Weekly Editor's Picks (0704-0710)

The information stream is moving too fast—detailed analysis articles can easily get drowned out by trending topics. The “Weekly Editor’s Picks” column pulls out pieces with real judgment value from a sea of news, helps you filter out noise, keeps insights, and brings inspiration.

Macros

Goldman calls for going long on China AI: behind a $4 trillion market cap, global funds only allocate 1.2%

Goldman recommends buying a China AI value-chain basket, covering power, semiconductors, AI infrastructure, models, and applications.

Goldman estimates China’s AI-related market cap is about $4 trillion, with AI-related revenue accounting for roughly 16% of global AI-related revenue. However, among global mutual funds’ tech exposure, China’s allocation is only about 1.2%.

The core of this trade isn’t a single AI application boom, but a re-pricing opportunity driven by under-allocated capital, policy investment, and hardware demand converging. The risk is that data center investment, storage capacity expansion, IPO financing, and AI hardware exports still need to be continuously delivered.

India—the first country shorted by AI

If you want a trading target in the global market that most purely expresses the narrative of “AI replacing human white-collar workers,” the answer sits both in the Nasdaq long list and the short list on the Mumbai exchange. The former is NVIDIA, and the latter is India’s Nifty IT Index.

The essence of the India model is outsourcing “entry-level engineers” wholesale to the world—commodity work: repetitive labor from entry-level to mid-level engineers. Higher visa barriers and AI replacing jobs are preventing Indians from going to the United States.

Investing & Startups

When big tech donates stocks to “Trump accounts,” which tickers will benefit?

On July 4, the U.S. Treasury officially announced that the long-gestating “Trump Accounts” have officially gone live, and U.S. parents and kids can now download the app and access their accounts to view funds in real time or make donations.

The initial funding for “Trump Accounts” mainly comes from government appropriations, private donations, and family savings. The Treasury allows stock donations. SpaceX has followed suit, and in projects that Trump heavily focuses on and personally promotes, the earlier participating companies are more likely to receive public endorsement from the President.

The potential beneficiaries mainly include three layers: the direct cash flow from “Trump Accounts”—the S&P 500 Index; the access route—Bank of New York Mellon and Robinhood, and early-stage donation entities.

For investors, what’s truly worth watching may not be the next company named by Trump, but who can secure the most core position in this decades-long pool of funds.

Sevenfold oversubscription—can SK Hynix save semiconductors this time?

SK Hynix, the South Korean semiconductor giant, has seen the subscription multiple for its American Depositary Receipts (ADRs) in the U.S. exceed seven times. It is poised to become one of the largest foreign listings in U.S. history. Meanwhile, the entire semiconductor sector is going through a round of sharp pullbacks.

As the secondary market continues to adjust, SK Hynix’s U.S. stock listing still attracted far more-than-expected capital rush. One speculation about SK Hynix’s listing timing: before landing on Nasdaq, the share price underwent a noticeable adjustment—perhaps to look even better after the listing. Company, underwriters, institutions, retail investors—everyone’s happy…

In the next few quarters, the tech giants’ earnings reports (clear capital expenditure for the AI future) will be key to judging the direction of the semiconductor cycle.

Securitize slumps 40% in a week—tokenization gets dragged into a patent war

The SPAC mechanism exposes problems ahead of fundamentals: after a SPAC lists, the investor base undergoes an overall switch—from SPAC buyers who preferred fixed-income exposure, to stock holders who truly care about long-term fundamentals. This churn process itself creates intense volatility.

Tokenization infrastructure company tZERO sent a “cease infringement and reserve rights” letter to Securitize, accusing its two core products, the DS Protocol and Vault Registrar, of infringing patents held by tZERO.

This price crash reflects one thing: the secondary market doesn’t care about endorsements—it only cares about liquidity.

Quick roundup of 8 “cash-cow” projects in bear markets: the biggest one can repurchase $283 million within the year

Also recommended: 《Trump “payroll” leaked: crypto earns $1.4 billion, with over 22k stock trades》《SpaceX dips below 150 on day one—Wall Street collectively turns bullish at the highest possible price of $800?》

Web3 & AI

“China Hynix” earning $400 million per day—Apple is even begging to buy

In the global storage industry ranking, after Samsung, SK Hynix, and Micron comes the China company that has not yet gone public: ChangXin Memory Technologies (CXMT).

This domestic chip company has been losing money for nearly a decade, yet suddenly became one of the most profitable “hard-tech” companies in China’s A-share market. Over the past week, the name CXMT has appeared frequently in global tech media. Apple is lobbying the U.S. government for special licensing, planning to include CXMT in the memory supply chain for Mac and iPad. Google has also started procurement assessment for CXMT’s DRAM. Reports add that HP and Dell are verifying CXMT DRAM, and Acer and ASUS are also pushing Chinese partners to adopt more domestic memory chips.

In the same week, Reuters disclosed that Tencent and CXMT signed long-term server DRAM supply agreements worth more than 20 billion yuan (200+ billion RMB). The term is three to five years. CXMT’s prospectus customer list also includes Alibaba Cloud, ByteDance, Lenovo, Xiaomi, OPPO, vivo, Honor.

For all investors valuing CXMT, one must stay clear-headed: in today’s extraordinary profits, cyclical factors contribute more than structural progress. If you price CXMT like a “stable growth stock,” it’s easy to overestimate profit sustainability. If you understand it as a “new variable rising in a cycle,” you’re closer to the truth.

Prediction Markets

The World Cup Round of 8 is about to kick off—AI models are casting advancement tickets for whom?

Different models are highly consistent in the Final Four predictions: France, Spain, England, and Argentina.

Also recommended: 《After C.R. tears up in farewell, Polymarket puts on a “tears verification” drama》

Policy & Stablecoins

MiCA lands—Tether exits Europe, and Circle catches the compliance upside

Tether didn’t apply for a MiCA license, saying the regulation is “very dangerous for stablecoins.” But even before the MiCA transition period ended, Circle had already obtained a French EMI license and placed USDC and EURC into the MiCA framework.

Stablecoins that can remain long-term in mainstream trading and institutional use can’t rely on liquidity and user habits alone—they also need a sufficiently clear compliance identity. This is Circle’s opportunity.

CeFi & DeFi

Strategy’s accounting tricks: the sell cap is far beyond $1.25 billion

“Replenishing” and “building” are two categories of sales that ultimately flow into the same reserve pool for the same purpose—only classified as different uses.

BTC’s previously disclosed “Monetization Program” (i.e., selling BTC) has never restricted Strategy from selling a total of $1.25 billion worth of Bitcoin. It only restricts one specific funding pool—building the dollar reserve by selling BTC.

The market needs to start understanding Strategy’s “specialized language”: “building” and “replenishing” are essentially accounting labels, but they determine whether Strategy’s BTC sales will consume the “public quota” that the market sees.

Strategy’s prior narrative was straightforward: sell MSTR stock → buy Bitcoin → provide leveraged BTC exposure to investors. But now the logic has changed. Strategy is trading different components inside its own capital structure to manage the pressure relationships among common stock (MSTR), preferred shares, dollar reserves (reserve), and Bitcoin assets (BTC). This dynamic also creates new conflicts of interest.

Bitcoin is no longer just an asset Strategy uses to steadily accumulate—it is becoming a balance-sheet leverage tool to keep the preferred-share system running. The market also has to break down every term Strategy uses to judge what each one implies for future BTC selling.

Further reading: 《When the biggest buyer of BTC becomes a seller—after Strategy dumped 3,588 BTC, who picked it up?》

A full overview of the on-chain options track: from Opyn to Rysk—who has taken the hardest DeFi track?

The crypto options landscape is a set of adjacent markets with different settlement and payout types.

Vertical axis: settlement on-chain vs off-chain; horizontal axis: payoff from vanilla to exotic

Meme

ANSEM hits a new high—CZ jumps in, and Meme Summer is back

Ethereum & Scaling

The Ethereum Foundation is dead—long live diversified Ethereum organizations

Weekly hot-topic binge

Policy & Macro Markets

Trump on Iran: “We already won—especially in the military domain”;

U.S. MCSA no longer opposes the CLARITY Act; its stance has turned neutral;

The Clarity Act wasn’t signed into law on July 4; August 7 is the key deadline (interpretation);

U.S. SEC issues a 2026 regulatory agenda statement: promote tokenized security trading, and push for crypto rule building;

North Carolina in the U.S. will impose a 6% tax on prediction markets, acknowledging the CFTC’s federal regulatory authority;

South Korean investors bet on China AI—over 2.8 billion USD “sweeping buys” in half a year: A-share Northbound Huaichang Ke and Cambricon are being snapped up;

Is the AI frenzy continuing? U.S. big tech companies’ data center leasing commitments are at a new high for funding inflows, reaching $850 billion;

Zhipu plans to develop its own AI chips, has been in talks with chip companies to quickly fill the compute shortfall;

Earnings in one year exceed the past 40 years—Samsung’s estimated operating profit for this year is about $200 billion;

ChangXin Technology’s Sci-Tech Innovation Board IPO launches; estimated market cap is near 295 billion yuan, and the first-day lockup ratio is 78%;

Google updates Chrome Web Store policies: bans extensions related to prediction markets;

Views & Voices

Three AI giants冲击 the capital market: SpaceX, OpenAI, and Anthropic may create the biggest VC exit wave in U.S. history;

Serenity: humanoid robots may enter the labor replacement turning point—VCs and tech giants have started adjusting strategy;

Cantor Fitzgerald: bullish on the linkage between MSTR and BTC repair—STRC is the key to restarting the capital engine;

Vitalik: in the next 5 years, Ethereum will enter a “lean era,” with anti-quantum and privacy as top-level priorities;

Institutions, Big Companies & Top Projects

Strategy plans to use a Bitcoin monetization program of $1.25 billion to support $1 billion in preferred share buybacks;

Polymarket launches Perp trading, supporting some crypto and stock assets, with up to 20x leverage;

Open USD Consortium is accused of being listed as a stablecoin partner with Samsung and others without consent;

Top chain-game guild YGG “cuts off its arm to survive”: shuts down its publishing platform, going All In on the AI data economy;

Data

USDC leads in stablecoin trading volume competition over USDT, with monthly trading volume hitting a new high;

Robinhood Chain’s 24-hour DEX trading volume surpasses Hyperliquid, reaching $433 million;

Meme coin CASHCAT becomes Robinhood Chain’s first breakout;

Nearly one million investors collectively lost more than $3.8 billion in Trump-themed tokens;

Memecoin market cap as a share of total altcoin market cap falls to 3.7%, the lowest in nearly three years;

Bloomberg: SK Hynix ADR pre-market opens at $175, up 17% from the offering price……

Attach the “Weekly Editor’s Picks” series pass at the end. See you next issue~