AB Kuai Dong

I am very glad to meet CZ in Tokyo. This is his return to Japan after 7 years, and during this time, the entire industry has undergone tremendous changes.

At this event, I asked CZ a question: How do you view the on-chain of everything and the tokenization of stocks?

He replied: There have not yet been large-scale coin-stock products on the market. The possible reason is that each country and region has different policies, making it difficult for coin-stock investors to receive dividends and easily redeem stocks. There are also price differences during trading. However, projects on the chain are usually global in nature, which was a significant pain point back then.

Restrict areas or try to solve it?

But he reiterated that the trend of RWA cannot be stopped. $BNB

Apple surpasses a market value of 5 trillion, reclaiming the number one spot—what’s behind it

• No move into cloud computing
• No burning its own AI model-building efforts
• No absorbing the increased memory costs itself; instead, it raises prices for consumers
• Cash on hand: $54.7 billion at the end of FY25, up to $68.5 billion in Q1 of FY26

The healthiest company ever

SK Hynix’s decline widens further, reaching intraday -11.68%

This causes Korea’s composite index to trigger a downward circuit breaker

Based on prior data estimates, for every new 1% low that Hynix hits, there will be 10,000–20,000 people liquidated

SK Hynix falls below 1.5 million won, extending yesterday’s decline.

In today’s early earnings report, the company’s operating profit hit a new high, but it came in below market expectations of 640 trillion won, at 605 trillion won. Revenue was also below market expectations of 840 trillion won, at 790 trillion won.

Ah, what? OpenAI, Anthropic, Google, and other companies’ 1,178 employees have issued a joint statement calling on the U.S. government to take the lead in launching international action, so that countries and AI companies worldwide can slow down their R&D progress in sync.

They believe that AI development that’s happening too quickly may ultimately outpace society’s ability to adapt, leading to uncontrollable outcomes.

However, the signatories are mainly from these three companies—people who know, know.

South Korean policy officials acknowledge that China’s listing of Changxin Technology, as well as its mastery of self-developed lithography machines, has sent shockwaves through South Korea.

Today, a reporter asked Kim Yong-bum, the head of the Policy Office of the South Korean president, what he thought about these two developments in China and how they would affect new factors in the South Korean market. In response, Kim Yong-bum said that seeing this shock has made him even more certain that, including for businesses, they must stay more vigilant and promptly build semiconductor foundries, while increasing investment and R&D spending.

Apple announced approval of Klarna and launched an equipment rental service. It offers iPhone rentals starting from $17.99 per month, and watches starting from $11.99 per month. Rental terms are selectable from 12 to 36 months.

Taking a 14-inch MacBook Pro with 16GB as an example: if you rent it for 36 months, you pay $38.99 per month, and if you rent it for 24 months, you pay $53.99 per month. The service is currently available in the United States.

What's going on with everyone lately? Yesterday someone asked Duan Yongping: if the founder of Pop Mart suddenly passed away, how much would it affect the company, since Duan Yongping is already the company’s second-largest shareholder.

In response, Duan Yongping directly said: it would have a far bigger impact than you being the one to show up unexpectedly.

Binance Wallet has also officially announced support for Changxin Technology’s contract, and I checked—it’s supported by Aster.

So where is the market at right now?

This is too outrageous. Back on June 3, the CEO of the education company GanMo (used for civil service exam prep), Zhang Xiaolong, ran to a domestic university to tell students preparing for the civil service exam that they should give up and instead go trade tech stocks and US stocks.

According to the company’s latest disclosure, its stock-trading losses total 8.3 million US dollars, about 56.15 million RMB. And that “bro” previously bragged that he made 53 million RMB trading stocks—so it’s basically all been lost back.

Behind this semiconductor pullback, the CDS prices of Oracle, SpaceX, Alphabet, Amazon, Meta, and Broadcom have recently risen to record highs.

In debt markets, people are worried that Nvidia might no longer just sell chips and get paid, but instead might be borrowing money on behalf of clients, guaranteeing loans, or even providing funds so that clients can buy its chips.

This wave of listings by Changxin is probably hardest on real estate company Country Garden. In September 2021, Country Garden injected 2 billion yuan into Changxin at 2.22 yuan per share, obtaining 901 million shares of Changxin. If it were held until now, that would be a 23x return.

And by the end of 2024, due to Country Garden being trapped in a real estate crisis, it was forced to liquidate all its Changxin equity at the original price; the buyer was Hefei state-owned assets.

The two winners behind Changxin this round: Dr. Peng Guie of Huaden Hi-Tech. 5 years ago, she went against the tide and led the company to make a heavy bet of 900 million yuan, valuing it at 40 billion yuan—currently, the potential return is 90x.

Hefei state-owned capital: from the start, it has continuously doubled down. It currently holds 36.79% of the equity, with book returns exceeding 1 trillion yuan.

The Xiaomi range-extended new car, about to make its debut at a press conference, has already been spotted by many netizens in recent days—both in parking lots and on the streets—showing the full exterior model.

According to the plan, Xiaomi will announce the pricing and details of this vehicle on July 30, with options available in 5-seat and 7-seat versions.

That’s absolutely wild! In just the past 1 hour, China’s SK Hynix—ChangXin Memory Technologies (CXMT).

The first tech stock listed on the A-share market to open with a market cap exceeding 3 trillion yuan

The first company to come in and become the highest market-cap company on the Science and Technology Innovation Board (STAR Market)

The first new stock on the A-share market to see its single-day trading value exceed 100 billion yuan

The first new A-share stock to achieve both a 1-trillion-yuan trade value and over 50% turnover rate

Just at ChangXin Technology, not long before the market opened today

Nomura Securities set a target price of 116 yuan for ChangXin, which is about $17

The report believes that ChangXin should receive a higher valuation premium than overseas comparable companies, rather than a discount. Therefore, it expects the PE multiple to be more than double the current valuations of Micron Technology and SK hynix, and that customer demand will accelerate growth.

I saw yesterday that people in the tech industry say there’s basically no such thing as “talent being stifled” anymore.

Then today I remembered the story about Kimi’s youngest employee: a 17-year-old high school student. The paper he helped create also received feedback and was commented on by Musk. Kimi, by the way, was discovered and recruited from the community. Additionally, over at Xiaomi next door, there’s a 19-year-old researcher.

Bottom of a bear market—or is it time to start again? Over the past 3 days, two once well-known cryptocurrency exchanges have officially announced closures.

These include BitMEX, which previously held the #1 market share in the crypto derivatives market, and BitMart, whose coin exchange ranked among the top 10 in spot market share from 2019 to 2020.

Just as a Google representative publicly supported AI open-source large language models last night, the joint open letter that many of us wrote together a few days ago has gained another member: what started as 25 supporters has now grown to 33 companies.

We’re only missing one now—our familiar American AI company hasn’t yet appeared on the joint letter.

Huang Renxun’s social accounts—seems like social savvy and relationship management are maxed out.

In his following list, the top 10 are all NVIDIA’s major customers.

The order goes from Musk, Microsoft’s Nadella, to Dell’s Dell, and Amazon’s Jassy.