每周编辑精选 Weekly Editor's Picks（0704-0710）
- 核心观点：本期文章覆盖宏观经济、AI投资、Web3与传统产业融合及加密货币市场动态，重点分析了高盛看多中国AI板块、印度受AI冲击、特朗普“特朗普账户”受益标的、SK海力士上市热潮及长鑫存储的崛起，揭示了资金流向、技术替代与合规化趋势。
- 关键要素：
- 高盛建议做多中国AI价值链，估算相关市值约4万亿美元，但全球共同基金科技敞口对中国配置仅1.2%，看好低配资金重估机会。
- 印度Nifty IT指数被视为“AI替代人类白领”做空标的，其依赖输出初级工程师的模式因签证限制和AI替代而面临挑战。
- “特朗普账户”接受股票捐赠，早期捐赠主体（如SpaceX）可能受益，直接影响标普500指数和访问路径（纽约梅隆银行、Robinhood）。
- SK海力士在美ADR认购超7倍，预计成历史最大外资上市，但其股价波动与AI资本开支预期密切相关，科技巨头财报成关键。
- 长鑫存储（CXMT）成为苹果、谷歌等巨头供应商，与腾讯签超200亿元DRAM协议，但高利润源于周期而非稳定成长，需谨慎估值。
- MiCA法规落地后，Tether退出欧洲，Circle获合规红利，强调合规身份对稳定币长期资格的重要性。
- Strategy的“卖币”操作不仅限于公开的12.5亿美元额度，其通过会计分类管理资产负债表，比特币已成为维持优先股体系的工具。
The news feed moves too fast, making it easy for in-depth analysis to get buried by hot topics. The "Weekly Editor's Pick" column retrieves these valuable pieces of content from the vast sea of information, helping you filter out the noise, retain insights, and gain inspiration.
Macro Landscape
Goldman Sachs recommends buying into a basket of China's AI value chain, covering power, semiconductors, AI infrastructure, models, and applications.
Goldman Sachs estimates that China's AI-related market cap is approximately $4 trillion, generating about 16% of global AI-related revenue, yet global mutual funds have only allocated about 1.2% of their tech exposure to China.
The core of this trade isn't a breakout by a single AI application, but the revaluation opportunity driven by under-allocation of funds, policy investments, and hardware demand. The risk lies in the fact that data center investments, storage expansion, IPO financing, and AI hardware exports still need to materialize consistently.
India, the First Country Being Short-Sold by AI
If you were to find a trading vehicle in the global market that most purely expresses the narrative of "AI replacing white-collar workers," the answer lies not only on the long side of the Nasdaq but also on the short side of the Mumbai Stock Exchange. The former is Nvidia, the latter is India's Nifty IT index.
The essence of the Indian model is to wholesale junior engineers to the world, the commodity being the repetitive labor of junior and mid-level engineers. Higher visa hurdles and AI replacing jobs are preventing Indians from going to the US.
Investment & Entrepreneurship
When Big Tech Donates Stocks to "Trump Accounts," Which Targets Will Benefit?
On July 4th, the U.S. Treasury officially announced that the long-discussed "Trump Accounts" have officially launched. American parents and children can now download the app and access their accounts to view funds or make donations in real-time.
The initial funding for the "Trump Accounts" primarily comes from government allocations, private donations, and family savings. The Treasury allows stock donations, and SpaceX has already followed suit. In projects that Trump pays close attention to and personally promotes, the earlier a company participates, the more likely it is to receive a public endorsement from the President.
Potential beneficiary targets mainly include three levels: the direct flow of funds into the "Trump Accounts" — the S&P 500; the access path to the "Trump Accounts" — Bank of New York Mellon, Robinhood; and the early donating entities.
For investors, what might truly be worth watching is perhaps not the next company named by Trump, but who can secure the most central position in this decades-long capital pool.
Seven Times Oversubscribed, Can SK Hynix Save the Semiconductor Sector This Time?
The subscription multiple for the American Depositary Receipts (ADR) issued in the US by Korean semiconductor giant SK Hynix has exceeded seven times, potentially becoming the largest foreign listing project in US history. This comes at a time when the entire semiconductor sector is undergoing a sharp correction.
Amidst the ongoing adjustment in the secondary market, SK Hynix's US stock listing has attracted far more capital demand than expected. One speculation regarding the timing of SK Hynix's listing: undergoing a significant stock price adjustment before listing on the Nasdaq might be a strategy to ensure a smoother performance post-listing, satisfying everyone from the company and underwriters to institutions and retail investors…
The financial reports of tech giants over the next few quarters (specifically their clear capital expenditure commitments for AI's future) will be key in determining the direction of the semiconductor market.
Securitize Drops 40% in a Week After Listing, Tokenization Industry Faces Patent War
The SPAC mechanism exposed problems before the fundamentals: after a SPAC listing, the investor structure undergoes a complete shift, from SPAC subscribers who preferred fixed income to stock holders truly looking at long-term fundamentals. This turnover process itself creates significant volatility.
Tokenization infrastructure company tZERO sent a "cease and desist and reservation of rights" letter to Securitize, alleging that its two core products, DS Protocol and Vault Registrar, infringe on patents held by tZERO.
This stock price crash reveals: the secondary market doesn't care about endorsements, only liquidity.
Reviewing 8 "Cash Cow" Projects in a Bear Market: The Top Spender Bought Back $283 Million This Year
Also recommended: «Trump's "Payroll" Exposed: $1.4 Billion in Crypto Revenue, Over 22,000 Stock Trades» «SpaceX Drops Below $150 on First Day of Index Inclusion, Wall Street Chorus Sets Highest Target Price at $800?».
Web3 & AI
Earning $400 Million a Day, "China's SK Hynix" Has Even Apple Begging to Buy
In the global storage industry rankings, after Samsung, SK Hynix, and Micron comes the unlisted Chinese company, Changxin Memory Technologies (CXMT).
This domestic chip company, which had been losing money for nearly a decade, suddenly became one of the most profitable hard-tech enterprises on the A-share market. Over the past week, the name CXMT has appeared frequently in global tech media. Apple is lobbying the US government for a special license to include CXMT in the memory supply chain for Macs and iPads. Google has also initiated procurement evaluation for CXMT's DRAM. Other reports mention that HP and Dell are verifying CXMT's DRAM, while Acer and ASUS are also asking their Chinese partners to adopt more domestic storage chips.
In the same week, Reuters reported that Tencent signed a long-term DRAM server supply agreement with CXMT worth over 20 billion RMB, with a term of three to five years. CXMT's prospectus also lists Alibaba Cloud, ByteDance, Lenovo, Xiaomi, OPPO, vivo, and Honor among its clients.
One point all investors must consider calmly when evaluating CXMT's valuation: in today's massive profits, the cyclical contribution outweighs structural progress. Pricing CXMT as a "stable growth stock" risks overestimating profit sustainability. Understanding it as "a new variable rising within a cycle" is closer to the reality.
Prediction Markets
World Cup Quarter-Finals Approach: Who Are the AIs Voting to Advance?
Different models show a high degree of consensus on the semi-finalists: France, Spain, England, and Argentina.
Also recommended: «After Ronaldo's Emotional Farewell, Polymarket Stages a "Tear Verification" Drama».
Policy & Stablecoins
MiCA Takes Effect, Tether Exits Europe, Circle Captures Compliance Dividends
Tether did not apply for a MiCA license, calling the regulation "very dangerous for stablecoins." Well before the end of the MiCA transition period, Circle had already obtained an EMI license in France and placed USDC and EURC within the MiCA framework.
Stablecoins that aim to remain in mainstream trading and institutional scenarios long-term cannot rely solely on liquidity and user habits; they also need a sufficiently clear compliance identity. This is Circle's opportunity.
CeFi & DeFi
Strategy's Accounting Tricks: The BTC Sale Cap is Far More Than $1.25 Billion
"Replenishing reserves" and "building reserves" — both types of sales ultimately flow into the same reserve pool for the same purpose, but they are classified under different uses.
The previously disclosed "BTC Monetization Program" never limited Strategy to selling only $1.25 billion worth of Bitcoin in total. It only limited one particular pool of funds — the one used for "building" dollar reserves through BTC sales.
The market needs to start understanding Strategy's "special language": "Building" and "replenishing" are essentially just accounting classifications, but they determine whether Strategy's BTC sale will consume the "public quota" seen by the market.
The old Strategy narrative was very simple: Sell MSTR stock → Buy Bitcoin → Offer investors leveraged BTC exposure. But the logic has now changed. Today, Strategy is buying and selling different components of its own capital structure to manage the pressure relationships between common stock (MSTR), preferred shares, dollar reserves, and Bitcoin assets (BTC). This dynamic also creates new conflicts of interest.
Bitcoin is no longer just an asset for Strategy to continuously accumulate; it is becoming a balance-sheet lever used to sustain the preferred stock system. The market must also deconstruct every term Strategy uses and assess what it means for future BTC sales.
Related Reading: «When the Biggest BTC Buyer Becomes a Seller: Who is Buying Strategy's 3,588 Bitcoin?».
The crypto options landscape is a group of adjacent markets with different settlement and payoff types.
Vertical Axis: Settlement (On-chain to Off-chain); Horizontal Axis: Payoff (Vanilla to Exotic)
Meme
ANSEM Hits New High, CZ Enters the Fray, Meme Summer Is Back
Ethereum & Scaling
The Ethereum Foundation is Dead, Long Live the Diverse Ethereum Organization
Weekly Hot Topic Catch-Up
Policy & Macro Markets
Trump comments on Iran: We've already won, especially in the military domain;
US MCSA no longer opposes the CLARITY Act, shifting its stance to neutral;
The Clarity Act was not signed into law on July 4th, making August 7th a key date (Analysis);
US SEC issues 2026 regulatory agenda statement: Promoting tokenized securities trading, driving crypto rulemaking;
North Carolina to impose 6% tax on prediction markets, acknowledging CFTC federal regulatory authority;
South Korean investors bet on China AI, buying $2.8 billion worth in six months: A-share stocks like NAURA Technology Group and Cambricon are being snapped up;
AI Frenzy Continues? US tech companies' committed spending on data center leases hits a record high of $850 billion;
Zhipu AI plans to develop its own AI chips, has engaged with chip companies to accelerate filling computing power gaps;
Earning more in one year than in the past 40, Samsung's estimated operating profit this year is around $200 billion;
CXMT launches IPO on the STAR Market, with an estimated market cap near 295 billion RMB and a lock-up ratio of 78% on the first day;
Google updates Chrome Web Store policy: Bans prediction market-type extensions;
Opinions & Statements
AI Big Three shake up capital markets: SpaceX, OpenAI, Anthropic could create the largest exit wave in US VC history;
Serenity: Humanoid robots may reach a labor substitution inflection point, VCs and tech giants are adjusting strategies;
Cantor Fitzgerald: Bullish on MSTR and BTC correlation repair, STRC is key to restarting the capital engine;
Vitalik: In the next 5 years, Ethereum will enter an era of streamlining, with quantum resistance and privacy becoming top priorities;
Institutions, Major Companies & Leading Projects
Strategy proposes $1.25 billion Bitcoin monetization program to support $1 billion preferred stock buyback;
Polymarket launches Perp trading feature, supporting some crypto and stock assets with up to 20x leverage;
