Huang Renxun has left Beijing, and NVIDIA has not disclosed whether Huang Renxun met with the DeepSeek founder.

Multiple indicators show Bitcoin’s July rally remains fragile. One of the most closely watched metrics, the Coinbase Premium Index, has been negative for 50 consecutive days. The index measures the price gap of BTC between U.S. exchange Coinbase and Binance. BTC’s price on Coinbase has consistently lagged that on Binance, indicating relatively weak demand in the U.S. market. Meanwhile, U.S. spot Bitcoin ETFs have posted net outflows for 8 straight weeks, while historically, Bitcoin bull markets are typically accompanied by a consistently positive Coinbase Premium Index. Japanese bond yields have continued to climb, with the 10-year Japanese Government Bond (JGB) yield hitting a 30-year high and pushing up borrowing costs in the U.S., U.K., and Germany. If U.S. Treasury yields keep rising, this could act as a headwind for BTC. Bitfinex analysts noted that structural institutional buying has not been confirmed until BlackRock’s IBIT resumes consistent net inflows. Singapore-based crypto trading firm QCP Capital said that if spot Bitcoin ETFs sustain the inflow trend seen since last Friday, the short-term outlook remains constructive. The firm added that if BTC firmly reclaims the $64,000 level this week, it will further boost market sentiment and ease concerns over publicly traded Bitcoin holder MicroStrategy (MSTR).

Raymond James has initiated coverage on SpaceX, assigning a "Strong Buy" rating with an $800 target price. Per market data from BIT (bit.com), SpaceX’s US stock pre-market trading is down 1.18%, currently trading at $158.52.

According to market data from BIT (bit.com), Nvidia's US stock pre-market trading dropped 2.21% to $191.12. Earlier reports revealed that DeepSeek is developing its own AI inference chip.

ING Group’s Jan Frederik Slijkerman wrote in a report that Nvidia’s ability to sustain profit margins is uncertain as major tech giants develop their own chips. He pointed out that key clients such as Microsoft, Alphabet, and Amazon are developing custom chips to help control AI infrastructure costs (capital expenditure efficiency). Accordingly, Nvidia’s pricing power may face fiercer competition than in recent years, making it harder for the company to retain its current extremely high profit margins over the long run, even as it expands into new business lines.

According to Securities Times, Hong Kong-listed Zhipu has received clear commitments from multiple institutional investors that they remain bullish on its long-term prospects and will continue holding its shares as its cornerstone investors’ lock-up period approaches. JSC International Investment Fund SPC stated that, based on its long-term optimism about the company’s future development trajectory, it is willing to maintain its holdings. Per public information, the core state-owned capital investors behind the funds it manages include the Beijing Artificial Intelligence Industry Investment Fund, Beijing Jingneng Green Energy M&A Investment Fund, Beijing Information Industry Development Investment Fund, and Beijing Zhongguancun Science City Phase III Technology Growth Equity Investment Partnership. Professional market-oriented investment institutions WT Asset Management and Optimas Capital Limited, as well as Lingyun Light Technology Co., Ltd. — an early shareholder and cornerstone investor of Zhipu — have also successively stated they will continue holding the company’s shares; any future share reduction plans will be executed in an orderly manner. The combined shareholding of the institutions that made simultaneous commitments accounts for nearly 70% of the cornerstone shares subject to this lock-up expiration, covering national strategic capital, local government industrial guidance funds, large state-owned enterprise industrial funds, and professional market-oriented investment institutions.

Counterpoint Research Director MS Hwang stated that the recent pullback in share prices of memory chip manufacturers does not signal a fundamental shift in the memory chip market. Samsung Electronics fell 6.9% on Tuesday, while SK Hynix dropped 6.1%, despite Samsung forecasting another record quarterly performance driven by strong demand. Some investors may believe that most of Samsung’s upside, fueled by expectations of improved profitability, has already been priced in. He noted: "Recent strike actions and political discussions around profit sharing may also spark concerns about future shareholder returns." However, he pointed out that the fundamentals of memory chip manufacturers remain solid. According to Counterpoint’s July memory chip price tracking report, as customers continue to place orders in advance, DRAM prices are expected to rise by 10% to 20% in the third quarter, higher than its initial forecast of 5% to 10%.