Crypto Morning Brief: SEC Chair Says Will Push for Market On-Chainization, Meta Plans to Partner with Samsung to Produce AI Chips
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Crypto Morning Brief: SEC Chair Says Will Push for Market On-Chainization, Meta Plans to Partner with Samsung to Produce AI Chips
Goldman Sachs raises ASML target price to 2,000 euros, with upward revisions in capital expenditure by Micron and Samsung as the main reason.
Navigating Web3 tides with focused insightsAuthor: TechFlow
Yesterday's Market Dynamics
SEC Chair: Taking Historic Steps to Push Market On-Chain
According to a post on the official X account of the U.S. Securities and Exchange Commission (SEC), SEC Chair Paul Atkins stated: "Over the past year, we have purposefully advanced the implementation of President Trump's call to make the United States the global capital of cryptocurrency... We are taking historic steps to modernize rules and regulations to facilitate the migration of markets on-chain."
Meta Considering Collaboration with Samsung to Produce Custom AI Chips Worth 10 Trillion Korean Won
According to the Seoul Economic Daily, Meta is considering collaborating with Samsung to produce custom artificial intelligence chips worth 10 trillion Korean won.
According to industry insiders revealed on Wednesday, Meta is collaborating with Samsung Foundry to jointly design and produce next-generation ASICs worth over 10 trillion Korean won. Meta's self-developed AI accelerator "MTIA" had its first and second generations produced by TSMC, but the company has decided to switch to Samsung Foundry for the third generation launching this year. Its third-generation MTIA chip has been confirmed to use Samsung Foundry's advanced 2-nanometer process for mass production, with output reaching hundreds of thousands of units. Meanwhile, U.S. AI giant Anthropic is also evaluating using its 2-nanometer process for chip development.
Bank of America: Investors Withdrawing from U.S. Stock Market at Fastest Pace Since March
Bank of America data shows that investors are withdrawing from the U.S. stock market at the fastest pace since March. For the week ended July 1, U.S. equity funds saw a net outflow of $17.2 billion, marking the first net capital outflow in three months. Data indicates that the Japanese stock market recorded the largest capital inflow in seven weeks, reaching $1.9 billion.
Crypto Payment Company Mesh Undergoing New Funding Round Led by Binance, Valuation Up to $2 Billion
According to Axios, crypto payment and settlement company Mesh is undergoing a new funding round led by Binance. Upon completion, the company's valuation will reach up to $2 billion.
Goldman Sachs Raises ASML Target Price to 2000 Euros, Mainly Due to Revised Capital Expenditure Expectations for Micron and Samsung
According to TechFlow Research, Goldman Sachs raised ASML's 12-month target price from 1770 euros to 2000 euros on July 1, maintaining a Buy rating. This corresponds to 43 times the expected P/E ratio for 2027 (previously 40 times), representing approximately 16.2% upside from the closing price of 1721.40 euros.
Q2 earnings will be announced on July 15. This adjustment is mainly based on revised capital expenditure expectations for Micron and Samsung: Micron provided a fiscal 2027 capital expenditure guidance of approximately $50 billion, and Samsung announced an investment plan of approximately 2450 trillion Korean won from 2026 to 2040, with about 76% directed towards semiconductors. Goldman Sachs also expects the Chinese market to absorb supply this year, with a new round of equipment orders expected in 2027.
BSC Chain Meme TCC Market Cap Briefly Surpasses $18 Million
On July 05, according to GMGN market data, the market cap of BSC chain Meme TCC briefly surpassed $18 million, currently reported at $15.23 million.
TechFlow reminds that Meme coin prices are highly volatile and lack actual value support; investors should note the risks.
BSC Chain Meme Coin CZ Market Cap Surpasses $80 Million, 24-Hour Gain Over 420 Times
On July 05, according to GMGN monitoring, the market cap of BSC chain Meme coin CZ (The Final Form Bull) briefly surpassed $80 million, hitting a new all-time high, currently reported at $82 million, with a 24-hour gain of over 420 times.
Previously reported, crypto blogger @TCryptochicks published a series of "Guess the Riddle" images, and Binance founder CZ subsequently reposted and replied "Water (drop) your BNB wallet".
TechFlow reminds that Meme coin prices are highly volatile and lack actual value support; investors should note the risks.
Whales Sweep Up 270,000 BTC Amid Record ETF Outflows, Bitcoin Shows Structural Divergence Signals
According to CoinDesk, against the backdrop of continuous outflow of U.S. institutional funds, Bitcoin whales have cumulatively increased their holdings by over 270,000 BTC (approximately $16.7 billion) in the past two weeks, forming a clear divergence with the record outflows of U.S. spot Bitcoin ETFs. Analysis points out that this phase-specific divergence has historical cycle characteristics: while institutional funds withdraw, long-term holders and whale accounts continue to accumulate, similar to the capital redistribution structure commonly seen in previous cycle bottom regions.
On-chain data shows that although the spot premium remains negative, indicating that buying pressure within the market is not strong, large wallets continue to increase their Bitcoin holdings. The market is currently in a structural phase of "institutional deleveraging and long-term capital accumulation."
Kioxia Delivers Next-Generation Flash Memory Chip Samples to AI Data Centers
According to foreign media reports, Kioxia has begun delivering samples of its next-generation flash memory chips to AI data center operators, aiming to compete for market share in this high-profit business sector. The Tokyo-headquartered chip manufacturer's latest high-storage-density 3D flash memory chips are designed to better meet the demands of AI data centers for higher storage density, data transmission speed, and energy efficiency. The company said in a statement on Friday that its latest products will be used in the company's solid-state drives for data centers and will be produced at new facilities at its Kitakami plant in Iwate Prefecture, northern Japan.
The chip features a 332-layer stacked structure, allowing more data to be stored on silicon wafers. The new factory facilities will help Kioxia increase production capacity to meet the rapidly growing demand for data storage from artificial intelligence service providers. The company stated it will simultaneously expand production of low-cost ninth-generation scalable bit-cost chips as well as its tenth-generation products.
Morgan Stanley Raises Target Prices for Three NAND Targets, Divergence Appears Between AI and Consumer Ends
According to TechFlow Research, Morgan Stanley released a NAND industry outlook report on July 2, calculating that AI-related NAND demand growth year-over-year in 2027 will be approximately 60%, creating a 9% supply-demand gap, which is expected to continue until 2027. The report also pointed out that after consecutive price increases in the second quarter, actual order reductions appeared on the consumer electronics end, inventory at module factories and distributors rose, consumer-grade product pricing may have peaked, while server-end demand remains strong supported by long-term supply agreements.
In this update, Longsys' target price was raised from 300 RMB to 673 RMB, Phison from 2248 TWD to 2588 TWD, with both ratings maintained at Neutral; Silicon Motion's target price was raised from $155 to $400, with the rating simultaneously upgraded, due to the expansion of enterprise SSD and AI server boot drive business. Morgan Stanley believes that whether supply and demand tighten in 2028, the key variable is the capacity expansion pace of Chinese manufacturer YMTC.
Today's Market Conditions
Recommended Reading
Blaming the Crypto Circle's Desolation on the Rise of AI is Intellectual Laziness
https://www.techflowpost.com/article/32353
History is the victory of the ruthless over the mindless. I think I have found the answer, the question is: "The crypto industry or Token market, at a time when RWA is increasingly embracing blockchain and stablecoins are steadily advancing towards payments, has completely lost the fundamentals of capital valuation." This is actually very strange. Blockchain is indeed the future of finance, but the focus of the era has shifted to "technological competition." Even if the AI bubble bursts, there are still new high grounds such as nuclear fusion, commercial aerospace, and biomedicine. Blockchain is extremely awkward; Western peers lack corresponding counterparts in the East, which leads to the failure of the competition mechanism, and thus the market lacks upward momentum, becoming a Token dumping ground or a Meme void. We cannot change this; no matter how wonderful the mechanism is, it cannot undertake sovereign-level assets, wrapping digital Yuan, tokenized treasury bonds, or A-shares on-chain.
After figuring this out, the problem becomes simpler: for a market destined to be niche but certain in the long term, how to return to a market-based valuation system?
TSMC CoPoS's "Glass Myth": Three Illusions Punctured by Core Supply Chain Figures
https://www.techflowpost.com/article/32352
TSMC CoPoS has not abandoned glass substrates, but the market has prematurely priced in the industrialization expectations of glass substrates. The latest news from the supply chain shows that the first generation of CoPoS will likely still use traditional organic substrates, while truly high-value glass core substrates are still in the verification stage, and large-scale commercialization may have to wait until after 2030. Therefore, the recent surge in glass substrate concept stocks is more about reflecting growth from the next few years into current stock prices in advance. In the short term, caution is needed against overfull expectations, and what is truly worth paying attention to remains the industry chain links with higher certainty and earlier realization, such as CoPoS equipment and panel-level packaging.
Robin Li's Biggest IPO is Coming
https://www.techflowpost.com/article/32347
Kunlunxin is about to land on the Hong Kong stock market, with a target valuation of approximately $50 billion (approximately 340 billion RMB), expected to become the most important value realization window for Robin Li and Baidu's AI strategy. Relying on the explosion of AI computing power demand, the acceleration of domestic GPU substitution, and the valuation reshaping brought by Cambricon, CXMT, etc., Kunlunxin, leveraging Baidu's ecosystem and external commercialization capabilities, is growing into one of the leaders in domestic AI chips. If successfully listed, not only could its market cap exceed Baidu itself, but it will also bring huge asset revaluation opportunities for Baidu, regarded as the most critical card in its AI turnaround battle.
Morgan Stanley Research Report Interpretation: NAND Industry AI and Consumer Divergence, Target Prices for Three Targets Significantly Raised
https://www.techflowpost.com/article/32345
Morgan Stanley updated the NAND industry supply-demand model on July 2, judging that AI demand continues to create a gap, which will continue until 2027, but the situation on the consumer electronics end is already quite different. After several consecutive rounds of price increases in the second quarter, Morgan Stanley began to see actual order reductions from smartphone and PC clients, and pricing for consumer-grade products may soon hit the ceiling.
The most direct signal in this update is that the target prices for three targets were significantly raised: Shenzhen Longsys target price raised from 300 RMB to 673 RMB, Silicon Motion (SIMO) from $155 to $400, and Phison from 2248 TWD to 2588 TWD. Morgan Stanley maintained a Neutral rating for Longsys and Phison unchanged; the target price rose, but the rating judgment did not change, the logic is worth dissecting.
Ethereum Forms Three Major Power Centers, Commercial Lifeline Held in Hands of ETH Whales
https://www.techflowpost.com/article/32344
Ethereum is forming three major power centers "Foundation + Ethlabs + Ethereum Institutional", thoroughly dividing labor among technology, neutral governance, and commercial promotion, while the key force truly driving ETH commercial expansion is gradually shifting to capital institutions holding large amounts of ETH. The Foundation is responsible for maintaining protocol neutrality and long-term development, Ethlabs focuses on underlying technology R&D and ETH value narrative, and Ethereum Institutional is responsible for promoting Ethereum to institutions such as banks and asset management. Such an architecture helps improve institutional adoption rates, but also means commercialization capabilities increasingly rely on financial support from ETH whales such as Bitmine and Sharplink. In the future, Ethereum ecosystem expansion and Wall Street capital inflows will largely depend on ETH price performance and the ability of these holding institutions to continue investing.
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