7*24

Hot topic

Market

Activities

On June 22, the quarterly adjustments to the Nasdaq 100 Index components will officially take effect today. This index includes the 100 largest non-financial stocks listed on the Nasdaq exchange. Among the five new members joining the index, four companies—Astera Labs, CoreWeave, Nebius, and Teradata—are deeply engaged in their respective fields. The fifth company, Rocket Lab, focuses on space business and has significant growth potential. Year-to-date, the stock performance of these five companies has greatly outperformed the market, with increases ranging from 53% to 242%. These five companies will replace Charter Communications, Cognizant, Insmed, Verisk Analytics, and Zscaler.

[Nasdaq 100 Index Component Adjustments Effective Today, CoreWeave and Nebius Join]On June 22, the quarterly adjustments to the Nasdaq 100 Index components will officially take effect today. This index includes the 100 largest non-financial stocks listed on the Nasdaq exchange. Among the five new members joining the index, four companies—Astera Labs, CoreWeave, Nebius, and Teradata—are deeply engaged in their respective fields. The fifth company, Rocket Lab, focuses on space business and has significant growth potential. Year-to-date, the stock performance of these five companies has greatly outperformed the market, with increases ranging from 53% to 242%. These five companies will replace Charter Communications, Cognizant, Insmed, Verisk Analytics, and Zscaler.

Nasdaq 100 Index Component Adjustments Effective Today, CoreWeave and Nebius Join

On June 22, Bernstein analysts stated in a report that conventional DRAM prices, after experiencing an approximately 4.5-fold increase from Q3 2025 to Q2 2026, may continue to rise in 2027. As a result, the current average selling price per bit for conventional DRAM is now comparable to, or even higher than, high bandwidth memory (HBM). Bernstein noted that considering the higher bit density and yield, the revenue per wafer capacity for conventional DRAM this year could be twice that of HBM, enjoying significantly higher profit margins. The firm estimates that HBM prices would need to increase by about three times to catch up with conventional DRAM in terms of revenue per wafer capacity. However, memory chip manufacturers may not aggressively raise HBM prices, as they understand that excessively high HBM costs could hinder the overall development of the artificial intelligence ecosystem and ultimately suppress storage demand.

[Bernstein: Conventional DRAM Prices May Continue to Rise in 2027, HBM Faces Profit Catch-Up Pressure]On June 22, Bernstein analysts stated in a report that conventional DRAM prices, after experiencing an approximately 4.5-fold increase from Q3 2025 to Q2 2026, may continue to rise in 2027. As a result, the current average selling price per bit for conventional DRAM is now comparable to, or even higher than, high bandwidth memory (HBM). Bernstein noted that considering the higher bit density and yield, the revenue per wafer capacity for conventional DRAM this year could be twice that of HBM, enjoying significantly higher profit margins. The firm estimates that HBM prices would need to increase by about three times to catch up with conventional DRAM in terms of revenue per wafer capacity. However, memory chip manufacturers may not aggressively raise HBM prices, as they understand that excessively high HBM costs could hinder the overall development of the artificial intelligence ecosystem and ultimately suppress storage demand.

Bernstein: Conventional DRAM Prices May Continue to Rise in 2027, HBM Faces Profit Catch-Up Pressure

After an internal review, the South Korean Financial Services Commission, Ministry of Economy and Finance, and Bank of Korea stated that it is currently difficult to advance the requested easing of virtual asset regulations by the industry. Regulatory agencies pointed out that the current policy stance has not shifted towards relaxation of regulations, and some of the adjustment proposals put forward by the industry are difficult to implement without amending existing laws. This review stems from a meeting held on June 8 between the Ministry of SMEs and Startups and industry representatives. A relevant official from the Financial Services Commission stated that the regulatory authorities are currently listening to industry opinions on specific implementation details, and there are no plans to ease regulations, with no definitive proposals at this time. (Edaily)

[South Korean Authorities Rule Out Immediate Easing of Virtual Asset Regulations]After an internal review, the South Korean Financial Services Commission, Ministry of Economy and Finance, and Bank of Korea stated that it is currently difficult to advance the requested easing of virtual asset regulations by the industry. Regulatory agencies pointed out that the current policy stance has not shifted towards relaxation of regulations, and some of the adjustment proposals put forward by the industry are difficult to implement without amending existing laws. This review stems from a meeting held on June 8 between the Ministry of SMEs and Startups and industry representatives. A relevant official from the Financial Services Commission stated that the regulatory authorities are currently listening to industry opinions on specific implementation details, and there are no plans to ease regulations, with no definitive proposals at this time. (Edaily)

South Korean Authorities Rule Out Immediate Easing of Virtual Asset Regulations

According to monitoring by Dongcha Beating and reports from foreign media, ByteDance's board reached a consensus in early May 2026 to postpone its initial public offering (IPO) plans. Founder Zhang Yiming believes there is still room for valuation growth, and going public at this stage would transfer too many benefits to later-stage, risk-averse investors. Currently, ByteDance's trading valuation in the grey market has exceeded $600 billion. A senior technology investment banker at Bank of America stated that the company's market value is expected to approach $1 trillion, setting a new industry benchmark. Policy and geopolitical risks have somewhat eased. In early 2026, Oracle Corporation reached an agreement with an investor consortium to jointly acquire 80% of TikTok's U.S. entity, effectively clearing most regulatory pressures. In terms of AI business, the Doubao app, which is the largest chat assistant for domestic users, is adding paid tiers on top of its free services.

[ByteDance Delays IPO Plans, Valuation Approaches $1 Trillion in Grey Market]According to monitoring by Dongcha Beating and reports from foreign media, ByteDance's board reached a consensus in early May 2026 to postpone its initial public offering (IPO) plans. Founder Zhang Yiming believes there is still room for valuation growth, and going public at this stage would transfer too many benefits to later-stage, risk-averse investors. Currently, ByteDance's trading valuation in the grey market has exceeded $600 billion. A senior technology investment banker at Bank of America stated that the company's market value is expected to approach $1 trillion, setting a new industry benchmark. Policy and geopolitical risks have somewhat eased. In early 2026, Oracle Corporation reached an agreement with an investor consortium to jointly acquire 80% of TikTok's U.S. entity, effectively clearing most regulatory pressures. In terms of AI business, the Doubao app, which is the largest chat assistant for domestic users, is adding paid tiers on top of its free services.

ByteDance Delays IPO Plans, Valuation Approaches $1 Trillion in Grey Market

On June 22, the US dollar fluctuated and climbed against the Japanese yen, recently rising by 0.23% to 161.665.

[US Dollar Rises 0.23% Against Japanese Yen]On June 22, the US dollar fluctuated and climbed against the Japanese yen, recently rising by 0.23% to 161.665.

US Dollar Rises 0.23% Against Japanese Yen

On June 22, Jefferies announced that it has raised the target price for Tesla (TSLA.O) from $350 to $375.

[Jefferies Raises Tesla Target Price from $350 to $375]On June 22, Jefferies announced that it has raised the target price for Tesla (TSLA.O) from $350 to $375.

Jefferies Raises Tesla Target Price from $350 to $375

On June 22, according to The Information, Morgan Stanley is promoting leveraged loan financing to data center developers instead of traditional bond financing, and expects the issuance of such loans to reach approximately $15 billion this year.

[Morgan Stanley Promotes Leveraged Loan Financing to Data Center Developers Instead of Traditional Bonds]On June 22, according to The Information, Morgan Stanley is promoting leveraged loan financing to data center developers instead of traditional bond financing, and expects the issuance of such loans to reach approximately $15 billion this year.

Morgan Stanley Promotes Leveraged Loan Financing to Data Center Developers Instead of Traditional Bonds

According to monitoring by Dongcha Beating, based on comparative data disclosed by investor Tommy Shaughnessy, Chinese large model companies such as Zhiyu AI and MiniMax, which are already listed on the Hong Kong stock market, have valuation-to-revenue ratios (Price-to-Sales ratio, PS) that far exceed their U.S. counterparts. Zhiyu AI has a market capitalization of approximately $137 billion on the Hong Kong stock market, but its revenue for the fiscal year 2025 is only about $107 million, resulting in a PS ratio as high as 1280 times. MiniMax has a market capitalization of about $23 billion, with projected revenue of around $79 million for fiscal year 2025, giving it a PS ratio of about 290 times. In contrast, leading U.S. large model companies OpenAI and Anthropic have PS ratios of only about 34 times and 21 times, respectively. As another reference, Alibaba (the company behind Tongyi Qianwen), which includes non-AI businesses, has a PS ratio of only 1.6 times. Analysts point out that unless Chinese AI companies can achieve explosive revenue growth in the short term or secure revenue sharing by investing in U.S. third-party inference providers, their current high valuation multiples will be difficult to sustain; meanwhile, leading U.S. AI laboratories, with their large revenue scales, still have room for further expansion in valuation multiples after future IPOs.

[Chinese AI Companies Like Zhiyu and MiniMax Have High Valuation Multiples Compared to U.S. Peers]According to monitoring by Dongcha Beating, based on comparative data disclosed by investor Tommy Shaughnessy, Chinese large model companies such as Zhiyu AI and MiniMax, which are already listed on the Hong Kong stock market, have valuation-to-revenue ratios (Price-to-Sales ratio, PS) that far exceed their U.S. counterparts. Zhiyu AI has a market capitalization of approximately $137 billion on the Hong Kong stock market, but its revenue for the fiscal year 2025 is only about $107 million, resulting in a PS ratio as high as 1280 times. MiniMax has a market capitalization of about $23 billion, with projected revenue of around $79 million for fiscal year 2025, giving it a PS ratio of about 290 times. In contrast, leading U.S. large model companies OpenAI and Anthropic have PS ratios of only about 34 times and 21 times, respectively. As another reference, Alibaba (the company behind Tongyi Qianwen), which includes non-AI businesses, has a PS ratio of only 1.6 times. Analysts point out that unless Chinese AI companies can achieve explosive revenue growth in the short term or secure revenue sharing by investing in U.S. third-party inference providers, their current high valuation multiples will be difficult to sustain; meanwhile, leading U.S. AI laboratories, with their large revenue scales, still have room for further expansion in valuation multiples after future IPOs.

Chinese AI Companies Like Zhiyu and MiniMax Have High Valuation Multiples Compared to U.S. Peers

On June 22, Japan may have utilized its holdings of foreign securities, including U.S. Treasury bonds, to fund a record forex market intervention over the past month, a move that could attract attention from the United States. According to reserve data released by the Japanese Ministry of Finance on Friday, Japan's holdings of foreign securities decreased by $75.6 billion by the end of May compared to April. This decline is roughly equivalent to the amount Japan recently spent on market interventions to support the yen. The Ministry of Finance confirmed last week that as of May 27, the funds used for forex market interventions reached a record 11.73 trillion yen ($73.4 billion) for the month. An official from the Ministry of Finance acknowledged during a briefing that the forex market interventions were one of the reasons for the significant decline in foreign exchange reserves, noting that this drop is the largest on record.

[Japan May Use Foreign Securities to Fund Record Forex Intervention]On June 22, Japan may have utilized its holdings of foreign securities, including U.S. Treasury bonds, to fund a record forex market intervention over the past month, a move that could attract attention from the United States. According to reserve data released by the Japanese Ministry of Finance on Friday, Japan's holdings of foreign securities decreased by $75.6 billion by the end of May compared to April. This decline is roughly equivalent to the amount Japan recently spent on market interventions to support the yen. The Ministry of Finance confirmed last week that as of May 27, the funds used for forex market interventions reached a record 11.73 trillion yen ($73.4 billion) for the month. An official from the Ministry of Finance acknowledged during a briefing that the forex market interventions were one of the reasons for the significant decline in foreign exchange reserves, noting that this drop is the largest on record.

Japan May Use Foreign Securities to Fund Record Forex Intervention

21 июня иранское агентство новостей Tasnim сообщило, что данные морской навигации указывают на то, что с момента объявления иранскими военными о закрытии Ормузского пролива 20 числа ни одно судно не прошло через этот стратегически важный водный путь, в результате чего объем трафика упал до нуля. Вопреки заявлениям американских военных, пролив в настоящее время находится под контролем Ирана и находится в состоянии блокады.

[Iranian Media Reports Zero Ship Traffic in Strait of Hormuz]21 июня иранское агентство новостей Tasnim сообщило, что данные морской навигации указывают на то, что с момента объявления иранскими военными о закрытии Ормузского пролива 20 числа ни одно судно не прошло через этот стратегически важный водный путь, в результате чего объем трафика упал до нуля. Вопреки заявлениям американских военных, пролив в настоящее время находится под контролем Ирана и находится в состоянии блокады.

Iranian Media Reports Zero Ship Traffic in Strait of Hormuz

China's Export Controls to Japan Create Bottleneck; 'White-Haired Stock God' Serenity Claims South Korea's Foosung to Become a 'Big Winner'

Claude to Mandate "Face-Scan ID Verification", No ID No Service Starting July?

Backpack Surges Over 150% in Half a Month

A Clod of Chinese Soil Chokes Two Japanese Giants

The Calculation Behind Plasma's U Card with Free Claude Membership

Data Decrypts the BTC Cycle: Three Major Bottom Signals Illuminate Simultaneously, Q4 Could Be a Crucial Turning Point Window?

World Cup Upset! Polymarket User Loses Nearly $1 Million

Standard Chartered Bank Places a 40x 'Bet', Calls for UNI to Rise to $100

A Panoramic View of the Solana Privacy Ecosystem: The Complete Privacy Stack from Computation to AI

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

Article

Negotiation Representatives from the U.S., Iran, and Pakistan Arrive in Switzerland for Technical Talks

Musk: Global Economy to Expand Tenfold in 10 Years, Human Base on Moon—If Third World War is Avoided

Iranian Media Reports Zero Ship Traffic in Strait of Hormuz

Descargo de responsabilidad：El contenido anterior no representa las posiciones de HTX.，HTX no ofrece ninguna recomendación de trading.。

Artículos relacionados

Todos los comentarios0Lo más recientePopular

Temas populares

Artículos relacionados