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On June 7, China Galaxy's macro research report stated that strong non-farm data does not mean the Federal Reserve will raise interest rates this year. Overall, the labor market data for May indicates that employment conditions are still better than market expectations, and there is a lack of reasons and data to support a rate cut in the short term. However, the structure still shows that there is no clear risk of acceleration in the labor market, nor will it lead to a spiral of inflation, so there is no need to excessively price in the risk of a rate hike this year. Although the non-farm data has been relatively strong since March, in the short term, it only raises the threshold for a rate cut by the Fed this year and does not create pressure for a rate hike. Overall, market concerns about rate hikes have become the main theme of trading. While China Galaxy Macro tends to believe that the market has overly priced in the risk of rate hikes, the short-term lagging economic data cannot disprove the expectations for rate hikes, and the Fed can only maintain a 'data-dependent' approach. Currently, the market faces a period of correction risk following extreme pricing in AI, and a recovery in liquidity expectations is expected to occur within the year, but it requires waiting.

[China Galaxy Macro: Strong Non-Farm Data Does Not Imply Fed Rate Hike This Year]On June 7, China Galaxy's macro research report stated that strong non-farm data does not mean the Federal Reserve will raise interest rates this year. Overall, the labor market data for May indicates that employment conditions are still better than market expectations, and there is a lack of reasons and data to support a rate cut in the short term. However, the structure still shows that there is no clear risk of acceleration in the labor market, nor will it lead to a spiral of inflation, so there is no need to excessively price in the risk of a rate hike this year. Although the non-farm data has been relatively strong since March, in the short term, it only raises the threshold for a rate cut by the Fed this year and does not create pressure for a rate hike. Overall, market concerns about rate hikes have become the main theme of trading. While China Galaxy Macro tends to believe that the market has overly priced in the risk of rate hikes, the short-term lagging economic data cannot disprove the expectations for rate hikes, and the Fed can only maintain a 'data-dependent' approach. Currently, the market faces a period of correction risk following extreme pricing in AI, and a recovery in liquidity expectations is expected to occur within the year, but it requires waiting.

China Galaxy Macro: Strong Non-Farm Data Does Not Imply Fed Rate Hike This Year

On June 7, analyst @alicharts noted that the best risk-reward opportunities for Bitcoin typically occur when the MVRV (Market Value to Realized Value ratio) pricing bands drop to levels of 1.0 and 0.8. Currently, these two key pricing bands correspond to $53,900 and $43,130, respectively, indicating that if BTC retraces to the aforementioned range, it may provide a favorable entry window.

[Analysis: MVRV Indicator Shows Optimal BTC Entry Point Below $53,900]On June 7, analyst @alicharts noted that the best risk-reward opportunities for Bitcoin typically occur when the MVRV (Market Value to Realized Value ratio) pricing bands drop to levels of 1.0 and 0.8. Currently, these two key pricing bands correspond to $53,900 and $43,130, respectively, indicating that if BTC retraces to the aforementioned range, it may provide a favorable entry window.

Analysis: MVRV Indicator Shows Optimal BTC Entry Point Below $53,900

On June 7, 'New Investment Guru' Serenity responded to how beginners should learn to invest and systematically elaborated on his investment framework. Serenity admitted that his personal style is somewhat different, essentially making independent judgments based on information not yet grasped by the market, combined with the accumulation of life experiences. 'A lot of things are about guessing those unstructured relationships and then waiting to see if you're right. This ability is hard to teach through courses; it's more about accumulating life skills and then applying them to the market.' Serenity reviewed this method through two classic cases. The first is Raspberry Pi: while the market generally viewed RPI as an educational toy, he observed that after the rise of OpenClaw (an open-source AI agent framework), many friends began purchasing Raspberry Pis and Mac Minis to deploy AI applications, and numerous AI orchestration video tutorials appeared online. He concluded that AI would become an ideal growth engine for RPI—his private modeling predicted a revenue growth rate of about 55%, and the final financial report revealed 58%, far exceeding the market's expectation of 14%. 'At that time, the media called it a meme stock because public channels couldn't see the revenue growth brought by AI.' The second case is AXT: he was mocked for buying in at around $12, with large language model illusions even asserting that large-scale cloud vendors and governments should have discovered and fixed the indium phosphide substrate flaw. Analysts estimated AXT was overvalued using steady-state TAM estimates. 'But AXT controls about 40% of the InP supply chain; without it, the entire chain would break. What you need to guess is—if it becomes a bottleneck like NAND, what market value can it achieve based on its control, and what price will buyers assign to it?' Goldman Sachs' current research conclusions and the financial reports of substrate epitaxy companies confirmed his AXT analysis afterward. Serenity also acknowledged that not all investments need to be this complex, 'Many stocks can be evaluated using standard methods.' For example, if AAOI's annualized revenue guidance for the first half of 2027 reaches $471 million, while its current market value is only $12 billion, it may be undervalued; Samsung Electronics is even simpler, looking at the market's modeling of operating profits for 2027 and 2028 to judge whether the current valuation is reasonable. For the harder-to-value JBL, its 1.6T LRO (Linear Receiving Optical) currently lacks clear sales data, 'We can only guess how widespread it is and then deduce its impact on the current market value.' Serenity concluded that what he essentially does is piece together high-confidence inferences from unrelated fragments, 'Of course, it could be wrong at any time.'

[New Investment Guru Serenity Discusses Personal Investment Framework]On June 7, 'New Investment Guru' Serenity responded to how beginners should learn to invest and systematically elaborated on his investment framework. Serenity admitted that his personal style is somewhat different, essentially making independent judgments based on information not yet grasped by the market, combined with the accumulation of life experiences. 'A lot of things are about guessing those unstructured relationships and then waiting to see if you're right. This ability is hard to teach through courses; it's more about accumulating life skills and then applying them to the market.' Serenity reviewed this method through two classic cases. The first is Raspberry Pi: while the market generally viewed RPI as an educational toy, he observed that after the rise of OpenClaw (an open-source AI agent framework), many friends began purchasing Raspberry Pis and Mac Minis to deploy AI applications, and numerous AI orchestration video tutorials appeared online. He concluded that AI would become an ideal growth engine for RPI—his private modeling predicted a revenue growth rate of about 55%, and the final financial report revealed 58%, far exceeding the market's expectation of 14%. 'At that time, the media called it a meme stock because public channels couldn't see the revenue growth brought by AI.' The second case is AXT: he was mocked for buying in at around $12, with large language model illusions even asserting that large-scale cloud vendors and governments should have discovered and fixed the indium phosphide substrate flaw. Analysts estimated AXT was overvalued using steady-state TAM estimates. 'But AXT controls about 40% of the InP supply chain; without it, the entire chain would break. What you need to guess is—if it becomes a bottleneck like NAND, what market value can it achieve based on its control, and what price will buyers assign to it?' Goldman Sachs' current research conclusions and the financial reports of substrate epitaxy companies confirmed his AXT analysis afterward. Serenity also acknowledged that not all investments need to be this complex, 'Many stocks can be evaluated using standard methods.' For example, if AAOI's annualized revenue guidance for the first half of 2027 reaches $471 million, while its current market value is only $12 billion, it may be undervalued; Samsung Electronics is even simpler, looking at the market's modeling of operating profits for 2027 and 2028 to judge whether the current valuation is reasonable. For the harder-to-value JBL, its 1.6T LRO (Linear Receiving Optical) currently lacks clear sales data, 'We can only guess how widespread it is and then deduce its impact on the current market value.' Serenity concluded that what he essentially does is piece together high-confidence inferences from unrelated fragments, 'Of course, it could be wrong at any time.'

New Investment Guru Serenity Discusses Personal Investment Framework

On June 7, OpenAI is preparing for the largest overhaul of ChatGPT since its launch. The company plans to transform ChatGPT into a 'super app' that combines coding tools and AI capabilities, adding products that executives believe can generate more revenue. (Financial Times)

[OpenAI Prepares Largest Overhaul of ChatGPT Since Launch]On June 7, OpenAI is preparing for the largest overhaul of ChatGPT since its launch. The company plans to transform ChatGPT into a 'super app' that combines coding tools and AI capabilities, adding products that executives believe can generate more revenue. (Financial Times)

OpenAI Prepares Largest Overhaul of ChatGPT Since Launch

According to monitoring by Dongcha Beating, Xiaohongshu's hi lab has open-sourced the end-to-end autoregressive text-to-speech (TTS) model dots.tts, which has 2 billion parameters, and has publicly released the complete inference and fine-tuning code under the Apache 2.0 license. The released weights include a base pre-trained version, a self-correcting alignment (SCA) fine-tuned version, and a low-latency inference distilled version. Unlike traditional TTS architectures that rely on discrete audio codec tokens (such as VALL-E, CosyVoice, ChatTTS, etc.), dots.tts implements a fully continuous, end-to-end autoregressive flow matching architecture that does not use any discrete tokens throughout the pipeline. Dots.tts combines continuous features extracted from AudioVAE at a 48 kHz sampling rate with a semantic encoder, a backbone language model (initialized from Qwen2.5-1.5B-Base, directly processing BPE text without the need for pinyin input), and an autoregressive flow matching acoustic head to predict continuous latent variables, which are reconstructed into audio by the generator. By directly predicting continuous features, dots.tts avoids the quality loss caused by discrete quantization, preserving pronunciation details, timbre similarity, and emotional expressiveness. Dots.tts is pre-trained on approximately 1.5 million hours of speech data. In the Seed-TTS-Eval evaluation, dots.tts achieved word error rates (WER) of 0.94% / 1.30% / 6.60% on Chinese, English, and Chinese difficult test sets, respectively, with similarity scores (SIM) of 81.0 / 77.1 / 79.5, reaching open-source SOTA levels. In the MiniMax Multilingual benchmark across 24 languages, the average speaker similarity reached 83.9. Xiaohongshu has provided a Gradio experience space on Hugging Face for users to test zero-shot voice cloning online.

[Xiaohongshu Releases Open Source Continuous Autoregressive TTS Model dots.tts Supporting Zero-Shot Voice Cloning]According to monitoring by Dongcha Beating, Xiaohongshu's hi lab has open-sourced the end-to-end autoregressive text-to-speech (TTS) model dots.tts, which has 2 billion parameters, and has publicly released the complete inference and fine-tuning code under the Apache 2.0 license. The released weights include a base pre-trained version, a self-correcting alignment (SCA) fine-tuned version, and a low-latency inference distilled version. Unlike traditional TTS architectures that rely on discrete audio codec tokens (such as VALL-E, CosyVoice, ChatTTS, etc.), dots.tts implements a fully continuous, end-to-end autoregressive flow matching architecture that does not use any discrete tokens throughout the pipeline. Dots.tts combines continuous features extracted from AudioVAE at a 48 kHz sampling rate with a semantic encoder, a backbone language model (initialized from Qwen2.5-1.5B-Base, directly processing BPE text without the need for pinyin input), and an autoregressive flow matching acoustic head to predict continuous latent variables, which are reconstructed into audio by the generator. By directly predicting continuous features, dots.tts avoids the quality loss caused by discrete quantization, preserving pronunciation details, timbre similarity, and emotional expressiveness. Dots.tts is pre-trained on approximately 1.5 million hours of speech data. In the Seed-TTS-Eval evaluation, dots.tts achieved word error rates (WER) of 0.94% / 1.30% / 6.60% on Chinese, English, and Chinese difficult test sets, respectively, with similarity scores (SIM) of 81.0 / 77.1 / 79.5, reaching open-source SOTA levels. In the MiniMax Multilingual benchmark across 24 languages, the average speaker similarity reached 83.9. Xiaohongshu has provided a Gradio experience space on Hugging Face for users to test zero-shot voice cloning online.

Xiaohongshu Releases Open Source Continuous Autoregressive TTS Model dots.tts Supporting Zero-Shot Voice Cloning

On June 7, market researcher Financelot indicated that the open-source vector indexing library TurboVec, announced last month, is impacting the high memory demand market, with its effects becoming increasingly apparent. The sharp decline in memory stocks on Friday was attributed to this. Financelot stated, 'Goodbye Micron, SanDisk, Samsung, SK Hynix,' expressing a bearish outlook for the storage sector's performance next week. However, community perspectives suggest that TurboVec's impact on the memory sector is limited; whenever new memory optimizations are announced, there are always claims that the entire semiconductor industry is dead. Google Research introduced the TurboQuant quantization algorithm in March of this year, which was implemented as the open-source vector indexing library TurboVec by independent developer Ryan Codrai in late May. This tool significantly reduces the memory requirements of vector databases (for example, compressing 10 million vectors from float32's 31GB to about 4GB, reducing memory usage by approximately 87%, with savings of up to 16 times depending on dimensions and bit width). It supports fully offline operation, executes efficiently on standard Macs, and offers search speeds that are 12-20% faster on ARM platforms compared to FAISS IndexPQ/FastScan. It is completely open-source and can be integrated with frameworks such as LangChain and LlamaIndex. This means developers can efficiently run local vector searches on standard consumer-grade hardware without relying on expensive GPU clusters or cloud services.

[Outlook: Storage Sector May Continue Downtrend Next Week as Google TurboQuant Algorithm Reduces Memory Demand]On June 7, market researcher Financelot indicated that the open-source vector indexing library TurboVec, announced last month, is impacting the high memory demand market, with its effects becoming increasingly apparent. The sharp decline in memory stocks on Friday was attributed to this. Financelot stated, 'Goodbye Micron, SanDisk, Samsung, SK Hynix,' expressing a bearish outlook for the storage sector's performance next week. However, community perspectives suggest that TurboVec's impact on the memory sector is limited; whenever new memory optimizations are announced, there are always claims that the entire semiconductor industry is dead. Google Research introduced the TurboQuant quantization algorithm in March of this year, which was implemented as the open-source vector indexing library TurboVec by independent developer Ryan Codrai in late May. This tool significantly reduces the memory requirements of vector databases (for example, compressing 10 million vectors from float32's 31GB to about 4GB, reducing memory usage by approximately 87%, with savings of up to 16 times depending on dimensions and bit width). It supports fully offline operation, executes efficiently on standard Macs, and offers search speeds that are 12-20% faster on ARM platforms compared to FAISS IndexPQ/FastScan. It is completely open-source and can be integrated with frameworks such as LangChain and LlamaIndex. This means developers can efficiently run local vector searches on standard consumer-grade hardware without relying on expensive GPU clusters or cloud services.

Outlook: Storage Sector May Continue Downtrend Next Week as Google TurboQuant Algorithm Reduces Memory Demand

On June 7, according to HTX market information, Ethereum has rebounded and surpassed $1600, with a 24-hour increase of 1.8%.

[Ethereum Surges Past $1600, 24-Hour Increase of 1.8%]On June 7, according to HTX market information, Ethereum has rebounded and surpassed $1600, with a 24-hour increase of 1.8%.

Ethereum Surges Past $1600, 24-Hour Increase of 1.8%

On June 7, according to Alternative data, the cryptocurrency Fear and Greed Index today stands at 12 (unchanged from yesterday), indicating that market sentiment continues to be in 'extreme fear'. Note: The fear index ranges from 0 to 100 and includes indicators such as volatility (25%), market trading volume (25%), social media activity (15%), market surveys (15%), Bitcoin's dominance in the market (10%), and Google Trends analysis (10%).

[Crypto Fear Index Reports 12, Market Remains in 'Extreme Fear']On June 7, according to Alternative data, the cryptocurrency Fear and Greed Index today stands at 12 (unchanged from yesterday), indicating that market sentiment continues to be in 'extreme fear'. Note: The fear index ranges from 0 to 100 and includes indicators such as volatility (25%), market trading volume (25%), social media activity (15%), market surveys (15%), Bitcoin's dominance in the market (10%), and Google Trends analysis (10%).

Crypto Fear Index Reports 12, Market Remains in 'Extreme Fear'

According to monitoring by Dongcha Beating, OpenAI is preparing for the largest upgrade of ChatGPT since its launch, seeking new growth engines before going public. OpenAI intends to transform ChatGPT into a 'super app' by integrating programming tools and AI agents, adding several new products that executives believe could generate higher revenue. According to more than a dozen current and former employees, these adjustments are part of OpenAI's overall restructuring plan. OpenAI is reallocating resources to aggressively pursue high-profit enterprise clients and intensify competition with rivals like Anthropic. This adjustment will enhance the status of OpenAI's programming product Codex and increase resource investment, reflecting a growing consensus within the company that the future of artificial intelligence is not merely chatbots that answer questions, but intelligent agents capable of performing tasks for users.

[OpenAI to Significantly Upgrade ChatGPT into a 'Super App', Integrating Programming Tools and AI Agents]According to monitoring by Dongcha Beating, OpenAI is preparing for the largest upgrade of ChatGPT since its launch, seeking new growth engines before going public. OpenAI intends to transform ChatGPT into a 'super app' by integrating programming tools and AI agents, adding several new products that executives believe could generate higher revenue. According to more than a dozen current and former employees, these adjustments are part of OpenAI's overall restructuring plan. OpenAI is reallocating resources to aggressively pursue high-profit enterprise clients and intensify competition with rivals like Anthropic. This adjustment will enhance the status of OpenAI's programming product Codex and increase resource investment, reflecting a growing consensus within the company that the future of artificial intelligence is not merely chatbots that answer questions, but intelligent agents capable of performing tasks for users.

OpenAI to Significantly Upgrade ChatGPT into a 'Super App', Integrating Programming Tools and AI Agents

According to TheBlock, Nomura's new crypto trading unit, called Laser Digital, plans to pause its hiring plans while it focuses on rolling out its first products.
The Switzerland-based operation is creating bitcoin and ether-focused crypto funds and exchange-traded fund products — and hopes to gain regulatory approval for the first one by mid-2023.
The team has around 50 people, including 10 joining in the coming months. Laser Digital, which is segregated from the rest of the Japanese bank, recently reviewed staff numbers and decided that an earlier target of 100 hires was no longer appropriate, co-founder Jez Mohideen told The Block.
Expanding the headcount depends on whether ''the market is in a healthy shape,'' he said.

Detail

【Nomura's crypto hiring slows, aims for first product by mid-2023】According to TheBlock, Nomura's new crypto trading unit, called Laser Digital, plans to pause its hiring plans while it focuses on rolling out its first products.
The Switzerland-based operation is creating bitcoin and ether-focused crypto funds and exchange-traded fund products — and hopes to gain regulatory approval for the first one by mid-2023.
The team has around 50 people, including 10 joining in the coming months. Laser Digital, which is segregated from the rest of the Japanese bank, recently reviewed staff numbers and decided that an earlier target of 100 hires was no longer appropriate, co-founder Jez Mohideen told The Block.
Expanding the headcount depends on whether ''the market is in a healthy shape,'' he said.

Nomura's crypto hiring slows, aims for first product by mid-2023

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Nomura's crypto hiring slows, aims for first product by mid-2023

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