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On June 23, the Financial Times reported that Apollo's flagship retail private credit fund faced redemption requests amounting to 17% of its assets; investors are seeking to withdraw nearly $15 billion from major private credit funds. In the second quarter of this year, redemption requests for Apollo's flagship retail private credit fund surged to 17% of the fund's size, highlighting the growing caution among investors towards the private credit market. Data tracked by the Financial Times from nine major retail private credit funds indicates that the total amount sought for withdrawal is close to $15 billion, marking one of the largest redemption waves the industry has faced.

[Apollo's Flagship Retail Credit Fund Sees Redemption Requests Surge to 17%, $15 Billion Withdrawn from Nine Major Funds]On June 23, the Financial Times reported that Apollo's flagship retail private credit fund faced redemption requests amounting to 17% of its assets; investors are seeking to withdraw nearly $15 billion from major private credit funds. In the second quarter of this year, redemption requests for Apollo's flagship retail private credit fund surged to 17% of the fund's size, highlighting the growing caution among investors towards the private credit market. Data tracked by the Financial Times from nine major retail private credit funds indicates that the total amount sought for withdrawal is close to $15 billion, marking one of the largest redemption waves the industry has faced.

Apollo's Flagship Retail Credit Fund Sees Redemption Requests Surge to 17%, $15 Billion Withdrawn from Nine Major Funds

Bitcoin Fear and Greed Index is 23. Extreme Fear.
Current Price: $63410.0.

[Bitcoin Fear and Greed Index is 23]Bitcoin Fear and Greed Index is 23. Extreme Fear.
Current Price: $63410.0.

Bitcoin Fear and Greed Index is 23

On June 23, the Korea Exchange triggered a circuit breaker due to the KOSPI index falling 8%, resulting in a 20-minute trading halt.

[KOSPI Index Drops 8%, Triggering Circuit Breaker and Halting Trading for 20 Minutes]On June 23, the Korea Exchange triggered a circuit breaker due to the KOSPI index falling 8%, resulting in a 20-minute trading halt.

KOSPI Index Drops 8%, Triggering Circuit Breaker and Halting Trading for 20 Minutes

On June 23, Cointelegraph reported that three major crypto lobbying organizations—the Blockchain Association, the Crypto Innovation Council, and the Digital Chamber of Commerce—jointly wrote to the U.S. Congress, urging for the Mining and Staking Tax Clarification Act to be passed as is, without further amendments. This bill allows miners and stakers to choose to pay taxes either when they receive crypto rewards or when they sell their assets, aiming to address liquidity issues caused by 'phantom income taxation.' Democratic Congressman Steven Horsford proposed an amendment that would limit the deferral of crypto reward taxes to five years, but the CEO of the Crypto Innovation Council stated that this amendment would 'undermine' the bill and only generate 'negligible revenue.' The American Bankers Association opposes the bill, claiming it gives cryptocurrencies a 'significant advantage,' while crypto lobby groups argue that renegotiating a previously reached compromise would 'revive the issues the bill seeks to resolve.'

[Crypto Lobby Groups Urge U.S. Congress to Pass Mining and Staking Tax Bill Without Further Amendments]On June 23, Cointelegraph reported that three major crypto lobbying organizations—the Blockchain Association, the Crypto Innovation Council, and the Digital Chamber of Commerce—jointly wrote to the U.S. Congress, urging for the Mining and Staking Tax Clarification Act to be passed as is, without further amendments. This bill allows miners and stakers to choose to pay taxes either when they receive crypto rewards or when they sell their assets, aiming to address liquidity issues caused by 'phantom income taxation.' Democratic Congressman Steven Horsford proposed an amendment that would limit the deferral of crypto reward taxes to five years, but the CEO of the Crypto Innovation Council stated that this amendment would 'undermine' the bill and only generate 'negligible revenue.' The American Bankers Association opposes the bill, claiming it gives cryptocurrencies a 'significant advantage,' while crypto lobby groups argue that renegotiating a previously reached compromise would 'revive the issues the bill seeks to resolve.'

Crypto Lobby Groups Urge U.S. Congress to Pass Mining and Staking Tax Bill Without Further Amendments

On June 23, spot silver experienced a significant drop of 4.00% today, currently priced at $62.47 per ounce. (Jin Shi)

[Spot Silver Drops 4.00% Today, Currently at $62.47 per Ounce]On June 23, spot silver experienced a significant drop of 4.00% today, currently priced at $62.47 per ounce. (Jin Shi)

Spot Silver Drops 4.00% Today, Currently at $62.47 per Ounce

On June 23, CoinUp officially stated that in response to recent discussions regarding CoinUp and CPX, Zhu Pan is not the operator of the CoinUp platform and does not participate in the core operations of the platform; his role is solely as a project party for a project launched on the CoinUp platform. CoinUp also expressed gratitude to users, the community, and the media for their attention and oversight of CPX. Regarding the recent significant short-term price fluctuations in the CPX/USDT trading pair, the platform previously announced that this volatility is mainly due to concentrated sell pressure from the market, and the specific reasons are currently under further investigation and verification, with updates to be provided based on the progress of the investigation. CoinUp emphasized that after a comprehensive security check, the platform has not suffered any hacker attacks, data breaches, or exploitation of system vulnerabilities, and the wallet system, account structure, and asset custody are all in a secure and controllable state. The platform's deposit, withdrawal, and trading functions are operating normally, user assets are secure, and account data is intact, with no reported asset losses. CoinUp stated that it will continue to improve its risk control monitoring mechanisms to maintain market trading order and advises users to rely on official channel information, view market fluctuations rationally, and pay attention to controlling trading risks.

[CoinUp Responds to Recent Market Rumors: Zhu Pan is Not the Platform Operator, CPX Volatility Mainly Due to Market Sell Pressure]On June 23, CoinUp officially stated that in response to recent discussions regarding CoinUp and CPX, Zhu Pan is not the operator of the CoinUp platform and does not participate in the core operations of the platform; his role is solely as a project party for a project launched on the CoinUp platform. CoinUp also expressed gratitude to users, the community, and the media for their attention and oversight of CPX. Regarding the recent significant short-term price fluctuations in the CPX/USDT trading pair, the platform previously announced that this volatility is mainly due to concentrated sell pressure from the market, and the specific reasons are currently under further investigation and verification, with updates to be provided based on the progress of the investigation. CoinUp emphasized that after a comprehensive security check, the platform has not suffered any hacker attacks, data breaches, or exploitation of system vulnerabilities, and the wallet system, account structure, and asset custody are all in a secure and controllable state. The platform's deposit, withdrawal, and trading functions are operating normally, user assets are secure, and account data is intact, with no reported asset losses. CoinUp stated that it will continue to improve its risk control monitoring mechanisms to maintain market trading order and advises users to rely on official channel information, view market fluctuations rationally, and pay attention to controlling trading risks.

CoinUp Responds to Recent Market Rumors: Zhu Pan is Not the Platform Operator, CPX Volatility Mainly Due to Market Sell Pressure

On June 23, Citi stated that AI servers and high-speed network upgrades are reshaping the growth outlook for China's PCB industry, raising target prices for Huada Semiconductor and Shenghong Technology due to the potential for AI-PCB demand to continue expanding rapidly over the next three years. In a report released on June 21, Citi raised its forecast for the total potential market size of AI-PCB from 2026 to 2028 to RMB 152 billion, 307 billion, and 562 billion, corresponding to year-on-year growth of 86%, 102%, and 83%. The bank noted that the new model incorporates demand for CPU and optical module PCBs and provided a forecast for 2028 for the first time. Citi expects that in 2027, AI-PCB demand will be dominated by ASICs, accounting for about 34%; NVIDIA GPU-related demand will account for 24%, CPUs for 16%, switches for 14%, and optical modules for 12%. In terms of growth rates, network-related demand is the strongest, especially with the ramp-up of 1.6T optical modules and switches, which may drive optical module PCBs to grow by 135% and 178% in 2026 and 2027, respectively. The report indicated that Google TPU-related PCB procurement could become a key increment in 2028. Citi estimates that Google TPU PCB procurement could reach $16 billion by 2028, surpassing NVIDIA GPU-related PCB demand. Breaking down the new demand from 2027 to 2028, Google TPU contributes about 30%, NVIDIA contributes 25%, and switches and optical modules each contribute 14%. As AI-PCB demand expands rapidly, capacity may become a new constraint. Citi expects the next round of PCB expansion announcements to begin in the second half of 2026 to support 2028 demand. The bank stated that PCB manufacturers in mainland China typically require 13 to 15 months from greenfield projects to mass production, while upstream fiberglass and copper-clad laminate expansion cycles may take longer, potentially reaching 18 months. This means that AI-CCL supply may tighten further. Citi believes that as major AI-PCB projects launch in the second half of 2026, first-tier PCB manufacturers with the ability to secure raw materials will see improved profit visibility in 2027. Related expansion announcements may also act as catalysts for the industry, strengthening investor confidence in the long-term growth of AI-PCB. In terms of individual stocks, Citi maintains a 'Buy' rating for Huada Semiconductor and Shenghong Technology. The bank raised Huada Semiconductor's target price from RMB 119 to RMB 189, citing the company's strong mass production and delivery capabilities in the data center switch and AI server PCB sectors. Citi expects Huada Semiconductor's net profits from 2026 to 2028 to be RMB 6.7 billion, 12.1 billion, and 23.2 billion, respectively, and believes its profit CAGR could reach 86%. Shenghong Technology's target price was raised from RMB 415 to RMB 456. Citi lowered its 2026 net profit forecast, mainly reflecting lower-than-expected contributions from Rubin-related revenues, but believes that 2027 profits will remain stable and introduced a net profit forecast of RMB 23.2 billion for 2028 for the first time. The bank stated that Shenghong Technology's long-term relationship with NVIDIA, HDI capacity, and potential opportunities in data center switches and ASICs still support its valuation premium. However, Citi also cautioned that the AI-PCB market still faces multiple risks, including lower-than-expected shares of GenAI-related orders, yield issues, price competition in the automotive supply chain, reduced capital expenditures by cloud vendors, weakening macro demand, rising material costs, and geopolitical risks between China and the U.S. Overall, Citi's assessment is that AI-PCB demand is no longer solely driven by NVIDIA GPUs but is expanding to include ASICs, Google TPUs, high-speed switches, and optical modules. As demand for 2028 enters the capacity planning phase earlier, leading Chinese PCB manufacturers with high-end processes, customer resources, and material security capabilities may continue to be core beneficiaries of AI infrastructure expansion.

[Citi Raises China's AI-PCB Market Forecast, Predicts Google TPU Demand May Exceed NVIDIA by 2028]On June 23, Citi stated that AI servers and high-speed network upgrades are reshaping the growth outlook for China's PCB industry, raising target prices for Huada Semiconductor and Shenghong Technology due to the potential for AI-PCB demand to continue expanding rapidly over the next three years. In a report released on June 21, Citi raised its forecast for the total potential market size of AI-PCB from 2026 to 2028 to RMB 152 billion, 307 billion, and 562 billion, corresponding to year-on-year growth of 86%, 102%, and 83%. The bank noted that the new model incorporates demand for CPU and optical module PCBs and provided a forecast for 2028 for the first time. Citi expects that in 2027, AI-PCB demand will be dominated by ASICs, accounting for about 34%; NVIDIA GPU-related demand will account for 24%, CPUs for 16%, switches for 14%, and optical modules for 12%. In terms of growth rates, network-related demand is the strongest, especially with the ramp-up of 1.6T optical modules and switches, which may drive optical module PCBs to grow by 135% and 178% in 2026 and 2027, respectively. The report indicated that Google TPU-related PCB procurement could become a key increment in 2028. Citi estimates that Google TPU PCB procurement could reach $16 billion by 2028, surpassing NVIDIA GPU-related PCB demand. Breaking down the new demand from 2027 to 2028, Google TPU contributes about 30%, NVIDIA contributes 25%, and switches and optical modules each contribute 14%. As AI-PCB demand expands rapidly, capacity may become a new constraint. Citi expects the next round of PCB expansion announcements to begin in the second half of 2026 to support 2028 demand. The bank stated that PCB manufacturers in mainland China typically require 13 to 15 months from greenfield projects to mass production, while upstream fiberglass and copper-clad laminate expansion cycles may take longer, potentially reaching 18 months. This means that AI-CCL supply may tighten further. Citi believes that as major AI-PCB projects launch in the second half of 2026, first-tier PCB manufacturers with the ability to secure raw materials will see improved profit visibility in 2027. Related expansion announcements may also act as catalysts for the industry, strengthening investor confidence in the long-term growth of AI-PCB. In terms of individual stocks, Citi maintains a 'Buy' rating for Huada Semiconductor and Shenghong Technology. The bank raised Huada Semiconductor's target price from RMB 119 to RMB 189, citing the company's strong mass production and delivery capabilities in the data center switch and AI server PCB sectors. Citi expects Huada Semiconductor's net profits from 2026 to 2028 to be RMB 6.7 billion, 12.1 billion, and 23.2 billion, respectively, and believes its profit CAGR could reach 86%. Shenghong Technology's target price was raised from RMB 415 to RMB 456. Citi lowered its 2026 net profit forecast, mainly reflecting lower-than-expected contributions from Rubin-related revenues, but believes that 2027 profits will remain stable and introduced a net profit forecast of RMB 23.2 billion for 2028 for the first time. The bank stated that Shenghong Technology's long-term relationship with NVIDIA, HDI capacity, and potential opportunities in data center switches and ASICs still support its valuation premium. However, Citi also cautioned that the AI-PCB market still faces multiple risks, including lower-than-expected shares of GenAI-related orders, yield issues, price competition in the automotive supply chain, reduced capital expenditures by cloud vendors, weakening macro demand, rising material costs, and geopolitical risks between China and the U.S. Overall, Citi's assessment is that AI-PCB demand is no longer solely driven by NVIDIA GPUs but is expanding to include ASICs, Google TPUs, high-speed switches, and optical modules. As demand for 2028 enters the capacity planning phase earlier, leading Chinese PCB manufacturers with high-end processes, customer resources, and material security capabilities may continue to be core beneficiaries of AI infrastructure expansion.

Citi Raises China's AI-PCB Market Forecast, Predicts Google TPU Demand May Exceed NVIDIA by 2028

On June 23, CoinUp officially announced in response to recent discussions regarding CoinUp and CPX that Zhu Pan is not the operator of the CoinUp platform and does not participate in the core operations of the platform; his role is solely as a project party for a project launched on the CoinUp platform. CoinUp also expressed gratitude to users, the community, and the media for their attention and oversight of CPX. Regarding the recent significant short-term price fluctuations in the CPX/USDT trading pair, the platform previously announced that these fluctuations are mainly due to concentrated sell pressure from the market, and the specific reasons are currently under further investigation and verification, with updates to be provided based on the progress of the investigation. CoinUp emphasized that after a comprehensive security review, the platform has not suffered from hacking attacks, data breaches, or system vulnerabilities; the wallet system, account system, and asset custody are all in a secure and controllable state. The platform's functions for deposits, withdrawals, and trading are operating normally, and user assets are secure, with no reported losses. CoinUp stated that it will continue to improve its risk control monitoring mechanisms to maintain market trading order and advises users to rely on information from official channels, view market fluctuations rationally, and pay attention to controlling trading risks.

[CoinUp Responds to Market Rumors: Zhu Pan is Not the Platform Operator, CPX Price Fluctuations Mainly Due to Market Sell Pressure]On June 23, CoinUp officially announced in response to recent discussions regarding CoinUp and CPX that Zhu Pan is not the operator of the CoinUp platform and does not participate in the core operations of the platform; his role is solely as a project party for a project launched on the CoinUp platform. CoinUp also expressed gratitude to users, the community, and the media for their attention and oversight of CPX. Regarding the recent significant short-term price fluctuations in the CPX/USDT trading pair, the platform previously announced that these fluctuations are mainly due to concentrated sell pressure from the market, and the specific reasons are currently under further investigation and verification, with updates to be provided based on the progress of the investigation. CoinUp emphasized that after a comprehensive security review, the platform has not suffered from hacking attacks, data breaches, or system vulnerabilities; the wallet system, account system, and asset custody are all in a secure and controllable state. The platform's functions for deposits, withdrawals, and trading are operating normally, and user assets are secure, with no reported losses. CoinUp stated that it will continue to improve its risk control monitoring mechanisms to maintain market trading order and advises users to rely on information from official channels, view market fluctuations rationally, and pay attention to controlling trading risks.

CoinUp Responds to Market Rumors: Zhu Pan is Not the Platform Operator, CPX Price Fluctuations Mainly Due to Market Sell Pressure

On June 23, QCP Market Colour reported that Bitcoin has regained the $65,000 mark after Strategy increased its holdings by 520 BTC and raised its cash reserves to $1.4 billion, providing some support to market sentiment. Meanwhile, its dividend coverage period has extended to nearly 10 months, and the restoration of liquidity is viewed as a positive signal by some investors. On the macro level, the Nasdaq fell by about 1%, with large tech stocks under pressure, while the strengthening yen has reignited speculation about potential intervention by the Bank of Japan. Conversely, small-cap stocks have performed well, with the Russell 2000 index reaching an all-time high. The overall cryptocurrency market remains in a range-bound structure, with ongoing uncertainties regarding the U.S.-Iran situation, financing structures related to Strategy, and the Federal Reserve's policy path continuing to suppress sentiment. This week's PCE inflation data and quarterly rebalancing may bring volatility, but the options market indicates a current lack of sufficient catalysts to drive a directional breakout.

[QCP: Market Remains in Range-bound Fluctuation, Options Pricing Indicates Insufficient Breakout Momentum]On June 23, QCP Market Colour reported that Bitcoin has regained the $65,000 mark after Strategy increased its holdings by 520 BTC and raised its cash reserves to $1.4 billion, providing some support to market sentiment. Meanwhile, its dividend coverage period has extended to nearly 10 months, and the restoration of liquidity is viewed as a positive signal by some investors. On the macro level, the Nasdaq fell by about 1%, with large tech stocks under pressure, while the strengthening yen has reignited speculation about potential intervention by the Bank of Japan. Conversely, small-cap stocks have performed well, with the Russell 2000 index reaching an all-time high. The overall cryptocurrency market remains in a range-bound structure, with ongoing uncertainties regarding the U.S.-Iran situation, financing structures related to Strategy, and the Federal Reserve's policy path continuing to suppress sentiment. This week's PCE inflation data and quarterly rebalancing may bring volatility, but the options market indicates a current lack of sufficient catalysts to drive a directional breakout.

QCP: Market Remains in Range-bound Fluctuation, Options Pricing Indicates Insufficient Breakout Momentum

火币HTX报道，根据投资人 Tommy Shaughnessy 披露的对比数据，已在港股上市的智谱AI与独角兽MiniMax等中国大模型企业，其估值与营收的比例（市销率PS）远超美国同行。 
其中，智谱AI在港股市值已达1370亿美元左右，但其2025财年营收仅约1.07亿美元，市销率高达1280倍；MiniMax估值约230亿美元，2025财年营收约7900万美元，市销率约290倍。 
与此相比，未上市的美国头部大模型企业OpenAI与Anthropic的市销率分别仅为34倍和21倍左右。作为另一参照，包含非AI业务的阿里巴巴（通义千问背后公司）市销率仅为1.6倍。 
分析指出，除非中国AI企业营收能在短期内迎来数十倍的爆发式增长，或者通过投资入股美国第三方推理提供商来换取收入分成，否则其当前的高估值倍数将难以为继；而美国前沿 AI 实验室凭借庞大的营收规模，在未来IPO后估值倍数仍有进一步扩张的空间。

【智谱AI与MiniMax等中国AI企业估值倍数高企，PS比率高出美国同行数十倍】火币HTX报道，根据投资人 Tommy Shaughnessy 披露的对比数据，已在港股上市的智谱AI与独角兽MiniMax等中国大模型企业，其估值与营收的比例（市销率PS）远超美国同行。 
其中，智谱AI在港股市值已达1370亿美元左右，但其2025财年营收仅约1.07亿美元，市销率高达1280倍；MiniMax估值约230亿美元，2025财年营收约7900万美元，市销率约290倍。 
与此相比，未上市的美国头部大模型企业OpenAI与Anthropic的市销率分别仅为34倍和21倍左右。作为另一参照，包含非AI业务的阿里巴巴（通义千问背后公司）市销率仅为1.6倍。 
分析指出，除非中国AI企业营收能在短期内迎来数十倍的爆发式增长，或者通过投资入股美国第三方推理提供商来换取收入分成，否则其当前的高估值倍数将难以为继；而美国前沿 AI 实验室凭借庞大的营收规模，在未来IPO后估值倍数仍有进一步扩张的空间。

智谱AI与MiniMax等中国AI企业估值倍数高企，PS比率高出美国同行数十倍

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智谱AI与MiniMax等中国AI企业估值倍数高企，PS比率高出美国同行数十倍

Disclaimer：Il contenuto di cui sopra non rappresenta le posizioni di HTX.，HTX non fornisce alcuna raccomandazione di trading.。

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