The SEC Aims to Clear the Way for On-Chain Tokenized Stocks, Proposes Repeal of Two Rules under the National Market System Regulation

According to Bitget market data, Changxin Technology saw an intraday gain of 4.64%, pushing its market capitalization to 3.29 trillion yuan. Multiple South Korean media outlets have linked the sharp plunge in South Korea's stock market to the listing of Changxin, China's largest semiconductor company. Market concerns that Changxin will use funds raised from its IPO to catch up with semiconductor giants including Samsung Electronics and SK Hynix have spread, dampening investor sentiment. Peter Alexander, an analyst at Z-Ben Advisors, stated that following the development trajectories of sectors like steel and new energy vehicles, Changxin will quickly seize market share in the low-end storage chip market and eventually challenge the global monopoly held by Samsung, SK Hynix, and Micron Technology in the storage industry.

According to CNBC, most market observers expect Federal Reserve Chair Kevin Warsh to hold interest rates steady at this week’s FOMC meeting. Former banking analyst Meredith Whitney also noted that U.S. consumers are grappling with rising energy costs and slowing credit card spending, giving the Fed more time to monitor economic trends. The report added that while markets remain concerned about inflationary pressures, Warsh prefers to wait for more data. He has previously stated that rising energy prices constitute a supply shock and should not automatically trigger monetary policy adjustments, while arguing that cost increases from AI investments may not evolve into sustained inflation. In addition, Warsh has recently established multiple external expert working groups to advance reforms to the Fed’s policy framework, inflation assessment, balance sheet, and other areas. Analysts believe that a hasty interest rate hike before the reforms are completed could weaken the Fed’s policy maneuverability, while ongoing political pressure from the Trump administration calling for rate cuts also makes Warsh more likely to keep rates steady and continue sending hawkish signals to retain flexibility for future policy adjustments.

South Korean exchanges activated the circuit breaker mechanism for the KOSDAQ index, suspending trading for 20 minutes.

Citrini analyst Jukan cited sources saying Samsung Electro-Mechanics has notified customers that it will raise prices on some multilayer ceramic capacitor (MLCC) products by 30% starting August 1, 2026. The company attributed the move to intensifying supply chain pressures driven by growing global demand for electronics, noting that despite improving production efficiency and expanding capacity, it was forced to adjust prices on certain products to ensure quality and stable supply. The price hike applies to all MLCC products under Samsung Electro-Mechanics’ Markup Business Code, with the new pricing taking effect for products shipped on or after August 1. Separately, Japanese MLCC maker Taiyo Yuden also plans to raise its MLCC product prices starting September 1, stating that due to sustained rising raw material costs and tight supply-demand conditions, it may still fail to fully meet customer demand even after the increase, with delivery timelines for some orders also not guaranteed.

Serenity stated in a recent report that the sharp pullback in the AI hardware sector is more an overcorrection driven by short-term deleveraging rather than a deterioration in fundamentals. It pointed out that the latest financial results of companies such as Bloom Energy and Teradyne show significant revenue and profit growth, performance pre-announcements from Chinese optical module manufacturers are also strong, and upcoming financial reports from firms including Lumentum, SanDisk, and SK Hynix will further confirm accelerating AI demand. Alphabet has raised its 2026 capital expenditure target to $195 billion to $205 billion, which is one of the most important signals of AI demand from large hyperscale cloud providers. Meanwhile, market concerns about further sharp interest rate hikes by the Federal Reserve this year and overcapacity in China’s memory chips have been significantly exaggerated. Long-term agreements (LTAs) between cloud providers such as Meta and Google, as well as collaborations among memory manufacturers including Samsung, SK Hynix, and Micron, also reflect that AI storage demand such as HBM has a structural growth trend. Serenity noted that as long as revenue and EPS of AI industry chain enterprises continue to accelerate, the long-term investment logic remains valid, and it expects the AI theme will gradually recover in the future, though it cannot determine the exact timing.

Houthi militants in Yemen announced a missile attack on the Saudi-owned oil tanker NCC Ghazal, claiming the vessel ignored their warnings, making it a target and forcing it to alter course. The UK Maritime Security Agency later said an oil tanker transiting the Red Sea reported hearing explosions, with no immediate casualties. This is at least the fourth attack on oil tankers since the Houthis declared a "blockade" on Saudi shipping in the Red Sea. Meanwhile, the Saudi Ministry of Defense stated that the Saudi military, in coordination with U.S. Central Command, carried out precision strikes against Iran-aligned militias in Iraq suspected of launching drone attacks. The U.S. said the operation was in response to more than 30 drone attacks targeting U.S. forces and Saudi energy facilities over the past 72 hours. Iran denied involvement in attacks on Saudi targets. Analysts believe that as the Houthis expand attacks on energy transport targets and the U.S.-Saudi coalition strikes Iran-aligned militias in Iraq, the Middle East situation has further escalated. The Red Sea and the Strait of Hormuz, two major energy transport routes, face higher risks, which may exacerbate global energy supply and oil price volatility.