Citrini Analyst: Don't Underestimate Yangtze Memory's Competitiveness, NAND Flash Will Remain in Persistent Shortage

According to Fortune, Abu Dhabi sovereign wealth fund Mubadala Capital announced a partnership with Coinbase and infrastructure provider KAIO to launch a blockchain-native version of its long-term private equity fund, which will be offered as a compliant token to qualified investors. As part of the collaboration, Coinbase will operate the token on its Base blockchain, purchase the token, and include it on its balance sheet — marking the first time a U.S. public company has used regulated tokenized assets for native on-chain treasury management on its U.S. stock balance sheet.

Citrini analyst Jukan published an article refuting the view that "China's open-source models are irrelevant to NVIDIA", noting that the boom in China's open-source AI is actually strengthening NVIDIA's dominant position. China continues to use NVIDIA GPUs for model training and releases versions optimized for NVIDIA hardware. As a result, models like DeepSeek V4 and Kimi K3 still rely on NVIDIA GPUs as the most advantageous platform for inference—no one uses TPU or Trainium to run inference for these models. This protects NVIDIA's moat in two ways: first, it maintains its status as the optimal platform in the inference market; second, it indirectly curbs the motivation of hyperscale cloud providers to promote self-developed ASICs as alternatives to NVIDIA GPUs. Meanwhile, Neocloud providers that rely on NVIDIA GPUs for their inference operations also stand to benefit, as the boom in China's open-source models gives them a steady source of computing power demand. Jukan points out that the real structural risk is long-term: if China achieves true computing power independence and no longer relies on NVIDIA, the consequences will go far beyond losing the Chinese market alone. NVIDIA's dominant position will be significantly weakened, the relative competitiveness of alternatives like TPU and Trainium will rise, and it will also deal a blow to the Neocloud ecosystem, which NVIDIA regards as a key strategic asset.

Google (GOOG.O) disclosed its stake in SpaceX (SPCX.O) in a 10-Q filing, holding shares valued at $94 billion following SpaceX’s IPO. As of June 30, tradable equity securities include $80 billion worth of SpaceX shares, which are subject to short-term sale restrictions.

According to Bitget market data, WTI crude oil surged 5% intraday, currently trading at $91.25 per barrel. Brent crude rose 3.5% to $93.83 per barrel. As of early today, the U.S. military has carried out a new round of strikes against Iran for the 12th consecutive night, targeting Iran’s maritime combat capabilities, missile and drone storage facilities, coastal surveillance sites, and air defense assets. According to PolyBeats monitoring, on prediction platform Polymarket, the probability that WTI crude oil will hit a daily closing price of $110 this month is 34%, the probability of hitting $120 is 10%, and the probability of hitting $130 is 4%.

Stablecoin issuer Mandela Digital has announced the completion of a $5 million funding round, with Datavault AI participating in the investment. The new capital will be allocated to stablecoin infrastructure development, compliance work, exchange platform integration, liquidity expansion, and marketing efforts, as well as accelerating the launch of its 1:1 U.S. dollar-pegged stablecoin, Mandela Dollar (MUSD).

，外国投资者自 7 月 20 日起连续 4 个交易日净买入韩国股票，累计净买入 5.574 万亿韩元，约 37.9 亿美元，推动 KOSPI 指数今日重回 7000 点关口。其中 SK 海力士获净买入 2.756 万亿韩元、三星电子获 1.729 万亿韩元，两股合计达 4.485 万亿韩元，占外资总买入规模的绝对主力。这是外资自 4 月以来首次出现连续 4 日净买入韩股，单日峰值出现在 22 日，净买入额达 2.62 万亿韩元。外资集中重仓韩国存储芯片龙头的核心逻辑有三层：一是谷歌母公司 Alphabet 将 2026 年资本开支指引从 1800 亿至 1900 亿美元上调至 1950 亿至 2050 亿美元，并表示 2027 年将继续显著增加投资，其剩余履约义务飙升至 5140 亿美元，季度环比增长近 10%，验证了超大规模云商的 AI 投入仍在加速；二是经历此前大幅回撤后，三星电子与 SK 海力士的 12 个月远期市净率已分别降至 1.8 倍与 2.7 倍，按今年业绩计算的预期股息率分别达 7.9% 与 11.1%，估值吸引力显著修复；三是 DRAM 合约价预计至 2027 年底仍有约 40% 上涨空间，HBM 因产能消耗远超普通 DRAM 而供应持续偏紧。不过外资在半导体板块内部呈现明显分化——同期净卖出韩美半导体 1399 亿韩元、大德电子 434 亿韩元，SK 海力士与三星电子的业绩可见性相对更高。未来资产证券分析师指出，股价下跌原因已清晰且回调已充分消化，当前是低位加仓区间。