Sell-off in chip stocks pauses, real test shifts to tech giants' earnings reports

Changxin Technology announced that the issuance results of its initial public offering (IPO) of shares and listing on the Sci-Tech Innovation Board (STAR Market) have been released. The offering price is set at RMB 8.66 per share, with an initial issuance of 6.688 billion shares, accounting for approximately 10% of the company’s total share capital after the offering. The final strategic placement volume is 1.667 billion shares, and the final online issuance subscription rate is approximately 0.47141739%. Online investors subscribed for 3.845 billion shares, with 6.5862 million shares waived; offline investors subscribed for 2.173 billion shares, with 31,567 shares waived. The joint lead underwriters underwrote 6.6178 million shares, with an underwriting amount of RMB 57.3101 million. Prior to the exercise of the over-allotment option, the issuance expenses amounted to RMB 281 million.

According to official sources, Tether International, S.A. de C.V. — the controlling shareholder of Twenty One Capital — announced today that its board has appointed Raphael Zagury as the new CEO of Twenty One Capital. Current Twenty One Capital CEO Jack Mallers will step down to focus fully on the development of Strike. To ensure a smooth management transition and business continuity, both parties are collaborating on an orderly handover of responsibilities.

Contract whale "Set 10 Big Goals First" posted that in his last trading round, he used 150 BTC to open a position targeting $150 million. He once realized a maximum profit of $120 million, but misjudged the direction when BTC dropped from $120,000, wiping out all his gains and only retaining his principal plus a small profit. For this round, he used 300 BTC to open a position targeting $300 million, and has now realized a profit of $60 million. "Set 10 Big Goals First" added that he has continuously established trading rules and formed good habits. He strictly learned risk control discipline from the lesson of last round's full profit wipeout: one can miss opportunities or make wrong judgments, but must refuse any risk of being liquidated in a single wave. This morning, he shared his trade details: he went long Bitcoin with 4x leverage, with an average entry price of $63,827.06. His current long position is approximately 2,358.05 BTC, worth $150 million. With BTC breaking through $66,000, his unrealized profit may expand to $5.15 million.

According to official announcements, Binance Alpha’s blind box airdrop is now live. The airdrop pool includes tokens from two projects: edgeX (EDGE) and DAOBase (BEE). Users holding at least 256 Binance Alpha points can claim one token airdrop on the Alpha event page. After claiming, users will be assigned to different reward tiers and receive one of the following: 69, 86, or 244 EDGE tokens; or 584, 729, or 2083 BEE tokens. Rewards are distributed on a first-come, first-served basis. If all rewards are not fully distributed, the point threshold will automatically decrease by 5 points every 5 minutes. Claiming the airdrop consumes 15 Binance Alpha points. Users must confirm their claim on the Alpha event page within 24 hours; otherwise, the airdrop will be deemed forfeited.

Samsung Electronics has begun constructing a Die-to-Wafer (D2W) hybrid bonding production line at its Pyeongtaek P5 plant, targeting advanced packaging for next-generation HBM and logic semiconductors. Dutch firm Besi is the preferred core equipment supplier, with Samsung planning to procure around 50 hybrid bonding machines—each priced at approximately 6 billion won (about $4.3 million), twice the cost of competing products. However, negotiations have moved slowly due to Samsung’s demand for custom modifications to the equipment architecture, and Besi, which also supplies TSMC and Micron, is cautious about modifying machines exclusively for Samsung. Samsung is also considering local alternatives: its subsidiary SEMES has completed development of D2W hybrid bonding machines and delivered samples for validation earlier this year; Hanwha Semitech finished developing its second-generation "SHB2 Nano" in February, and sent samples to SK Hynix in April. Its cluster system integrating EFEM, plasma activation, and cleaning modules gives it a differentiated competitive edge. This technology uses hybrid copper bonding to replace traditional thermocompression bonding, enabling direct bonding of copper and dielectric materials and drastically shortening interconnect lengths. Its core application is custom HBM: vertically stacking HBM DRAM layers directly on logic dies that include customers’ computing circuits and IP to form 3D system-in-package (SiP). Citrini analyst Jukan noted that hybrid bonding is expected to be used in NVIDIA’s next-generation AI accelerator Feynman, which will adopt custom HBM, and the technology’s rollout timeline "has been pushed back from HBM4E". Samsung’s internal projections indicate large-scale application will not be realized until around 2029-2030, a timeline that aligns with NVIDIA’s expected window for Feynman.

Since its launch less than three weeks ago, Robinhood Chain has attracted $431 million in total value locked (TVL) and more than 250,000 daily active users. To date, meme token trading has accounted for over 80% of its $9 billion in decentralized exchange (DEX) volume. However, FalconX stated that tokenized real-world assets (RWAs) could be a key driver of Robinhood Chain’s future activity.