Jefferies Cuts Zhipu’s Price Target to HK$1,183.79; ARR Guidance Beats Expectations, Though Sustainability Remains In Question

CryptoQuant analyst Darkfost wrote in a post that Bitcoin has recently experienced the most severe deleveraging cycle since 2023. In a market long dominated by futures trading volume, Binance’s Open Interest (OI) has dropped significantly, once falling below its 180-day moving average, a sign of the intensity and speed of this deleveraging process. Darkfost argues this process is necessary for Bitcoin. As prices corrected, the market forced previously over-sized long and short positions to be closed or liquidated. This cycle also saw one of the largest liquidation events in Bitcoin’s history. However, despite the sharp deleveraging, Binance’s current Open Interest stands at around $9.6 billion, higher than the 180-day average of roughly $8.3 billion, accounting for about 37% of Bitcoin’s total network-wide Open Interest. This level is even higher than during the May market rally, when BTC briefly rebounded to $82,000. Darkfost points out that while this adjustment has dealt a clear blow to traders, leveraged funds have seemingly quickly returned to the market, becoming one of the key drivers of BTC’s recent rebound. That said, current market leverage levels remain elevated, and if leverage accumulates excessively again in the future, it could still trigger another round of sharp deleveraging.

Serenity released a report stating that Samsung and SK Hynix’s memory inventories have fallen to less than 10 days of supply, with a potential severe shortage next year. KB Securities forecasts the memory market could face "the tightest supply conditions in history" in 2027. In this regard, Serenity pointed out that KB Securities projects the proportion of memory costs in AI infrastructure spending will rise from around 40% this year to 57% next year, while TrendForce’s forecast is even higher at 68%. Meanwhile, related storage stocks have dropped roughly 38% from their highs over the past three months, and their price-to-earnings ratio has fallen to around 3 times based on next year’s expected earnings. On the NAND front, market commentary surrounding Phison also points to extremely tight supply in 2027. Serenity noted that the surge in NAND prices has forced some Chinese consumer-grade storage module makers to clear inventories, creating an opportunity for Phison to purchase stock at low prices—illustrating that localized price declines and overall supply shortages can coexist. Serenity said that against the backdrop of growing AI demand and storage’s rising cost share in AI infrastructure, South Korean storage stocks and U.S.-listed related companies including Micron (MU) and SanDisk (SNDK) may benefit from 2027’s supply-demand tightness and growth in infrastructure spending.

TrendForce released its latest memory industry research, showing that in Q2 2026, driven by a sharp rise in contract prices for conventional DRAM, overall DRAM industry revenue rose 59.5% quarter-on-quarter to approximately $154.73 billion. On the demand front, as LLM model training and AI inference continue to fuel demand for AI servers, shipments of HBM3e, LPDDR5X, and high-capacity RDIMM have grown in parallel; agentic AI applications have further driven procurement demand for RDIMMs of various capacity specifications. On the supply side, TrendForce stated that DRAM manufacturers currently hold low inventories, and new production capacity is prioritized for the server market, leading to only a modest increase in overall DRAM bit shipments in the quarter. The pace of supply expansion remains slower than demand growth spurred by AI and other applications.

Per Blockaid's monitoring, DeFi risk management protocol Cozy Finance’s deployment on the Optimism blockchain is facing a sustained attack. Attackers have so far stolen around $170,000 in assets. Blockaid has since released preliminary attack details, flagging the malicious transactions and linked attacker addresses. Multiple attacker addresses have been confirmed, plus one token address suspected to have been exploited in the breach. It remains unclear whether the attack is still ongoing, and users are advised to exercise caution when interacting with Cozy Finance-related smart contracts.

According to Bitget market data, South Korea’s KOSPI index closed up 308.19 points on Monday, September 7, with a 4.61% gain to end at 6995.4 points. SK Hynix rose 8.26% in closing, while Samsung Electronics gained 5.68%.

According to HTX market data, Ethereum (ETH) has fallen below the $2500 threshold, currently trading at $2497.3, with a daily gain of 0.79%.