Cointime

Iran says it has not resumed talks with the United States, only receiving information through mediators
On July 27, Iranian Foreign Ministry spokesperson Bagheri stated that the mediators have conveyed information from the United States to Iran, but Iran is currently not holding negotiations with Washington. Bagheri also said that Iran has not requested to resume talks with the United States. (Jinshi)

Iran Foreign Ministry Spokesperson Baghaei: the Strait of Hormuz remains closed
On July 27, Iranian Foreign Ministry spokesperson Baghaei said: there is no change in the situation in the Strait of Hormuz; the strait remains closed. (Jin10)

Hyperliquid testnet adds stars feature, deployers can create whitelisted DEXs for trading
Rajiv Patel-O’Connor posted on X stating that Hyperliquid’s testnet has observed a new feature called stars. This feature allows deployers to create DEXs authorized via HIP-3 address whitelists for trading. The current testnet whitelist limit is 10,000 addresses. Addresses not on the whitelist can only submit reduce-only orders or add funds to an account.

Kimi K3 is expected to open source tonight at 11 PM
On July 27, Moonshot AI has created a KimiK3 model page on the official Hugging Face account and has started a countdown for the release of weights. The page shows that the model is expected to go live at 23:00 Beijing time on July 27, and 1,356 people have already subscribed for release reminders. KimiK3 is Moonshot AI’s latest flagship model, with a total parameter count of 280 billion. It is mainly designed for long-duration programming and Agent tasks. After the weights are released, developers will be able to download, deploy, and test them themselves.

U.S. tech companies have cut 140,000 jobs this year; AI build-out is the main reason for layoffs
On July 27, AI is affecting the number of jobs. According to the Financial Times, since the beginning of this year, U.S. tech companies have laid off nearly 140,000 jobs. Four companies—Amazon, Oracle, Meta, and Microsoft—account for a total of about 50,000 layoffs. The companies announced the layoffs while also putting tens of billions of dollars into the construction of AI data centers.

One company that recently announced job cuts is Monday.com, a work management software firm. In filings submitted to the U.S. Securities and Exchange Commission last week, it said it will cut about 20% of its employees (more than 600 people) as part of the company’s “restructuring plan,” to support the “ongoing transformation of product, go-to-market, and market entry strategy,” resulting in a leaner and more focused operating model, and to invest in an “AI-driven growth strategy.” Other major tech companies that announced layoffs recently include: Microsoft, which announced in early July that it will cut about 4,800 jobs, most of them from the Xbox division; Oracle, which reported last month that it cut 21,000 employees over the past year; and GitLab, which last month laid off 350 employees. The reasons for these companies’ layoffs are all related to AI.

However, other tech companies are still actively hiring. For example, Anthropic and OpenAI are recruiting talent that has been laid off. Some companies that carried out layoffs are also redeploying staff rather than eliminating positions outright. For instance, Meta previously laid off 8,000 people while reallocating about 7,000 employees to AI-related roles, and when IBM laid off staff, it also said that foundational roles in AI and hybrid cloud would increase by twofold.

Economists: Despite a Soaring Oil Price, the Bank of England Is Expected to Keep Interest Rates Unchanged
On July 27, economists predicted that against the backdrop of a renewed flare-up in the Middle East conflict and another surge in energy prices, the Bank of England will make a “hawkish” statement at this week’s meeting, but will keep interest rates unchanged. Since the breakdown of the Iran–Israel ceasefire agreement following the MPC’s previous meeting in early June, global oil prices have been pushed back to around 100 US dollars per barrel. European natural gas prices have also risen to their highest level since the beginning of the conflict. If shipping routes in the Gulf continue to be disrupted, oil prices could rise further. The UK economy has performed better in the initial stages of the conflict than the Monetary Policy Committee expected. Over the three months to May, GDP grew by 0.7%. There is currently little sign that the energy shock will trigger more persistent price pressures. CPI has been below expectations for three consecutive months, falling to 2.6% in June. Wage growth—which is one of the main sources of inflation pressure—has slowed, and food price increases have also eased. Economists said this will allow the MPC to keep rates at 3.75% at its Thursday meeting, while signaling that the Committee is prepared to tighten policy if energy prices rise significantly further or if a one-off price shock starts to evolve into a more sustained issue.

Alibaba integrates three Agent offerings into one, and Qianwen Office launches a Beta version
According to monitoring from Beating, Alibaba Office Agent “Qianwen Office” has launched on its official website and allows individual users to log in. It integrates QoderWork, Wukong, and MuleRun. The product is an independent offering and can also be used directly within DingTalk. Qianwen Office can read corporate information such as messages, group chats, calendars, to-dos, documents, knowledge bases, attendance, and approvals. Users can also set scheduled tasks so the Agent automatically generates daily reports, weekly reports, or research briefs and then pushes them to DingTalk. It also supports generating and editing PPT, Word, Excel, and web pages, as well as images, audio, and video. The generated websites can be published directly, and can also be bound to domains and connected to databases. The product includes skills, connectors, and expert bundles tailored to different industries. The personal edition comes in three tiers: Free, Standard, and Premium. The Standard plan’s original price is 98 RMB per month, and the Premium plan is 198 RMB per month; continuous monthly prices are 78 RMB and 158 RMB respectively. The client supports macOS and Windows, and the web workbench has not been released yet.

Goldman Sachs: AI spending tailwinds may not be enough to offset pressure on the South Korean stock market; the size of leveraged ETFs has already been cut in half from its peak
On July 27, Goldman Sachs said in its latest weekly report on the South Korean market that although foreign investors have recently continued to buy KOSPI and Alphabet has raised its expectations for AI capital expenditure, further strengthening the semiconductor demand narrative, the Korean composite stock price index still fell by about 2% last week. By sector, construction, software, and telecommunications performed relatively better, while securities, automobiles, and insurance saw the biggest declines.
In terms of market conditions, on July 24, the KOSPI further amplified its selloff, closing down 5.72% at 6,690.62 points. During the day it briefly touched 6,650.41 points, and programmatic trading was also temporarily halted for a short time. Yonhap News Agency said that the escalating situation in the Middle East weighed on risk appetite. On the day, foreign investors and institutions combined for net selling of about KRW 5.2 trillion, while retail investors recorded net buying of about KRW 5.18 trillion.
Goldman Sachs believes that the return of foreign capital is mainly concentrated in technology, but the Korean market still faces significant pressure from mid-term capital outflows, and foreign holdings in the semiconductor sector are also near historic lows. At the same time, Goldman said that next-12-month expected EPS for the KOSPI has been cut by 0.4%, with the auto sector facing the largest pressure from revisions to earnings forecasts.
Financial leverage is also cooling. The report shows that South Korea’s retail investor margin balance has fallen from a peak of $25 billion to $22 billion, while the leveraged ETF market size has dropped from $53 billion to $26 billion. For the South Korean equity market, AI capital expenditure remains the main line of support, but with earnings forecast downgrades, foreign positions relatively light, and fluctuations in risk appetite, short-term index rebound elasticity may continue to be amplified.

Physics AI company “Zhengqi Future” completes hundreds of millions in angel round financing
Physics AI company “Zhengqi Future” announced that within 8 months it has completed hundreds of millions in angel-series financing. Investors include VGC, Linear Capital, SAIC Hengxu, Borui Capital, Zhengxuan Investment, and Chow Tai Fook Investment, among others. The company positions itself with a “technology + product” dual-engine model, focusing on door-to-door mobile tasks. Its subsidiary, QUORRA, builds short-distance travel robots aimed at autonomous navigation in unstructured environments. Its first product has entered mass production and has received orders from more than ten countries worldwide. The company plans to launch its overseas DTC business within the year and simultaneously open flagship stores on Tmall and JD.com, as well as offline outlets in multiple cities across China. (All-weather Technology)

AAVE breaks through $100
Market data shows that AAVE has broken through $100. It is currently at $100.01, with a 24-hour gain of 8.14%. The market is volatile, so please do a good job of risk management.

In the first hour of Changxin Technology’s listing, it set multiple A-share records
On July 27, domestic memory-storage leader Changxin Technology listed on the STAR Market. On its first day, it immediately refreshed multiple A-share historical records: 1) the first technology stock in A-shares whose opening market capitalization exceeded 3 trillion yuan—its opening total market cap was approximately 3.31 trillion yuan; 2) topping the STAR Market market-cap leaderboard—surpassing Semiconductor Manufacturing International Corporation (SMIC) to become the highest market-cap listed company on the STAR Market; 3) the first individual stock on A-shares with a single-day trading value exceeding 100 billion yuan (1 trillion yuan in total)—the trading value in the first hour after listing had already exceeded 100 billion yuan, with the full day potentially setting another record; 4) the first new stock on A-shares combining a 100-billion-yuan (1 trillion yuan) trading value with a turnover rate exceeding 50%—massive trading volume coexisted with high turnover, and trading activity reached unprecedented levels.

Changxin Technology breaks through $7 on trade.xyz; funding rate turns significantly negative in the same period
On July 27, a Changxin Technology stock contract on trade.xyz briefly broke through $7. However, as the price rose, the funding rate simultaneously turned negative. As of the time of writing, the contract’s annualized funding rate is -19.8%, whereas last night it was 6.2%.

Chinese media: At least 29 overseas crypto exchanges have been removed from Korea's Google Play Store
On July 26, according to Digital Asset, Korean media investigated overseas derivatives exchanges ranked among the top 50 by CoinMarketCap and found that at least 29 of them have been delisted from Korea's Google Play Store, including OKX, Bybit, MEXC, KuCoin, BingX, Gemini, BitMEX, Backpack Exchange, and others.

Iran: Due to the U.S. not launching strikes for two consecutive nights, Iran has halted its retaliatory strikes
On July 26, according to Al Jazeera, Iranian military spokesperson Mohammad Akraminia told official media that, as the United States had not carried out strikes against the country over the past two nights, Iran has stopped retaliatory attacks, and Iran’s actions are currently on hold.

The United States and Iran have responded to proposals to resume talks
On July 26, according to reports from both the Pan-Arab Satellite Television and Saudi media, Haddas, the United States and Iran have responded to proposals for the resumption of talks put forward by Pakistan and Qatar.

MSX founder says they intend to acquire exchange BitMart and plans to eliminate spot and derivatives trading fees
On July 26, in response to BitMart's announcement that, starting July 26, 2026, it will gradually stop registrations, deposits, and new trades, and will officially shut down by the end of January 2027. MSX founder Bruce J tweeted that they intend to acquire it and said they have already contacted the BitMart team. Bruce J stated that if they acquire BitMart, first they will complete the transfer procedures; second, they will reduce all spot and derivatives trading fees to 0. Bruce J believes that crypto exchange trading fees are too high.

ChangXin Technology will go public tomorrow, with an over-the-counter market value of 2.76 trillion yuan
On July 26, ChangXin Technology will be listed on July 27 on the Shanghai Stock Exchange’s Science and Technology Innovation Board (STAR Market), with an initial market value of approximately 580 billion yuan. The offering price of ChangXin Technology is 8.66 yuan per share, and the final online subscription winning rate rose to 0.4714%, setting a new record for STAR Market new share offerings. After the full exercise of the over-allotment option, the total funds raised could reach up to 66.6 billion yuan. According to Hyperinsight monitoring, the current price of CXMT (ChangXin Memory, with the listed entity being ChangXin Technology) Pre-IPO contracts on Hyperliquid is 6.087 US dollars, corresponding to a RMB share price of 41.2 yuan. Based on a post-issue total share capital of 66.881 billion shares, the on-chain implied market value is approximately 407.1 billion US dollars, or about 2.76 trillion yuan. Based on this valuation, for retail investors who win an allotment after online application, the cost per lot for a 500-share subscription is 4,330 yuan. The estimated value of 500 shares on the first day of trading is 20,600 yuan, with a per-lot profit of about 16,000 yuan. ChangXin Technology was founded in 2016. It is China’s largest and most technologically advanced DRAM research, design, and manufacturing integrated enterprise. In Q4 2025, ChangXin Technology’s global DRAM market share reached 7.67%, ranking fourth globally and first in China. It is expected to move up to become the world’s third-largest DRAM supplier. In Q1 2026, the company’s revenue was 50.8 billion yuan, up 719% year over year. Net profit attributable to shareholders was 24.762 billion yuan, up 1,688% year over year. The company expects net profit attributable to shareholders of 50–57 billion yuan in the first half of the year.

Musk: In the future, China is very likely to become an AI leader
On July 26, in an interview with The Economist, Musk said that at some point in the future, China is highly likely to become an AI leader. Even if the United States bans Chinese models, it won’t stop it. (The Paper)

Iran and Oman hold multiple rounds of consultations over the Strait of Hormuz
On July 26, Iran’s Foreign Ministry spokesperson Bagheri said that on the 24th and 25th, Iran and Oman held multiple rounds of deputy foreign-minister-level talks in Tehran. On the basis of respecting the sovereignty and sovereign rights of the two littoral states, Iran and Oman, both sides exchanged in depth views on the common principles and specific operational mechanisms to ensure the safe passage of vessels through the Strait of Hormuz. Bagheri said that the talks were productive and achieved some progress. The Omani delegation left Tehran on the afternoon of the 25th, but both sides will continue consultations on the technical and political levels. In addition, Bagheri said that currently, the navigation conditions of vessels in the Strait of Hormuz have not changed. (CCTV International News)

South Korean retail investors “buy the dip” ahead of tighter regulation: Samsung and SK hynix single-stock leveraged ETFs
On July 26, data showed that South Korean retail investors massively bought leveraged ETFs tracking 14 individual stocks on the 24th, with a single-day buying value of about KRW 450 billion. Previously, retail investors in South Korea had net sold about KRW 500 billion over three consecutive days. According to data from the Korean Exchange and Koscom Check, as of July 26, retail investors continuously net sold leveraged products linked to 14 individual stocks from July 21 to 23 for three straight days, with a cumulative net sales amount of KRW 5471.7138 billion. This trend reversed completely on July 24. In just one day, individual investors net bought seven Samsung Electronics single-stock leveraged products, with a net buying value of KRW 1038.959 billion. At the same time, they also net bought seven SK hynix single-stock leveraged products, with a net buying value of KRW 3500.2688 billion. Notably, this net buying took place on “Black Friday,” when the KOSPI index fell by more than 5%; the closing declines for Samsung Electronics and SK hynix were both in the range of 7% to 8%. As a result, single-stock leveraged ETFs backed by shares of these two companies also plunged by 15% to 16%. Analysts believe the sharp drop in the prices of single-stock leveraged ETFs attracted some investors to buy at lower levels. In addition, since new rules raising the minimum margin requirements will take effect on the 31st, some retail investors may want to increase their positions by “averaging down” ahead of tighter regulation, driving related demand. (Jin10)