Elon Musk receives approval to acquire Mesh Optical Technologies, an optical communications startup founded by a former SpaceX engineer.

Citrini Research, the firm behind the "AI Doom Report", has released a new research note. The report notes that while the AI boom has sparked debates over bottlenecks in data centers, computing power, and electricity, the sector has grown overly crowded. A massive concentration of intellectual and model resources on the single AI narrative has left other fields under-allocated, under-modeled, and overlooked, potentially driving capital rotation to neglected themes. The report outlines five specific areas, advising investors to watch for mispriced opportunities in life science cycles, high-end residential and elderly housing, fintech revival, and airlines. Citrini Research, which carries significant market influence, published a report in February this year introducing the "global intelligence crisis" concept, warning that AI could spark a "race to the bottom" for knowledge-based jobs, disrupting the industrial and credit chains built around white-collar productivity. That report subsequently triggered a sell-off in U.S. stocks.

GraniteShares announces it will launch the first U.S. leveraged ETFs tracking SK Hynix, offering 2x long and 2x short exposure to provide investors with leveraged trading tools for the leading AI storage stock.

According to Ming Pao, Hong Kong Legislative Council member Janis Chan Wai-man disclosed that the Inland Revenue (Amendment) (Automatic Exchange of Information) Bill 2026 was passed by the Legislative Council last week, while the Crypto Assets Reporting Framework (CARF) Bill has entered the deliberation phase. Chan stated that between 2018 and 2025, the Hong Kong government had cumulatively recovered over HK$100 million in taxes and penalties, with an estimated additional roughly 8,000 financial institutions required to register compulsorily going forward.

AI-assisted Web3 infrastructure layer Canopy has closed an $8.5 million seed round, with participation from investors including Arrington Capital, Fenbushi Capital, Borderless Capital, and SNZ Capital. The raised capital will be used to support its mainnet launch, engineering team expansion, and development of native AI development tools.

According to on-chain analyst Ai Yi (@ai_9684xtpa), a whale closed out a position to take a $3.277 million profit in the early hours of yesterday, before opening a new short position worth $70.76 million last night. As of now, the address holds short positions of 912.93 BTC (valued at $54.98 million) and 10,000 ETH (valued at $15.83 million), with entry prices of $59,137 and $1,532 respectively, posting an unrealized loss of $1.418 million.

Citrini analyst Zephyr cited China’s mobile phone shipment data, noting that foreign brands including iPhone saw a 19.2% year-on-year drop in May, while local brands such as Huawei drove total shipment growth of 16.5%, putting Apple under increasing pressure in the Chinese market. Zephyr added that Apple faces not only price issues but also DRAM supply shortages; CXMT (Changxin Memory Technologies) products mainly serve the Chinese market, so Apple has to compete with Huawei, which uses CXMT and SwaySure’s joint memory factory. Zephyr believes Apple will struggle to maintain its Chinese market share if it does not adopt CXMT DRAM, and the Kirin 9040 will significantly narrow the SoC performance gap, hinting that Apple is lobbying to import 3D NAND flash memory produced by Yangtze Memory Technologies. Today’s news: Apple Inc. is lobbying the Trump administration to allow it to purchase DRAM chips manufactured by China’s Changxin Memory Technologies (CXMT).