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On July 6, it was reported that major AI model applications such as Doubao under ByteDance, Tongyi Qianwen from Alibaba, and Yuanbao from Tencent are gradually suspending or adjusting their custom 'AI Companion' features. Doubao has notified users that it will discontinue the custom character feature on July 15 and will guide users in need to independent companion applications. This move aims to comply with new generative AI regulations in China that will take effect in mid-July. The regulations, promoted by the National Internet Information Office, focus on preventing the potential negative impacts of anthropomorphic AI services. They explicitly prohibit platforms from generating content that may provoke extreme emotions in minors, discourage inducing users to develop unhealthy emotional dependencies that erode real-life social interactions, and stipulate that providers cannot use sensitive user dialogue data to train future large models. Compared to the proactive compliance actions in China, virtual companion applications in the U.S. are facing greater legal pressures. Both OpenAI and Character.AI are embroiled in a series of lawsuits for allegedly inducing dangerous emotional dependencies that have even led to extreme tragedies. In addition to software applications, the China Robot Industry Association has begun to promote setting standards for physical companion robots and humanoid robots.

[ByteDance and Alibaba Suspend Customization Features for AI Companion Models]On July 6, it was reported that major AI model applications such as Doubao under ByteDance, Tongyi Qianwen from Alibaba, and Yuanbao from Tencent are gradually suspending or adjusting their custom 'AI Companion' features. Doubao has notified users that it will discontinue the custom character feature on July 15 and will guide users in need to independent companion applications. This move aims to comply with new generative AI regulations in China that will take effect in mid-July. The regulations, promoted by the National Internet Information Office, focus on preventing the potential negative impacts of anthropomorphic AI services. They explicitly prohibit platforms from generating content that may provoke extreme emotions in minors, discourage inducing users to develop unhealthy emotional dependencies that erode real-life social interactions, and stipulate that providers cannot use sensitive user dialogue data to train future large models. Compared to the proactive compliance actions in China, virtual companion applications in the U.S. are facing greater legal pressures. Both OpenAI and Character.AI are embroiled in a series of lawsuits for allegedly inducing dangerous emotional dependencies that have even led to extreme tragedies. In addition to software applications, the China Robot Industry Association has begun to promote setting standards for physical companion robots and humanoid robots.

ByteDance and Alibaba Suspend Customization Features for AI Companion Models

On July 6, TSMC (TSM.US) rose 2.58% in pre-market trading, reaching $445.36. TSMC is set to announce its second-quarter earnings in mid-July. A report from Citi indicates that TSMC may further raise its revenue growth expectations for 2026 during the upcoming earnings call, primarily due to sustained demand for advanced chips and improved long-term visibility. Compared to its peers, TSMC's most notable advantage lies in its production capacity. 'Despite increasing competition in the foundry sector, this scale advantage will continue to support wafer pricing, customer stickiness, and the sustainability of profit margins,' Citi stated. Furthermore, regardless of changes in customer structure, TSMC is expected to be a major beneficiary of the ongoing growth in AI semiconductor demand. Additionally, Goldman Sachs has raised TSMC's ADR target price from $550 to $600 ahead of the second-quarter earnings announcement, reaffirming its 'Buy' rating. Goldman Sachs believes that demand for AI and high-performance computing (HPC) has become a structural growth engine for TSMC over the years. Last quarter, the firm observed that momentum for 2027 is particularly strong, especially due to demand from AI accelerators and server CPUs, with demand in advanced process nodes and advanced packaging continuing to far exceed supply. Goldman Sachs anticipates that TSMC will further accelerate its capacity expansion and capital expenditures, while ongoing productivity improvements and strategic pricing will drive profit margins toward a structurally higher trajectory in 2027 and beyond.

[TSMC Rises Over 2% Pre-Market; Citi Expects Revenue Guidance Increase for 2026]On July 6, TSMC (TSM.US) rose 2.58% in pre-market trading, reaching $445.36. TSMC is set to announce its second-quarter earnings in mid-July. A report from Citi indicates that TSMC may further raise its revenue growth expectations for 2026 during the upcoming earnings call, primarily due to sustained demand for advanced chips and improved long-term visibility. Compared to its peers, TSMC's most notable advantage lies in its production capacity. 'Despite increasing competition in the foundry sector, this scale advantage will continue to support wafer pricing, customer stickiness, and the sustainability of profit margins,' Citi stated. Furthermore, regardless of changes in customer structure, TSMC is expected to be a major beneficiary of the ongoing growth in AI semiconductor demand. Additionally, Goldman Sachs has raised TSMC's ADR target price from $550 to $600 ahead of the second-quarter earnings announcement, reaffirming its 'Buy' rating. Goldman Sachs believes that demand for AI and high-performance computing (HPC) has become a structural growth engine for TSMC over the years. Last quarter, the firm observed that momentum for 2027 is particularly strong, especially due to demand from AI accelerators and server CPUs, with demand in advanced process nodes and advanced packaging continuing to far exceed supply. Goldman Sachs anticipates that TSMC will further accelerate its capacity expansion and capital expenditures, while ongoing productivity improvements and strategic pricing will drive profit margins toward a structurally higher trajectory in 2027 and beyond.

TSMC Rises Over 2% Pre-Market; Citi Expects Revenue Guidance Increase for 2026

On July 6, CNBC reported that significant developments have occurred in the Russia-Ukraine situation over the past 72 hours. U.S. President Trump spoke separately with Russian President Putin and Ukrainian President Zelensky. Ukrainian drones attacked oil depots and port facilities in St. Petersburg, prompting Russia to launch its second large-scale airstrike on Kyiv within a week. Markets are once again focusing on geopolitical issues, energy security, and European defense risks. Zelensky stated that he discussed the front-line situation with Trump and agreed to continue consultations at the upcoming NATO summit, noting that 'there is a real opportunity to end this war, and the determination of the United States is crucial.' The Kremlin reported that Trump and Putin had a conversation lasting about 90 minutes, during which they discussed ending the Russia-Ukraine conflict and the prospects for future U.S.-Russia cooperation. Kremlin aide Ushakov described the call as 'pragmatic and constructive,' with Trump emphasizing the need to end the conflict quickly to unlock the potential for cooperation between the two countries. Meanwhile, Ukraine has recently intensified its strikes on Russian energy facilities and military targets. According to Ukrainian sources, they attacked a major oil terminal in St. Petersburg and the Russian Baltic Fleet's base in Kronstadt, causing fires at the relevant facilities. In response, Russia launched a large-scale missile and drone attack on Kyiv early Monday morning, resulting in at least 11 deaths and significant damage to several residential buildings. The U.S. think tank Institute for the Study of War (ISW) analyzed that Russia is attempting to convey a narrative to the West that it still holds the initiative on the battlefield, while the Trump administration has recently been more publicly acknowledging Ukraine's progress in striking Russian military and energy facilities, indicating that the public discourse surrounding the battlefield situation between both sides is ongoing.

[Escalation of Russia-Ukraine Conflict Draws Market Attention, Trump Talks with Putin and Zelensky]On July 6, CNBC reported that significant developments have occurred in the Russia-Ukraine situation over the past 72 hours. U.S. President Trump spoke separately with Russian President Putin and Ukrainian President Zelensky. Ukrainian drones attacked oil depots and port facilities in St. Petersburg, prompting Russia to launch its second large-scale airstrike on Kyiv within a week. Markets are once again focusing on geopolitical issues, energy security, and European defense risks. Zelensky stated that he discussed the front-line situation with Trump and agreed to continue consultations at the upcoming NATO summit, noting that 'there is a real opportunity to end this war, and the determination of the United States is crucial.' The Kremlin reported that Trump and Putin had a conversation lasting about 90 minutes, during which they discussed ending the Russia-Ukraine conflict and the prospects for future U.S.-Russia cooperation. Kremlin aide Ushakov described the call as 'pragmatic and constructive,' with Trump emphasizing the need to end the conflict quickly to unlock the potential for cooperation between the two countries. Meanwhile, Ukraine has recently intensified its strikes on Russian energy facilities and military targets. According to Ukrainian sources, they attacked a major oil terminal in St. Petersburg and the Russian Baltic Fleet's base in Kronstadt, causing fires at the relevant facilities. In response, Russia launched a large-scale missile and drone attack on Kyiv early Monday morning, resulting in at least 11 deaths and significant damage to several residential buildings. The U.S. think tank Institute for the Study of War (ISW) analyzed that Russia is attempting to convey a narrative to the West that it still holds the initiative on the battlefield, while the Trump administration has recently been more publicly acknowledging Ukraine's progress in striking Russian military and energy facilities, indicating that the public discourse surrounding the battlefield situation between both sides is ongoing.

Escalation of Russia-Ukraine Conflict Draws Market Attention, Trump Talks with Putin and Zelensky

On July 6, global markets continued the trend of 'cooling risk events and repricing liquidity.' OPEC+ announced an increase in production by 188,000 barrels per day in August, while negotiations between the U.S. and Iran remain open, and transportation through the Strait of Hormuz continues to recover, further reducing energy supply risks. On the other hand, although the Russia-Ukraine conflict persists, market attention is gradually shifting towards a new round of diplomatic negotiations potentially driven by Trump, as well as how fiscal and monetary policies of various countries will affect global capital flows in the second half of the year. At the macro level, more signals of divergence are emerging. The European Central Bank believes that the decline in oil prices has cooled inflation, while Germany is preparing to increase borrowing due to lower-than-expected fiscal revenues. Japan still faces pressures from a weak yen and interest rate differentials, while companies like Micron, Samsung, and Infineon continue to ramp up investments in AI and semiconductors, indicating that global capital is still concentrated in AI infrastructure rather than fully returning to high-risk assets. In the cryptocurrency market, capital remains conservative. In the past week, there has been a net outflow of approximately $275 million from cryptocurrency ETFs, reflecting that even with some easing of geopolitical risks, institutional capital has not actively replenished its positions. Currently, the market is more focused on whether global liquidity will improve again, rather than on short-term events themselves, and changes in ETF capital will remain an important indicator of market risk appetite. Looking ahead, if oil prices continue to stay low and geopolitical tensions do not escalate further, market focus will gradually return to global capital costs, the monetary policies of various countries, and whether AI capital expenditures can be sustained. Before new incremental capital enters the market, the cryptocurrency market may continue to consolidate within a range, waiting for the next significant shift in capital flow.

[Bitunix Analyst: The True Test for Risk Assets Comes from Capital, Not Conflict]On July 6, global markets continued the trend of 'cooling risk events and repricing liquidity.' OPEC+ announced an increase in production by 188,000 barrels per day in August, while negotiations between the U.S. and Iran remain open, and transportation through the Strait of Hormuz continues to recover, further reducing energy supply risks. On the other hand, although the Russia-Ukraine conflict persists, market attention is gradually shifting towards a new round of diplomatic negotiations potentially driven by Trump, as well as how fiscal and monetary policies of various countries will affect global capital flows in the second half of the year. At the macro level, more signals of divergence are emerging. The European Central Bank believes that the decline in oil prices has cooled inflation, while Germany is preparing to increase borrowing due to lower-than-expected fiscal revenues. Japan still faces pressures from a weak yen and interest rate differentials, while companies like Micron, Samsung, and Infineon continue to ramp up investments in AI and semiconductors, indicating that global capital is still concentrated in AI infrastructure rather than fully returning to high-risk assets. In the cryptocurrency market, capital remains conservative. In the past week, there has been a net outflow of approximately $275 million from cryptocurrency ETFs, reflecting that even with some easing of geopolitical risks, institutional capital has not actively replenished its positions. Currently, the market is more focused on whether global liquidity will improve again, rather than on short-term events themselves, and changes in ETF capital will remain an important indicator of market risk appetite. Looking ahead, if oil prices continue to stay low and geopolitical tensions do not escalate further, market focus will gradually return to global capital costs, the monetary policies of various countries, and whether AI capital expenditures can be sustained. Before new incremental capital enters the market, the cryptocurrency market may continue to consolidate within a range, waiting for the next significant shift in capital flow.

Bitunix Analyst: The True Test for Risk Assets Comes from Capital, Not Conflict

According to monitoring by Beating, Thibault Sottiaux, the head of core products at OpenAI, confirmed on social media that the Ultra version of the next-generation flagship model GPT-5.6 Sol will be integrated into Codex. Previously, users complained that OpenAI's decision not to include GPT-5.5 Pro in Codex was a significant oversight. If GPT-5.6 Ultra is integrated, developers may not even need to pay for Claude anymore; Sottiaux subsequently confirmed that the Ultra version is indeed planned for Codex.

[OpenAI Codex to Integrate Next-Generation Flagship Model GPT-5.6 Sol Ultra]According to monitoring by Beating, Thibault Sottiaux, the head of core products at OpenAI, confirmed on social media that the Ultra version of the next-generation flagship model GPT-5.6 Sol will be integrated into Codex. Previously, users complained that OpenAI's decision not to include GPT-5.5 Pro in Codex was a significant oversight. If GPT-5.6 Ultra is integrated, developers may not even need to pay for Claude anymore; Sottiaux subsequently confirmed that the Ultra version is indeed planned for Codex.

OpenAI Codex to Integrate Next-Generation Flagship Model GPT-5.6 Sol Ultra

On July 6, investment research firm Bernstein estimated that SK Hynix's DRAM gross margin for the second quarter of this year is expected to reach 90.9%, approaching the peak of the economic cycle as recognized by the market, with a projected increase to 92% in the third quarter. This growth is primarily driven by high demand for HBM; SK Hynix holds approximately 60% of the HBM market share and is a major supplier to Nvidia. Industry insiders noted that in the history of global manufacturing and technology, very few physical hardware manufacturing businesses, aside from software and platform-based light asset companies, have been able to push gross margins above the absolute high of 90%.

[Bernstein: SK Hynix's DRAM Gross Margin Expected to Reach 90.9% in Q2]On July 6, investment research firm Bernstein estimated that SK Hynix's DRAM gross margin for the second quarter of this year is expected to reach 90.9%, approaching the peak of the economic cycle as recognized by the market, with a projected increase to 92% in the third quarter. This growth is primarily driven by high demand for HBM; SK Hynix holds approximately 60% of the HBM market share and is a major supplier to Nvidia. Industry insiders noted that in the history of global manufacturing and technology, very few physical hardware manufacturing businesses, aside from software and platform-based light asset companies, have been able to push gross margins above the absolute high of 90%.

Bernstein: SK Hynix's DRAM Gross Margin Expected to Reach 90.9% in Q2

On July 6, The Block reported that Ripple has announced it has obtained a comprehensive MiCA license from the Luxembourg CSSF, allowing it to provide crypto asset services in all 30 countries of the European Economic Area.

[Ripple Obtains Comprehensive MiCA License from Luxembourg CSSF]On July 6, The Block reported that Ripple has announced it has obtained a comprehensive MiCA license from the Luxembourg CSSF, allowing it to provide crypto asset services in all 30 countries of the European Economic Area.

Ripple Obtains Comprehensive MiCA License from Luxembourg CSSF

SK Hynix: Baillie Gifford Overseas Limited, funds managed by Coatue Management, and Situational Awareness Partners LP have expressed interest in purchasing up to $7 billion in ADRs. (Jin Ten)

[SK Hynix: Baillie Gifford and Other Funds Express Interest in Purchasing Up to $7 Billion in ADRs]SK Hynix: Baillie Gifford Overseas Limited, funds managed by Coatue Management, and Situational Awareness Partners LP have expressed interest in purchasing up to $7 billion in ADRs. (Jin Ten)

SK Hynix: Baillie Gifford and Other Funds Express Interest in Purchasing Up to $7 Billion in ADRs

On July 6, according to an official announcement, Huobi HTX has launched CRWD/USDT and NES/USDT perpetual contracts, with a maximum leverage of 10 times. Additionally, from July 6, 15:00:00 to July 13, 15:00:00 (UTC+8), Huobi HTX will hold a trading competition for CRWD and NES contracts, with a total prize pool of up to $20,000. During the event, users who register and participate in CRWD/USDT and NES/USDT contract trading with a cumulative effective trading volume of ≥1,000 USDT will be eligible to share the prize pool based on their trading volume rankings. New users trading in the event's designated contracts will also receive exclusive benefits.

[Huobi HTX Launches CRWD and NES Perpetual Contracts and Starts Trading Competition]On July 6, according to an official announcement, Huobi HTX has launched CRWD/USDT and NES/USDT perpetual contracts, with a maximum leverage of 10 times. Additionally, from July 6, 15:00:00 to July 13, 15:00:00 (UTC+8), Huobi HTX will hold a trading competition for CRWD and NES contracts, with a total prize pool of up to $20,000. During the event, users who register and participate in CRWD/USDT and NES/USDT contract trading with a cumulative effective trading volume of ≥1,000 USDT will be eligible to share the prize pool based on their trading volume rankings. New users trading in the event's designated contracts will also receive exclusive benefits.

Huobi HTX Launches CRWD and NES Perpetual Contracts and Starts Trading Competition

On July 6, Critini Research analyst Jukan pointed out that Samsung and SK Hynix are re-evaluating the timing for adopting hybrid bonding in HBM, and it may not be implemented even by HBM5. There are two core reasons for this: first, JEDEC is discussing relaxing the thickness standard for HBM5 to a maximum of about 1000μm (HBM3E is 720μm, and HBM4 has been relaxed to 775μm). With the standard loosening, the thinning advantage of hybrid bonding without bumps is no longer urgent; second, there are simpler alternatives for heat dissipation—Samsung has developed the Heat Path Block, and SK Hynix has launched iHBM (ICE HBM), both of which involve placing independent heat dissipation devices next to HBM, planned for application starting with HBM5, which poses lower technical difficulty and more stable commercialization. Additionally, major clients like Nvidia currently do not have urgent demands for high-stacking products with over 16 layers, and 12-layer products may still be mainstream in the HBM4E phase. However, research and development of hybrid bonding has not stagnated. Currently, the I/O count of HBM4 has doubled to 2048, and the existing TC thermal compression bonding process is nearing its limits; if the I/O count further doubles to 4096 in the future HBM5E phase, the lateral diffusion of bumps will make TC bonding difficult to support, necessitating the use of copper direct bonding for hybrid bonding to achieve higher density connections. Jukan assesses that in the short term, due to simpler solutions for thickness and heat dissipation, hybrid bonding will not be deployed on a large scale; however, in the medium to long term, when I/O density explodes again, it will still be an inevitable direction. This will directly impact the market expectations of core suppliers of hybrid bonding equipment like Besi. The delay in the technology shift means that the timeline for scaling up related equipment orders needs to be re-evaluated.

[Critini Analyst: Samsung and SK Hynix Reassessing Timing for HBM Hybrid Bonding Adoption, Technology Shift May Be Delayed]On July 6, Critini Research analyst Jukan pointed out that Samsung and SK Hynix are re-evaluating the timing for adopting hybrid bonding in HBM, and it may not be implemented even by HBM5. There are two core reasons for this: first, JEDEC is discussing relaxing the thickness standard for HBM5 to a maximum of about 1000μm (HBM3E is 720μm, and HBM4 has been relaxed to 775μm). With the standard loosening, the thinning advantage of hybrid bonding without bumps is no longer urgent; second, there are simpler alternatives for heat dissipation—Samsung has developed the Heat Path Block, and SK Hynix has launched iHBM (ICE HBM), both of which involve placing independent heat dissipation devices next to HBM, planned for application starting with HBM5, which poses lower technical difficulty and more stable commercialization. Additionally, major clients like Nvidia currently do not have urgent demands for high-stacking products with over 16 layers, and 12-layer products may still be mainstream in the HBM4E phase. However, research and development of hybrid bonding has not stagnated. Currently, the I/O count of HBM4 has doubled to 2048, and the existing TC thermal compression bonding process is nearing its limits; if the I/O count further doubles to 4096 in the future HBM5E phase, the lateral diffusion of bumps will make TC bonding difficult to support, necessitating the use of copper direct bonding for hybrid bonding to achieve higher density connections. Jukan assesses that in the short term, due to simpler solutions for thickness and heat dissipation, hybrid bonding will not be deployed on a large scale; however, in the medium to long term, when I/O density explodes again, it will still be an inevitable direction. This will directly impact the market expectations of core suppliers of hybrid bonding equipment like Besi. The delay in the technology shift means that the timeline for scaling up related equipment orders needs to be re-evaluated.

Critini Analyst: Samsung and SK Hynix Reassessing Timing for HBM Hybrid Bonding Adoption, Technology Shift May Be Delayed

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Critini Analyst: Samsung and SK Hynix Reassessing Timing for HBM Hybrid Bonding Adoption, Technology Shift May Be Delayed

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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