Crypto Morning Brief: China May Restrict Overseas Users from Accessing China's Most Advanced AI Models, Citigroup Assigns SpaceX Buy Rating, Target Price $200
TechFlow Selected TechFlow Selected
Crypto Morning Brief: China May Restrict Overseas Users from Accessing China's Most Advanced AI Models, Citigroup Assigns SpaceX Buy Rating, Target Price $200
Zhipu AI plans to develop its own AI chips and has contacted chip companies to accelerate bridging the computing power gap.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
Insiders: China May Restrict Overseas Users from Accessing China's Most Advanced AI Models
According to Reuters, citing three informed sources, Chinese authorities have held multiple meetings with top technology companies to discuss potentially restricting overseas users from accessing China's most advanced artificial intelligence models, including unreleased ones.
"Huawei Genius Youth" Li Bojie Responds to ABCDE Capital Investment Dispute: Investment Funds Not Fully Received, Resigned Due to Family Reasons
In response to public accusations by Du Jun, co-founder of Huobi and ChainUP and founder of Vernal Capital, Metagent co-founder and former CTO Li Bojie (@bojie_li) issued a statement.
Li Bojie stated that ABCDE Capital promised to invest $1.5 million in the investment agreement, but only $500,000 was actually received, with the remaining $1 million never arriving. However, the company's cap table continued to record his equity based on the $1.5 million share. Affected by this, he and the co-founder voluntarily reduced their salaries, and the company's recruitment and R&D also fell into difficulties.
In October 2024, Li Bojie officially resigned with board approval, citing personal family reasons preventing him from leaving mainland China and compliance risks associated with Web3 projects. He stated that during his tenure, he always fulfilled his responsibilities to disclose the cap table and business status on schedule, and after leaving, he complied with non-compete clauses, voluntarily avoiding startup projects in fields such as Web3, AI infra, and image generation.
Previously, Du Jun publicly stated that Li Bojie was the "founder with the least sense of contract" he had ever worked with, accusing him of refusing to fulfill basic obligations agreed upon in the investment agreement, including refusing to synchronize business progress and financial status with investors, before subsequently losing contact directly.
Zhipu AI Plans to Self-Develop AI Chips, Has Contacted Chip Companies to Accelerate Making Up for Computing Power Shortcomings
According to The Information, informed sources revealed that Zhipu AI is evaluating the possibility of designing self-developed AI chips to address the rapid growth in demand for its GLM series open-source large models and computing power resource shortages caused by U.S. export restrictions. Recently, it has made preliminary contact with some Chinese chip design companies to explore cooperating on developing a custom AI processor optimized for its model operation scenarios.
SEC Chairman Releases 2026 Regulatory Agenda Statement, Responding to Trump's "Crypto Capital of the United States" Goal
According to the SEC official website, SEC Chairman Paul Atkins released the 2026 regulatory agenda statement on July 7. The statement covers three core directions:
First is crypto asset regulation, responding to Trump's "Crypto Capital of the United States" goal, promoting compliant landing of crypto products, formulating crypto asset financing rules, and clarifying the custody and on-chain trading framework for tokenized securities;
Second is revitalizing public markets, advancing IPO reforms, attracting more companies to list by simplifying information disclosure systems and reducing compliance burdens, allowing ordinary investors to share in economic growth dividends;
Third is opening up the private market, planning to promote retail investor participation in the private market, while setting up appropriate protection mechanisms to break down "exclusive to the wealthy" barriers.
Atkins stated that the SEC will adhere to the mission entrusted by Congress to ensure that the U.S. capital market continues to lead the world in depth, vitality, and innovation conversion capabilities.
Citi Gives SpaceX Buy Rating, Target Price $200
Citi initiated coverage research on SpaceX (SPCX.O), giving a buy rating with a target price of $200.
EDX Markets Completes $76 Million Series C Financing, Led by SBI Holdings
According to PRNewswire, institutional digital asset technology company EDX Markets announced the completion of a $76 million Series C financing round, led by Japanese comprehensive financial group SBI Holdings. This round of financing will be used to expand its trading, clearing, and settlement capabilities, accelerate product development, and expand global business. SBI Holdings has recently continued to layout in the digital asset field, including issuing Japan's first trust bank-backed yen stablecoin JPYSC, and promoting the domestic circulation of USD stablecoins such as RLUSD and USDC. In addition, EDX launched the crypto-as-a-service product EDX FlowConnect™ earlier this year and submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish a regulated national trust bank EDX Trust to provide digital asset custody, clearing, and settlement services.
Amazon Plans to Raise at Least $25 Billion Through USD Bond Issuance
Amazon (AMZN.O) plans to raise at least $25 billion through USD bond issuance.
BonkDAO Attacked by Malicious Governance Proposal, Approximately $20 Million Worth of BONK Stolen
According to official news, BonkDAO stated that its DAO treasury was attacked due to a malicious governance proposal, and approximately $20 million worth of BONK tokens were stolen. Investigations showed that the relevant addresses had purchased BONK through exchange wallets before the proposal was initiated. BonkDAO is cooperating with exchanges, cross-chain bridges, and the Solana Foundation to handle the matter. Law enforcement agencies have been notified, and follow-up efforts will continue to pursue fund recovery and accountability.
Tether Announces $20 Million Investment in Latin America's Largest On-Chain Financial Platform Mercado Bitcoin
According to an announcement on Tether's official website, Tether announced the completion of a $20 million strategic financing for Latin America's leading on-chain financial service platform Mercado Bitcoin.
Mercado Bitcoin was founded in 2013 and currently serves 4.5 million users. It has issued over 2 billion Reals in tokenized assets and holds over 10 regulatory licenses in Brazil and Europe. Its business covers multiple fields including exchanges, tokenized investment products, credit and lending, stablecoin payments, banking infrastructure, and cross-border financial services.
Funds from this round of financing will be used to expand payment infrastructure, scale up tokenized investment products, enhance credit capabilities, advance on-chain capital market construction, and continue to promote international expansion.
Today's Market Performance
Recommended Reading
India, the First Country Shorted by AI
https://www.techflowpost.com/article/32401
AI is impacting India's IT outsourcing model that has lasted for decades. India's IT stocks and white-collar employment market are facing unprecedented pressure: the global service system previously built on the dividend of low-cost engineers is being replaced by large models at lower costs and higher efficiency, leading to shrinking market caps of IT giants, slowed hiring, increased layoffs, and also facing a national-level industrial structure reassessment for India's vast engineer class.
SpaceX Included in Nasdaq 100 Today, $800 Billion Passive Buying Enters, But History Dampens Bulls' Enthusiasm
https://www.techflowpost.com/article/32400
SpaceX was officially included in the Nasdaq 100 before the market opened on July 7. Over $800 billion in index-tracking funds were forced to reallocate positions for it, with QQQ alone buying approximately $4.3 billion. However, this stock, listed for less than a month, has fallen 28% from its high of $225. Starting in August, insiders will be able to sell up to 44% of shares as lock-ups expire sequentially. Whether index inclusion is a buying point or a top signal, Wall Street disagreement is rarely this large.
SpaceX officially joined the Nasdaq 100 Index today. The technology and rocket launch company was included at Tuesday's open. Calculated at three times its original float market cap of $75 billion, it corresponds to approximately 1.3% of the index weight. Less than a month since its IPO listing on June 12, it is one of the fastest inclusion cases in Nasdaq 100 history.
Mechanical buying by passive funds is the core of this story. But regarding exactly how large this buying pressure is and which direction the stock price will go, Wall Street has given almost opposite judgments.
Morgan Stanley Research Report Interpretation: Memory Cycle Near Peak, But 2027 Earnings Still Look for 35%-40% Growth
https://www.techflowpost.com/article/32399
Morgan Stanley released the Asia-Pacific Memory Flash on July 6, giving clear judgments on the three most controversial memory issues currently: The largest AI spender was rumored to have excess computing power to sell, and the market worries that the entire AI construction is already oversupplied; stock prices have been slow to rise after the Long-Term Agreement (LTA) announcement; and whether the memory cycle has already peaked.
Morgan Stanley's conclusion is clear: Memory is approaching the peak rate of change in three dimensions: year-over-year prices, inventory, and earnings revision breadth. Short-term stock prices may face pressure, but this round of AI-driven memory bull market is far from over. Memory industry earnings in 2027 are expected to still grow by 35% to 40%, and the rise of AI agents will continue to drive demand. Morgan Stanley suggests finding opportunities in DRAM and traditional memory, avoiding module manufacturers.
JPMorgan Tokenized Fund TVL Surges 250% in One Month, Institutional Funds Are Treating Ethereum as Default Underlying Layer
https://www.techflowpost.com/article/32396
If you are still holding Ethereum, with the price having fallen by more than half this year, you might want to know who is still entering at this level.
The answer is the most conservative money on Wall Street. A tokenized money market fund from JPMorgan called JLTXX saw its on-chain scale surge from $200 million to nearly $700 million in seven weeks since launch, up about 250% in one month, and it runs only on Ethereum. In the same week, BitMine, helmed by Tom Lee, bought approximately $73 million worth of ETH in a single week, with total holdings touching 4.8% of Ethereum's circulating supply. ETH price is falling, but institutions are hoarding; these two things are happening simultaneously.
JPMorgan didn't make much noise but turned a tokenized fund into one of the fastest-growing products in recent years.
According to crypto financial media The Defiant, JPMorgan's OnChain Liquidity Token Money Market Fund (code JLTXX) saw its on-chain assets under management grow by about 250% in the past month, with data coming from blockchain analytics platform Token Terminal. This fund runs only on Ethereum.
This Week's Crypto Watch | 7 Projects Including Jupiter, NEAR, Jito Are Making Moves Together, Understand Who Is Worth Watching with a "Catalyst Calendar"
https://www.techflowpost.com/article/32389
If you are holding these altcoins, or planning to buy the dip while the SOL ecosystem warms up, this week's schedule is worth putting on your calendar. Crypto KOL @TheDeFinvestor listed a catalyst checklist for this week, with seven projects releasing good news intensively from July 6 to next week: Jupiter launches the unified market GUM private beta today, NEAR starts the "Grand Reveal" live stream tomorrow, Berachain hard forks to rewrite the token model on July 7-8, Zcash Ironwood upgrade at the end of the month...
We have made a detailed summary of the background and overall timeline behind each item in this article.
Join TechFlow official community to stay tuned
Telegram:https://t.me/TechFlowDaily
X (Twitter):https://x.com/TechFlowPost
X (Twitter) EN:https://x.com/BlockFlow_News
深潮TechFlow
