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

According to an Axios reporter, U.S. envoy Witkoff and Trump senior advisor Kushner will travel to Doha today, meeting Qatar’s prime minister and other officials on Tuesday to discuss negotiations with Iran. On Wednesday, technical teams from the U.S. and Iran will hold separate meetings with Qatari and Pakistani mediators respectively.

Multiple analysts have recently warned that US equities will face $165 billion in selling pressure from large institutions by the end of June, driven by quarterly rebalancing requirements. According to JPMorgan’s analysis, the selling pressure mainly comes from five major institutional pools: - US fixed-income pension funds, which manage roughly $9.6 trillion in assets, are expected to contribute around $55 billion in stock sales, as their rebalancing discipline is relatively loose and typically only partial rebalancing is implemented. - Japan’s Government Pension Investment Fund (GPIF), with approximately $1.9 trillion in assets under management, is projected to sell around $60 billion in global stocks while buying bonds. - Norway’s sovereign wealth fund, managing about $2.1 trillion in assets, is expected to sell roughly $40 billion in stocks to align with its target allocation by the end of 2025. - The Swiss National Bank (SNB), whose equity weighting has risen, is expected to sell around $25 billion, a figure that could decrease if it raises its target equity weighting. - Balanced mutual funds, with around $4 trillion in assets, due to their stricter monthly rebalancing rules, may post small net stock purchases (about $15 billion) this month, partially offsetting the aforementioned selling pressure. Per past public records, institutional selling pressure is likely concentrated in the final days of the quarter, with some funds executing trades ahead of market close, leading to notable selling pressure at the end of trading sessions. BlockBeats Note: Quarterly rebalancing is primarily driven by institutions’ clear policy asset allocation targets, such as 60% stocks and 40% bonds. After a sharp rally in stocks during the quarter, the equity weighting will exceed the target, triggering a rebalancing signal. Therefore, recently surging AI-related US equities will be the first to face divestment from these institutions.

Morgan Stanley’s strategy team led by Mike Wilson warns investors to significantly raise their stock-picking standards amid the current market correction. Wilson notes the ongoing rally has room to extend, driven by “the market severely underestimating the strength of broad-based earnings recovery”. Against the backdrop of falling oil prices and the Federal Reserve likely being less hawkish than current market pricing, he favors consumer discretionary, transportation, and regional bank sectors. Another key concern for Wilson is the recent sharp volatility in the semiconductor sector, which has made it far harder for the market to maintain historically high allocation positions. The Philadelphia Semiconductor Index (SOX) is a prime example: it surged 7.3% in the week of June 15, then plunged 7.9% the following week. He also offers a cautionary analogy for bulls: semiconductors could be another sector this year to have completed a full boom-bust cycle, with a trajectory similar to the silver sector, just four months behind silver in timing. “If rally broadening is a sustainable main trend, then the current upward momentum in the semiconductor sector will likely hit a temporary peak. Judging by the market’s rhythm, this inflection point seems to be arriving as scheduled. This does not mean the semiconductor industry cycle is completely over, but the lack of near-term upside momentum in this sector will leave room for excess returns in other market segments; sectors like consumer discretionary and transportation will stage a temporary rally supported by their own relative positives.”

According to Bitget market data, US stocks turned from gains to losses after opening, with the Nasdaq 100 index falling. The Philadelphia Semiconductor Index extended its decline to 2.5%, with Micron Technology and Arm dropping over 8%, Intel down 7%, Marvell Technology slipping more than 5%, and Nvidia falling 0.7%.

Bitdeer announced that its wholly-owned subsidiary Tydal Data Center AS has signed a cabinet hosting lease agreement for the Tydal AI data center in Norway. The agreement remains subject to relevant preconditions of the customer and supplier, and is expected to officially take effect within one month. Bitdeer stated that it will disclose details including the customer’s identity, leasing capacity, term, and financial impact after the agreement comes into force.

Sky (formerly MakerDAO), in collaboration with Spark and Uniswap, released a joint statement noting that roughly $150 million in liquidity migrated from the previously launched stablecoin FX Layer project originates from Sky’s USDS ecosystem. As the network’s initial pricing asset, USDS provides foundational liquidity for the USDS/USDT and USDS/PYUSD pools. The three parties emphasized this marks the first large-scale deployment of the liquidity framework, with a long-term vision to onboard more stablecoin issuers—including PayPal’s expanding PYUSD, Ripple’s RLUSD, and institutions like Robinhood and Revolut that are exploring stablecoin operations—to this shared infrastructure, rather than each building independent liquidity networks. They also aim to explore enabling idle funds to generate returns under the governance framework without participating in market making. Earlier on June 25, Spark and Uniswap jointly announced the launch of FX Layer, a stablecoin exchange system designed to deliver shared liquidity infrastructure for multiple stablecoin issuers such as banks, fintech firms, and payment companies, eliminating redundant construction of liquidity pools, market makers, and inventory management. Spark acts as the orchestration layer, deciding how liquidity is allocated and coordinated across different stablecoins, while Uniswap v4 provides a programmable AMM architecture (a DualPool hook based on the hooks mechanism) to execute specific transaction paths.