, Amazon, Qualcomm, ARM, and others will also release earnings reports in rapid succession, and market volatility may be further amplified. On the macro front, at 2:00 a.m. Thursday Beijing time, the U.S. FOMC will release its latest interest rate decision. Shortly after, Federal Reserve Chair Jerome Powell will hold a monetary policy press conference at 2:30 a.m. On the same day, the U.S. will also release initial jobless claims for the week ending July 25. The market will focus on the Fed’s latest statements regarding inflation, employment, and the expected path of rate cuts within the year. On Friday, the Bank of Japan will release its interest rate decision. The governor will then hold a press conference afterward; the Japanese yen, Japanese government bonds, and Asian risk assets may be affected.

Major market events this week: The U.S. stock earnings season is entering its final stretch, and the Fed and BoJ will announce interest rate decisions in succession

BlockBeats message: On July 27, this week’s global markets will face a dual test of macroeconomic data and earnings reports. According to BlockBeats’ weekly market events calendar, from July 27 to August 2, the Federal Reserve and the Bank of Japan will announce their interest rate decisions in succession. Technology giants including Meta, Microsoft, Apple, Amazon, Qualcomm, ARM, and others will also release earnings reports in rapid succession, and market volatility may be further amplified.
On the macro front, at 2:00 a.m. Thursday Beijing time, the U.S. FOMC will release its latest interest rate decision. Shortly after, Federal Reserve Chair Jerome Powell will hold a monetary policy press conference at 2:30 a.m. On the same day, the U.S. will also release initial jobless claims for the week ending July 25. The market will focus on the Fed’s latest statements regarding inflation, employment, and the expected path of rate cuts within the year. On Friday, the Bank of Japan will release its interest rate decision. The governor will then hold a press conference afterward; the Japanese yen, Japanese government bonds, and Asian risk assets may be affected.
BlockBeats news, July 27: according to an official announcement, Binance will introduce CapitalConnect removal and access standards starting July 27, 2026, including: the trading team will be removed if there are no trades for 30 consecutive days or if strategy performance is poor (cumulative returns for non-directional strategies below -10%, and for directional strategies below -30%). After removal, existing investments are not affected, and the team may reapply after 90 days. Access will be canceled for investors who do not submit a subscription application within 12 months; they may reapply after 180 days.
BlockBeats news, July 27: according to an official announcement, Binance will introduce CapitalConnect removal and access standards starting July 27, 2026, including: the trading team will be removed if there are no trades for 30 consecutive days or if strategy performance is poor (cumulative returns for non-directional strategies below -10%, and for directional strategies below -30%). After removal, existing investments are not affected, and the team may reapply after 90 days. Access will be canceled for investors who do not submit a subscription application within 12 months; they may reapply after 180 days.
BlockBeats message, on July 27, the spokesperson of Iran’s Ministry of Foreign Affairs, Baghaei, said that the mediator has conveyed to Iran information coming from the United States, but Iran is currently not holding talks with Washington. Baghaei also said that Iran has not asked to resume negotiations with the United States. (Jin10)
BlockBeats message, on July 27, the spokesperson of Iran’s Ministry of Foreign Affairs, Baghaei, said that the mediator has conveyed to Iran information coming from the United States, but Iran is currently not holding talks with Washington. Baghaei also said that Iran has not asked to resume negotiations with the United States. (Jin10)
BlockBeats messages, July 27, according to ai_9684xtpa monitoring, a certain whale address purchased 9,046.17 ETH at an average price of $1,968 per ETH through on-chain transactions within the past 50 minutes, worth approximately $17.8 million. Subsequently, the address transferred the purchased ETH in batches to other addresses.
BlockBeats messages, July 27, according to ai_9684xtpa monitoring, a certain whale address purchased 9,046.17 ETH at an average price of $1,968 per ETH through on-chain transactions within the past 50 minutes, worth approximately $17.8 million. Subsequently, the address transferred the purchased ETH in batches to other addresses.
BlockBeats message: On July 27, Meritz Securities analyst Kim Sun-woo said that driven by one-time investment gains and rising semiconductor prices, SK hynix is expected to report record-breaking second-quarter results. The analyst estimates that SK hynix’s pre-tax profit from April to June will exceed 100 trillion won, including operating profit of 6.01 trillion won and investment gains of 4.16 trillion won obtained through its holding of shares in Japan’s Kioxia via the U.S. private equity firm Bain Capital. This performance will surpass the record operating profit of 5.88 trillion won set in the company’s first quarter. He added that in the second quarter, the prices of DRAM and NAND memory chips rose by 30% and 49%, respectively.
BlockBeats message: On July 27, Meritz Securities analyst Kim Sun-woo said that driven by one-time investment gains and rising semiconductor prices, SK hynix is expected to report record-breaking second-quarter results.

The analyst estimates that SK hynix’s pre-tax profit from April to June will exceed 100 trillion won, including operating profit of 6.01 trillion won and investment gains of 4.16 trillion won obtained through its holding of shares in Japan’s Kioxia via the U.S. private equity firm Bain Capital. This performance will surpass the record operating profit of 5.88 trillion won set in the company’s first quarter. He added that in the second quarter, the prices of DRAM and NAND memory chips rose by 30% and 49%, respectively.
BlockBeats message, July 27: Iran's Foreign Ministry spokesperson Baghaei said: The situation in the Strait of Hormuz has not changed; the strait remains closed. (Jin Ten)
BlockBeats message, July 27: Iran's Foreign Ministry spokesperson Baghaei said: The situation in the Strait of Hormuz has not changed; the strait remains closed. (Jin Ten)
Chen Zhi, the head of a cross-border gambling and fraud criminal gang, approved for arrestBlockBeats message: On July 27, six months after being escorted back to China, Chen Zhi, founder of Cambodia’s “Prince Group” and the alleged mastermind of cross-border telecom fraud, was arrested. Chen Zhi had been formally approved for arrest on July 6. Compared with the earlier escort back to China, the charges against him were reduced by one count: the crime of concealing or disguising criminal proceeds was removed, while charges of copyright infringement and intentional injury were added. Over the past several years, Chen Zhi built a global telecom fraud network centered on the “King Bay Industrial Park,” earning millions of gold daily from his title as a duke. His net worth reached several tens of billions of dollars; the Bitcoin that was confiscated by the United States alone was valued at $15 billion (about RMB 103.5 billion).

Chen Zhi, the head of a cross-border gambling and fraud criminal gang, approved for arrest

BlockBeats message: On July 27, six months after being escorted back to China, Chen Zhi, founder of Cambodia’s “Prince Group” and the alleged mastermind of cross-border telecom fraud, was arrested. Chen Zhi had been formally approved for arrest on July 6. Compared with the earlier escort back to China, the charges against him were reduced by one count: the crime of concealing or disguising criminal proceeds was removed, while charges of copyright infringement and intentional injury were added. Over the past several years, Chen Zhi built a global telecom fraud network centered on the “King Bay Industrial Park,” earning millions of gold daily from his title as a duke. His net worth reached several tens of billions of dollars; the Bitcoin that was confiscated by the United States alone was valued at $15 billion (about RMB 103.5 billion).
BlockBeats messages, July 27: A new draft of the CLARITY Act has been officially released. This draft combines two versions from the Senate Banking Committee and the Agriculture Committee, and for the first time includes a moral provisions clause. It is expected that the voting procedure will begin on Monday or Tuesday this week, with a formal vote possibly taking place during the week of August 3 at the earliest.
BlockBeats messages, July 27: A new draft of the CLARITY Act has been officially released. This draft combines two versions from the Senate Banking Committee and the Agriculture Committee, and for the first time includes a moral provisions clause. It is expected that the voting procedure will begin on Monday or Tuesday this week, with a formal vote possibly taking place during the week of August 3 at the earliest.
BlockBeats messages, July 27: Iran’s Ministry of Foreign Affairs Spokesperson Baghaei said that at the beginning of the war, the United States believed “Iran would collapse within three days and surrender. Now that months have passed, the United States has found itself in the situation it’s in, yet it still feels proud of the crimes it has committed.” Baghaei also said that whenever global energy prices rise, the United States returns to the negotiating table. (Jin10)
BlockBeats messages, July 27: Iran’s Ministry of Foreign Affairs Spokesperson Baghaei said that at the beginning of the war, the United States believed “Iran would collapse within three days and surrender. Now that months have passed, the United States has found itself in the situation it’s in, yet it still feels proud of the crimes it has committed.”

Baghaei also said that whenever global energy prices rise, the United States returns to the negotiating table. (Jin10)
BlockBeats message, July 27, according to HTX market data, after Storj announced bankruptcy, the coin price has continued to trend downward with a string of losses, falling 15% over the past 24 hours. BlockBeats previously reported that the parent company of the decentralized cloud storage project Storj, Storj Labs, announced that it has voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code to address historical debts and continue operations.
BlockBeats message, July 27, according to HTX market data, after Storj announced bankruptcy, the coin price has continued to trend downward with a string of losses, falling 15% over the past 24 hours.

BlockBeats previously reported that the parent company of the decentralized cloud storage project Storj, Storj Labs, announced that it has voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code to address historical debts and continue operations.
Article
Bank of America’s take: DRAM could rise 30%-40% in the third quarter, with AI servers continuing to squeeze supplyTL;DR · Bank of America channel research shows that in July, PC DRAM contract prices are 15-20% higher than in June, and the ASP increase in the third quarter could reach 30-40%. · Alphabet’s official statement only says that capital expenditures in 2027 will increase significantly; nearly $300 billion is within the scope of estimates by Bank of America analysts. · Samsung’s share repurchases and the proposed advance dividend still need to be confirmed at the earnings call on July 30. Supply expansion and CXMT’s share increase are the main risks. Bank of America’s latest channel research further pushes up expectations for DRAM price increases. In July, more Tier 2 OEMs and module makers have accepted PC DRAM contract prices that are 15-20% higher than in June. The average DRAM selling price increase in the third quarter may reach 30-40%, significantly higher than the 13-18% forecast previously provided by TrendForce.

Bank of America’s take: DRAM could rise 30%-40% in the third quarter, with AI servers continuing to squeeze supply

TL;DR
· Bank of America channel research shows that in July, PC DRAM contract prices are 15-20% higher than in June, and the ASP increase in the third quarter could reach 30-40%.
· Alphabet’s official statement only says that capital expenditures in 2027 will increase significantly; nearly $300 billion is within the scope of estimates by Bank of America analysts.
· Samsung’s share repurchases and the proposed advance dividend still need to be confirmed at the earnings call on July 30. Supply expansion and CXMT’s share increase are the main risks.
Bank of America’s latest channel research further pushes up expectations for DRAM price increases. In July, more Tier 2 OEMs and module makers have accepted PC DRAM contract prices that are 15-20% higher than in June. The average DRAM selling price increase in the third quarter may reach 30-40%, significantly higher than the 13-18% forecast previously provided by TrendForce.
BlockBeats news: On July 27, according to Bitget market data, the Nikkei 225 index closed up 0.5% at 64,931.19 points. The Tokyo Stock Exchange index closed up 1.4% at 4,066.07 points. The KOSPI Composite Index in South Korea closed up 0.97% at 6,755.74 points.
BlockBeats news: On July 27, according to Bitget market data, the Nikkei 225 index closed up 0.5% at 64,931.19 points. The Tokyo Stock Exchange index closed up 1.4% at 4,066.07 points. The KOSPI Composite Index in South Korea closed up 0.97% at 6,755.74 points.
Article
Citi’s take: AI has begun “consuming” NAND, and the memory upcycle hasn’t endedTL;DR · Citi’s July 24 report finds that low inventories of NAND and DRAM still support an upward cycle in memory. · AI agents are driving up KV cache demand, and CMX and near-GPU SSDs are starting to consume more NAND. · Samsung and SK hynix remain beneficiaries of the storage market upswing, but weakening consumer demand, capacity expansions, and HBM certification may affect the pace. In a global semiconductor report released on July 24, Citi concluded that the upcycle for memory has not ended. The most critical basis is not smartphone demand; rather, both NAND and DRAM inventories are clearly below normal levels, and AI servers’ demand for KV cache and near-GPU storage continues to expand.

Citi’s take: AI has begun “consuming” NAND, and the memory upcycle hasn’t ended

TL;DR
· Citi’s July 24 report finds that low inventories of NAND and DRAM still support an upward cycle in memory.
· AI agents are driving up KV cache demand, and CMX and near-GPU SSDs are starting to consume more NAND.
· Samsung and SK hynix remain beneficiaries of the storage market upswing, but weakening consumer demand, capacity expansions, and HBM certification may affect the pace.
In a global semiconductor report released on July 24, Citi concluded that the upcycle for memory has not ended. The most critical basis is not smartphone demand; rather, both NAND and DRAM inventories are clearly below normal levels, and AI servers’ demand for KV cache and near-GPU storage continues to expand.
Hyperliquid testnet launches “stars” feature, supporting HIP-3 DEX address whitelist tradingBlockBeats report: On July 27, Hyperliquid testnet recently introduced a new feature called “stars.” The feature introduces an optional trading address whitelist mechanism for the HIP-3 DEX. Deployers can restrict trading so that only whitelisted addresses can open positions or add to existing positions. The current testnet whitelist size limit is 10,000 addresses. Addresses that have not been authorized can still top up accounts and submit orders that are limited to reducing positions, in order to close positions or lower existing ones. Community members believe the feature could expand the application scenarios of the HIP-3 DEX. For example, tokenized stocks, real-world assets (RWA), institutional indices, and other regulated products could use an address whitelist to allow trading only by users who have completed identity verification (KYC) or meet access requirements. At the same time, the new market could initially open for testing to market makers, partners, or community members to reduce the risk of garbage trading, wash trading, or malicious manipulation in the early market stage. The design also allows non-whitelisted users to continue reducing positions, which helps prevent users from being unable to exit their holdings due to permission restrictions.

Hyperliquid testnet launches “stars” feature, supporting HIP-3 DEX address whitelist trading

BlockBeats report: On July 27, Hyperliquid testnet recently introduced a new feature called “stars.” The feature introduces an optional trading address whitelist mechanism for the HIP-3 DEX. Deployers can restrict trading so that only whitelisted addresses can open positions or add to existing positions. The current testnet whitelist size limit is 10,000 addresses. Addresses that have not been authorized can still top up accounts and submit orders that are limited to reducing positions, in order to close positions or lower existing ones.
Community members believe the feature could expand the application scenarios of the HIP-3 DEX. For example, tokenized stocks, real-world assets (RWA), institutional indices, and other regulated products could use an address whitelist to allow trading only by users who have completed identity verification (KYC) or meet access requirements. At the same time, the new market could initially open for testing to market makers, partners, or community members to reduce the risk of garbage trading, wash trading, or malicious manipulation in the early market stage. The design also allows non-whitelisted users to continue reducing positions, which helps prevent users from being unable to exit their holdings due to permission restrictions.
BlockBeats message, July 27: The founder of trade.xyz, @sershokunin, said on the X platform that ChangXin Technology (CXMT) has performed better than expected in its price discovery experiment at trade.xyz's Pre-IPO price. Later, team member @0xmev revealed that CXMT's Pre-IPO market price almost perfectly matched the spot opening price. The accuracy of the price discovery results even exceeded the team's own expectations, which left them surprised.
BlockBeats message, July 27: The founder of trade.xyz, @sershokunin, said on the X platform that ChangXin Technology (CXMT) has performed better than expected in its price discovery experiment at trade.xyz's Pre-IPO price.

Later, team member @0xmev revealed that CXMT's Pre-IPO market price almost perfectly matched the spot opening price. The accuracy of the price discovery results even exceeded the team's own expectations, which left them surprised.
BlockBeats news, July 27: according to Bitget market data, WTI crude oil fell below $83 per barrel, down nearly 7% intraday. Brent crude oil is currently down 6.6%, to $86.99 per barrel.
BlockBeats news, July 27: according to Bitget market data, WTI crude oil fell below $83 per barrel, down nearly 7% intraday.

Brent crude oil is currently down 6.6%, to $86.99 per barrel.
BlockBeats messages, July 27: In a report, LBBW senior fixed-income analyst Elmar Voelker said investors may focus on the number of potential dissenting votes in the Federal Reserve’s Wednesday rate decision. He said, “We believe there could be as many as three dissenting votes, because as early as April, there was already a faction of that size voting against the Fed’s then ‘accommodative’ forward guidance.” Voelker noted that if the Fed unanimously decides to adopt a wait-and-see monetary policy stance, it would be an unexpected boost for the bond market, as it would shake market participants’ prevailing expectations—that a rate hike in September is nearly certain.
BlockBeats messages, July 27: In a report, LBBW senior fixed-income analyst Elmar Voelker said investors may focus on the number of potential dissenting votes in the Federal Reserve’s Wednesday rate decision.

He said, “We believe there could be as many as three dissenting votes, because as early as April, there was already a faction of that size voting against the Fed’s then ‘accommodative’ forward guidance.”

Voelker noted that if the Fed unanimously decides to adopt a wait-and-see monetary policy stance, it would be an unexpected boost for the bond market, as it would shake market participants’ prevailing expectations—that a rate hike in September is nearly certain.
1 Bitcoin whale focused on Bitcoin makes a first cross-over entry to build a CXMT short position, opening a $3.53 million shortBlockBeats message: On July 27, according to monitoring by Hyperinsight, the whale at 0x004e, which traded heavily over the previous three months, was focused on BTC. Today it made its first move out of the crypto market, shifting to Changxin Technology’s CXMT. This giant whale began setting up CXMT short positions in batches at noon. As of the time of publication, it holds 500,000 CXMT short contracts per tranche at a 2x ratio, with a position value of approximately $3.533 million, built at an average entry price of $7.47. As CXMT has fallen to $7.0669, this short position is currently up by about $204,900, with a return rate of approximately 10.96%. The liquidation price is $13.58. This address has allocated about $3.599 million in margin to the per-tranche positions, and there are currently no outstanding unfilled limit orders.

1 Bitcoin whale focused on Bitcoin makes a first cross-over entry to build a CXMT short position, opening a $3.53 million short

BlockBeats message: On July 27, according to monitoring by Hyperinsight, the whale at 0x004e, which traded heavily over the previous three months, was focused on BTC. Today it made its first move out of the crypto market, shifting to Changxin Technology’s CXMT.
This giant whale began setting up CXMT short positions in batches at noon. As of the time of publication, it holds 500,000 CXMT short contracts per tranche at a 2x ratio, with a position value of approximately $3.533 million, built at an average entry price of $7.47.
As CXMT has fallen to $7.0669, this short position is currently up by about $204,900, with a return rate of approximately 10.96%. The liquidation price is $13.58. This address has allocated about $3.599 million in margin to the per-tranche positions, and there are currently no outstanding unfilled limit orders.
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