Justin Sun: Li Lin Once Concealed Due Diligence Materials, I Lent the Company $30 Million to Fill the Gap

Binance founder CZ issued a bullish statement on Bitcoin: "Artificial intelligence is undoubtedly powerful, but it cannot hedge against inflation. Bitcoin can."

Japan will procure 27,500 NVIDIA Rubin chips to build robotics AI systems.

The U.S. House Financial Services Committee will hold a field hearing in New York on July 17, titled "Building the Future of Finance: How the CLARITY Act Unlocks Innovation". (Note: The CLARITY Act refers to the Cryptocurrency Market Structure Act.) Participants include Sarah Aberg, Chief Legal Officer of Nova Labs; Randi Abernethy, Head of Clearing and Enterprise Risk at Bullish; Ryan Louvar, Chief Legal Officer of WisdomTree; and Jason Somensatto, Policy Director at Coin Center. The hearing will also discuss H.Res. 111 (Supporting Blockchain Technology and Digital Assets) and H.R. 8957 (American Reserve Modernization Act).

Counterpoint Research Director Hwang Minsung noted that a 15% global DRAM market share is the benchmark for CXMT’s (ChangXin Memory Technologies) long-term survival—falling below this level would repeat the 2008 fate of Taiwanese DRAM makers, which slid to a 3% share due to their inability to cover next-generation factory investments. Currently, CXMT’s global DRAM bit shipment market share stands at around 9%, with a target to lift it to 11% by 2028. Funds raised from this IPO will go toward next-generation G5 process technology, HBM3 high-bandwidth memory R&D, and capacity expansion. The company plans to increase monthly production capacity from the current 320,000 wafers to 420,000 by 2027, double that by 2030, and triple it by 2035; LPDDR5 and DDR5 are projected to make up roughly 75% of total output, and PC and server DRAM have already begun shipping to global customers. Counterpoint identified four key variables to monitor post-IPO: HBM mass production yield and revenue ramp-up progress (boosted by Huawei Ascend AI chip expansion, HBM revenue potential is around $2 billion by 2028); ability to secure large-scale procurement contracts from major global clients outside China (Apple supply still depends on approval); potential additional equipment export controls triggered by escalating trade tensions; and whether it can reach 20% bit market share and 15% revenue market share respectively in the medium to long term. Neil Shah pointed out that while U.S. equipment export restrictions on CXMT pose constraints, “ironically, this may instead push CXMT to outperform traditional industry giants in differentiated technology paths such as vertical channel transistors and wafer-to-wafer bonding—these giants often delay technological innovation to protect their existing equipment investment returns.”

The U.S. Senate passed a resolution by unanimous consent on Wednesday, stating that FTX founder Sam Bankman-Fried should not receive a presidential pardon or commutation "under any circumstances." The non-binding resolution was jointly introduced by two leaders of the Digital Assets Subcommittee of the Senate Banking Committee: Republican Senator Cynthia Lummis of Wyoming and Democratic Senator Ruben Gallego of Arizona. Lummis, one of the crypto industry’s most staunch supporters in Congress who has spent years pushing for legislative frameworks for the sector, explicitly advocated for keeping SBF detained in this case. Gallego’s statement ended simply: “Let him stay in prison.” Under his current sentence, SBF will not be eligible for release until around 2044.

South Korea’s Financial Services Commission (FSC) has announced regulatory measures targeting single-stock leveraged ETFs, including raising the minimum margin requirement for chip-focused leveraged ETFs. The minimum margin will be lifted from 10 million won to 30 million won, with only cash eligible as margin; each single-stock leveraged trade is capped at 20 shares per order. The country will also prohibit the listing of new single-stock leveraged products.