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On July 2, Nomura stated in a recent in-depth semiconductor report that cloud providers will still find it difficult to halt expansion by 2027. The iteration of AI models, growing inference demand, expanded data center construction plans, and tight supply of storage and advanced packaging will compel cloud providers to continue securing resources for chips, packaging, substrates, storage, and servers. Nomura's reasoning is that AI capital expenditure is not a short-term choice for a single company, but rather a competitive pressure among large cloud platforms. As long as companies like Microsoft, Google, Amazon, and Meta are competing for AI models, enterprise customers, and inference traffic, they will find it hard to slow down infrastructure development voluntarily. Even with rising costs, stopping could mean losing competitive positioning on the platform. The report specifically mentions that while TSMC is expanding its CoWoS advanced packaging capacity, smaller substrate suppliers may become new bottlenecks. In other words, bottlenecks exist not only in GPUs but also in advanced packaging, ABF/substrates, HBM, server assembly, and power infrastructure. Consequently, Nomura is optimistic about supply chain companies such as TSMC, ASE, Aspeed, MediaTek, GlobalWafers, KYEC, Elite Material, and Zhen Ding. This assessment contrasts with concerns over 'AI overheating': the real issue is not the disappearance of demand, but rather that the supply chain is still insufficient; as long as bottlenecks exist, cloud providers will continue to pay for scarce capacity.

[Nomura: It's Premature to Conclude Chip Stocks Have Peaked, AI Server Demand and Supply Chain Bottlenecks Persist]On July 2, Nomura stated in a recent in-depth semiconductor report that cloud providers will still find it difficult to halt expansion by 2027. The iteration of AI models, growing inference demand, expanded data center construction plans, and tight supply of storage and advanced packaging will compel cloud providers to continue securing resources for chips, packaging, substrates, storage, and servers. Nomura's reasoning is that AI capital expenditure is not a short-term choice for a single company, but rather a competitive pressure among large cloud platforms. As long as companies like Microsoft, Google, Amazon, and Meta are competing for AI models, enterprise customers, and inference traffic, they will find it hard to slow down infrastructure development voluntarily. Even with rising costs, stopping could mean losing competitive positioning on the platform. The report specifically mentions that while TSMC is expanding its CoWoS advanced packaging capacity, smaller substrate suppliers may become new bottlenecks. In other words, bottlenecks exist not only in GPUs but also in advanced packaging, ABF/substrates, HBM, server assembly, and power infrastructure. Consequently, Nomura is optimistic about supply chain companies such as TSMC, ASE, Aspeed, MediaTek, GlobalWafers, KYEC, Elite Material, and Zhen Ding. This assessment contrasts with concerns over 'AI overheating': the real issue is not the disappearance of demand, but rather that the supply chain is still insufficient; as long as bottlenecks exist, cloud providers will continue to pay for scarce capacity.

Nomura: It's Premature to Conclude Chip Stocks Have Peaked, AI Server Demand and Supply Chain Bottlenecks Persist

On July 2, CNBC reported that U.S. President Trump responded to his 2025 financial disclosure, stating that his personal assets are managed by large external institutions, and he does not communicate with fund managers or participate in any investment decisions. He noted that his personal wealth growth is primarily due to the rise in the stock market. Previously disclosed documents indicated that Trump's reported income for 2025 is at least $2.24 billion, a significant increase from 2024, with approximately $1.2 billion coming from cryptocurrency-related businesses, including income from World Liberty Financial and TRUMP Meme (CIC Digital). In response, Trump stated that his funds are managed by professional institutions, and he is not aware of specific investment targets and does not interfere with investment decisions.

[Trump Responds to Income Disclosure: Funds Managed Externally, Not Involved in Investment Decisions]On July 2, CNBC reported that U.S. President Trump responded to his 2025 financial disclosure, stating that his personal assets are managed by large external institutions, and he does not communicate with fund managers or participate in any investment decisions. He noted that his personal wealth growth is primarily due to the rise in the stock market. Previously disclosed documents indicated that Trump's reported income for 2025 is at least $2.24 billion, a significant increase from 2024, with approximately $1.2 billion coming from cryptocurrency-related businesses, including income from World Liberty Financial and TRUMP Meme (CIC Digital). In response, Trump stated that his funds are managed by professional institutions, and he is not aware of specific investment targets and does not interfere with investment decisions.

Trump Responds to Income Disclosure: Funds Managed Externally, Not Involved in Investment Decisions

On July 2, the Pakistani Foreign Ministry issued a statement indicating that as mediators, Qatar and Pakistan held discussions with representatives from the United States and Iran in Doha, achieving positive progress on issues related to the implementation of the US-Iran memorandum of understanding. The statement noted that the parties engaged in in-depth discussions on several specific issues related to the memorandum and made 'positive progress' on relevant topics. It was also stated that the parties agreed to continue negotiations in the near future and to determine the timing of the next round of talks as soon as possible. The Pakistani Foreign Ministry further indicated that the next round of talks is expected to take place shortly after the funeral ceremony of Iran's former Supreme Leader Khamenei.

[Pakistan Expects Next US-Iran Talks to Be Held After Khamenei's Funeral]On July 2, the Pakistani Foreign Ministry issued a statement indicating that as mediators, Qatar and Pakistan held discussions with representatives from the United States and Iran in Doha, achieving positive progress on issues related to the implementation of the US-Iran memorandum of understanding. The statement noted that the parties engaged in in-depth discussions on several specific issues related to the memorandum and made 'positive progress' on relevant topics. It was also stated that the parties agreed to continue negotiations in the near future and to determine the timing of the next round of talks as soon as possible. The Pakistani Foreign Ministry further indicated that the next round of talks is expected to take place shortly after the funeral ceremony of Iran's former Supreme Leader Khamenei.

Pakistan Expects Next US-Iran Talks to Be Held After Khamenei's Funeral

On July 2, Michael Burry has further intensified his bearish strategy surrounding the artificial intelligence sector. According to The Wall Street Journal, his latest disclosed short positions cover several key areas, including Tesla (TSLA), Caterpillar (CAT), Applied Materials (AMAT), and an exchange-traded fund (ETF) tracking chip manufacturers. As one of the prototypes of Michael Lewis's 'The Big Short,' Burry has maintained a systematic bet against the AI boom for several months, based on the logic that asset prices will undergo significant adjustments after the industry's hype subsides. This series of actions comes at a sensitive time for the AI industry. On one hand, the U.S. government has intervened in the release of Anthropic's Mythos-level model citing national security; on the other hand, the 'price shock' brought about by AI applications is prompting companies like Microsoft (MSFT) to introduce lower-cost alternatives, leading to a rebalancing of industry business models. The large-scale investment plans by South Korean companies further reinforce Burry's skepticism. Earlier this week, Samsung Electronics and SK Hynix announced they would invest over $500 billion to build a chip industry cluster. Following this announcement, chip stocks briefly led the Nasdaq index the next day. In response, Burry stated on his Substack, 'The direct reason for the rebound is the massive spending announced by South Korea,' adding, 'Well, I think that is the beginning of the end.' He thus questions whether the ongoing capital investments in the AI sector can translate into corresponding returns.

[Michael Burry Doubles Down on AI Short, Calls Korean Chip Investment 'Beginning of the End']On July 2, Michael Burry has further intensified his bearish strategy surrounding the artificial intelligence sector. According to The Wall Street Journal, his latest disclosed short positions cover several key areas, including Tesla (TSLA), Caterpillar (CAT), Applied Materials (AMAT), and an exchange-traded fund (ETF) tracking chip manufacturers. As one of the prototypes of Michael Lewis's 'The Big Short,' Burry has maintained a systematic bet against the AI boom for several months, based on the logic that asset prices will undergo significant adjustments after the industry's hype subsides. This series of actions comes at a sensitive time for the AI industry. On one hand, the U.S. government has intervened in the release of Anthropic's Mythos-level model citing national security; on the other hand, the 'price shock' brought about by AI applications is prompting companies like Microsoft (MSFT) to introduce lower-cost alternatives, leading to a rebalancing of industry business models. The large-scale investment plans by South Korean companies further reinforce Burry's skepticism. Earlier this week, Samsung Electronics and SK Hynix announced they would invest over $500 billion to build a chip industry cluster. Following this announcement, chip stocks briefly led the Nasdaq index the next day. In response, Burry stated on his Substack, 'The direct reason for the rebound is the massive spending announced by South Korea,' adding, 'Well, I think that is the beginning of the end.' He thus questions whether the ongoing capital investments in the AI sector can translate into corresponding returns.

Michael Burry Doubles Down on AI Short, Calls Korean Chip Investment 'Beginning of the End'

On July 2, the Financial Times reported that OpenAI has discussed offering a 5% stake to the U.S. government. The $852 billion artificial intelligence startup is attempting to clear political hurdles by securing financial support from the Trump administration. According to two insiders, Sam Altman conveyed to senior government officials that allowing the public to hold financial stakes in the company is the best way to share the dividends of AI development, and he proposed this percentage of shares during early discussions with the government. Under the proposed arrangement, other U.S. AI companies would also relinquish a similar percentage of shares, although it remains unclear whether other labs would be willing to do so. Offering ownership stakes to the government would help establish a good relationship with it, while also marking an attempt to address political backlash by sharing the wealth generated by AI with the public. There is growing concern among the American public and politicians regarding the construction of large data centers and the impact of AI on employment and cybersecurity, making the environment for AI labs in Washington increasingly challenging. Sam Altman and other OpenAI executives suggested that every leading AI developer in the U.S. should allocate 5% of their equity to entities similar to the Alaska Permanent Fund, which invests the state's oil wealth in stocks and distributes dividends to the state government and residents. These companies could include Anthropic, as well as Google and Meta, but it is unclear if any of these groups would agree to OpenAI's proposal. Insiders stated that the 'conceptual' negotiations between the government and OpenAI are still in the early stages, and any agreement may require congressional legislation to be implemented. However, these discussions indicate a potential mechanism for distributing the financial benefits brought by this technology.

[OpenAI Proposes 5% Stake to Trump Administration, Altman Advocates for AI Developers to Follow Suit]On July 2, the Financial Times reported that OpenAI has discussed offering a 5% stake to the U.S. government. The $852 billion artificial intelligence startup is attempting to clear political hurdles by securing financial support from the Trump administration. According to two insiders, Sam Altman conveyed to senior government officials that allowing the public to hold financial stakes in the company is the best way to share the dividends of AI development, and he proposed this percentage of shares during early discussions with the government. Under the proposed arrangement, other U.S. AI companies would also relinquish a similar percentage of shares, although it remains unclear whether other labs would be willing to do so. Offering ownership stakes to the government would help establish a good relationship with it, while also marking an attempt to address political backlash by sharing the wealth generated by AI with the public. There is growing concern among the American public and politicians regarding the construction of large data centers and the impact of AI on employment and cybersecurity, making the environment for AI labs in Washington increasingly challenging. Sam Altman and other OpenAI executives suggested that every leading AI developer in the U.S. should allocate 5% of their equity to entities similar to the Alaska Permanent Fund, which invests the state's oil wealth in stocks and distributes dividends to the state government and residents. These companies could include Anthropic, as well as Google and Meta, but it is unclear if any of these groups would agree to OpenAI's proposal. Insiders stated that the 'conceptual' negotiations between the government and OpenAI are still in the early stages, and any agreement may require congressional legislation to be implemented. However, these discussions indicate a potential mechanism for distributing the financial benefits brought by this technology.

OpenAI Proposes 5% Stake to Trump Administration, Altman Advocates for AI Developers to Follow Suit

On July 2, NVIDIA is advancing a new initiative called the 'AI Compute Partnership Program.' According to cloud service providers Firmus and Sharon AI involved in the project, NVIDIA has committed to providing a power capacity guarantee for these startup cloud service providers: if the GPUs they purchase cannot be rented out, NVIDIA will fund the rental of this idle capacity. In return, NVIDIA will take a portion of the cloud service revenue from these startup cloud providers (the revenue share percentage decreases gradually with the contract duration) or obtain stock subscription rights. Due to the enormous costs of data center construction and GPU procurement, startup cloud providers with lower credit ratings often struggle to secure financing. NVIDIA's capacity swap guarantee effectively provides them with critical credit backing, helping them secure loans. Currently, giants like Amazon, Microsoft, SpaceX, Oracle, Meta, and Google have purchased most of NVIDIA's chips, but these giants are also developing their own chips. NVIDIA aims to reduce its dependence on large customers by supporting startup cloud providers. As early as September 2025, NVIDIA had promised to guarantee $6.3 billion worth of unsold capacity for CoreWeave until 2032. Additionally, NVIDIA is currently negotiating to provide similar financial guarantees for OpenAI's planned $500 billion large data center.

[NVIDIA Launches 'AI Compute Partnership Program': Power Guarantee in Exchange for Cloud Revenue Share]On July 2, NVIDIA is advancing a new initiative called the 'AI Compute Partnership Program.' According to cloud service providers Firmus and Sharon AI involved in the project, NVIDIA has committed to providing a power capacity guarantee for these startup cloud service providers: if the GPUs they purchase cannot be rented out, NVIDIA will fund the rental of this idle capacity. In return, NVIDIA will take a portion of the cloud service revenue from these startup cloud providers (the revenue share percentage decreases gradually with the contract duration) or obtain stock subscription rights. Due to the enormous costs of data center construction and GPU procurement, startup cloud providers with lower credit ratings often struggle to secure financing. NVIDIA's capacity swap guarantee effectively provides them with critical credit backing, helping them secure loans. Currently, giants like Amazon, Microsoft, SpaceX, Oracle, Meta, and Google have purchased most of NVIDIA's chips, but these giants are also developing their own chips. NVIDIA aims to reduce its dependence on large customers by supporting startup cloud providers. As early as September 2025, NVIDIA had promised to guarantee $6.3 billion worth of unsold capacity for CoreWeave until 2032. Additionally, NVIDIA is currently negotiating to provide similar financial guarantees for OpenAI's planned $500 billion large data center.

NVIDIA Launches 'AI Compute Partnership Program': Power Guarantee in Exchange for Cloud Revenue Share

On July 2, CNBC reported that U.S. President Trump responded to his 2025 financial disclosure, stating that his personal assets are managed by large external institutions, and he does not communicate with fund managers or participate in any investment decisions. He noted that his personal wealth growth is primarily due to the rise in the stock market. Previously disclosed documents indicated that Trump's reported income for 2025 is at least $2.24 billion, a significant increase from 2024, with approximately $1.2 billion coming from cryptocurrency-related businesses, including income from World Liberty Financial and TRUMP Meme (CIC Digital). In response, Trump stated that his funds are managed by professional institutions, and he is not aware of specific investment targets, nor does he interfere with investment decisions.

[Trump Responds to Disclosure of Huge Income Data: Funds Managed by External Institutions, Not Involved in Investment Decisions]On July 2, CNBC reported that U.S. President Trump responded to his 2025 financial disclosure, stating that his personal assets are managed by large external institutions, and he does not communicate with fund managers or participate in any investment decisions. He noted that his personal wealth growth is primarily due to the rise in the stock market. Previously disclosed documents indicated that Trump's reported income for 2025 is at least $2.24 billion, a significant increase from 2024, with approximately $1.2 billion coming from cryptocurrency-related businesses, including income from World Liberty Financial and TRUMP Meme (CIC Digital). In response, Trump stated that his funds are managed by professional institutions, and he is not aware of specific investment targets, nor does he interfere with investment decisions.

Trump Responds to Disclosure of Huge Income Data: Funds Managed by External Institutions, Not Involved in Investment Decisions

On July 2, Mark Artymko, co-founder of OCEAN, announced that SBI Crypto will close its Bitcoin mining pool service on July 31. Mark expressed gratitude to the SBI Crypto team for their years of stable service to the Bitcoin network and stated that the closure of the mining pool means an unexpected migration for miners. He also invited SBI Crypto miners to migrate to the OCEAN mining pool, emphasizing that OCEAN supports quick access and allows for the autonomous construction of block templates through DATUM, enabling non-custodial profit distribution. He further noted that OCEAN's miner earnings in 2025 are approximately 3.6% higher than those of the best-performing FPPS mining pools.

[SBI Crypto to Shut Down Bitcoin Mining Pool Service on July 31]On July 2, Mark Artymko, co-founder of OCEAN, announced that SBI Crypto will close its Bitcoin mining pool service on July 31. Mark expressed gratitude to the SBI Crypto team for their years of stable service to the Bitcoin network and stated that the closure of the mining pool means an unexpected migration for miners. He also invited SBI Crypto miners to migrate to the OCEAN mining pool, emphasizing that OCEAN supports quick access and allows for the autonomous construction of block templates through DATUM, enabling non-custodial profit distribution. He further noted that OCEAN's miner earnings in 2025 are approximately 3.6% higher than those of the best-performing FPPS mining pools.

SBI Crypto to Shut Down Bitcoin Mining Pool Service on July 31

On July 2, according to HTX market data, Bitcoin briefly surpassed $61,000, with a 24-hour increase of 2.9%.

[Bitcoin Surpasses $61,000]On July 2, according to HTX market data, Bitcoin briefly surpassed $61,000, with a 24-hour increase of 2.9%.

Bitcoin Surpasses $61,000

火币HTX报道，7月1日，WTI原油失守69美元/桶，日内跌0.72%。

【WTI原油失守69美元】火币HTX报道，7月1日，WTI原油失守69美元/桶，日内跌0.72%。

WTI原油失守69美元

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WTI原油失守69美元

Clause de non-responsabilité：Le contenu ci-dessus ne représente pas les positions de HTX.，HTX ne fournit pas de recommandations de trading.。

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