Is China entering the 'DeepSeek era' for lithography machines? News of domestic DUV mass production triggers sharp plunge in global chip stocks.

Moonshot AI’s latest model, Kimi K3, has officially launched on Hugging Face and quickly climbed to the platform’s Trending Top 1 list. Hugging Face CEO Clem Delangue noted that Kimi K3 garnered over 4,000 likes just 30 minutes after its release, marking one of the fastest launch growth rates in the platform’s history. The Kimi K3 launch further expands the influence of Chinese large models in the global open-source community. As Chinese domestic models such as DeepSeek and Qwen continue to advance the open-source ecosystem, Chinese AI models are accelerating their entry into the global developer competition system.

Ondo Finance has announced the launch of its new Ondo Network, a high-performance execution layer designed to combine centralized exchange (CEX)-level transaction speed with the non-custodial, secure settlement capabilities of blockchain. Ondo CEO Ian De Bode stated that the Ondo Network is an evolved version of the original Ondo Chain plan. The company will not operate two separate networks; instead, it has adjusted its roadmap from building a full blockchain to focusing on an execution layer architecture. According to the introduction, Ondo initially planned to comprehensively tokenize real-world assets (RWAs) via Ondo Chain. However, after developing the Ondo Perps perpetual contract trading platform and communicating with users, the company found that the core bottleneck in the current market is not asset settlement, but transaction execution efficiency. The Ondo Network adopts a modular architecture that separates execution, validation, and settlement. It uses secure hardware-isolated execution environments to boost transaction speed while retaining key blockchain features: user self-custody of assets, verifiable transactions, and permissionless access. Currently, Ondo Perps is the first application built on this network, supporting 24/7 trading of perpetual contracts for stocks and commodities, and allowing tokenized real-world assets to be used as collateral. Ondo added that the network will also support other high-performance, privacy-protective, verifiable execution applications in the future, such as spot trading, lending, and structured products. Additionally, the launch of Ondo Network will not change the positioning of the ONDO token. The CEO said that ONDO will remain the governance and incentive token for Ondo’s RWA ecosystem and market infrastructure. As the network gradually decentralizes, ONDO will be used to coordinate the incentive mechanisms for validators, observers, and other ecosystem participants.

According to market data from BIT (bit.com), U.S. chip stocks have declined, with the Philadelphia Semiconductor Index falling approximately 5%. AMD (AMD.O) dropped over 8%, NVIDIA (NVDA.O) fell more than 7%, and Intel (INTC.O) decreased nearly 4%.

July 20–July 26, 2026 #LookonchainWeeklyReport ?? Overview Stablecoin supply was little changed last week, while DEX trading cooled and institutional activity remained muted, with public companies reducing 360 BTC and Bitmine buying just 9,946 ETH. ?? Stablecoin Market The total stablecoin market cap increased by $113.2M. ?? Spot & Perps Trading Volume on DEXs DEX trading cooled last week, with spot volume down 6.65% and perp volume down 14.9% WoW. ?? Protocol Revenue Top protocol revenue rem...

U.S. President Donald Trump is scheduled to deliver a speech in Detroit, a suburb of Michigan, local time on the 27th, focusing on promoting his economic policies and tariff measures. The trip comes amid the heating-up of the U.S. midterm election cycle, where Trump will defend his economic record in the key swing state. Meanwhile, signs of de-escalation have emerged in the U.S.-Iran conflict. After 13 consecutive nights of reciprocal strikes, the two sides suspended military operations over the weekend to create space for diplomatic negotiations. Driven by the ceasefire news, international oil prices dropped sharply, easing market concerns that the Middle East conflict would further hit the global economy. The Trump administration said the suspension of operations aims to push both sides to launch diplomatic contacts and seek a longer-term peace agreement. However, the previous continuous escalation of military actions has already had a noticeable impact on energy markets and global risk assets, and subsequent developments will remain a key focus for markets. Additionally, the U.S. Department of Defense has adjusted its casualty counting method for U.S. troops in the recent U.S.-Iran conflict: four recently deceased U.S. service members will no longer be included in the total death toll of the "Iran war" and will instead be categorized into a new independent classification.

US Senate Republicans plan to push the CLARITY Act into formal consideration this week. Senate Majority Leader John Thune aims to advance the bill before the August recess. Under the agenda, Republicans may first file a cloture motion, which requires 60 Senate votes to move forward. However, the bill still falls short of the 60-vote threshold, making Democratic support critical. Previously, seven Democratic senators stated that the latest version of the CLARITY Act remains "insufficient" in terms of ethical provisions, illegal financial regulation, and conflict of interest rules. Republicans are negotiating with Democrats to revise relevant clauses to secure bipartisan support. Additionally, uncertainties exist within the Republican Party. With a narrow Senate majority and Senate Minority Leader Mitch McConnell expected to be absent, the stances of Republican senators like Josh Hawley and Rand Paul—who previously opposed the GENIUS Act—remain a key point of focus. Meanwhile, US SEC Commissioner Hester Peirce warned that the crypto industry moving traditional financial products on-chain does not automatically exempt them from securities regulations. She noted that some crypto yield vault products, if involving third-party active management of user assets, may qualify as investment funds and need to comply with securities laws. Peirce pointed out that the SEC does not regulate developers for writing code itself, but enterprises cannot assume they are subject to different regulatory rules solely because their operations are deployed on the blockchain. She advised relevant projects to seek legal advice in advance when designing products and communicate with regulatory authorities.