7*24

Hot topic

Market

Activities

On June 24, U.S. tech stocks faced a new wave of sell-offs on Tuesday, with the Nasdaq Composite Index dropping 2.2% and the S&P 500 declining by 1.4%. Memory chip stocks were particularly hard hit, with SanDisk and Micron both falling over 13%, despite their year-to-date gains still standing at 727% and 269%, respectively. The Nasdaq has experienced daily fluctuations of 1% or more for six consecutive trading days. This downturn is driven by two main concerns. The first is the expectation of interest rate hikes: Federal Reserve Chairman Waller indicated last week that there may still be rate hikes this year to combat inflation, and the market has largely priced in two rate hikes for the remainder of the year. The second concern is doubts about AI business models: some AI companies have begun to lower product prices, coupled with the enormous expenses of data center construction, leading investors to reassess the industry's profitability. Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management, noted that AI models are becoming increasingly homogenized, with users leaning towards the lowest-cost options, intensifying competition within the industry. As a result, related business models are becoming more cyclical and sensitive to interest rates. She also revealed that hedge fund clients in their prime brokerage business began actively reducing risk exposure last week. This round of adjustments is also affecting global markets, with South Korea's Kospi index experiencing a drop of about 10% during Tuesday's trading, as retail leverage trading is believed to have amplified market volatility. Notably, there is a clear divergence within the market, with six out of the eleven sectors in the S&P 500 closing higher; consumer staples rose by 1.8% and healthcare by 1.4%. The Dow Jones Industrial Average saw a decline of less than 0.1%, with defensive sectors overall performing relatively well. Micron is set to release its earnings report on Wednesday, and the market is closely watching whether its performance can provide fundamental support for the chip sector.

[Tech Stocks in U.S. Experience Sell-Off Amid AI Profitability Concerns and Rate Hike Expectations]On June 24, U.S. tech stocks faced a new wave of sell-offs on Tuesday, with the Nasdaq Composite Index dropping 2.2% and the S&P 500 declining by 1.4%. Memory chip stocks were particularly hard hit, with SanDisk and Micron both falling over 13%, despite their year-to-date gains still standing at 727% and 269%, respectively. The Nasdaq has experienced daily fluctuations of 1% or more for six consecutive trading days. This downturn is driven by two main concerns. The first is the expectation of interest rate hikes: Federal Reserve Chairman Waller indicated last week that there may still be rate hikes this year to combat inflation, and the market has largely priced in two rate hikes for the remainder of the year. The second concern is doubts about AI business models: some AI companies have begun to lower product prices, coupled with the enormous expenses of data center construction, leading investors to reassess the industry's profitability. Lisa Shalett, Chief Investment Officer at Morgan Stanley Wealth Management, noted that AI models are becoming increasingly homogenized, with users leaning towards the lowest-cost options, intensifying competition within the industry. As a result, related business models are becoming more cyclical and sensitive to interest rates. She also revealed that hedge fund clients in their prime brokerage business began actively reducing risk exposure last week. This round of adjustments is also affecting global markets, with South Korea's Kospi index experiencing a drop of about 10% during Tuesday's trading, as retail leverage trading is believed to have amplified market volatility. Notably, there is a clear divergence within the market, with six out of the eleven sectors in the S&P 500 closing higher; consumer staples rose by 1.8% and healthcare by 1.4%. The Dow Jones Industrial Average saw a decline of less than 0.1%, with defensive sectors overall performing relatively well. Micron is set to release its earnings report on Wednesday, and the market is closely watching whether its performance can provide fundamental support for the chip sector.

Tech Stocks in U.S. Experience Sell-Off Amid AI Profitability Concerns and Rate Hike Expectations

On June 24, Japan's financial group SBI Holdings announced the official issuance of the yen stablecoin JPYSC, with the first issuance already completed. This stablecoin is managed by SBI Shinsei Trust Bank for reserve asset management, while the licensed cryptocurrency trading platform SBI VC Trade handles circulation and distribution. SBI stated that JPYSC is Japan's first yen stablecoin managed by a trust bank and the first to be recognized as a 'similar product to electronic payment means' under the Payment Services Act. Unlike the previously launched fund transfer-type stablecoins in Japan, JPYSC is not subject to the single transaction and account balance limit of 1 million yen. SBI expects that JPYSC will attract retail and institutional users with lower transaction costs and the ability to support large transactions, serving as a base asset for on-chain foreign exchange market institutional lending and RWA (real-world asset) tokenization settlements. Currently, JPYSC is only available to SBI VC Trade account holders, with plans to expand its use once regulatory and tax frameworks are further clarified. SBI also plans to launch JPYSC lending services.

[SBI Officially Issues Japan's First Trust Bank-Backed Yen Stablecoin JPYSC]On June 24, Japan's financial group SBI Holdings announced the official issuance of the yen stablecoin JPYSC, with the first issuance already completed. This stablecoin is managed by SBI Shinsei Trust Bank for reserve asset management, while the licensed cryptocurrency trading platform SBI VC Trade handles circulation and distribution. SBI stated that JPYSC is Japan's first yen stablecoin managed by a trust bank and the first to be recognized as a 'similar product to electronic payment means' under the Payment Services Act. Unlike the previously launched fund transfer-type stablecoins in Japan, JPYSC is not subject to the single transaction and account balance limit of 1 million yen. SBI expects that JPYSC will attract retail and institutional users with lower transaction costs and the ability to support large transactions, serving as a base asset for on-chain foreign exchange market institutional lending and RWA (real-world asset) tokenization settlements. Currently, JPYSC is only available to SBI VC Trade account holders, with plans to expand its use once regulatory and tax frameworks are further clarified. SBI also plans to launch JPYSC lending services.

SBI Officially Issues Japan's First Trust Bank-Backed Yen Stablecoin JPYSC

On June 24, according to reports, the world's first trillionaire sat on his 'throne' for less than two weeks before 'falling from grace.' As of June 24, Elon Musk's net worth has fallen below $1 trillion. According to the Bloomberg Billionaires Index, Musk's current net worth is $957 billion, a significant decrease of $340 billion from the peak of $1.3 trillion just eight days ago. However, even after this decline, Musk still remains far ahead on the wealth rankings.

[Elon Musk's Net Worth Drops $340 Billion in 8 Days, No Longer a Trillionaire]On June 24, according to reports, the world's first trillionaire sat on his 'throne' for less than two weeks before 'falling from grace.' As of June 24, Elon Musk's net worth has fallen below $1 trillion. According to the Bloomberg Billionaires Index, Musk's current net worth is $957 billion, a significant decrease of $340 billion from the peak of $1.3 trillion just eight days ago. However, even after this decline, Musk still remains far ahead on the wealth rankings.

Elon Musk's Net Worth Drops $340 Billion in 8 Days, No Longer a Trillionaire

On June 24, the Financial Services Commission (FSC) of South Korea announced the inclusion of tokenized securities infrastructure in its capital market modernization reform plan. The related reforms also include shortening the securities settlement cycle, extending trading hours, and expanding the application of artificial intelligence technology. The FSC stated that it has initiated a review meeting for capital market infrastructure to coordinate government departments and market institutions in advancing the reforms. The proposals related to tokenized securities will continue to be discussed separately through a public-private partnership committee and will be integrated into the overall capital market reform framework in the future. According to the plan, South Korea will announce a roadmap for shortening the securities settlement cycle by October this year and aims to launch a settlement system for over-the-counter trading of unlisted stocks and fractional investment products by the Korea Securities Depository (KSD) by the end of 2026. The National Assembly of South Korea passed a related bill amendment in January this year, officially recognizing blockchain distributed ledgers as a legitimate securities registration system and allowing the issuance and circulation of tokenized securities. The FSC indicated that once the supporting regulations and infrastructure are completed, the system is expected to officially take effect in February 2027. In terms of infrastructure development, Samsung SDS secured a contract with the Korea Securities Depository in May this year to build a tokenized securities management platform, aiming to connect the existing electronic securities account system with blockchain data, with a target completion date of February 2027. Kwon Dae-young, Vice Chairman of the Financial Services Commission, stated that future capital market reforms will focus on four main goals: market trust, shareholder protection, financial innovation, and market access, aiming to create a real-time, continuously open, and highly digital integrated financial market.

[South Korea to Include Tokenized Securities in Capital Market Reform Framework, Plans Implementation by 2027]On June 24, the Financial Services Commission (FSC) of South Korea announced the inclusion of tokenized securities infrastructure in its capital market modernization reform plan. The related reforms also include shortening the securities settlement cycle, extending trading hours, and expanding the application of artificial intelligence technology. The FSC stated that it has initiated a review meeting for capital market infrastructure to coordinate government departments and market institutions in advancing the reforms. The proposals related to tokenized securities will continue to be discussed separately through a public-private partnership committee and will be integrated into the overall capital market reform framework in the future. According to the plan, South Korea will announce a roadmap for shortening the securities settlement cycle by October this year and aims to launch a settlement system for over-the-counter trading of unlisted stocks and fractional investment products by the Korea Securities Depository (KSD) by the end of 2026. The National Assembly of South Korea passed a related bill amendment in January this year, officially recognizing blockchain distributed ledgers as a legitimate securities registration system and allowing the issuance and circulation of tokenized securities. The FSC indicated that once the supporting regulations and infrastructure are completed, the system is expected to officially take effect in February 2027. In terms of infrastructure development, Samsung SDS secured a contract with the Korea Securities Depository in May this year to build a tokenized securities management platform, aiming to connect the existing electronic securities account system with blockchain data, with a target completion date of February 2027. Kwon Dae-young, Vice Chairman of the Financial Services Commission, stated that future capital market reforms will focus on four main goals: market trust, shareholder protection, financial innovation, and market access, aiming to create a real-time, continuously open, and highly digital integrated financial market.

South Korea to Include Tokenized Securities in Capital Market Reform Framework, Plans Implementation by 2027

According to monitoring by Beating and citing four informed sources from Reuters, Qualcomm is in discussions with ByteDance to provide custom chip design services. If negotiations are successful, ByteDance would become an early customer of Qualcomm's custom chip design business. In May of this year, the two parties reached an agreement for AI chip foundry services, with Qualcomm assisting ByteDance in mass-producing completed inference chips. The current discussions regarding video processing chips (VPU) indicate that the collaboration between the two companies is expanding into the field of custom chip design services. Reports suggest that the development of custom chips will partially utilize technology from AlphaWave Semi, a high-speed connectivity company acquired by Qualcomm in December 2025. Qualcomm is the world's largest supplier of smartphone modem chips and is currently seeking to reduce its reliance on the mobile market while expanding into the data center chip sector, focusing on developing CPUs, inference accelerators, and custom ASIC chips. Although discussions are ongoing and the outcome remains uncertain, it is unclear whether the negotiations will lead to the design and manufacturing phase, and ByteDance may also seek other partners. The goal for the video processing chips under discussion is to begin mass production by the end of this year.

[Qualcomm in Talks with ByteDance for Custom Chip Design Services, Initial Focus on VPU Chips]According to monitoring by Beating and citing four informed sources from Reuters, Qualcomm is in discussions with ByteDance to provide custom chip design services. If negotiations are successful, ByteDance would become an early customer of Qualcomm's custom chip design business. In May of this year, the two parties reached an agreement for AI chip foundry services, with Qualcomm assisting ByteDance in mass-producing completed inference chips. The current discussions regarding video processing chips (VPU) indicate that the collaboration between the two companies is expanding into the field of custom chip design services. Reports suggest that the development of custom chips will partially utilize technology from AlphaWave Semi, a high-speed connectivity company acquired by Qualcomm in December 2025. Qualcomm is the world's largest supplier of smartphone modem chips and is currently seeking to reduce its reliance on the mobile market while expanding into the data center chip sector, focusing on developing CPUs, inference accelerators, and custom ASIC chips. Although discussions are ongoing and the outcome remains uncertain, it is unclear whether the negotiations will lead to the design and manufacturing phase, and ByteDance may also seek other partners. The goal for the video processing chips under discussion is to begin mass production by the end of this year.

Qualcomm in Talks with ByteDance for Custom Chip Design Services, Initial Focus on VPU Chips

On June 24, DWS projected that the U.S. economy will grow by 3.2% this year, with a forecast of 2.3% for next year, noting that AI could be a significant contributor to the U.S. economy. Wu Shuangrong, Chief Investment Officer for DWS Asia Pacific, anticipates that the Federal Reserve will cut rates twice before May next year, with the target range for the federal funds rate expected to decrease to between 3% and 3.25%. She explained that the Fed is primarily focused on inflation expectations and the unemployment rate. While oil prices are causing economic growth to slow, the situation remains manageable. On the other hand, there are concerns in the market about whether AI will replace some labor, leading to a reduction in potential job vacancies. Regarding the development of AI stocks, she believes that there will not be a bubble burst in the next 12 months but emphasizes the need to continue monitoring various indicators, including valuation multiples, corporate earnings, and balance sheets.

[DWS: Fed Expected to Cut Rates Twice Before May Next Year]On June 24, DWS projected that the U.S. economy will grow by 3.2% this year, with a forecast of 2.3% for next year, noting that AI could be a significant contributor to the U.S. economy. Wu Shuangrong, Chief Investment Officer for DWS Asia Pacific, anticipates that the Federal Reserve will cut rates twice before May next year, with the target range for the federal funds rate expected to decrease to between 3% and 3.25%. She explained that the Fed is primarily focused on inflation expectations and the unemployment rate. While oil prices are causing economic growth to slow, the situation remains manageable. On the other hand, there are concerns in the market about whether AI will replace some labor, leading to a reduction in potential job vacancies. Regarding the development of AI stocks, she believes that there will not be a bubble burst in the next 12 months but emphasizes the need to continue monitoring various indicators, including valuation multiples, corporate earnings, and balance sheets.

DWS: Fed Expected to Cut Rates Twice Before May Next Year

According to monitoring by Dongcha Beating, Google TPU software engineer Patrick Toulme pointed out that there is a misunderstanding regarding the claim that GLM 5.2 can catch up to Opus through distillation. The training difficulty of large models in agent encoding tasks lies in the 'zero gradient dilemma,' meaning that if the model cannot generate the correct operational path early on, reinforcement learning cannot obtain gradient signals to initiate parameter updates. The role of distilling Claude or GPT-5.5 is merely to provide seed answers during the cold start phase to bypass the zero gradient dilemma. Once the model surpasses the cold start threshold, subsequent performance improvements will no longer rely on distillation but will depend entirely on the self-evolution through reinforcement learning's hill-climbing algorithm. Toulme emphasized that GLM 5.2 already possesses the capability to independently generate successful paths and can autonomously iterate to higher levels through reinforcement learning, completely freeing itself from dependence on American large models. Redis founder Salvatore Sanfilippo added another possible pathway: while introducing reasoning patterns (distillation) through high-capacity models is very useful for obtaining better RL signals, the practice of DeepSeek R0 has already proven that reinforcement learning can operate autonomously and achieve breakthroughs even in pure cold start situations without any distillation seeding. He also believes that if there is still a need to overcome the cold start threshold, large model development can initially use local open-source models like DeepSeek-v3.2 for fine-tuning, rather than relying solely on American APIs.

[Opinion: API Distillation is Just a Stepping Stone; GLM 5.2's Autonomous Iteration Can Completely Eliminate Dependence on American Models]According to monitoring by Dongcha Beating, Google TPU software engineer Patrick Toulme pointed out that there is a misunderstanding regarding the claim that GLM 5.2 can catch up to Opus through distillation. The training difficulty of large models in agent encoding tasks lies in the 'zero gradient dilemma,' meaning that if the model cannot generate the correct operational path early on, reinforcement learning cannot obtain gradient signals to initiate parameter updates. The role of distilling Claude or GPT-5.5 is merely to provide seed answers during the cold start phase to bypass the zero gradient dilemma. Once the model surpasses the cold start threshold, subsequent performance improvements will no longer rely on distillation but will depend entirely on the self-evolution through reinforcement learning's hill-climbing algorithm. Toulme emphasized that GLM 5.2 already possesses the capability to independently generate successful paths and can autonomously iterate to higher levels through reinforcement learning, completely freeing itself from dependence on American large models. Redis founder Salvatore Sanfilippo added another possible pathway: while introducing reasoning patterns (distillation) through high-capacity models is very useful for obtaining better RL signals, the practice of DeepSeek R0 has already proven that reinforcement learning can operate autonomously and achieve breakthroughs even in pure cold start situations without any distillation seeding. He also believes that if there is still a need to overcome the cold start threshold, large model development can initially use local open-source models like DeepSeek-v3.2 for fine-tuning, rather than relying solely on American APIs.

Opinion: API Distillation is Just a Stepping Stone; GLM 5.2's Autonomous Iteration Can Completely Eliminate Dependence on American Models

On June 24, U.S. optical communication stocks, which collectively declined yesterday, rebounded in pre-market trading today. Among them, Qorvo, Credo Technology, and GlobalFoundries rose over 3%. Applied Optoelectronics, POET Technologies, Astera Labs, AXT Inc, Nokia, Tower Semiconductor, and Coherent increased by more than 2%. Mavenir Technologies rose nearly 2%, while Corning increased by 1.4%.

[U.S. Optical Communication Stocks Rebound in Pre-Market, Mavenir Technologies Up Nearly 2%]On June 24, U.S. optical communication stocks, which collectively declined yesterday, rebounded in pre-market trading today. Among them, Qorvo, Credo Technology, and GlobalFoundries rose over 3%. Applied Optoelectronics, POET Technologies, Astera Labs, AXT Inc, Nokia, Tower Semiconductor, and Coherent increased by more than 2%. Mavenir Technologies rose nearly 2%, while Corning increased by 1.4%.

U.S. Optical Communication Stocks Rebound in Pre-Market, Mavenir Technologies Up Nearly 2%

On June 24, RBC Capital raised the target price for Skyworks Solutions from $72 to $80, maintaining a 'Market Perform' rating.

[RBC Capital Raises Skyworks Target Price to $80]On June 24, RBC Capital raised the target price for Skyworks Solutions from $72 to $80, maintaining a 'Market Perform' rating.

RBC Capital Raises Skyworks Target Price to $80

On June 24, the European Securities and Markets Authority (ESMA) called for unlicensed crypto asset service providers (CASPs) to orderly exit their operations as the MiCA transition period comes to an end.

[EU MiCA Transition Period Ending, ESMA Urges Unlicensed Crypto Service Providers to Cease Operations]On June 24, the European Securities and Markets Authority (ESMA) called for unlicensed crypto asset service providers (CASPs) to orderly exit their operations as the MiCA transition period comes to an end.

EU MiCA Transition Period Ending, ESMA Urges Unlicensed Crypto Service Providers to Cease Operations

Bernstein Report: Agentic AI Will Transform CPU from Supporting Role to Leading Role, Bullish on Hygon Information

Cursor's New 1.5T Model Abandons Kimi Foundation, $60 Billion Stock Swap for Cursor, Musk's First Move Targets Microsoft's GitHub

3B Small Model's Programming Scores Rival Opus 4.5, Mysterious Model Sparks Heated Discussion, Turns Out to be Domestic

Breaking: Google Gemini Co-Head Poached by OpenAI

SK Hynix Stock Price Hits New High: Delivers HBM4E Samples, Reinforcing Its Leading Position in AI Memory

Ethereum Q1 Report: On-chain Activity Hits Record High, Tokenized Assets Lead the Industry

Intel CEO Liwu Chen's First Podcast Interview: Our Goal is '10x in 5-10 Years', Betting on Advanced Packaging, Glass Substrate, and Synthetic Diamond

EU MiCA Transition Period Ending, ESMA Urges Unlicensed Crypto Service Providers to Cease Operations

Disclaimer：The content above does not represent HTX's positions.，HTX does not provide any trading recommendations.。

All Comments0LatestHot

Trending Topics