สัปดาห์นี้ บรรณาธิการคัดเลือก Weekly Editor's Picks (0627-0703)

The information flow moves too fast, making in-depth analysis articles easy to be drowned out by hot topics. The "Weekly Editor's Pick" column sifts through the vast amount of news to retrieve content with judgment value, helping you filter out the noise, retain insights, and gain inspiration.

Investment & Entrepreneurship

Metrics Ventures Market Observation: The World's Fragility is Rapidly Accumulating

Since 2022, disruptions to global supply chains have gradually cornered the economic resilience and monetary-fiscal policy autonomy of countries like Japan, South Korea, and Europe. This is quietly building momentum for future turbulence in global capital markets. A liquidity drain, except in AI and some non-ferrous metal sectors, is actually occurring. Fragile nations are flocking to centralized transactions, and this desperate gamble is unlikely to end well given the current international political and economic landscape.

We need to seriously consider the possibility of MSTR continuously selling BTC. The ever-distant demand makes the cost-effectiveness of BTC as a hedging/shorting strategy against other assets increasingly attractive.

Apple's $4.3 Trillion Market Cap: A Beginner-Friendly Guide to Stock Valuation

Starting with the P/E ratio, understand the basic pricing of a stock relative to its earnings and compare it with the company's own historical average and industry peers. Incorporate the PEG ratio to factor in growth rate – a high P/E ratio is more reasonable when growth is high. Use the Price-to-Sales ratio for a revenue perspective that's harder to manipulate. Calculate the Free Cash Flow Yield and compare it directly to the risk-free rate – it's the clearest contrast between the actual cash return you get from the business and a risk-free alternative. Use EV/EBITDA for cross-capital structure comparisons. Use ROE and ROIC to assess the quality of the business, justifying a reasonable premium. Finally, step back and think about the DCF question: what growth rate is implied by the current price? Is that realistic?

Valuation is not a formula that outputs buy or sell recommendations. It's a language – helping you think clearly about what you're paying for, what you're getting, and whether the trade makes sense considering everything you know.

Also recommended: From SpaceX, Micron to Galaxy Digital, a Look at the 37 New AI Companies and 7 Crypto Dark Horses in the Russell Index and CZ Talks Investing: 70% Crypto, 20% AI, 10% Biotech, Invested in 'Artificial Wombs' and 'Knee Regeneration'.

Web3 & AI

The Cheaper AI Gets, The More Expensive Chips Become

There used to be a narrative in AI: inference efficiency would kill chip demand. However, the reality is the opposite – the cheaper AI becomes, the more valuable physical computing power gets. Every dollar that model companies slash in price eventually ends up in the pockets of chip and wafer fabs.

Nvidia is Starting to Take a Cut of Cloud Providers' Revenue

Nvidia is offering financial backstop commitments to younger cloud service providers that lease its GPUs. If these companies can't find enough AI developers to rent computing power, Nvidia will lease back their unsold GPU capacity at an agreed price. As a condition, Nvidia will take a percentage cut of these cloud providers' revenue, with the share gradually decreasing as the contract progresses.

The "AI Compute Partnership Program" marks a significant strategic shift for Nvidia: on one hand, it expands its customer base by lowering the financing barrier for emerging cloud providers; on the other, it directly participates in the profit distribution of the downstream computing market through revenue sharing, extending its control over the AI industrial chain further downstream. Nvidia is evolving from a chip seller into the "central bank" of the AI computing ecosystem.

On the Eve of Its US Trip, SK Hynix Crashed Like a Memecoin

News that "Meta might release excess computing power" sparked speculation that big tech firms could cut capital expenditures, causing significant market volatility. As the narrative of AI computing power being "absolutely scarce" began to weaken, the semiconductor memory chip sector took a direct hit, with related concept stocks experiencing massive corrections – SK Hynix closed down 14.57% on the South Korean stock market, losing hundreds of billions of dollars in market cap in a single day.

However, this sharp decline in SK Hynix, including the broader sector correction, appears closer to a liquidity squeeze amplified by sentiment than a real reversal in the industry trend.

The Power Rebalance Between Apple and 'Microns': Dissecting the Profit Bill Behind the iPhone

Out of the profit from one iPhone, Apple takes about a quarter, the memory giant takes about one-thirtieth, and TSMC, due to its monopoly, takes about 4%-5% of the profit; the remainder is covered by other hardware suppliers, channels, R&D, and taxes.

With AI backing them, memory suppliers are finally able to be more assertive in front of Apple.

Prediction Markets

Predicting World Cup Knockout Stages: How Different Are Different AIs?

Gemini and DeepSeek write scripts for upsets, Grok and Qwen handle small-score victories in popular matches, ChatGPT and Claude are better for match process analysis.

World Cup Upsets Abound, Prediction Markets' 'Dumb Money' Made Me Laugh

Loss-making cases don't hold value as contrarian indicators.

Policy & Stablecoins

MiCA Transition Ends, License Shortage: Europe Faces Its Largest Exchange Cleanup

On July 1st, the transition grace period for the EU's Markets in Crypto-Assets Regulation (MiCA) officially ended.

Around 194 crypto firms have received formal MiCA authorization. Coinbase (Luxembourg), Kraken (Ireland), OKX (Malta), Bybit (Austria) and others secured licenses ahead of time. Bitget, KuCoin, and others are still applying. Binance withdrew its application in Greece, temporarily seeing users and funds flow out.

A Major Competitor Emerges, CRCL Plummets Over 17%

The new dollar stablecoin Open USD from Open Standard is slated for official launch later this year. Its list of partners is impressive, and the yield generated from its reserve assets will belong to its partners.

In terms of compliance, distribution channels, and adoption rates, Open USD stands on a starting point far higher than ordinary new projects from the very beginning.

Also recommended: Circle CEO Responds to OUSD Challenge: Stablecoins Are a 'Winner-Takes-All' Game, Alliance Models Are Doomed to Fail, Stock Halved in 45 Days, Is Circle Actually a 'DeFi Barometer'?, CLARITY Act Countdown: 25 Days Left. If it Doesn't Pass Before the August Recess, What Happens to the Crypto Market?.

CeFi & DeFi

Lightning Five Strikes! Strategy's Self-Rescue Plan Officially Unveiled

Strategy officially announced the "Digital Credit Capital Framework" new plan, aiming to strengthen the credit quality of its various preferred shares (clearly referring to STRC here), enhance liquidity, and create long-term value for shareholders while maintaining long-term Bitcoin exposure.

Specifics include: Cash reserve status; STRC dividend policy; Preferred stock buyback plan; Common stock buyback plan; Bitcoin realization plan.

The market holds relatively positive expectations for Strategy's self-rescue plan. Both MSTR and STRC saw price increases.

Why is it Hard for STRC Preferred Shares to Return to $100?

A higher dividend rate would become a financial burden for Strategy, potentially worsening its financial situation. Offering a high dividend rate in an unfavorable environment could also become a negative psychological factor for investors. Therefore, adjusting the dividend rate cannot be a fundamental solution. Unless there is a redemption, the claim right of $100 per share is meaningless.

Also recommended: If Strategy Really Sold 491 Bitcoins, How Big Would the Market Impact Be?

Meme

Real-Life 'Black Mirror' Pump.fun Go: Lick a Toilet for $40, Get a Logo Tattooed on Your Forehead for $14,000

Ethereum & Scaling

EF: Ethereum is Becoming the Neutral Infrastructure Most Needed by Governments and Institutions

Week in Review: Hot Topics Catch-Up

Policy & Macro Markets

US CFTC launches broad investigation into Polymarket;

SEC initiates ETF rule review, focusing on crypto funds and prediction market ETFs;

SEC investigates suspected insider trading involving Futu and Tiger Brokers, profiting $100 million through option bets;

Warsh: Fed will chart a new course, will not provide forward guidance; Inflation risks have eased somewhat;

Trump discloses holding over $100 million in BTC and ETH, 2025 filing period income exceeds $1.4 billion; Trump responds to massive crypto gains: He was unaware;

Trump: Made a lot of money from the stock market rise, last year's profits were solely due to the market rise, funds managed professionally;

South Korea to invest 800 trillion won to build chip factories for Samsung Electronics and SK Hynix (Analysis);

Opinions & Voices

Anthropic CEO warns: Open-source AI is heading down a dangerous path, with potential for irreversible misuse;

Cathie Wood: New AI technology initiates a productivity cycle, inflation rebound narrative weakened by macro data;

Wall Street interprets "Meta 'selling computing power' crashes AI hardware": It's not an excess of computing power, nor an industry inflection point;

Agent of the "1011 Insider Whale": AI computing trades are shifting, funds flowing from memory chips to hyperscale cloud providers;

Bitwise CIO: STRC's plunge is a bottom signal, bull market will start in autumn;

Galaxy: Structural conflict between US SEC custody rules and DeFi needs, RIA allocation to on-chain assets limited;

Institutions, Big Companies & Top Projects

Securitize lists on NYSE (Analysis);

Robinhood Chain mainnet launches, simultaneously introducing tokenized stocks, perpetual contracts, and AI agent trading;

OKX launches decentralized platform OKX.AI for the Agent economy;

Data

Whales accumulate, institutions retreat: 270,000 BTC inflows over two weeks reveal potential cycle bottom characteristics;

SOL Meme coin ANSEM speedruns to $100 million market cap (Recap);

Security