天运众智

#币安新增10种bStock作为抵押品

Binance announced the addition of 10 bStock tokenized stock assets, which are included as eligible collateral assets for cross-margin and portfolio margin. The underlying assets include technology names such as TSMC, Broadcom, Marvell, Robinhood, and others. This move bridges traditional stock exposure with the crypto margin system, marking an important milestone for the RWA sector.

On the positive side, the asset reusability capability is significantly enhanced. Users holding tokenized U.S. stocks do not need to sell; they can pledge to unlock liquidity to participate in crypto trading, attracting cross-market capital and driving up bStock trading volume and overall activity in the BNB ecosystem. Continued improvement of tokenized securities infrastructure will further strengthen Binance’s leading position in the RWA track and boost market expectations for narratives around on-chain traditional assets.

Risks should not be overlooked. bStock provides only price exposure and does not represent direct ownership of the underlying stock equity. Combined with cross-asset price correlation risk, under extreme market conditions the collateral may be discounted and the risk of margin top-ups may rise. Regulatory policies for tokenized securities are still unclear across jurisdictions, and compliance pressure remains a long-term concern.

Key areas to watch going forward are the scale of bStock inflows and the collateral utilization rate. If it continues to attract traditional capital, it will be positive for the BNB and RWA segments; if market participation falls short of expectations, the positive impact could be quickly absorbed.

Risk Warning: Crypto assets and tokenized securities have high volatility. The content is for market information only and does not constitute investment advice.

#SecondFi遭盗1610万枚ADA后将关闭

Cardano ecosystem wallet SecondFi officially announced the termination of all operations. Previously, a cryptographic vulnerability was found in the platform software; hackers stole 374 wallets totaling 16.1 million ADA, worth about $2.6 million. The vulnerability stemmed from a flaw in the transaction signing program, enabling attackers to derive users’ private keys. The official statement emphasized that Cardano’s underlying mainnet is secure, and the risk is confined to the wallet application layer.

The bearish impact is clear. As an ecosystem entry point endorsed by EMURGO, the shutdown event has hit market confidence and intensified investors’ concerns about the security of ADA ecosystem wallet infrastructure, suppressing market sentiment for ADA in the short term. The platform plans to launch a ZK asset recovery tool and a wallet export feature in August, but no clear plan for full reimbursement has been announced yet. Whether affected users’ assets can be recovered remains highly uncertain.

Market support factors include the controllability of the risk boundary: the vulnerability is limited to a single third-party wallet and is not a mainnet protocol issue, so it is unlikely to undermine Cardano’s underlying narrative. In addition, the team reportedly shifted a large amount of potentially threatened assets in advance to prevent further losses from expanding.

Key points to watch going forward: the rollout progress of the asset recovery tool and the compensation plan for victims. Sentiment faces near-term pressure; if negative panic continues to intensify, ADA is likely to face selling pressure. Conversely, if no additional security incidents spread, sentiment may gradually stabilize as the market digests the news.

Risk warning: Security risks in crypto wallets are prominent. This content is for market information only and does not constitute investment advice.

AST SpaceMobile (ASTS) $1.15 billion bond deal is finalized, surging 10.3% along with the satellite sector

ASTS jumped 10.3% in a single day, lifting the entire commercial space and satellite communications sectors. The main catalyst was the successful completion of a $1.15 billion convertible bond financing, which fully addresses the funding gap for the BlueBird satellite constellation expansion. The proceeds will be used for purchasing launch capacity for rockets and acquiring orbital spectrum resources, accelerating the year-end plan to network 45 satellites, eliminating the market’s long-standing concerns about a potential cash-flow break. In addition, a positive development—Japan’s satellite network subsidies totaling hundreds of millions—adds further resonance, drawing concentrated inflows of capital into high-beta targets in the sector.

The bullish case is clear: the company is the only one that has achieved direct satellite broadband connectivity with regular smartphones, partnering with 60 carriers including AT&T and Rakuten, covering 3 billion end users. The industry has unique technical barriers. After the large-scale financing is completed, commercialization is set to speed up. Institutions have raised their profit forecasts for 2027–2028, and with the overall sentiment in the aerospace sector recovering and oversold funds rebounding, capital is concentrating on the sector.

Key risks are prominent. The company continues to incur losses and its cash burn rate remains high. The convertible bond in the forward period may face pressure from equity dilution. Meanwhile, SpaceX and Amazon are also simultaneously building out satellite communications, intensifying competition. The current price-to-sales ratio is over 390x, indicating a significant valuation bubble. After a sharp rally in the short term, a large amount of profit-taking positions accumulates.

In the next phase, focus should be on tracking the results of satellite launches in August. If the constellation networking advances smoothly, the upward trend may continue. If launches are delayed or commercialization falls short of expectations, the stock price may quickly pull back to digest the gains.

Risk warning: Research and development and launch risks in commercial space stocks are extremely high, and valuation volatility can be severe. This content is for informational purposes only and does not constitute investment advice.

#AAVE V4 deposits break through $300 million, boosting the market up $AAVE

Aave V4 deposit size has surpassed $300 million. The news drove AAVE to surge nearly 8% in the short term. The price rebounded from the $88 area to the $96 range, making it a leading performer in the DeFi sector. This round of a significant jump in deposits confirms the effectiveness of the V4 hub-and-spoke (radiant) architecture deployment. By unifying liquidity pools, it solves the issue of fragmented capital across markets, greatly improving capital utilization efficiency. Meanwhile, stablecoin funds have concentrated inflows, providing ample lending depth.

The bull case is clear: V4 supports customizable collateral and isolates risk markets, attracting institutional and RWA (real-world asset) capital. Development activity continues to rise, with code submissions and the number of core developers both recovering in parallel. Combined with GHO stablecoin circulating supply exceeding 500 million, protocol fees and interest income are steadily growing. The Aavenomics 3.0 automated buyback mechanism also forms token-burn (deflationary) support. Aave holds nearly 46% market share in decentralized lending. In an environment where capital prefers DeFi assets with real yields, funds continue to flow in.

Short-term risks should not be ignored. The $300 million in deposits is concentrated in stablecoins, while the incremental growth in crypto collateral is limited. Competitor lending protocols continue to siphon liquidity. After large V4 incentives expire, there may be pressure from capital outflows. After a rapid rally, profit-taking sell pressure can accumulate, and the 200-day moving average line above acts as strong resistance.

Going forward, key items to watch include new RWA collateral added in V4 and institutional capital inflows. If the deposit size continues to expand, the rebound trend may continue. If capital realizes profits and exits, the market will likely enter a period of consolidation.
Risk warning: DeFi tokens have extremely high volatility. This content is for market information only and does not constitute investment advice.

#比特币市值占比升至 59%$BTC

Bitcoin dominance rises to 59%, hitting a new intrayear interim high. Market funds continue to concentrate toward BTC, while altcoin sectors such as ETH, public chains, and MEMEs collectively underperform—market differentiation is intensifying.
The bullish support logic is clear: the US-Iran geopolitical conflict increases safe-haven demand. Institutional funds first allocate to Bitcoin, which offers the best combination of liquidity and regulatory compliance. In addition, inflows from US spot BTC ETFs are returning, and traditional pension funds and dividend funds continue to add to BTC, forming steady long-term buy-side support. Compared with altcoins, Bitcoin’s regulatory narrative is clearer, and there are fewer high-frequency negative catalysts such as large unlocks or project security vulnerabilities—driving investors’ ongoing risk-avoidance preferences to push up its market-cap share.
Risks and concerns are evident. A rising market-cap share implies that funds are continuously flowing out of various altcoins; for many smaller coins, liquidity shrinks and sell pressure intensifies. In the near term, a broad-based rally is unlikely. The 59% level is in a historical high range. If macro risks ease and risk appetite recovers, funds may rotate out of BTC into sector coins, and dominance could fall quickly. Meanwhile, the high market-cap share also reflects insufficient incremental market funds—only internal switching of existing capital.
Going forward, the key indicators to watch are BTC.D’s trend and the Altcoin Season Index. If dominance holds above 59%, the market can continue to favor Bitcoin’s independent strength. If incremental stablecoin inflows steadily enter the ecosystem’s sector opportunities, dominance may retreat and the altcoin sector would then have a chance to repair.
Risk warning: Rotation and volatility across crypto market sectors are extremely high. This content is for market information only and does not constitute investment advice.

#SOL代币化资产交易量创纪录达58亿美元 $SOL

In Q2, Solana’s on-chain tokenized assets total transaction volume hit a new all-time high of $5.8 billion. Tokenized stocks contributed $4.8 billion, surging more than 4x quarter-over-quarter. Solana currently monopolizes 97% of the global on-chain stock token trading share, becoming the core settlement public chain for the RWA (real-world assets) track.
The key driver for the rise is Solana’s performance advantage: sub-second confirmation and ultra-low fees, well-suited for high-frequency trading of traditional assets. SpaceX tokenized stock generated $770 million in trading in a single month, attracting large institutional funds in batches. RWA trading volume’s share of on-chain spot transactions has surpassed that of MEME coins, opening up a new narrative for SOL’s traditional finance incremental growth. Stablecoin USDC has also migrated in large amounts to Solana to support asset circulation, benefiting network transaction fees and staking value.
Risks are also significant. Trading is highly concentrated in a single underlying asset, leading to an imbalanced structure. Global regulation of tokenized securities is not yet fully implemented; the U.S. SEC continues to increase pressure on ongoing compliance reviews of on-chain stocks. Moreover, the fee increment brought by this round of RWA growth only has limited transmission to SOL token returns, meaning near-term positives may be priced in quickly.
Near-term resistance is at $162, with support at $145. Going forward, key things to monitor include newly issued RWA products and the sustainability of institutional fund participation. If a wider range of real-world entities’ assets continues to be tokenized and moved on-chain, the rebound trend may continue. If it relies only on individual-stock hype, the upside is unlikely to be sustained.
Risk warning: Cryptocurrency markets are highly volatile. The content is for market information only and does not constitute investment advice.

Interest in Exxon Mobil (XOM) dividend funds is heating up, and the stock price rose by 1.30%

Exxon Mobil closed up 1.30% on the day. Fund inflows mainly came from concentrated adding by dividend-focused funds. In an environment where geopolitical tensions lift oil prices and risk aversion strengthens, stable high-dividend stocks are becoming a safe haven for capital.
The company’s quarterly dividend is $1.03, with an annualized dividend yield of nearly 2.8%. It has increased its dividend every year for 23 consecutive years. The payout ratio remains stable at around 69%. With ample cash flow and a debt-to-asset ratio of only 13.1%, together with a planned $20 billion share repurchase program in 2026, its dividend payment capacity is far stronger than that of peers, aligning with the allocation standards of dividend funds. The Iran–Israel conflict is raising geopolitical risk premiums on crude oil. The company’s production capacity at its Guyana oil fields continues to be released, and the high oil price further strengthens the confidence in earnings and dividends, attracting long-term capital from insurance and pension funds.
Risks are also prominent. Oil prices are highly dependent on developments in the Middle East. If tensions ease and crude oil falls, both earnings and dividend expectations may weaken in tandem. In addition, traditional fossil energy faces long-term substitution pressure from new energy, and ongoing capex will continue to squeeze free cash flow. After a near-term rally, short-term profit-taking may accumulate, amplifying volatility.
Near-term support is $148, and resistance is $156. Future price action will depend on crude oil prices and the sustainability of dividend fund inflows. If oil prices remain elevated, the stock is likely to trade stronger in a range. If geopolitical sentiment cools, the stock may pull back to digest the gains.
Risk warning: Oil and gas stocks are closely tied to crude oil prices, and geopolitical and cyclical volatility risks are relatively high. This content is for informational reference only and does not constitute investment advice.

JPMorgan Investor Letter Sparks Attention, Shares Rise 0.40%

JPMorgan closed up modestly by 0.40% on the day. The market focused on the latest shareholder letter issued by CEO Jamie Dimon, with disagreements between bulls and bears driving narrow-range fluctuations. The letter, on one hand, confirms that second-quarter operations beat expectations across the board, becoming the core support for the stock. The investment banking business benefited from the AI-driven financing boom; equity trading revenues surged 86% year over year. Guidance for net interest income was raised. The delinquency rate on consumer credit continued to decline, and a 14.1% Tier 1 capital adequacy ratio provides a solid safety buffer. With AI rolling out across the full range of scenarios, there is potential for a sustained long-term reduction in operating costs.

However, the letter also flagged multiple macro risks, limiting upside. Dimon specifically highlighted four major risks: the geopolitical conflict between Iran and Israel, the U.S. budget deficit, high leverage in private credit, and concerns about stagflation. He cautioned that investors should not underestimate potential recession pressure. He also raised the full-year cost guidance, which could weigh on profit margin expectations in the short term. In addition, institutions noted that the current round of trading strength is unlikely to be sustained, and that future revenue may face pressure to return to normal.

From a technical perspective, near-term support is at $332, while resistance is at $340. The subsequent price trend depends on credit quality and the continuity of capital markets business. If future credit and investment banking data remain strong, the pattern of a volatile upward trend may continue. If macro risks intensify and trading revenue softens, the stock is likely to enter a consolidation phase.

Risk Warning: U.S. bank stocks are highly sensitive to interest-rate and geopolitical disruptions. The content is for informational reference only and does not constitute investment advice.

Qualcomm (QCOM) and Samsung Galaxy business expansion drives a 1.45% rise in the stock price

Qualcomm closed up 1.45% on the day. The key catalyst was a major expansion of cooperation with the Samsung Galaxy full ecosystem. The two sides officially announced that foldable phones, smartwatches, and AR glasses will be rolled out with customized Snapdragon chips across the board. Incremental on-device AI computing power orders are taking shape, strengthening the consumer chip sector in tandem.

The bull case is clear. Previously, only some models of Samsung’s foldable flagship used Qualcomm solutions. This time, both the Z Fold8 and Flip8 will feature the dedicated Snapdragon 8 Elite Gen5 across the entire lineup. Along with added chip orders for smart wearables and XR devices, the average price of high-end smartphone chips is set to rise, directly lifting revenue expectations for the smartphone business. At the same time, Samsung won a share of Qualcomm’s 2nm foundry production, deepening supply-chain integration, securing long-term shipment volume. Combined with a surge in on-device AI demand, institutions have raised their full-year earnings guidance.

Downside risks also exist in the short term. Smartphone market shipments are growing at a steady pace, and growth relies mainly on structural upside from high-end models. Samsung’s in-house Exynos chips are still diverting some mid-tier orders, while Nvidia and MediaTek continue to capture mobile AI share. After a surge, the stock may see short-term profit-taking, and the electronics industry’s off-season will limit the space for sustained upside.

Going forward, the focus will be on tracking preorder sales of new Galaxy models and the progress of chip deliveries. If foldable phone launches sell well, the uptrend is likely to continue. If end-market demand falls short of expectations, the stock may enter a consolidation phase to digest the news.
Risk warning: The U.S. semiconductor sector experiences significant volatility. This content is for information reference only and does not constitute investment advice.

Eli Lilly (LLY): a 53% surge in its obesity drug sparks valuation concerns

Sales of Eli Lilly’s core weight-loss drug Zepbound and diabetes drug Mounjaro jumped 53% year over year in the first quarter. Its GLP-1 product line contributed more than 65% of the company’s total revenue, driving the stock higher in the short term. However, the market’s heavy concentration on its rich valuation has raised strong questions.

The positive case is clear: a surge in global obesity treatment demand, plus an expansion of Medicare coverage in the U.S. for weight-loss drugs, which continues to drive volume growth in overseas markets. Clinical data for the next-generation triple receptor agonist retatrutide are impressive, opening up imagination for long-term growth. Multiple institutions have raised their full-year revenue guidance.

On the valuation side, the key risks are prominent. The company’s current forward P/E is close to 28x, well above the 14x range of its peer Novo Nordisk. The premium is entirely tied to the GLP-1 single product, and the business structure is highly one-dimensional. Competition in the industry continues to intensify: multiple competing products are accelerating their launches. Medicare cost controls continue to push down terminal prices, creating pressure on long-term gross margin. At the same time, capacity expansion for new drugs raises capital expenditures; litigation and clinical pipeline performance that falls short of expectations will both hit earnings outlook.

In the near term, support is at $1,140 and resistance at $1,190. The future trend depends on the sustainability of sales and the delivery of pipeline progress. If growth slows at the margin, the overvaluation bubble will be rapidly deflated. Only if new products are launched and business diversification materializes can the valuation premium be maintained.

Risk warning: U.S.-listed innovative pharmaceutical companies face high policy and clinical risks. This content is for informational reference only and does not constitute investment advice.

#超威半导体AMD苏姿丰推动AI板块上涨 1.57%

AMD’s shares rose 1.57% on the day, lifting the AI chip sector broadly. The key catalyst is that CEO Lisa Su officially announced the full-stack deployment of Microsoft Azure Helios rack-level AI systems. Meta, OpenAI, and Oracle have all signed large-scale compute orders. Institutions have raised their growth expectations for data center business to 80%.

The bullish logic is clear. Helios delivers an integrated GPU+CPU+DPU solution, breaking NVIDIA’s rack dominance monopoly. Even with higher pricing, it has still secured bulk purchases from cloud providers, and market expectations suggest AMD’s data center GPU share will increase significantly. Lisa Su expects that compute demand will continue to surge into the era of AI agents. Server CPU supply and demand are in a tight balance, and the earlier pullback in the sector has been sufficient. With funds positioned at relatively low levels, investors are laying out the AI hardware track.

Near-term risks cannot be ignored. NVIDIA still holds more than 80% of market share, and the ROCm software ecosystem is not as mature as CUDA. Helios will only begin mass deliveries in the second half of the year, so performance realization may lag. Meanwhile, Lisa Su has previously conducted a sell-down. Added to that are fluctuations in US tech stocks overall and valuation disruptions from geopolitical inflation.

Key items to watch going forward include Helios shipment data and new orders from cloud providers. If mass deliveries go smoothly, the uptrend is likely to continue; if the rollout timeline lags expectations, the stock price will most likely trade sideways before falling.
Risk warning: The US semiconductor sector is highly volatile. This content is for informational reference only and does not constitute investment advice.

#香港存储概念股走强

Overnight U.S. stocks saw a sharp rebound in the storage sector, driving sentiment spillover. In Hong Kong stocks, the entire storage industry chain moved higher across the board. Inari Technology and MXIC both surged in tandem, while the leverage ETF for Micron Technology led gains. The key driver behind the market is the expectation of a storage super-cycle, powered by AI compute.

The bullish thesis is clear. Global cloud service providers continue to lock in long-term orders for HBM and enterprise-class SSDs. Original equipment manufacturers prioritize shifting capacity toward high-end AI storage, tightening supply of general storage. Spot prices for DRAM and NAND continue to rise, and the market expects a significant rebound in profitability for storage companies in the third quarter. In addition, Zhaoxin Storage’s IPO is being pushed forward, further warming up the domestic storage industry narrative. With valuation repair potential in Hong Kong-listed storage names, funds are moving to position themselves for the opportunity as the cycle turns upward.

Risks should also not be ignored. After a rapid rise in the short term, profit-taking positions have accumulated. The storage capacity expansion cycle is relatively long; if subsequent end-demand falls short of expectations, the sustainability of the price increases remains in doubt. Meanwhile, uncertainty around overseas semiconductor export controls continues to disrupt the sector. Also, overall sentiment in the Hong Kong market is weak, which limits how high the sector can climb.

Going forward, the focus should be on tracking changes in storage spot price quotes and cloud providers’ order trends. If pricing conditions remain favorable, the sector’s rebound may continue. If there is no sustained fundamental confirmation, a likely scenario is a rally followed by a pullback from higher levels.

Risk warning: The Hong Kong technology sector is highly volatile. This content is for informational purposes only and does not constitute investment advice.

#DEXE Plunges 85% in a Suspected Liquidation Domino Effect

DEXE experiences a rapid avalanche: within 24 hours, the maximum drop reaches 85%. The price quickly tumbles from its high, with billions in market value evaporating in an instant. The trading screen shows a typical leveraged liquidation cascade.
The trigger for this round of sell-off appears to be large holders concentrating their sell pressure, compounded by the extreme crowding of long positions after a period of continuous explosive rallies. Once the price breaks through multiple key support levels, a large number of leveraged contract longs trigger forced liquidation, further pushing down quotes and forming a negative feedback loop of “decline → liquidation → another wave of selling.” DEXE suffers from insufficient deep liquidity; the order book is thin, which magnifies the downside move.

From a risk perspective, the market is also concerned about contract vulnerabilities and potential dilution from additional token issuance. Panic sentiment accelerates spot sell pressure. Short-term oversold indicators have bottomed out, but market confidence has been severely damaged, making bargain-hunting capital extremely cautious. All medium- and long-term moving averages have turned into strong resistance, and the technical structure has been decisively broken.

Key points to watch going forward: whether the team releases an official statement, and whether there are any abnormal minting activities in on-chain transactions. Even if a technical rebound occurs, it is likely just a corrective move driven by funds exiting positions. Only if liquidity continues to recover and negative doubts are eliminated will there be a basis for stabilization.

Risk warning: For small-cap crypto assets, liquidity risk is extremely high, and volatility in extreme conditions can be severe. The above content is for market information only and does not constitute investment advice.

#Grayscale submits the first U.S. spot WLD ETF, driving Worldcoin up $WLD

Grayscale has officially filed with the SEC for the first U.S. spot WLD ETF application, with plans to list on Nasdaq. The news sparked a short-term surge in WLD. Market competition over ETFs is expected to bring incremental institutional capital channels. Ordinary U.S. stock accounts can directly buy WLD, significantly lowering the traditional entry barrier for funds, while strengthening expectations around the AI identity narrative.

The bullish thesis is clear. This filing opens up imagination space for the compliance of a niche coin. The market is trading potential approval benefits early by referencing BTC and ETH ETF price action. In addition, Worldcoin leverages an AI-human verification (biometric ID) recognition track, aligning with the current AI-crypto convergence hotspot, leading to a rapid increase in capital attention.

Risks are also prominent: submitting an application does not equal approval. Worldcoin’s iris-based biometric recognition model has faced long-term scrutiny and regulatory investigations in multiple countries, and privacy concerns substantially increase the difficulty of SEC clearance. Supply is highly concentrated, and large-token unlock schedules are lengthy, meaning ongoing selling pressure remains. After a short-term rally, substantial profit-taking positions build up, making it easy to see a scenario where “buy the expectation, sell the fact.”

Near-term resistance is $0.40 and support is $0.36. Future price action largely depends on the SEC review progress. If no positive regulatory signals materialize, the sustainability of any rebound may be limited.
Risk warning: Cryptoassets are highly volatile. This content is for market information only and does not constitute investment advice.

RE token surges 29%, protocol TVL reaches $560 million$RE

In the RWA track, Re Protocol’s governance token RE sees a sharp short-term gain of 29%. The protocol’s total value locked rises to $560 million as capital continues to show strong interest in the on-chain reinsurance narrative.
The key drivers behind this round of gains are the continued expansion of TVL and a steady influx of stablecoins into the protocol to buy reUSD and reUSDe. Leveraging real premium income generated by licensed reinsurance business, the project’s differentiated advantages attract institutional capital. As an emerging RWA benchmark, the project connects on-chain capital with the real-world reinsurance market, setting it apart from pure crypto-native yield protocols—opening up broader imagination for the sector.

Downside risks are also prominent. RE’s current circulating rate is only about 16%, and in the future, the team and investors’ allocations will be unlocked in batches. Medium-to-long-term selling pressure should not be overlooked. Meanwhile, the reinsurance business carries the risk of catastrophic claim payouts, compounded by regulatory uncertainty surrounding the global RWA sector. After a rapid rise in the short term, large volumes of short-term profit positions accumulate, making a realization-driven pullback highly likely.

Looking at market conditions, price action largely depends on whether TVL can keep growing steadily. If capital continues flowing in and ecosystem partnerships are implemented, the uptrend could continue. If locking data stalls, a correction driven by the “buy the expectation, sell the fact” dynamic is likely.
Risk warning: Crypto assets are highly volatile. This content is for market information only and does not constitute investment advice.

Super Micro (SMCI) sets a record in-hand orders, driving a 17.05% surge in AI server stocks

Super Micro Computer SMCI surged sharply, jumping 17.05% in a single day. The key catalyst was new orders in the latest fiscal quarter exceeding $60 billion, with the backlog hitting an all-time high. At the same time, it raised its gross margin guidance to 15%-17%, significantly surpassing earlier expectations, confirming that demand for AI servers remains strong.

On the positive side, large orders are expected to be delivered gradually over multiple quarters, securing medium- to long-term revenue. Improved product mix has also led to a significant recovery in gross margin, alleviating market concerns about continued pressure on profitability. This has also lifted server-related stocks in tandem, including Dell and HPE. After the stock had been adjusting for a period earlier on, bearish expectations were fully priced in; the favorable news then triggered short-covering and capital returning to the market.

Risks cannot be ignored either. This quarter’s revenue is projected to land at the lower end of the guidance range. Ongoing corporate expansion may increase capital tied up and debt pressure. In addition, regulatory risks related to U.S. export controls introduce uncertainty to order delivery timelines.

Future price performance will depend on the ability to convert orders into actual deliveries and the sustainability of gross margins. After a short-term rebound, there may be pressure for profit-taking. If subsequent delivery data continues to validate demand, the upward trend could persist. However, if execution falls short of expectations, it may lead to a spike followed by a pullback.

Risk warning: The U.S. stock hardware sector is highly volatile. This content is for information only and does not constitute investment advice.

Alphabet（GOOG）stock price outlook

Alphabet（GOOG）closed slightly up 0.61% for the day, with the market showing a mild recovery. The key battleground in market sentiment centers on the company’s ability to convert the massive investments in cloud AI into profits.

On the positive side, Google Cloud has reserved more than $46 billion in long-term contracts, and enterprise demand for AI computing power rental remains strong. Market expectations suggest that the company’s cloud revenue growth rate in the second quarter could reach 64%–70%. In addition, the company’s core search advertising business remains stable and it has ample cash flow, which can support large-scale AI infrastructure spending. Coupled with the prior pessimistic expectations having been largely absorbed, funds returning at lower levels have driven the stock to edge higher.

The main negative factor is the pressure from AI capital expenditure. The company’s spending guidance for 2026 of $180–190 billion may be raised again, and large-scale compute investments continue to consume cash flow. Moreover, Google Cloud faces intense competition from Azure and AWS. In addition, the deployment pace of the Gemini model appears somewhat slow, raising doubts about AI monetization efficiency.

From a technical perspective, near-term support is at $340, while resistance is at $355. The outlook largely depends on the latest earnings report. If cloud business growth is strong and profit guidance is optimistic, the rebound is likely to continue. If the spending outlook is increased alongside slower growth, the stock will most likely surge and then pull back.

Risk warning: U.S. technology stocks are subject to high volatility. This content is for informational reference only and does not constitute investment advice.

#闪迪SNDK引领存储芯片板块反弹上涨 ｜Market Commentary

In the U.S. Eastern session, the storage-chip sector saw a strong rebound. SanDisk (SNDK) surged sharply, closing up 14.27%, priced at $1,589.4. Trading volume expanded significantly. Micron, Western Digital, and Seagate all rose in tandem, and the Philadelphia Semiconductor Index rebounded strongly as well.

Bullish catalyst logic

1. Institutional research reignites sentiment
Morgan Stanley released a view noting that data-center storage shortages continue to widen, expecting storage-chip prices to rise by at least 25% in the third quarter. The market is repricing the long-term demand for NAND flash driven by AI servers. SanDisk’s core business is enterprise-class SSDs, which directly benefits from cloud providers expanding compute capacity.
2. Supply-and-demand remains tight
Major storage vendors prioritize advanced capacity allocation to HBM, squeezing general-purpose NAND capacity. Demand for large-capacity storage continues to rise as AI model training and inference gain momentum. Original equipment manufacturers have sufficient ability to sustain price adjustments, leading to upward revisions in profitability expectations.
3. Valuation repair after being oversold
Earlier in the cycle, the sector saw consecutive pullbacks. From the stage high, SNDK retraced nearly 40%, accumulating a large short position. After pessimism was fully released, capital stepped in at lower levels to cover shorts, and centralized short closing fueled the rebound.

Near-term downside pressures

1. Heavy pressure from profit-taking
The cumulative gains in this rally cycle have been extremely high. After a rapid rebound, profits will likely be realized at higher levels, and volatility may further intensify.
2. Divergence in end-demand
Enterprise storage conditions are strong, but consumer-grade SSD demand remains weak. This creates structural divergence, limiting the sector’s ability to sustain upside momentum.
3. Macro-variable disturbances
Geopolitical conflict between the U.S. and Iran pushes up oil prices, and inflation expectations fluctuate. If expectations for rate cuts are delayed, valuation pressure could weigh on growth technology sectors.

Outlook for the market

Near-term resistance is around $1,700, with support at $1,500. In the base-case scenario, the market moves into a consolidation phase driven by news and industry data. If storage spot quotations continue to be raised and large cloud orders land, the rebound may extend. If fundamental conditions are not continuously validated, it is likely to develop into a “rally then fade” pattern after pushing higher.

Risk warning: The U.S. stock semiconductor sector has high volatility. The above content is for market analysis only and does not constitute investment advice.

Telegram to launch a native Gram wallet for 1 billion users

Telegram founder Pavel Durov announced that, this summer, the platform will fully roll out a native, self-custody Gram wallet (formerly Toncoin) to more than 1 billion monthly active users. The wallet supports zero fees and instant on-chain transfers. It has been dubbed the largest self-custody wallet rollout plan in history. The news sparked a short-term surge in GRAM of about 7%.

Key event highlights

1. Product differentiation: Unlike existing custodial setups using the @wallet bot, the new wallet is built into the Telegram client. Users hold their own private keys, and the platform cannot freeze or control user assets. It runs on the TON blockchain.
2. Strategic significance: With the token completing its renaming from TON to GRAM, the project reclaims the original name from early 2018. It also bridges social chat and crypto payments—transfers can be completed directly in the chat window, significantly lowering the entry barrier for newcomers.
3. Near-term bullish logic
With massive traffic access unlocked, there is room for incremental upside. It may continue to boost transaction activity in the TON ecosystem and increase demand for MiniApp payments. Capital is betting on large-scale user conversion, which could sustain buying pressure—positive for GRAM and other TON ecosystem-related tokens.

Risks and downside pressures

1. Regulatory uncertainty: A built-in crypto wallet for a vast global user base is very likely to draw scrutiny from regulators in multiple countries. Policy headwinds could disrupt sentiment at any time;
2. Risk of failing to meet rollout expectations: The launch has only been announced for “this summer,” with no exact date. If the rollout is delayed or actual user conversion rates are low, the upside may be quickly digested;
3. Potential sell-pressure: GRAM has a near-term token unlock schedule. Increased near-term supply could limit upside momentum. The long-term operating cost model under a zero-fee structure also remains unclear.

Market outlook and forward view

GRAM rebounds in the short term to around $1.53. Near-term resistance sits at $1.60, with support at $1.40. Under a baseline scenario, the market moves into message-driven consolidation, with the continuation highly dependent on the subsequent launch timetable and on-chain data for new addresses. If the official side releases a clear launch schedule, it could further open up the rebound space; otherwise, it may easily result in a “buy the expectation, sell the fact” pullback.

Risk warning: Crypto assets are extremely volatile. Trading activity driven by news speculation carries very high uncertainty. The above content does not constitute investment advice.